When will it end?

Congratulations to Norton Rose for being first out of the traps with a credit-crisis briefing. With a strapline reading “The long-term implications for a turbulent market” it’s clear that no one thinks this is just a nine-day blunder. But how long will it last? According to the firm’s survey of financial professionals the overwhelming view is that it will take up to five years for the effects of the shambles to dissipate. Just one in twenty thinks that it will “remain permanent”. I’m with the latter group. Elsewhere, the report emphasises that the Chinese and Indians will help to pull us out of the mire. And that will surely put them in the driving seat.

Rum times

Holman Fenwick Willan used to sponsor chess competitions to raise its profile. But, in a sign of changed times, it was at Lloyd’s of London yesterday hosting a seminar on the issue of piracy off the coast of Somalia.

As a shipping specialist HFW is one of the City’s leading experts on the law of piracy. But, for back-up, it brought in an impressive range of authorities, including senior officers from the Royal Navy, the French Navy and other shipping and insurance industry contributors. The seminar had been planned for HFW’s own offices but the level of demand meant that it needed a bigger venue. Clearly, in common with other off-shore activities (such as banking), piracy needs tougher regulation.

Cut throat

Meanwhile, should we be concerned about the captains who have been made to walk the plank of Merchant Vessels RBS and HBOS? Admittedly their ships were listing badly because of navigational errors and most passengers felt that they had been taken for a ride. But heaving the captain overboard without even a large buoyancy bag packed with cash is unprecedented. Naturally, HMG had brought in the best to preside over the massacre. After all, they aren’t called Slaughter and May(hem) for nothing.

Elsewhere in the City there were deep concerns about what was happening. Robert Finney, regulation partner at Denton Wilde Sapte, was fuming at the “draconian powers” pushed through by the Government and the “misuse” of the Anti-terrorism, Crime and Security Act 2001 to freeze Landesbanki funds. Still, when you are dealing with pirates (or Vikings in this case) you need to speak with them in a language they understand (Old Norse, I expect).

Making their mark

Another straw in the wind. Marks & Clerk, the top-rated specialist IP firm with intimate ties to the patent and trademark attorney of the same name, has announced that it is opening in Hong Kong.

I’m starting to wonder when some of these outfits will start to announce, albeit with regret, closure of their London offices. Don’t mock! Who would ever have dreamt that RBS would be state-owned?

edward.fennell@yahoo.co.uk

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