The Work Explanation

Many have asked why the move so soon, so I thought I've give you the cliff note version. When the decision was made early this year to make the move (and indeed even after our arrival here) it could not have looked like a better decision from the business perspective. The alternative investment funds industry here is small but growing and maturing and putting on the ground a Russian speaking investment funds lawyer was a no-brainer. The idea was to really solidify our market leading Russian investment funds practice (run at the time from London) by putting me here and hiring a first year guy to work with me; no other law firm has any funds lawyers on the ground here. When we arrived we had a lot of interest and a couple of quick new clients. However, really starting heavily with the Russia-Georgia war, the investment climate changed dramatically. With the Lehman bankruptcy in September, pretty much any momentum was killed and all existing projects came to a halt at that time or shortly thereafter. Short of it is that if we knew that the level of activity would come back within 12 months, we'd stick it out. However, our best guess is that it will take longer for things to get back to the same level of activity that justified us coming in the first place. So rather than wait with not much to do (and thus not being very productive to the bottom line), there is a particular need that requires filling in NY and the firm would like me to fill it. It is servicing a large client. It means I'll be busy, and I'll be able to take my first year guy with me who will also gain experience there. Thus, maybe when things get shaking again in this industry in Russia, we'll at least be poised to return (not saying it would happen, but we'll see). We plan on assisting our London attorneys maintain our existing relationships and make periodic trips to keep a pulse on things. That is the not so short explanation.....