According to reports in the national media, a number of UK-qualified partners from US firms based in London have joined forces to create a think-tank designed to address common issues and concerns.
In a report published last week, the Legal Week news service revealed that the group, dubbed 'The 51', was established by Skadden Arps Slate Meagher & Flom partner, Michael Hatchard, and currently consists of nine high profile partners from London-based American law firms. The think tank is reportedly expected to double in size in 2004.
According to Legal Week, the first meeting of The 51 was held over the summer, and established the group's remit, which is to forge a common position amongst US firms on professional and regulatory issues, focusing initially on capital markets and M&A.
To this end, the think tank is reportedly looking to build strong relationships with the Financial Services Authority (FSA) and the UK Takeover Panel.
Speaking to the business news service, Mr Hatchard explained that US firms based in the UK 'tend to face similar professional and practical issues. The combination of our resources and effort provides an effective and non-partisan platform for communication with regulators'.
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