By Ivan Anderzhanov in Moscow
Top City of London law firm Simmons & Simmons is withdrawing from Russia just two years after launching its Moscow office.
The news comes as Benelux financial services group Fortis disclosed it was pulling out of the Russian insurance market and not long after French retail giant Carrefour announced it had thrown in the towel. Swiss engineering firm ABB is also conducting a review of its activities due to “the challenges of doing business in Russia. “
According to a report in today’s Legal Week, Simmons & Simmons put the closure to the vote of its partners. The closure will result in four Russian lawyers and a further four business support staff made redundant. Tony Smith, the office head and capital markets partner, is to relocate to London.
The firm only launched in Moscow in September 2007, with the hire of Renaissance Capital general counsel Konstantin Orlov as a finance partner, marking its intention to build the office around structured finance.
Legal Week said Orlov parted with Simmons over the summer as part of the downsizing plans.
