Baker McKenzie, a go-to firm for Kremlin-linked companies, now says it's leaving Russia

[erronis]

Source: ICIJ

America’s largest law firm advised sanctioned Russian companies, including a military weapons maker, banks and an energy giant, a Pandora Papers investigation revealed. In the ruins of the former Soviet Union, legal giant Baker McKenzie found lucrative work for Russia’s largest state-controlled companies. From energy titan Gazprom to banking behemoth VTB to Rostec, maker of Kalashnikov rifles and fighter jets, Baker McKenzie served President Vladimir Putin’s business interests around the globe.

“Baker McKenzie will no longer have a presence in Russia. The offices and the people will transfer to an independent firm,” spokesman John McGuinness said in an email to the International Consortium of Investigative Journalists today. “We are exiting relationships with all sanctioned Russian companies, and indeed will not act for any individuals or entities that are controlled by, or directly linked to, the Russian state and/or current regime, whether that work is in Russia or elsewhere in the world.”

As part of the Pandora Papers investigation, ICIJ and its media papers revealed in October that Baker McKenzie had represented at least six sanctioned companies controlled by the Russian government.
ICIJ’s investigation found that the Chicago-based law firm played a key role in creating the offshore economy, shaping financial laws, helping clients link up with offshore services providers and working with notorious fraudsters and autocratic regimes like Putin’s, as well as major corporations.

With 4,700 lawyers in 46 countries and annual revenue of $3.1 billion, Baker McKenzie is among those prestigious international law firms rethinking relations with the Kremlin in light of Russia’s invasion of Ukraine and the barrage of sanctions imposed by the United States and other Western governments.



Read more: https://www.icij.org/investigations/pandora-papers/baker-mckenzie-a-go-to-firm-for-kremlin-linked-companies-now-says-its-leaving-russia/

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We can't trust firms like these (law, financial, weapons dealers) to actually do something for the people.

They'll always look for ways to make money - off the people with some of it going to their clients.

Bravo, ICIJ!

[SheltieLover]

1. Slimy sophists

[Alexander Of Assyria]

2. Every tyrant needs a good accountant and lawyer to handle the criminal enterprise and

navigate the international money laundering waters.

Although it was fairly easy, as The West welcomed the looted money with open arms….until a few weeks ago.

[cstanleytech]

3. My bet is its just changing the name on the signs in Russia.

[Igel]

6. I'll go not far from that.

They've set up an independent corporation and transferring assets to that corporation.

Somewhere, somehow, there's a trigger that reunites the Russian corp. with the international organization as soon as it's safe to use the trigger.

On the one hand, there's a sort of assumed right to legal counsel, and contractual obligations are sort of a problem. Even the harsh sanctions against Russia just put in place have a 3-month moratorium on enforcement for Russian iron to allow contracts to be fulfilled, as well as to allow for the export of a range of strategic materials from Russia.

But they don't want to be seen. Now, most of the lawyers in Russia will be Russian, and they'd set up shop independently anyway and assets confiscated if they didn't do this. Note that "legal counsel" can run the gamut from "how to get around sanctions" to "how to minimize the effect" or "how to avoid running afoul of the penalties."

[Strelnikov_]

8. Yep. "Transferring to an independent firm" n/t

[JustABozoOnThisBus]

9. Yes. And Trump's investments were transferred to an independent trust during his term as prez.

Run by his spawn, who were also employed by the Trump administration.

[LetMyPeopleVote]

4. Four Firms Join Rivals in Abandoning Moscow Over Ukraine War

Biglaw is getting out of Russia and away from Putin

Link to tweet

Four Big Law firms — Winston & Strawn, Baker Botts, Allen & Overy, Clifford Chance and Bryan Cave Leighton Paisner — said Thursday they’re closing their Moscow offices as Russia presses its invasion of neighboring Ukraine.

Winston & Strawn is acting “out of a sense of solidarity with the Ukrainian people,” firm chairman Tom Fitzgerald said in a statement. Baker Botts said, “We see no alternative to winding down our operations” in Moscow.

U.K. firms Allen & Overy and Clifford Chance also announced on Thursday that they would be closing their operations in Moscow.

Firms have been accelerating their exits, as the latest Russia closure announcements follow the five Big Law operations that said Wednesday they would close offices there.

The law firms are joining corporations such as McDonald’s Corp. in pulling out of the country. Goldman Sachs Group Inc. and auto manufacturer Stellantis NV are among the most recent announcements from the business sector.

[LetMyPeopleVote]

5. White & Case to Close Moscow Office, Joining Other Exits

Link to tweet

https://news.bloomberglaw.com/us-law-week/white-case-to-close-moscow-office-join-growing-wave-of-exits

White & Case is closing its Moscow office and ceasing all representation of Russian and Belarusian state-owned entities, making it one of the latest law firms to exit the country following Russia’s invasion of Ukraine.

“We are horrified by the terrible events taking place in Ukraine and condemn Russia’s unjustified invasion,” a White & Case spokesperson said in a statement Friday. “White & Case stands with the people of Ukraine.”

Debevoise & Plimpton, which previously said that it was terminating several Russian client relationships and will not take on any new clients in Moscow, is also closing its office in the city, the firm said.

At least 15 global law firms have announced plans to shutter offices since the invasion began. On Thursday, Winston & Strawn, Baker Botts, Allen & Overy, Clifford Chance and Bryan Cave Leighton Paisner all said they would cease operations in Moscow.

The law firms are joined by corporations exiting Russia, with British American Tobacco Plc saying it will leave the country. Goldman Sachs Group Inc. has said it would withdraw from Russia, and J.P. Morgan Chase said it would unwind its business there.

[erronis]

7. I certainly hope you are right. And these are really long-term closings.

But lawyers have to make a living.

And given the number of lawyers involved with trump's grifting, they probably don't have a lot of real/honest clients.