Japanese Restructuring Boom Fuels Nishimura' s Domestic Merger 
by Andrew Crooke, Hong Kong - IFLR Week, 27 April 2003*

Leading Japanese law firm Nishimura & Partners is merging with bankruptcy boutique Tokiwa Sogo Law Offices at the start of next year to focus more heavily on the busy restructuring sector.

The two firms have signed an agreement to fully integrate their businesses on January 1 2004. The tie-up will create a 168-lawyer firm, the name of which is yet to be decided.

Nishimura believes the recent accelerated disposal of bad loans in Japan has led to the need for greater efficiency in the area of corporate bankruptcy. Following the creation of a legal infrastructure with the enactment of the Civil Rehabilitation Law and the revised Corporate Rehabilitation Law, a government framework was established with the creation of the Industrial Revitalization Corporation in March 2003.

Together with these initiatives, there has been a growing need for a private sector framework to support industrial revitalization. The merged firm will aim to provide clients with leading advice in bankruptcy, corporate, financial and international law.

Nishimura' s track record in bankruptcies includes Yamaichi Finance, Nihon Lease, Life, Toho Life, Daihyaku Life, Taisho Life and Taisei Fire & Marine. Tokiwa Sogo' s previous work includes advices to Tokyo City Finance, Yamaichi Securities, Kawana Hotel, Huis Ten Bosch and 22 companies of the Sogo Group.

Akira Kosugi, Nishimura' s managing partner, says: "This merger allows us to address changing social and economic needs in the growing area of corporate revitalization."

* This article was originally published on Euromoney' s Legal Media Group website. The original article can be found at Legal Media Group website.