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The article reports that shipping company, Maersk launched a strategy to cut legal costs and adviser numbers. It mentions that general counsel Christian Kledal, reveals that the company, with revenues of 47.6 billion dollars is reviewing the way it instructs external lawyers. It mentions that Maersk's group legal team has joined Danish firms for legal advice.

The author discusses aspects of Chinese entrepreneur Jack Ma's criticism on Western financial advisors and lawyers in the online marketplace company Alibaba Group Holding Ltd.'s acquisition of the technology company Yahoo! China. He is critical on Ma's comments that these advisors and lawyers unnecessarily complicate simple merger and acquisition (M&A) deals. He also emphasizes that the company's initial public offering (IPO) in 2014 show the significant role of lawyers in these deals.

The article provides information on Curtis Mallet-Prevost Colt & Mosle LLP's Investment Management group, which counsels investment managers and investors on a global scale. The group's clients include domestic and international financial institutions as well as fund managers and their sponsors and principals. The group represents investors including funds of funds, pension plans, governmental and quasi-governmental institutions, and sovereign wealth funds.

The article focuses on the draft directive of the European Commission on alternative investment fund managers. Dechert partner Peter Astleford says that the directive will alter the way hedge funds are run. Lawyers are concerned with the parts of the directive that require to have assets held in custody by European banks and those that allow regulatory authorities to set leverage limits. Hedge fund specialists are concerned that their clients will decamp to other countries.

The article reports on the recruitment of Michael Newell as investment fund lawyer at legal service provider Norton Rose Group. Newell specializes in hedge funds and other alternative investment products. He is expected to help the company's investment funds team improve their products and services which will eventually increase financial performance. However, they will have to cope with the change in the preferences of fund managers in choosing lawyers to advise them.