CONTENTS
nOVEMBER 2017
A villager carrying wood for cooking walks near Dipa Energi’s Geothermal Power Plant (PLTP) project at Dieng mountain area, Central Java province. REUTERs/Beawiharta
COVER STORY
22
Asia’s Top 50 2017
Our annual list of
Asia’s largest law
firms by headcount
once again provides
updated figures for
the biggest firms in
each of the major
jurisdictions, as
well as the largest
Asian and non-Asian
(international) law
firms regionally.
REsEARCH BY ALB;
TEXT BY JOHn KAnG
LEGALBUSINESSONLINE.COM
30
FEATURES BRIEFS
18 remains hampered by wealth is providing an 3
A changing landscape regulatory instability increasing amount of The Briefing
squeezed by and a lack of adequate work for offshore law
intensifying incentives. Lawyers, firms. 7
competition, and however, see a great Asia Deals
facing an increasingly deal of client interest 50
savvy clientele, now, and much A whole new world 8
law firms in India potential for the The rapid rise of Appointments
need to raise their future. blockchain in areas
game as soon as like banking and 14
possible. We speak 38 beyond has resulted in League Tables
to a cross-section of Offshore outlook regulators scrambling
Indian firms to find As an eventful 2017 to keep up.
out how they see the draws to a close,
market evolving in the offshore law firms 54
immediate future. discuss some of the The Macallan ALB
key business trends Hong Kong Law
30 in Asia this year, and Awards 2017
A meandering path what 2018 holds. Mayer Brown
Indonesia may have JsM continued its
set itself ambitious 46 dominant run at this
targets when it An abundance of year’s Law Awards
comes to renewable riches after sweeping five
energy, but the sector Asia’s growing private categories.
ASIAN LEGAL BUSINESS – NOVEMBER 2017 1
 Let’s do it by the numbers. Does size really matter?
It is a question we are asked – and we ask ourselves –
whenever we begin to compile our annual Asia Top 50
rankings. The short answer is not always; when it comes
to the quality of a firm, and the standard of services it
provides, size is not always the best indicator. Smaller HEAD OF LEGAL MEDIA BUSINESS,
ASEAN AND NORTH ASIA
firms have their unique advantages in that they can be Amantha Chia
nimble and flexible, and offer in some cases closer, more amantha.chia@thomsonreuters.com
personalized attention to their clients as compared to
MANAGING EDITOR
their larger counterparts. Larger firms come with issues of Ranajit Dam
their own – keeping a large workforce happy and engaged ranajit.dam@thomsonreuters.com
is just one of them – and I personally know a number
NORTH ASIA JOURNALIST
of lawyers who have swapped a 100-lawyer firm for a
John Kang
10-lawyer outfit, and have been happier as a result. john.kang@thomsonreuters.com
But size can be – and please note the use of can – an
indicator of not just the breadth of services provided by ASSOCIATE EDITOR
Raj Gunashekar
the firm, but also how well it is doing in a specific market. raj.gunashekar@thomsonreuters.com
Success usually leads to expansion, and an established
brand showing stable growth can be an attractive desti- SENIOR DESIGNER
John Agra
nation for younger attorneys. Clients are also left happier john.agra@thomsonreuters.com
with the “one-stop shop” that has all the answers as
opposed to firm that has some of the answers, and then TRAFFIC / CIRCULATION MANAGER
RANAJIT DAM Rozidah Jambari
refers you elsewhere for others. Geographical reach is rozidah.jambari@thomsonreuters.com
Managing Editor,
also a bonus. So despite the caveats mentioned in the
Asian Legal Business
Thomson Reuters
previous paragraph, size does have its undeniable advan- SALES MANAGERS
Amy Sim
tages, and it is those that we celebrate in our list of Asia’s
Sales Manager (Japan, Singapore, Taiwan)
largest firms. (65) 6870 3348
While ALB’s November issue leads with the list of the amy.sim@thomsonreuters.com

region’s 50 largest law firms, we do also have a number Henry Cheng

Sales Manager (Hong Kong, Korea)
of other important features. These include one on block-
(852) 2847 2016
chain, a trend that is sweeping the banking and financial henry.cheng@thomsonreuters.com
services industry at the moment - and threatening to Sardor Yangibayev
upend a number of other industries - and one that must Sales Executive (Philippines, Singapore,
be on the radar of any lawyer working in related areas. We Thailand, Vietnam)
(65) 6870 3190
also have a feature on Indonesia’s gradual push towards sardor.yangibayev@thomsonreuters.com
renewable energy, and a conversation with three leaders Shahid Mohammed-Salim
of Indian law firms about that country’s fast-evolving Sales Manager (Hong Kong)
legal market. Happy reading! (852) 2841 5844
shahid.mohammedsalim@thomsonreuters.com

Shyanne Chen
Sales Manager (India, Indonesia, Malaysia,
Singapore)
(65) 6870 3253
shyanne.chen@thomsonreuters.com

SENIOR EVENTS MANAGER

Julian Chiew
julian.chiew@thomsonreuters.com

SENIOR AWARDS AND

Asian Legal Business is available by subscription. Please visit www.legalbusinessonline.com for details. OPERATIONS MANAGER
Asian Legal Business has an audited average circulation of 11,402 as of 30 September 2016.Copyright is reserved throughout. No part of this publication can be
reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as Asian Legal Business Tracy Li
can accept no responsibility for loss. tracy.li@thomsonreuters.com
MCI (P) 060/02/2017
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KDN PPS 1867/10/2015(025606)

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2 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM


THE BRIEFING : YOUR MONTHLY NEED -TO -KNOW
$172.8 MILLION
Total value of M&A deals in the
Asia-Pacific (ex-Japan) in the
third quarter this year. This number
was down 10.2 percent from the
same time-period last year.
Allen & Overy (A&O) has made
an equity investment in Nivaura,
the first fintech company it invited
to work in its Fuse incubator in
London. Nivaura develops tech-
nology systems that aim to give
small and medium-sized enter-
prises (SMEs) access to capital
markets funding, which has the
potential to create a new asset
class and develop a new line of
business for investment banks.
Berwin Leighton Paisner has
confirmed that it is in merger talks
with Bryan Cave. The combined
entity would have 1,500 lawyers
lawyers in 32 offices, including
Beijing, Hong Kong, Shanghai,
Singapore and Yangon.
Big Four accountancy and
professional services firm PwC
is launching a contract lawyer
service called Flexible Legal
Resources. The firm has reportedly
begun recruiting a team in the UK
including a Head of Legal.
LEGALBUSINESSONLINE.COM
BRIEFS
GENERAL COUNSEL
FEEL THEY MANAGE
UNCERTAINTY WELL,
EXECS DON’T AGREE
Some 68 percent of general counsel
feel that they manage uncertainty well,
but only 38 percent of board directors
agree. This was a finding from a survey
released by Clyde & Co and Winmark.
According to the survey, almost nine in
10 GCs feel that one of their key roles
is to manage the increasingly complex
volatility of risk faced by in-house legal
departments. The survey, which also
asked corporate executives for their
view of the role of their general counsel,
found that board directors believe
that 33 percent of a GC’s time is spent
responding to internal legal require-
ments, while GCs report that this is
actually just 19 percent of their role.
$2.2 BLN - Total amount raised by
initial coin offerings (ICOs) globally
as of Sept. 16 this year. Through ICOs,
startups sell a percentage of newly
issued cryptocurrency in exchange for
legal tender or other cryptocurrencies.
60% - Proportion of general counsel
who consult legal research
directories before appointing a
law firm, according to a study by
MD Communications. The study also
found that 81 percent of law firms
highlight their rankings in these
directories when pitching for work.
“PUBLIC TRUST
IN SOLICITORS
PROVIDES STABILITY
AND CERTAINTY FOR
BUSINESSES AND
CONSUMERS - LET’S
NOT EXCHANGE
THAT FOR A NEW
WILD WEST”
Joe Egan, president of the
Law Society of England & Wales,
reacts to proposals that would allow
solicitors to work in unregulated
firms, and to operate as freelance
without a firm or sole proprietor status.
ASIAN LEGAL BUSINESS – NOVEMBER 2017 3
BRIEFS
AS FDI FLOWS
INTO BANGLADESH,
LAW FIRMS IN
THE COUNTRY
AWAKEN TO MORE
POSSIBILITIES
This article first appeared in ALB Insights,
a weekly, ad-free newsletter that is sent
to subscribers. To subscribe, email Taran
at taranjit.kaur@thomsonreuters.com or
call her at (65) 6870 3909 today.
Bangladesh’s economic star is on the
rise. Last year, at a time when much of the
global economy saw little or no growth,
the country recorded a GDP increase of 7.1
percent and saw foreign direct investment
increase to about $2.33 billion. And while it
was unsurprisingly dwarfed by India’s $44
billion, Bangladesh showed tremendous
FDI growth in sectors like telecommuni-
cations, energy, textiles and infrastructure.
These promising developments
have spurred Bangladesh’s lawyers to
start broadening their horizons when it
comes to the scope of work they are doing.
Traditionally, the country’s legal profession
focused most of its attention on domestic
disputes, simple contract breaches, and
other low-value matters. Nowadays,
lawyers are increasingly working on big-
ticket commercial transactions and high-
profile disputes in the banking and finance,
telecommunications and maritime sectors.
Bangladesh’s legal sector is still quite
small, though. Insiders estimate that the
market brings in between $45 million and
$50 million annually. There are about 20
4 ASIAN LEGAL BUSINESS – NOVEMBER 2017
local law firms of note, with the market
dominated by long-established names
like Doulah & Doulah and Syed Ishtiaq
Ahmed & Associates. Most firms are either
controlled by families or led by a renowned
senior counsel.
ABM Badrud Doulah, senior partner
at Doulah & Doulah, points out that the
legal industry has remained underdevel-
oped partly because of the private sector’s
slow growth. “Large firms are not common
in Bangladesh. The biggest firms consist
of 25 to 30 lawyers, and all other firms
have less than 10 lawyers,” he says. Given
their inexperience in commercial work, the
older firms tend to do more litigation work
as opposed to being involved at the start
of a transaction.
In contrast, much of the emerging
transactional work is being done by
younger lawyers who have been trained
overseas. One example is Tanjib-ul Alam, a
UK-trained barrister who launched his own
chambers, Tanjib Alam and Associates,
in 2009, and employs lawyers trained in
the UK. “There are many internationally
trained lawyers in the market now who can
serve the needs of clients from all over the
world,” says Alam.
As Bangladesh’s economy shows
promise, it’s no surprise that lawyers are
preparing to reap the benefits. “As invest-
ment grows, we see the legal market
progressing rapidly as long as the current
political stability is maintained,” says
Doulah. “The government has expanded
the kind of outbound investment allowed,
and hopefully this will lead to more work
for local law firms. In two years’ time, we
forecast the legal market will grow by 40
to 50 percent.”
The next few years will see the estab-
lishment of new banks and financial insti-
tutions as well as a spurt in infrastructure
work, spanning LNG terminals, express-
ways, power plants and ports. “We have a
significant increase in the amount of work
in the fields of infrastructure, banking and
finance, company law, employment law,
energy and IT,” says Al Amin Rahman,
a partner with the Dhaka-based FM
Associates.
Today, Bangladesh is home to just
about 45 multinational companies –
compared to more than 4,000 in India –
and these are mainly in the petroleum and
telecommunications sectors. “The IT sector
in Bangladesh has much potential, unlike
in India, where it is already established,”
says Alam. “As it grows, it will result in the
development of laws governing IP, data
protection and privacy, e-commerce and
more.” He adds that he expects to see a
growth in M&A work, too, as more deals
take place.
To assist in the development of the
legal industry, law firms hope that the
government can remove two major chal-
lenges that investors face: stifling bureau-
cracy and the slow pace of litigation in a
country where lawsuits are far too common.
“In most situations, cases are not dealt
with swiftly and expeditiously,” explains
Alam. “It can take up to five years or even
more for a civil case to be finally disposed
of after being initiated in the court of first
instance, and then there are about two to
three stages of appeal.”
LEGALBUSINESSONLINE.COM

THE MYAnMAR InVEsTMEnT LAW – OnE YEAR On
The Myanmar Investment Law (the “MIL”) was
enacted on 18 October 2016, and repealed and
consolidated the Foreign Investment Law 2012,
and the Myanmar Citizens Investment Law 2013.
The MIL is designed to harmonise the treatment
of foreign and domestic investors, lift certain
foreign investment restrictions, simplify admin-
istrative procedures as well as rationalise invest-
ment incentives to focus investment on areas
with the greatest potential for private sector
growth or promote Myanmar’s developmental
needs. Over the past year, notifications and regu-
lations were issued by the Myanmar Investment
Commission (“MIC”) to implement such policy
objectives.
Lifting Restrictions on Foreign Investments
Myanmar’s economic policy has traditionally
been protectionist towards local businesses, but
it has undergone a gradual liberalisation process
culminating in the release of the MIC notification
no. 15/2017. MIC notification no. 15/2017 lists
restrictions and conditions in relation to certain
business activities that can be undertaken in
Myanmar, and is the fourth iteration of such a
list since January 2013. The previous list was
released as recently as March 2016 (“2016 List”).
MIC notification no. 15/2017 lists four catego-
ries of restricted economic activities, namely:
(a) business activities that foreign investors
are prohibited from undertaking (e.g. small to
medium scale mineral refining);
(b) business activities that foreign investors can
undertake only through a joint venture with a
local Myanmar partner (e.g. manufacturing,
property development);
(c) business activities that foreign investors can
undertake subject to obtain the relevant minis-
terial approval (e.g. marine fishing requires the
approval of the Ministry of Agriculture, Livestock
and Irrigation); and
(d) business activities that can only be carried
out by the Myanmar Government (e.g. air traffic
or pilotage services, manufacturing of arms and
ammunition).
What is noteworthy is that MIC notification no.
15/2017 is more comprehensive and detailed
than the 2016 List, and seeks to provide more
certainty to investors in respect of restricted
activities and liberalised sectors. nevertheless,
foreign investors will need to consider whether
there are restrictions imposed in practice beyond
LEGALBUSINESSONLINE.COM
Chester Toh
Partner, Co-Head of Myanmar Practice
T: (65) 6232 0220
F: (65) 6428 2208
E: chester.toh@rajahtann.com
the letter of the law. The policy restriction against
foreigners undertaking most forms of trading
is a case in point. In short, MIC notification
no.15/2017, as with the previous notifications
which preceded it, ought to be treated as only the
first reference point for foreign investment policy
outside of Myanmar’s special economic zones.
Simplifying Administrative Procedures
Previously, all investors, ranging from small
scale investments to large infrastructure devel-
opments, had to obtain MIC Approval in order to
benefit from investment protections, enter into
long term leases (i.e. more than one year) and
obtain tax incentives. such applications were
also time consuming and required extensive
supporting information, such as financial
forecasts and business plans.
The Myanmar Investment Rules (Ministry of
Planning and Finance notification no. 35/2017)
(the “MIR”) simplified application processes and
clarified when the submission of a MIC Permit
is required.
The MIL also introduced the concept of a MIC
Endorsement, which can be considered a “fast-
track” procedure for non-significant investments
(eg. lower capital investments or those with no
significant impact on the environment or the
local community). The information required for
a MIC Endorsement application is considerably
lesser compared to that of a MIC Permit applica-
tion, and investors will not be required to present
its investment proposal to the MIC Board. The
MIL also introduced decentralisation, providing
autonomy and authority to state and Regional
S P O N S O RE D A RT I C L E
Investment Committees to review and approve
smaller investments made under the MIL.
Rationalisation of Incentives
Previously, most approved investments were
automatically granted five years of income tax
holidays. Under the MIR, investments must be
in a “Promoted sector” in order for an investor
to enjoy income tax exemptions. Examples of
such sectors include manufacturing, agricul-
tural and farming activities and infrastructure-
related activities, such as construction of roads,
bridges and ports.
Further, the MIL introduced different tiers of
income tax exemptions. MIC notification no.
10/2017 provides for three, five or seven year
periods of income tax exemption, depending on
whether the investment is made in a developed
(eg. Central Yangon and Central Mandalay),
moderately developed (eg. parts of Bago Region
and the outskirts of Mandalay) or least-devel-
oped (eg. parts of Kachin state and Chin state)
region respectively.
Key Takeaways
Myanmar’s economy has been among the fast-
est-growing economies in Asia in recent years,
but has suffered from less than encouraging
growth over the past two years, despite its
projected GDP growth of around 7.7% for 2017.
The MIL and its accompanying regulations were
aimed at boosting foreign direct investment,
creating jobs and diversifying an economy heavily
dependent on extractive and oil & gas industries.
naturally, development of human capital and
the banking system, as well as improving the
availability and reliability of telecommunications
and power, are crucial in ensuring continued
economic growth. The MIL, along with the legis-
lative steps expected to be taken in the coming
months which could include the eagerly antici-
pated new Myanmar Companies Law, all point
to signs of the Myanmar Government’s focus on
revitalising the economy.
Rajah & Tann NK Legal Myanmar Company
Limited
Myanmar Centre Tower 1, Floor 07, Unit 08
192 Kaba Aye Pagoda Road, Bahan Township,
Yangon, Myanmar
T: (959) 7304 0763
F: (951) 9435 348
E: info@rajahtannasia.com
W: mm.rajahtannasia.com
ASIAN LEGAL BUSINESS – NOVEMBER 2017 5
BRIEFS
FRESHFIELDS TOKYO EMPLOYMENT AND DOMESTIC
DISPUTES TEAM SPUN OFF TO FORM BOUTIQUE FIRM
A four-lawyer team from Freshfields
Bruckhaus Deringer’s Tokyo branch,
including a former office managing
partner, have spun off to form Vanguard
Lawyers Tokyo, a boutique law firm which
focuses on employment law and dispute
resolution as well as financial regulatory
matters. Akiko Yamakawa and Kazuki
Okada were both partners at Freshfields.
naoki Kinami was a consultant and also
served as the Tokyo office’s managing
partner while Masahiko Kinoshita was an
associate. Yamakawa, Okada and Kinami
are the partners at Vanguard.
Vanguard told ALB that it is going
to add a fifth lawyer to the team later
Legal opinion,
clearly
expressed
Pragmatic, expert advice that is
squarely set in the real world.
www.shlegal.com
6 ASIAN LEGAL BUSINESS – NOVEMBER 2017
this month: an associate from boutique
employment firm Takai Okazeri Law Firm.
Yamakawa explained in a LinkedIn
post that Vanguard was formed from
Freshfields Tokyo “to best meet the
evolving needs of our international clients
and further develop our practice in the
Japanese market.”
A spokesperson for Freshfields told
ALB that the firm continues to advise
on other types of employment matters.
“Also, Vanguard is part of Freshfields’
strongerTogether network of domestic
law firms. This means that, when we need
input in the areas that Vanguard focuses
on, we will still work together.” The spokes-
person added, “Through this arrange-
ment, we continue to provide our Japan
clients with seamless access to a range of
different types of Japanese employment
law advice, while Freshfields’ combined
bengoshi and international practice also
continues to advise on the transactional
LEGALBUSINESSONLINE.COM
 BRIEFS
(including infrastructure), global investi- AsIA
gations, antitrust and international arbi- DE ALs

$18 BLN $2.71 BLN

tration matters for which the firm is well-
known in Tokyo and beyond.”
When asked if the Magic Circle firm
plans to rebuild its employment team in Toshiba’s sale of its chip unit to Unilever’s acquisition of Carver
Bain-led consortium Korea
Tokyo, the spokesperson replied: “In terms
Deal Type: M&A Deal Type: M&A
of our future mix of talent and expertise, Firms: Morrison Foerster; Ropes Firms: Clifford Chance; Ropes
such decisions are always guided by the & Gray; nishimura & Asahi; & Gray; Bae, Kim & Lee; Kim &
needs of our clients, and we constantly nagashima Ohno & Tsunematsu Chang
monitor our resources to ensure they Jurisdictions: Japan, U.s. Jurisdictions: Korea, UK, U.s.
are aligned to those needs. We remain
extremely focused on the Japanese market
and the needs of our clients there. This

$620 MLN $166 MLN

resulted in the promotion of our newest
partner (in antitrust) just last year, and
the recent appointment of Jack Terceño
as counsel last month.” BTMU’s sale of a 4.6% stake in RYB Education’s NASDAQ IPO
CIMB Group Holdings Deal Type: IPO
Freshfields has 24 lawyers in the
Deal Type: M&A Firms: skadden, Arps, slate,
Tokyo office including four partners, most
Firms: Wong & Partners; Meagher & Flom; Kirkland &
of whom are in corporate, disputes, and Herbert smith Freehills; White Ellis
antitrust, competition and trade, according & Case; Zaid Ibrahim & Co. Jurisdictions: Hong Kong, China,
to its website. Jurisdictions: Malaysia, Japan U.s.

Guido Hidayanto
Pa r t n e r s
your trusted legal advisor

www.lawghp.com

We listen to you, so we can GHP draws from in-depth understanding of local law
precisely craft personalized and commercial practice to provide hands-on advice
legal solutions that speaks the language of your business

Equity Tower, Level 49, Sudirman Central Business District Jl. Jend. Sudirman Kav.52-53
Jakarta 12190, Indonesia | +6221 2965 1258 | info@lawghp.c om

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – NOVEMBER 2017 7

BRIEFS

J. SAGAR ASSOCIATES SETS UP

APP OINTMENTS

SHOP IN INDIA’S GIFT CITY

J. Sagar Associates has opened an office
in Gujarat International Finance Tec-City (GIFT),
India’s first smart city located in Ahmedabad.
The new office is headed by Nitin Potdar, a
senior partner at JSA’s Mumbai branch, and brings
the firm’s total number of offices in India to eight.
GIFT has been attracting international RIKA BEPPU CHONG ENG WEE JON COWLEY
attention and interest. In August, the Singapore Leaving: Hogan Lovells Leaving: RHTLaw Taylor Leaving: Nike
International Arbitration Centre (SIAC) launched Joining: Squire Patton Wessing Joining: Baker McKenzie
a representative office in the global financial hub, Boggs Joining: Kennedys Legal Practice: International
Practice: Corporate Solutions Commercial and Trade
its second in the country. Location: Tokyo Practice: Corporate Location: Hong Kong
Location: Singapore

SG: WONGP ADOPTS THOMSON

REUTERS’ CONTRACT EXPRESS
WongPartnership has adopted Contract
Express, an advanced document automation
technology from Thomson Reuters, to enhance LUKE GRUBB KIM JUN-HEE NIKHIL NAREDI
productivity and its legal service offerings. Leaving: Latham & Leaving: Hyundai Heavy Leaving: Cyril
Contract Express is designed to be easily Watkins Industries Amarchand Mangaldas
deployed and simple to scale, allowing law firms Joining: Clifford Chance Joining: White & Case Joining: Shardul
Practice: Technology Practice: International Amarchand Mangaldas
to quickly embrace modern digital document Location: Singapore Arbitration Practice: Capital
drafting. Location: Seoul Markets
The intuitive technology also lets lawyers Location: Mumbai
automate templates inside Microsoft Word by
using a mark-up function and streamlining the
process of document creation.
“Contract Express is used by some of the
world’s most forward-looking law firms who see
it as a means to achieve greater internal efficien-
cies and savings, while at the same time differ-
entiating them in the market and delivering their
legal services in increasingly innovative ways,”
said Tony Kinnear, Thomson Reuters’ ASEAN and

BENJAMIN SZETO BARBARA VOSKAMP TORGEIR WILLUMSEN

North Asia managing director, in a statement.
“Technological innovation must be a corner-
stone of our firm’s growth,” said Ng Wai King, Leaving: N/A Leaving: Ernst & Young Leaving: Wikborg Rein
Joining: RHTLaw Taylor LLP Joining: Simonsen Vogt
managing partner at WongPartnership. “Working
Wessing Joining: Loyens & Loeff Wiig
with Thomson Reuters will drive greater produc- Practice: Private Wealth Singapore LLP Practice: Maritime
tivity at the firm across a range of technology Location: Singapore Practice: International Tax Location: Singapore
solutions in our bid to continue delivering high- Location: Singapore
quality and innovative services to our clients.”

8 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM


CIETAC InTERnATIOnAL InVEsTMEnT DIsPUTE
ARBITRATIOn RULEs
Effective as of October 1, 2017
—Filling gaps in China’s International Investment Arbitration Practice
CIETAC International Investment Dispute
Arbitration Rules (Investment Arbitration
Rules) comes into effect since October 1, 2017.
The launch of the Investment Arbitration
Rules fills the gaps in China’s international
arbitration practice by providing systematic
safeguard for resolving investment disputes
between investing companies and hosting
states, stepping further toward the construc-
tion of a more international, fair and conven-
ient business environment.
Investment disputes increase alongside the
rapid development of international invest-
ment activities. As investors and states
chose international arbitration to resolve
their disputes, ICsID, ICC, sCC and other
well-known arbitration institutions accepted
many international investment disputes.
Yet the practice in China is still a vacuum.
Transforming from a country of big trade
volume to significant trade strength under
the background of the Belt and Road initi-
ative, the construction of investment arbi-
tration system becomes a practical need for
HOGAN LOVELLS SHUTTERS MONGOLIA OFFICE, MP TO SET UP INDEPENDENT FIRM
Hogan Lovells is closing its office
in Ulaanbaatar after seven years in the
Mongolian capital.
“Following a review of the market and
our investment priorities, we have taken
the decision to close our Ulaanbaatar
office,” said steve Immelt, the firm’s global
CEO, in a statement.
“We are all very grateful to our team
of 15 people in Ulaanbaatar for their hard
work over the years,” he added.
Immelt said that the firm’s erstwhile
office managing partner in Ulaanbaatar,
Chris Melville was proposing to set up a
new independent law firm in Mongolia,
with a co-operation relationship with
Hogan Lovells.
Melville said, “I strongly believe that
we have a good practice, an excellent
team, and that there are opportunities that
we can take advantage of operating from a
different platform, including working with
LEGALBUSINESSONLINE.COM
China in order to equally protect the investors’
legitimate interest, build a fair international
economic order and improve China’s voice in
international investment legal development.
The Investment Arbitration Rules expressly
applies to the resolution of international
investment disputes arising out of contracts,
treaties, laws and regulations that involve
investors and states or intergovernmental
organizations with a specially designed Panel
of Arbitrators. According to the Investment
Arbitration Rules, the oral hearing shall be
held in public unless the parties otherwise
agree or the tribunal otherwise decides. By
introducing non-disputing party, allowing
the written submission from a non-disputing
party and allowing the public access to arbi-
tration documents, it improves transpar-
ency of the arbitration process. More specif-
ically, the Investment Arbitration Rules
provides for the obligation of a recipient of
third party funding to disclose information,
the content of the disclosure, to whom the
disclosure should be made and the time of
Hogan Lovells in the future. We are excited
about the next chapter.”
Hogan Lovells was the first interna-
tional firm with a meaningful presence
in the emerging market, entering into an
alliance with local firm GTs Advocates.
S P O N S O RE D A RT I C L E
the disclosure. It also allows the tribunal to
take the existence of third party funding and
the parties’ response to such obligation under
consideration when allocating the arbitration
fee and other relevant costs.
The Investment Arbitration Rules is now
publicly available. CIETAC will enhance its
promotion and instruct the companies about
the investment dispute resolution mechanism
in order to improve Chinese companies’ risk
prevention and reaction capacity, facilitating
the implementation of the Belt and Road
initiative more effectively.
China International Economic and
Trade Arbitration Commission (CIETAC)
6/F,CCOIC Building, 2 Huapichang
Hutong, Xicheng District, Beijing, China
100035
T: (86) 10 82217788, 64646688
F: (86) 10 82217766, 64643500
E: info@cietac.org
W: www.cietac.org
When the alliance was launched in
the year 2010, then-managing partner
Michael Aldrich and GTs executive director
Byamba Batbayar said the timing of the
alliance was opportune given the robust-
ness of the country’s economy, which
was becoming one of the world’s fastest-
growing economies.
In 2011, Mongolia grew 17 percent,
thanks to strong demand for its minerals
from China, which buys about 90 percent of
Mongolia’s exports. But this boom petered
out to a 1 percent growth in 2016 as China
started to slow down, and commodities
– Mongolia’s main export – dropped to
their lowest level since the 2008 financial
crisis, bringing the country on the brink of
recession.
A few international firms continue to
have a presence in Mongolia, including
DLA Piper, Clyde & Co and shearman &
sterling.
ASIAN LEGAL BUSINESS – NOVEMBER 2017 9
BRIEFS
REGIONAL UPDATE: PHILIPPINES

MORE PHILIPPINE DATA PRIVACY ACT:

ARE YOU READY FOR PHASE II?

Controllers and processors who have completed

REUTERs/Darren Whiteside
Phase I registration with the national Privacy
Commission (nPC) will now have to gear up for

INDONESIA INVESTIGATES STANCHART OVER

Phase II.

Phase II involves providing the nPC with the following

$1.4 BILLION TRANSFER

information:
(i) name and contact details of the organization,
head of the organization, and the Data Privacy
Officer;
(ii) purpose or mandate of the organization;
(iii) identification of all existing policies relating to
data governance, data privacy, and informa-
tion security, and other documents that provide
a general description of privacy and security
measures for data protection;
(iv) attestation regarding certifications attained by the organization,
including its relevant personnel, that are related to personal
data processing;
(v) brief description of the registrant’s data processing system or
systems that should include:
1) name of the system;
2) purpose or purposes of the processing;
3) whether processing is being done as a personal information
controller (PIC), personal information processor (PIP), or
both;
4) whether the system is outsourced or subcontracted, and if
so, the name and contact details of the PIP;
5) description of the category or categories of data subjects,
and their personal data or categories thereof;
6) recipients or categories of recipients to whom the personal
data may be disclosed; and
7) whether personal data is transferred outside the Philippines
(vi) notification regarding any automated decision-making
operation.
This information is supposed to be provided to the nPC online
through the Commission’s platform. After submission, the nPC is
supposed to confirm to the registrant via email the successful comple-
tion of the registration process. The nPC will also issue a certificate
of registration. Deadline for Phase II registration is March 8, 2018.
The certificate of registration requires an annual renewal, and the
application must be filed two months prior to, but not later than,
March 8 of every year. Thus, assuming a successful Phase II registra-
tion in 2018, the next renewal will need to be applied for no later
than March 8, 2019.
Rose Marie M. King-Dominguez Arvin Kristopher A. Razon
Partner
rmmking@syciplaw.com
Associate
akarazon@syciplaw.com
SyCipLaw Center
105 Paseo de Roxas, Makati City, Metro Manila, Philippines 1226
T: (632) 982 3500 / F: (632) 817 3896
www.syciplaw.com
Indonesia is investigating reports that $1.4 billion held
by standard Chartered Plc in Guernsey, mainly on behalf of
Indonesian clients, was transferred to singapore just before
the island moved to new tax transparency rules, tax and regu-
latory officials said.
The Monetary Authority of singapore (MAs) and Guernsey’s
Financial services Commission were looking into that movement
of assets in late 2015 - months before the Channel Island
adopted a global framework for the exchange of tax data.
Under those rules, countries automatically share annual
reports on accounts belonging to people subject to taxes in
each country. Britain, Guernsey and singapore have all signed
up, but Guernsey implemented the rules ahead of singapore.
The investigation was first reported by Bloomberg, which
cited anonymous sources saying that standard Chartered
reported the matter itself to the regulators. It said the sources
said regulators were looking into standard Chartered’s
processes, but had not suggested the bank colluded with
clients to evade tax.
standard Chartered said last year that it was to close its
trust operations in Guernsey and centralize that part of its
business in singapore.
standard Chartered declined to comment. A MAs spokes-
person said in a statement: “As our supervisory probe is still
ongoing, we are unable to provide more information at this
juncture.”
Indonesian and other regulators have not identified the
customers or given information about concerns about the funds.
“We are now checking their annual tax reports, as well
as their report of assets, for those who participated in the
(Indonesian) tax amnesty,” Hestu Yoga saksama, a spokesman
for Indonesia’s tax office, said.
“If those assets are reported in annual reports or declared
during the tax amnesty, it surely means there are no problems.
But if they were not, we are going to follow up under the
prevailing regulations.”

10 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM


RETHInKInG THE UsE OF COAL ALTERnATIVEs –
CHAnGEs TO REnEWABLE EnERGY REGULATIOns
Indonesia’s Minister of Energy & Mineral
Resources (“MoEMR”) has recently made
various changes to the regulatory regime for
the use of renewable energy resources (“RER”)
in the context of power generation and elec-
tricity purchase by the state power company
(“PLN”) from RER power plants (“RERPP”)
owned and operated by independent power
producers (“IPP”).
The changes are set out in (i) MoEMR
Regulation no. 45 of 2017 re Revocation of
MoEMR Regulation no. 11 of 2017 re natural Gas
Use for Power Plants (“MoEMRR 45/2017”),
(ii) MoEMR Regulation no. 49 of 2017 re
General Terms of Electricity sale & Purchase
Agreements (“MoEMRR 49/2017”) and (iii)
Minister of EsDM Regulation no. 50 of 2017
re Utilization of Renewable Energy Resources
for Procurement of Electricity.
The main changes are: (a) the recognition of
tidal sea power as a RER, (b) IPP will hence-
forth be appointed through a direct selection
mechanism with or without quota capacity, (c)
the applicable PLn pricing strategy will become
as follows: (i) if Regional cost of electricity
production (“BPP”) is higher than national BPP,
the maximum electricity purchase price will be
SINGAPORE CENTRAL BANK, BANK ASSOCIATION, ACCENTURE IN BLOCKCHAIN TIE-UP
U.s. consulting company
Accenture said it has been
appointed by the Monetary
Authority of singapore (MAs)
and the Association of Banks
in singapore (ABs) to manage
and develop a blockchain-
based platform for interbank
payments.
Blockchain, a digital ledger
of transactions, leaped to prominence as
the technology that underpins the first
digital currency, bitcoin. It has since
attracted global attention because it can
be used to track, record and transfer assets
across all industries.
The project aims to improve how
central banks and financial institutions
deal with the settlement of payments,
Accenture said in a statement. It focuses
on specific real-time gross settlement
features and a liquidity-saving mechanism
LEGALBUSINESSONLINE.COM
Bill Sullivan Claudius Novabianto
Senior Foreign Counsel Senior Associate
bsullivan@ cnbianto@
cteolaw.com cteolaw.com
85% or 100% of the Regional BPP, depending
on the particular RER and (ii) if the Regional
BPP is not more than national BPP, the elec-
tricity purchase price will be directly negoti-
ated and agreed between PLn and the IPP such
that the electricity purchase price may be more
than Regional BPP, (d) RERPP will be subject
to a build, operate, own and transfer (“BOOT”)
scheme, (v) PLn will be subject to a take or pay
obligation in respect of 100% of the electricity
produced by RERPP utilizing hydro power, (e)
MoEMR’s prior approval is now required for the
PLn purchase price determined in respect of
on a decentralized system without compro-
mising privacy.
The project is the second phase of an
industry-wide initiative called Project Ubin,
led by MAs and ABs, a group of financial
institutions that includes Bank of America
Merrill Lynch, Citigroup, Credit suisse, DBs
Bank Ltd, HsBC, JPMorgan, Mitsubishi UFJ
Financial Group, OCBC Bank, singapore
Exchange, standard Chartered Bank, and
United Overseas Bank.
“This helps to open up opportunity for
S P O N S O RE D A RT I C L E
electricity from REPP, and (f) PLn must prepare
and publish technical guidance.
PLn’s continuing discretion, when it comes to
determining the applicable electricity purchase
price in those areas where Regional BPP is
less than or equal to national BPP, makes it
uncertain just how much new development of
REPP there will be in these areas.
It would be naive to imagine that the regulatory
environment for REPP is now final and that IPP
can look forward to an extended period of regu-
latory certainty. This is still very much a “work
in progress” and, accordingly, continuing legal,
policy and regulatory changes affecting REPP
must be regarded as being an inescapable risk
associated with investing in this sector.
Christian Teo & Partners
Indonesia stock Exchange Building, Tower II
Floor 16 suite 1604, sudirman Central
Business District, Jl. Jend. sudirman
Kav. 52-53, Jakarta 12190, Indonesia
T: (62) 21 5150280
F: (62) 21 5150281
W: www.cteolaw.com
a wider adoption of DLT-based
settlement systems,” said
sopnendu Mohanty, chief fintech
officer at MAs in a statement.
DLT refers to distributed ledger
technology, otherwise known
as blockchain. “We are sharing
our learnings and knowledge
from Project Ubin to encourage
greater experimentation
amongst central banks and financial insti-
tutions. We look forward to working with
other central banks on the use of DLT for
cross-border applications,” he added.
For the project, Accenture is using the
Accenture Liquid studio in singapore, a
research lab that focuses on emerging
technology experimentation and rapid
application development to develop and
test interbank payment models using three
blockchain platforms: Quorum, R3 Corda,
and Hyperledger Fabric.
ASIAN LEGAL BUSINESS – NOVEMBER 2017 11
BRIEFS
KOBE STEEL SCANDAL LATEST TO EXPOSE ‘MADE-IN-JAPAN’ FAULT-LINES
Under the once-vaunted “keiretsu”
system of close, trust-based ties between
manufacturers and suppliers, “Made-in-
Japan” became a byword for industrial
quality and reliability. That reputation has
eroded over recent years.
Kobe Steel is just the latest in a string
of corporate scandals involving data
tampering and other methods of cheating
to tarnish the Japan Inc quality stamp.
It may be a sign that the government’s
push to improve corporate governance is
seeing greater disclosure of wrongdoing.
But the root cause is more likely
that Japanese manufacturers are failing
modern compliance standards as they
grapple with a shrinking domestic market
and increased global competition.
As the focus has shifted to market
mechanisms instead of cosy relationship-
based arrangements, Japanese manufac-
turers have had to compete on price and
expand their client base.
“Growing global competition has
forced Japanese manufacturers to cut
costs to be more efficient, while fulfilling
a production quota which is often difficult
to achieve,” said Motokazu Endo, a lawyer
at Tokyo Kasumigaseki law office.
The “keiretsu” system was the
bedrock of Japan’s automotive industry.
As the market has become more compe-
tition based, those automakers now invest
less money in their suppliers and spend
less time checking what those suppliers’
factories are producing, says Hitoshi Kaise,
an auto industry consultant and partner at
Roland Berger.
Beyond that, Japan’s economy has
suffered decades of anaemic growth,
bogged down in deflation with its popu-
lation shrinking and with growing compe-
tition from its Asian neighbours. Those
pressures have potentially whittled away
at Japanese firms’ ability to compete, says
Hideaki Miyajima, a Waseda University
professor and corporate governance
expert.
The list of manufacturer miscreants
is long, and growing. Nissan Motor Co
12 ASIAN LEGAL BUSINESS – NOVEMBER 2017
has had to recall every new car it sold in
Japan in the last three years after it falsified
safety checks. Both Suzuki Motor Corp
and Mitsubishi Motors Corp have faced
scandals over fuel economy tests on their
vehicles, and there was wrongdoing by the
now bankrupt air bag maker Takata, Toyo
Tire & Rubber Co and Asahi Kasei Corp.
Kobe Steel President and CEO Hiroya Kawasaki
attends a news conference in Tokyo, Japan
October 13, 2017. REUTERS/Kim Kyung-Hoon
“While focusing on targets was right
in the beginning it has gone too far, with
companies that can’t hit their targets
resorting to deception,” says Hiroshi
Osada, a production quality expert and
Bunkyo University professor.
Over the last 15 years compliance rules
have become stricter but many Japanese
companies have carried on with practices
common in the past, says Nobuo Gohara,
a lawyer specialising in compliance, who
took part in an audit of Olympus Corp after
its accounting scandal in 2011. “There are
many of these problems lying dormant on
the factory floor,” he said.
Japan runs the risk it will “lose out as
other Asian economies, including China,
progressively raise their standards of quality
and reliability,” said Professor Thomas
Clarke, a corporate governance expert at
the University of Technology in Sydney.
And it’s not just dodgy data.
Conglomerate Toshiba Corp is still battling
an accounting scandal, and there is a litany
of wrongdoing at Tokyo Electric Power
Co (TEPCO), the operator of the stricken
Fukushima Daiichi nuclear complex.
Just this week, Japan’s nuclear
regulator said Japan Nuclear Fuel had
violated safety rules at its Rokkasho site
by fabricating records to say safety checks
had been carried out. The plant’s start data
has been delayed 23 times.
Even when moves are taken to
strengthen external monitoring of
companies, “it’s not possible to conduct
checks day in, day out,” said Osada at
Bunkyo University, who sat on an external
panel that audited Toyota during its 2010
recall crisis. Companies must do more to
develop a culture in which workers are
able to raise concerns and say ‘no’ to their
bosses, and in which teamwork is used to
catch wrongdoing by other employees,
Osada added.
More attention should be focused on
Japan’s board members, who are not active
enough in engaging with scandals when
they occur, says Shin Ushijima, lawyer
and president of the Japan Corporate
Governance Network, noting a tendency for
companies to be over-reliant on appointing
outside panels that are not truly inde-
pendent. Corporate governance reforms
are having some impact, says Ushijima.
At Toshiba, he said, “the board, while not
perfect, was improved after it was reshuf-
fled.”
LEGALBUSINESSONLINE.COM

YOU HAVE A DIsPUTE? WE’LL sOLVE IT.
Q & A with Peter Low and Remy Choo of Peter Low & Choo LLC
Q: Tell us about your firm: what do clients
know you for?
We are problem solvers. If you have a problem
that involves going to Court, we’ll resolve it.
Peter Low & Choo LLC is a specialist litigation
firm of Court-ready lawyers who have experi-
ence at all levels of the singapore system. We
have a reputation for taking on and resolving
complex litigation matters against the odds.
We act for individuals and corporations across
a broad spectrum of areas. The common
thread that runs through our practice is this:
if it’s challenging, we’ll take it on.
We have acted in contentious matters of
disputes among companies and sharehold-
ers alike, and also in matters concerning
employment law, defamation law, media
law, administrative law, and cross-border
family disputes. A good number of our cases
have been reported for development in the
law in the respective areas mentioned above.
In addition, we are reputed for our formida-
ble white-collar criminal defence practice
and have acted in several high-profile cases
over the years.
Q: Legal work is increasingly transbound-
ary. Do you have plans for expanding
overseas?
Peter Low & Choo LLC maintains a presence
in Malaysia with our partner firm, AmerBon
Advocates, Malaysia’s “Litigation Firm of the
Year” in 2016. We also have an associate firm
in Manila. We are proud to be associated with
two firms that share our values and progres-
sive working style.
While litigation practice remains jurisdiction-
specific, the issues we encounter increasingly
have cross-border elements and implications.
For this reason, we build alliances with our
legal counterparts abroad by actively encour-
aging the members of our firm to attend
global conferences. The networks we forge
with lawyers – from the south-East Asian
region and beyond – are invaluable in helping
our clients to obtain advice on foreign law
and enforcing judgments in foreign jurisdic-
tions or vice versa.
Q: Tell us a bit about yourselves
Our firm is a partnership that spans a gener-
ational range, providing the wisdom of expe-
rience and the dynamism of youth. Helmed
by Peter, the firm has engaged in all types
of dispute resolution, having been at the
LEGALBUSINESSONLINE.COM
Peter Low Remy Choo
Managing Director Director
peterlow@ zhengxichoo@
peterlowllc.com peterlowllc.com
forefront of high-profile civil, commercial
and criminal disputes in singapore.
Peter is a former President of the Law society
of singapore and brings with him 40 years
of experience at the Bar.
Peter’s prolific career started in the Attorney-
General’s Chambers and in the Ministry of
Defence before he joined singapore’s largest
law firm. Thereafter, Peter established his
own practice specialising in litigation. Peter
is also a renowned public interest litigator
and human rights advocate, having taken
on some of the most complex constitution-
al challenges in singapore.
Peter was recently awarded the C C Tan Award
by the Law society of singapore, which award
honours a practitioner who best exemplifies
the finest and noble virtues of the legal profes-
sion – honesty, fair play and personal integrity.
Remy Choo, our newest named Director,
is already a seasoned trial and appellate
advocate who has led cases at all levels of
the singapore Courts, including the Court
of Appeal.
In 2016, Remy was the first singaporean
lawyer to be named the International Bar
Association’s Outstanding Young Lawyer
of the Year, a global award that recognizes
“excellence in work and achievements and
a commitment to professional and ethical
standards”.
In his citation for ALB’s “40 under 40”
rankings, Remy was described by a disputes
partner in one of the largest law firms in
singapore as “one of the best in the business
in his age range, and will be the lawyer to
watch in years to come”.
S P O N S O RE D A RT I C L E
Peter and Remy are supported by a team of
11 court-ready lawyers.
Q: What kind of cases does your firm
handle?
We like difficult cases.
Peter Low & Choo LLC has a proven track
record of success in Court, especially in
complex and novel areas of law.
This year, the firm successfully acted in a
landmark case on statutory interpretation
involving the Ministry of Defence. The victory
was hard won, involving a rare split decision
of the Court of Appeal.
Peter Low & Choo LLC also acted in
singapore’s leading case on springboard
injunctions, Jardine Lloyd Thompson Pte Ltd
v Howden Insurance Brokers [2015] sGHC
202. The firm acted for the Managing Director
and another director of Howden Insurance
Brokers in successfully repelling springboard
injunctions brought by their former employer,
and convinced the High Court to break new
legal ground.
Recently, the firm successfully acted for
a singapore based trading company in
defending a Us$50 million claim brought
by the Government of Madagascar.
In the field of white-collar crime, the firm has
successfully acted in some of singapore’s
highest profile cases. The firm scored a
notable victory in a widely-reported appeal
which overturned the conviction of a former
District Judge turned law professor at the
national University of singapore at trial. The
firm has also recently handled several cases
involving one of the largest cases of alleged
international financial fraud in recent history.
Q: What are the qualities clients most
associate with your firm?
We are responsive, strategic, and dedicated
to our clients’ causes. We always plan several
steps ahead, and our court craft speaks for
itself.
Peter Low & Choo LLC
1 Coleman street, The Adelphi #10-03
singapore 179803
T: (65) 6410 1007
F: (65) 6534 0877
E: info@peterlowllc.com
W: www.peterlowllc.com.sg
ASIAN LEGAL BUSINESS – NOVEMBER 2017 13
 BRIEFS
nORTH AsIA LE AGUE TABLEs

CHINA ANNOUNCED M&A LEGAL RANKINGS HONG KONG ANNOUNCED M&A LEGAL RANKINGS

No. 1 - Clifford Chance No. 1 - Kirkland & Ellis

37,350.5 Deals: 18 / Market Share: 7.5

Value ($MLN)
MERGERS & ACQUISITIONS SNAPSHOT
LEAGUE TABLES
20,285.8 Deals: 11 / Market Share: 14.0
Value ($MLN)

I. LEAGUE TABLE - NORTH ASIA LEGAL AND FINANCIAL RANKINGS

Deals Market Market
Rank ASIA Announced
NORTH LegalM&A
Advisor
Legal Rankings -Value
Based($MLn)
on Value Rank ASIA Announced
NORTH Legal Advisor Value- ($MLn)
M&A Financial Rankings Based onDeals
Value share
share
Value No. of Market Value No. of Market
2 Legal Advisor
Kirkland & Ellis 30,873.3 16 6.2 2 FreshfiFinancial Advisor
elds Bruckhaus Deringer 17,135.0 8 11.9
Rank (US$mln) Deals Share Rank (US$mln) Deals Share
13 Fangda Partners
Kirkland & Ellis 28,810.8
47,245.3 2654 5.8
8.0 31 Goldmansullivan
Sachs & & Cromwell
Co 12,637.0
72,575.4 9
40 8.7
12.3
24 Clifford Chanceskadden 27,264.0
46,840.5 3718 5.4
7.9 42 Fangda Partners
Morgan Stanley 12,451.1
58,679.8 9
47 8.6
9.9
35 SkaddenKing & Wood Mallesons 36,568.0
27,102.9 2444 6.2
5.4 53 Bank of America
CliffordMerrill
Chance Lynch 49,803.8
12,435.7 26
18 8.4
8.6
4 Morrison & Foerster 33,647.2 21 5.7 4 UBS 48,481.2 20 8.2
6 Davis Polk & Wardwell 24,937.8 9 5.0 6 slaughter and May 9,086.3 7 6.3
5 Simpson Thacher & Bartlett 30,689.9 20 5.2 5 JP Morgan 47,478.3 24 8.0
67 Davis PolkMorrison & Foerster
& Wardwell 23,010.8
29,846.5 13 8 4.6
5.0 76 Citi Herbert smith Freehills 8,940.5
42,005.2 14
31 6.2
7.1
78 Sullivan & Cromwell
WongPartnership LLP 21,504.0
18,122.4 15 7 3.6
3.6 87 China International
Commerce Capital
& Finance Law Co
Offices 32,290.4
8,384.8 27
1 5.5
5.8
89 King & Wood Mallesons
Rajah & Tann LLP 21,158.4
18,073.7 42 4 3.6
3.6 98 CITIC Hengeler Mueller 31,654.2
6,724.5 62
1 5.3
4.7
9 Fangda Partners 20,088.8 31 3.4 9 Industrial & Comm Bank China 25,223.5 53 4.3
10 shook Lin & Bok LLP 17,958.4 3 3.6 10 Ropes & Gray 6,303.6 6 4.4
10 Rajah & Tann LLP 18,096.3 7 3.1 10 DBS Group Holdings 18,482.8 6 3.1
(*tie)
(*tie) BasedBased on Rank
on Rank ValueValue incl. Net
including netDebt
Debtofofannounced
announcedM&A
M&Adeals (excluding
deals withdrawn
(excluding M&A)
withdrawn M&A) (*tie)Based on
(*tie) Based onValue
Rank Rank including
Value incl.net
NetDebt
Debt of
of announced
announced M&A
M&A deals
deals (excluding
(excludingwithdrawn
withdrawnM&A)
M&A)

II. LEAGUE TABLE - LEGAL

CHINA Announced M&A Legal Rankings HONG KONG Announced M&A Legal Rankings
JAPAN ANNOUNCED M&A LEGAL
Value RANKINGS
No. of Market SOUTH KOREA ANNOUNCED M&AValue
LEGAL RANKINGS
No. of Market
Legal Advisor Legal Advisor
Rank (US$mln) Deals Share Rank (US$mln) Deals Share
1 Clifford Chance 34,971.0 16 8.7 1 Kirkland & Ellis 17,770.3 10 13.7
2 No. 1 - Morrison & Foerster
Kirkland & Ellis 30,054.2 16 7.4 2 No. 1 - Kim & Chang
Sullivan & Cromwell 12,637.0 8 9.7

42,473.5 19,982.3
3 Skadden 26,567.3 15 6.6 3 Clifford Chance 10,667.6 17 8.2
4 Morrison & Foerster 23,010.8 5 5.7 4 Commerce & Finance Law Offices 8,384.8 1 6.4
5 King & Wood Mallesons 20,995.1 40 5.2 5 Hengeler Mueller 6,899.7 2 5.3
6 Davis Polk & Wardwell 19,594.2 6 4.9 6 Freshfields Bruckhaus Deringer 5,879.2
Value ($MLN) Value7($MLN) 4.5
7 Rajah & Tann LLP 17,859.7 4 4.4 7 Latham & Watkins 5,163.9 6 4.0
8 WongPartnership LLP 29 / Market Share:
Deals: 17,779.4
33.5 3 4.4 8 Ropes & GrayDeals: 92 / Market Share: 28.6
4,829.3 5 3.7
9 Fangda Partners 17,305.6 29 4.3 9 Weil Gotshal & Manges 4,403.0 3 3.4
10 Simpson Thacher & Bartlett 16,487.5 13 4.1 10* Alston & Bird 4,340.0 2 3.3
Rank
0 Legal Advisor 0 Value-($MLn) 0Deals Market
0.0 Rank Legal Advisor Value ($MLn) Deals Market
share share
(*tie) Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A) (*tie) Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)
2 nagashima Ohno & Tsunematsu 30,718.7 67 24.3 2 Lee & Ko 11,527.8 57 16.5
3 Akin, Gump, strauss, Hauer & Feld 21,235.6 2 16.8 3 Bae Kim & Lee 7,600.0 49 10.9
JAPAN Announced M&A Legal Rankings SOUTH KOREA Announced M&A Legal Rankings
4 skadden 12,140.1 No. of
Value 11 9.6
Market 4 Ropes & Gray 4,260.0
Value No.7 of 6.1
Market
Legal Advisor Legal Advisor
Rank 5 simpson Thacher & Bartlett (US$mln)
12,114.4 Deals 5 Share
9.6 Rank
5 shin & Kim (US$mln)
4,203.0 Deals
37 Share
6.0
16 Morrison
Mori&Hamada
Foerster& Matsumoto 16,136.4
9,621.0 1764 19.5
7.6 61 Kim & Chang Yulchon LLC 14,052.2
2,804.1 55
26 27.8
4.0
2 Simpson Thacher & Bartlett 11,886.4 5 14.4 2 Lee & Ko 10,051.3 38 19.9
7 Jones Day 8,634.8 20 6.8 7 Clifford Chance 2,703.7 1 3.9
3 Skadden 9,869.8 8 12.0 3 Shin & Kim 3,623.7 28 7.2
48 Paul, Weiss Paul, Weiss 8,349.7
8,349.7 6 6 6.6
10.1 84 Bae Kimsullivan
& Lee & Cromwell 2,512.7
2,910.2 292 3.6
5.8
59 Davis Polknishimura
& Wardwell & Asahi 8,148.0
8,168.8 5 57 9.9
6.5 95 Sullivan
Cleary & Cromwell
Gottlieb steen & Hamilton 2,512.7
2,433.3 21 5.0
3.5
6
10 Mori Hamada
Davis & Matsumoto
Polk & Wardwell 8,020.1
8,161.3 51 5 9.7
6.4 106 ClearyMorgan
GottliebLewis
Steen&& Hamilton
Bockius 2,433.3
1,353.8 12 4.8
1.9
7 Nishimura & Asahi 7,023.8 48 8.5 7 Yulchon LLC 2,009.9 16 4.0
(*tie)8 BasedNagashima
on Rank ValueOhno & Tsunematsu
including 6,560.8
net Debt of announced M&A 50 withdrawn
deals (excluding 7.9
M&A) 8
(*tie) Based Morgan
on Lewis
Rank Value & Bockius
including net Debt of announced M&A1,353.8
deals (excluding2withdrawn 2.7
M&A)
9 Sullivan & Cromwell 5,860.3 3 7.1 9 Clifford Chance 832.7 1 1.7
10 Fangda Partners 5,500.0 1 6.7 10* Cooley LLP 825.6 1 1.6
ANY NORTH ASIA INVOLVEMENT ANNOUNCED M&A ACTIVITY - QUARTERLY TREND

Series1 Series2
Rank Value US$ Billion

440 388.9 4,000

No. of Transactions

390 337.7 3,500

340 291.7 295.4 3,000
255.1 274.7 267.9
290 251.6 254.7 2,500
228.7
240 201.8 194.4 183.6 2,000
169.7
190 142.9 131.8 144.7 143.0 1,500
116.3 123.4
140 95.5 115.0 92.5 1,000
90 500
40 0
1Q 12 3Q 12 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 3Q 15 1Q 16 3Q 16 1Q 17 3Q 17

notes: League tables, quarterly trend, and deal list are based on the nation of either the target, acquiror, target ultimate parent, or acquiror ultimate parent at the time of the transaction. Announced M&A transactions excludes withdrawn deals. Deals with undisclosed dollar values are rank eligible but with no
corresponding Rank Value. non-Us dollar denominated transactions are converted to the Us dollar equivalent at the time of announcement of terms. north Asia includes China, Hong Kong, Japan, south Korea. Data accurate from 1 January to 23 October 2017.

14 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM

 BRIEFS
s OUTHE AsT AsIA /s OUTH AsIA LE AGUE TABLEs
MERGERS & ACQUISITIONS SNAPSHOT
SINGAPORE ANNOUNCED M&A LEGAL RANKINGSLEAGUE TABLES
MALAYSIA ANNOUNCED M&A LEGAL RANKINGS
I. LEAGUE TABLE - SOUTHEAST ASIA AND MIDDLE EAST
SOUTHEAST ASIA / SOUTH ASIA Announced M&A Legal Rankings MIDDLE EAST Announced M&A Legal Rankings
No. 1 - Allen & GledhillValue No. of Market
No. 1 - Baker & McKenzie
Value No. of Market

21,769.8 1,925.6
Legal Advisor Legal Advisor
Rank (US$mln) Deals Share Rank (US$mln) Deals Share
1 AZB & Partners 24,791.1 18 18.4 1 Skadden 17,486.3 2 37.4
2 Allen & Gledhill 21,833.6 5 17.7 2 White & Case LLP 16,461.9 7 36.3
Value ($MLN)
3 WongPartnership LLP 21,014.4 19 17.2 3 Goldfarb Seligman & Co 15,936.3 2 35.3
4 Davis Polk & Wardwell 20,681.1
Value
63
($MLN)
15.7 4* Morrison & Foerster 15,273.8 2 33.9
Deals: 7 / Market Share: 15.3
5 Rajah & Tann LLP 18,846.8 9 15.5 4* Sullivan & Cromwell 15,273.8 2 33.9
Deals: 18 / Market Share: 35.9
6 Kirkland & Ellis 17,958.4 4 15.2 6 Yigal Arnon & Co 15,097.7 3 33.5
Market
7 Shook Lin & Bok LLP 17,958.4 4 15.1 Rank
7* Legal Advisor
Houthoff Buruma Value ($MLn) Deals
14,964.3 1 33.2
share
8
Rank Skadden Legal Advisor 17,702.1
Value Deals Market
($MLn) 10 15.0 7* Van Campen & Partners NV 14,964.3 1 33.2
share 2* shearman & sterling LLP 1,051.5 1 6.6
9 Clifford Chance 17,572.3 5 15.0 9 Shearman & Sterling LLP 5,351.2 9 11.6
102 Morrison &WongPartnership
Foerster LLP 21,014.4
16,965.5 5 4 34.5
14.0 2*10 De Brauw
Willkie Farr Blackstone
& GallagherWestbroek 946.0
5,251.8 1
4 6.68.9
3 Davis Polk & Wardwell 20,681.1 19 33.6 2* - Subtotal
AKDwith LegalVan
Prinsen Advisor
Wijmen 40,981.3
946.0 110
1 75.3
6.6
-4 Subtotal with Legal
Rajah & Advisor
Tann LLP 94,060.1
18,846.8 4359 65.7
30.2 5 - SubtotalZulwithout
RafiqueLegal Advisor
& Partners 22,456.1
562.4 328
1 24.7
2.9
- Subtotal without Legal Advisor 53,009.7 2192 34.4 0 0 0.0 0 0.0
5 shook Lin & Bok LLP 17,958.4 4 29.6 6* MD Tajuddin & Co 562.4 1 2.7
(*tie) 6 Kirkland
Based on Rank Value & Ellis
incl. Net 17,958.4
Debt of announced M&A deals 4
(excluding withdrawn 29.3
M&A) 6*
(*tie) King
Based on Rank & spalding
Value incl. Net Debt of announced M&A562.4
deals (excluding 1withdrawn2.7
M&A)
7 Clifford Chance 17,142.3 8 28.6 6* Herbert smith Freehills 315.8 2 2.7
II. LEAGUE TABLE - LEGAL
8* Machado Meyer sendacz & Opice 16,497.4 2 27.4 9 Kim & Chang 243.5 2 2.6
SINGAPORE Announced M&A Legal Rankings MALAYSIA Announced M&A Legal Rankings
8* skadden 16,421.1 No. of
Value 4 27.4
Market 10* Ensafrica 226.9
Value No.2 of 2.5
Market
Legal Advisor Legal Advisor
Rank
10 Morrison & Foerster (US$mln)
16,421.1 Deals 2 Share
6.0 Rank
10* King & Wood Mallesons (US$mln)
226.9 Deals
1 Share
2.3
1 Allen & Gledhill 21,769.8 18 35.9 1 Baker & McKenzie 1,925.6 7 15.3
(*tie)
2 BasedWongPartnership
on Rank Value including
LLP net Debt of announced M&A deals (excluding
21,014.4 4 withdrawn M&A)
34.5 (*tie) Based
2* onShearman
Rank Value &
including
Sterlingnet
LLPDebt of announced M&A 1,051.5
deals (excluding 1withdrawn M&A)
6.6
3 Davis Polk & Wardwell 20,681.1 19 33.6 2* De Brauw Blackstone Westbroek 946.0 1 6.6
4 Rajah & Tann LLP 18,846.8 9 30.2 2* AKD Prinsen Van Wijmen 946.0 1 6.6
5 Shook Lin & Bok LLP 17,958.4 4 29.6 5 Zul Rafique & Partners 562.4 1 2.9
6
INDIA ANNOUNCED M&A LEGAL
Kirkland & Ellis 17,958.4
RANKINGS 4 29.3
INDONESIA
6*
ANNOUNCED M&A LEGAL
MD Tajuddin & Co 562.4
RANKINGS 1 2.7
7 Clifford Chance 17,142.3 8 28.6 6* King & Spalding 562.4 1 2.7
8* Machado Meyer Sendacz & Opice 16,497.4 2 27.4 6* Herbert Smith Freehills 315.8 2 2.7
8* Skadden No. 1 - AZB & Partners
16,421.1 4 27.4 9 Kim & Chang
No. 1 - Lefosse Advogados 243.5 2 2.6

24,791.1 4,777.8
10 Morrison & Foerster 16,421.1 2 6.0 10 ENSafrica 226.9 2 2.5
0 0 0.0 0 0.0 10* King & Wood Mallesons 226.9 1 2.3
- Subtotal with Legal Advisor 44,995.5 165 72.2
Value ($MLN)
(*tie)
Value ($MLN)
Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)
Deals: 2 / Market Share: 7.6
(*tie) Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)
Deals: 63 / Market Share: 46.1
INDIA Announced M&A Legal Rankings Market
Value No. of Market Rank Legal Advisor Value ($MLn) Deals
Legal Advisor share
Rank (US$mln) Market
Rank Legal Advisor Value ($MLn)Deals
Deals Share INDONESIA Announced M&A Legal Rankings
share 2 Mayer Brown LLP 4,777.8 2 5.2
Value No. of Market
Legal
DunnAdvisor
12 s&R Associates
AZB & Partners 14,274.8
24,791.1 63 3 35.9
46.1 3
Rank Gibson & Crutcher 1,172.8
(US$mln) 2
Deals 3.7
Share
23 S&R Associates
slaughter and May 14,274.8
13,000.4 3 2 35.9
32.7 41 Lefosse
FreshfiAdvogados
elds Bruckhaus Deringer 4,777.8
1,000.0 2 3.77.6
34 Slaughter andAllen
May & Overy 13,000.4
11,827.3 2 2 32.7
29.7 52 Mayer Brown
BakerLLP
& McKenzie 4,777.8
602.3 21 2.15.2
4 Allen & Overy 11,827.3 2 29.7 3 Gibson Dunn & Crutcher 1,172.8 2 3.7
5*
5* Bharucha & Partners& Partners
Bharucha 11,627.3
11,627.3 1 1 29.2
29.2 64 Gilbert + Tobin
Freshfields Bruckhaus Deringer 489.2
1,000.0 12 1.53.7
5*
5* Vaish Associates
Vaish Associates Advocates
Advocates 11,627.3
11,627.3 1 1 29.2
29.2 7* 5 Allen & Overy
Baker & McKenzie 357.5
602.3 11 0.62.1
77 Shardul
shardulAmarchand
Amarchand Mangaldas
Mangaldas&&CoCo 5,404.5
5,404.5 21 21 7.6
7.6 7* 6 Gilbert + Tobin
Mori Hamada & Matsumoto 489.2
357.5 21 0.61.5
8 Latham & Watkins 3,467.0 33 6.0 7* Allen & Overy 357.5 1 0.6
8 Latham & Watkins 3,467.0 33 6.0 9 WongPartnership LLP 321.9 2 0.3
9 Khaitan & Co 2,588.7 27 5.0 7* Mori Hamada & Matsumoto 357.5 2 0.6
9
10 Wilson SonsiniKhaitan & Co
Goodrich & Rosati 2,588.7
2,474.7 3 27 5.0
4.4 10*9 nagashima OhnoLLP
WongPartnership & Tsunematsu 174.8
321.9 21 0.00.3
10*
10 Baker & McKenzie
Wilson sonsini Goodrich & Rosati 0.0
2,474.7 2 3 4.8
4.4 10*
10* Nagashima Ohno &Goddard
Addleshaw Tsunematsu 174.8
0.0 1
1 0.00.0
10* Addleshaw Goddard 0.0 1 0.0
(*tie) Based
(*tie) on Rank
Based Value
on Rank including
Value netDebt
incl. Net Debtof of announced
announced M&AM&A deals
deals (excluding
(excluding withdrawn
withdrawn M&A)
M&A) (*tie)
(*tie)Based on RankonValue
Based Rankincluding
Value incl.net
NetDebt
Debtofofannounced
announcedM&A
M&Adeals
deals (excluding withdrawn M&A)
(excluding withdrawn M&A)

ANY SOUTHEAST ASIA/SOUTH ASIA INVOLVEMENT ANNOUNCED M&A ACTIVITY - QUARTERLY TREND

Series1 Series2
90 86.0
1,400
Rank Value US$ Billion

77.7 80.1 79.7

No. of Transactions

80 71.5 69.3 1,200

70 63.0 64.2 65.9
1,000
60 53.0 55.2
47.2 48.8 45.1 46.8 45.9 800
50 42.5 42.3 41.3 44.9 42.4
39.0 600
40
30 26.0 400
20 12.5 200
10 0
1Q 12 3Q 12 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 3Q 15 1Q 16 3Q 16 1Q 17 3Q 17
notes: League tables, quarterly trend, and deal list are based on the nation of either the target, acquiror, target ultimate parent, or acquiror ultimate parent at the time of the transaction. Announced M&A transactions excludes withdrawn deals. Deals with undisclosed dollar values are rank eligible but with no
corresponding Rank Value. non-Us dollar denominated transactions are converted to the Us dollar equivalent at the time of announcement of terms. sOUTHEAsT AsIA: singapore, Malaysia, Indonesia; sOUTH AsIA: India. Data accurate from 1 January to 23 October 2017.

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – NOVEMBER 2017 15

SP ON S O R E D A RT ICLE
INFRASTRUCTURE AND PROPERTY DEVELOPMENT
PROJECTS IN THE PHILIPPINES
As a country comprised of more than
seven thousand islands and with a
population of more than 100 million,
the government’s continued focus on
implementing infrastructure devel-
opment will allow the Philippines
to sustain its position as the fastest
growing economy in Asia. The lack
of infrastructure has been one of the
greatest stumbling blocks to the full
development of the country. The current
administration’s effort to address the
infrastructure gap is encapsulated in its
Build, Build, Build campaign, geared to
increase public spending on infrastruc-
ture projects to 8-9 trillion pesos for the
period 2017-2022. Under this initiative,
the government intends to build more
roads, bridges, railways, urban mass
transport, airports and seaports nation-
wide which are envisioned to result in
new and better cities throughout the
archipelago.
The Build, Build, Build campaign will
be implemented through a combi-
nation of government appropriation
and private-public partnership (PPP)
modalities. It will be noted that the
previous administrations have focused
on the PPP modalities provided under
the Build-Operate-Transfer laws and
regulations, which include: build-and-
transfer, build-operate-and-transfer,
build-transfer-and-operate, build-own-
and-operate, build-lease-and-transfer,
contract-add-and-operate, develop-
operate-and-transfer, rehabilitate-
operate-and-transfer and rehabilitate-
own-and-operate.
It can be surmised that direct appropria-
tion by the government for the initial
phases of the project can expedite the
process as it addresses risk alloca-
tion issues between the government
and private sector, such that commer-
16 ASIAN LEGAL BUSINESS – NOVEMBER 2017
Franchette M. Maria Concepcion
Acosta P. Simundac
Senior Partner Partner
fm.acosta@ mp.simundac@
thefirmva.com thefirmva.com
cial risks that the private sector may
not be willing to undertake will be
assumed by government. The issue of
moral hazard of government should be
addressed by stringent laws and regu-
lations mandating open and competi-
tive procurement procedures. With the
government initiating infrastructure
projects and the private sector stepping
in to operate and maintain, the expecta-
tion is that roll out of projects may be
expedited.
To continue encouraging investments,
the 2017 Investment Priorities Plans
includes infrastructure, logistics and
local government unit and public-
private partnerships. Projects identified
in the Investment Priorities Plan may
be entitled to tax and other incentives.
National and Local Government
Funding
It is settled under Philippine laws and
regulations that the default procedure for
procurement by government of services,
goods, and infrastructure is through
competitive bidding. Procurement of
services includes: advisory and review
services, pre-investment or feasibility
studies, design, construction supervi-
sion, management and related services
and technical services or special studies.
Procurement of infrastructure projects
includes the construction, improve-
ment, rehabilitation, demolition,
repair or maintenance of: roads and
bridges, railways, airports and seaports,
communication facilities, civil works
components of information technol-
ogy projects, irrigation, flood control
and drainage, water supply, sanita-
tion, sewerage and waste manage-
ment systems, shore protection, energy/
power and electrification facilities, and
national buildings, school buildings
and hospital buildings. Procurement
of goods includes all supplies, materials
and general support services (other than
consulting services and infrastructure
projects) which may be needed in the
pursuit of a government undertaking.
Negotiated contracts with the govern-
ment are allowed, but on the basis
of carefully drawn exceptions. Thus,
specific rules have been issued to serve
as guidelines for alternative methods
of procurement such as limited source
bidding (for highly specialized types
of goods), direct contracting (goods
subject to proprietary rights such
as patents, trade secrets, copyright)
and negotiated procurement (failed
biddings, emergency cases, take-over of
contracts or agency-to-agency contracts
or highly technical consultants).
Existing PPP laws and regulations apply
not only to the national government,
its agencies, instrumentalities and to
government-owned and controlled
corporations, but to local government
units as well. Thus, consistent with the
mandate of local government units to
ensure the general welfare of its constit-
uents and to provide basic services, the
LEGALBUSINESSONLINE.COM

private sector has implemented projects
at the local government level. Local
government units may also partner with
the private sector through unincorporat-
ed and incorporated joint ventures. Joint
venture agreements with local govern-
ment units are not regulated at the
national level. Instead, the local govern-
ment legislative bodies are free to enact
their own ordinances which regulate
joint venture agreements. Local govern-
ment ordinances that expressly allow
unsolicited proposals for joint venture
agreements provide more flexibility to
a private sector proponent.
The government may likewise
obtain funding from foreign govern-
ments through Official Development
Assistance (ODA). Through ODA, the
government may enter into long term
loans at concessional rates, provided
that the threshold required for the grant
component is satisfied. Projects funded
through ODA arguably offer greater
flexibility in procedures for choosing
implementing contractors or suppliers.
Private Sector Funding
Private sector participation in infra-
structure projects may be carried out
through modalities provided under
existing Build-Operate-Transfer laws
and regulations, as discussed above.
Joint venture agreements entered into
by private sector proponents with the
government (except local government
units) are governed by the guidelines
issued by the National Economic &
Development Authority. These commer-
cial agreements have, in recent years,
come under the ambit of the specific
regulation and are expressly subject
to competitive bidding. Joint venture
agreements with local government units
are governed by ordinances issued by
the local legislative body of the city/
municipality or province.
Foreign Participation
Complementing the infusion of funds for
infrastructure, investors have expressed
interest in the development of newer
and more modern cities or technology/
industrial parks within economic zones
that have been granted fiscal incen-
tives by law. Investors have likewise
LEGALBUSINESSONLINE.COM
expressed interest to fill the wide gap
in supply for socialized housing. Thus,
apart from laws on government procure-
ment and public bidding, infrastructure
and property development projects
inevitably intersect with laws and regu-
lations governing foreign participation
in these business activities.
Companies that do not own land and
limit their engagement to property
development may be 100% foreign-
owned, subject to compliance with
capitalization requirements. Foreign
nationals or foreign corporations
may lease private lands for 25 years,
renewable for another 25 years. If the
foreign national or foreign corporation
is investing in the Philippines, it may
lease private lands for up to 75 years
(50 years, renewable for another 25
years). The same is true for construction
companies that are issued Quadruple
A or AAAA licenses by the PCAB
(Philippine Construction Accreditation
Board). While regular licenses are
generally issued only to companies
that are at least 60% Filipino-owned,
the PCAB has issued rules allowing
foreign corporations with capitalization
or networth of PhP 1 Billion to secure
Quadruple A or AAAA licenses.
Foreign investors that wish to own
land must do so in partnership with a
qualified Philippine entity. Current laws
restrict land ownership to Filipinos or
corporations that are at least 60%
Filipino-owned. In general, suppliers
of goods and services to the Philippine
government must likewise be Filipinos
or corporations that are at least 60%
Filipino-owned.
This article is intended for informational
purposes only and should not be consid-
ered legal advice.
About the authors
Franchette M. Acosta specializes in
commercial law, and has counseled
clients in foreign investment trans-
actions, mergers and acquisitions of
private and public companies and
debt and equity offerings (including
S P O N S O RE D A RT I C L E
initial public offerings). Ms. Acosta is
counsel for public/listed and private
companies in various industries,
such as banking and finance, tele-
communications, property develop-
ment, mining and power and energy.
She also represents clients before
government agencies for procure-
ment and build-operate and transfer
projects.
Ms. Acosta holds a Masters
of Law Degree (LL.M.) from New
York University, a Bachelor of Laws
Degree (LL.B.) from the University
of the Philippines College of Law
and a Bachelor of Science Degree
in Business Economics from the
University of the Philippines School
of Economics.
Maria Concepcion P. Simundac
specializes in the areas of Corporate
& Commercial Law, Power &
Energy, Construction & Real
Estate Transactions, Infrastructure,
Transportation & Public Utilities,
and Corporate & Project Finance.
Ms. Simundac likewise advises
clients in navigating increasingly
complex regulatory frameworks and
compliance in the areas of financial
technology, data privacy and anti-
financial crimes.
Ms. Simundac currently holds
positions of director and corporate
secretary in various multi-national,
domestic and non-profit corpora-
tions across industries where she
gains practical perspective on the
business issues and concerns of
clients. Ms. Simundac obtained her
Juris Doctor degree with Honors
and Bachelor of Arts degree in
Economics from the Ateneo de
Manila University.
Villaraza & Angangco Law Offices
(V&A Law)
V&A Law Center, 11th Avenue corner
39th Street, Bonifacio Triangle,
Bonifacio Global City 1634 Metro
Manila, Philippines
T: (63) 2 988 6088
W: www.thefirmva.com
ASIAN LEGAL BUSINESS – NOVEMBER 2017 17
MP ROUNDTABLE

A CHANGING LANDSCAPE
Squeezed by intensifying competition, and facing an increasingly savvy clientele,
law firms in India need to raise their game as soon as possible, particularly as
the spectre of legal market liberalisation nears. We speak to a cross-section of
Indian firms – Luthra & Luthra, which is among the country’s largest; midsized outfit
Phoenix Legal; and recent entrant Vertices Partners – to find out how they see
the market evolving in the immediate future. BY RAJ GUNASHEKAR

ALB: What are some of the notable to be conscious of maintaining the quality
trends that you have witnessed in terms of advice to their clients.
of the quality and quantity of your work? Large and mid-sized firms have been
What have you been doing more of, and able to witness steady growth by ensuring
what have you seen a drop in? availability of expertise in both corporate
MOHIT SARAF, senior partner, Luthra and dispute resolution. A growing trend
& Luthra: One has been seeing fewer is that firms have also set up small but
and fewer multi-billion dollar inbound niche practice teams. This often balances
M&A deals, and $300 million-plus private out the work streams of areas of practice.
equity deals. The volume of these deals We saw a marginal decline in the
has come down because Indian equity is number of M&A transactions in early
trading at very expensive valuations on 2017, which gradually rose by the end
price earnings multiples. On the other of the first quarter. Meanwhile, we saw
hand, the volume of intra-India multi- an increase on time spent by the firm on
billion dollar mergers on non-cash deals corporate and commercial advisory. This
in the sectors of insurance and banking, MOHIT SARAF is a standard trend observed across the
among others, is on the rise. The volume legal industry for years.
of M&A deals, on account of stress in the
banking system is on the rise as well as SAKET SHUKLA, co-founder and VINAYAK BURMAN, managing partner,
Indian corporates are selling non-core partner, Phoenix Legal: The growing Vertices Partners: The most notable trend
assets. New listings and the raising of competition in the legal industry has is the onset of a new breed of mid-sized
capital have increased significantly. undoubtedly driven the Indian law firms and boutique law firms. There has always
been a gap in the market for this and over
the last few years, this gap has been seen
to be increasing. Today’s client is rather
nimble, cost -conscious and extremely
quality-conscious.
“We extensively work with U.S. and UK law firms, and most This has led to the opportunity of
providing them with alternatives in the
of these firms have conveyed to me that they will not open form of boutique, new age and mid-sized
an office in India in a hurry. Even if they do open, it will be a firms, which can offer the same high-pedi-
very small office to support their International clients.” gree legal work as provided by larger and
well-established firms in their areas of
— Mohit Saraf, Luthra and Luthra
expertise.
These boutique law firms are now
looking beyond national borders, both

18 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM


from inward and outward-based trans-
actions, as well as servicing the require-
ment of the client both from a quicker
turn-around time, and more concentrated
partner attention at a much more cost-
efficient manner.
ALB: What have been the biggest chal-
lenges facing corporate law firms in
India in the past 12 months? How have
you as a firm looked to overcome them?
SARAF: In the last 12 months, some
new firms have entered the Indian legal
market. Hence, the intensity of compe-
tition has increased, resulting in pricing
pressure. We only hire lawyers when
hiring is essential, rather than to increase
bench strength. Hence, there was lesser
pressure on account of extra bench
strength, leading to minimal pressure or
the need to drop prices.
SHUKLA: We believe in ensuring we
maintain a qualitative resource band. The
lawyers within the firm do work under
close supervision of the partners and are
constantly trained by them. The members
of the firm regularly attend workshops
and international conferences, which
helps them to be updated and hone their
knowledge.
An interesting area of challenge
has been the growing consciousness
among the clients on data privacy and
the high-end security procedures and
systems used by the clients. The firm has
been working through the last few years
to upgrade its information technology
systems to ensure data privacy meet
highest standards of client satisfaction.
BURMAN: With multiple law firms
mushrooming, price bids for the quality
of work as well as the quantity of work
have become highly sensitive. As a result,
firms take a hit on both profitability as
well as the quality of the work. This is a
constant challenge when supply is higher
than demand.
Technology has also had its effect on
the profession, where at times, for some
work, an almost white-label approach is
being taken. This too has a large bearing
on the cost incurred by the client. The
LEGALBUSINESSONLINE.COM
MP ROUNDTABLE
“An interesting area of challenge has been
the growing consciousness among the clients on
data privacy and the high-end security procedures and
systems used by the clients. The firm has been
working through the last few years to upgrade its
information technology systems to ensure data privacy
meet highest standards of client satisfaction.”
— Saket Shukla, Phoenix Legal
how do you expect it to impact firms
like yourself, and the work that you are
doing?
SARAF: We extensively work with U.S.
and UK law firms, and most of these firms
have conveyed to me that they will not
open an office in India in a hurry. Even if
they do open, it will be a very small office
to support their International clients, and
hence we will continue to work with them
closely, and receive on-going referral
work.
SHUKLA: What the actual impact
would be on the Indian legal industry is
SAKET SHUKLA somewhat unclear at the moment. Given
that we already work at par with interna-
tional standards and our present clientele
other problem that has been incre- includes major MNCs and Fortune 500
mental is the general flux in the market companies, we do not see the entry of
with multiple movements, especially at foreign law firms requiring us to modify
the mid-senior to senior level. Talent or make improvements to our internal
retention is thus critical. structure, our style or quality of work.
We ensure that the service areas of That being said, we ensure that all
the firm are at par with the best industry our lawyers are updated and aware of
standards and provide superior quality all international developments on both
legal services with a very quick turn- legal and qualitative fronts. Although
around time. We also ensure that the the entry of foreign law firms may spread
happiness quotient of the firm is always out business very thinly, the rate at which
at the highest, as my personal belief is the Indian economy is growing should
happiness in the workplace is the rocket generate sufficient work for the entire
fuel for efficiency. legal fraternity.
ALB: India is reportedly moving closer BURMAN: The entry of foreign lawyers
to the liberalisation of its legal market. in India is a welcome move by the Indian
How are you preparing for this, and government as it would allow the Indian
ASIAN LEGAL BUSINESS – NOVEMBER 2017 19
MP ROUNDTABLE
legal services market to keep up with now be behind us, and the markets and within the firm. Additionally, we also
the diversified global legal industry and economy should be much better in 2018. ensure that all of our resources undergo
would also allow cross border exchange There will be increased deal flow in 2018, constant training programs to keep them
of knowledge, expertise, skill and talent and we aim to get a large portion of it on their toes.
However, the same, if not done in a with high-quality partners and systems
seamless manner, may lead to loss of in place. One can afford to be expensive, BURMAN: It would be through providing
opportunities for local law firms and but at every stage we need to deliver value strategic and bespoke legal services to
Indian attorneys. to our clients. our clients’ across all segments. We must
The entry of foreign firms and foreign ensure the quality of services caters to
lawyers in India will result in the existing each client’s specific needs and provides
competition multiplying manifold. efficient yet integrated solutions with
However, many domestic firms will thrive commercial viability.
on their competitive prices and quality of There are a number of areas that are
service. From our perspective, this has a already changing the landscape of India’s
dual positive construct. Firstly, the market legal market as law firms look to boost,
is large enough to address various price maintain or revive their business in 2018.
points from a service provider’s perspec- We are closely monitoring and continu-
tive and the price range for the interna- ously analysing our clients’ needs in other
tional firms will find takers only at the top markets. So, we are focused on strength-
of the pyramid. Secondly, there will be ening our network with other foreign law
still various avenues of synergies where firms rather than opening a new foreign
international firms would seek expertise office. We are also increasingly working
of boutique firms, both from a time value with various chambers of commerce.
perspective as well as domain and market
expertise perspective. ALB: Firms across Asia say that
VINAYAK BURMAN clients today are different – more
ALB: What are the keys to succeeding cost-conscious, and more savvy and
in the market for a firm of your size and judicious when it comes to the use of
scope? What are some of the big strat- SHUKLA: The key to success in any legal legal services. What are some of the
egies you’ve put in place for business market is quality. There are also factors changes you have seen in India?
growth in 2018? such as the management of the firm, the SARAF: India has become very price-
SARAF: Our focus is to stay independent, diversity of its practice areas, and the conscious. Clients want more for less.
and provide high-quality responsive specialised talent available to it which They want firms like us to deliver value.
service to our clients and help them with affects the success of a firm. We have To save on time and to be efficient, Indian
innovative structures. recently brought on board an external law firms needs to have standardised
The disruptive reforms by the govern- management consultant who is helping documents and processes. With improved
ment over the past few years should us improve on the management process enforceability of contracts, setting up of
commercial courts, improved timelines
in relation to arbitration process and
improved enforceability of foreign awards,
clients in India will start differentiating
amongst firms on the basis of good legal
advice.
“Clients are far more detail-oriented when it
comes to spending, and keep a specific check on SHUKLA: Similar to almost all other
the hours utilised, especially in an hourly mandate. industries, competition has played a
major role in creating cost-conscious
Some desire more communication, including more clients. With the number of lawyers and
open dialogue around resourcing approaches and law firms constantly on the rise, the
blended rates across designations.” economic principle of a drop in prices
resulting from increased supply comes
— Vinayak Burman, Vertices Partners
into the picture.
Unlike in the early 2000s, clients
looking for legal services in India have a

20 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM


vast variety of law firms to choose from
and like consumers, they are looking for
more bank for their buck. An industry-
wise trend that we have been witnessing
is that clients who look to engage us for
various projects now request for a fixed
fee estimate prior to commencing work,
which sometimes is difficult to ascertain
at the beginning of a project.
BURMAN: The Indian legal market
has been experiencing many changes,
including the rise in number of in-house
lawyers and the clients’ approach in
selecting law firms on the basis of their
pedigree and credentials. Firms are
therefore required to respond to clients’
requirements of cost control and efficient
services. Clients are far more detail-
oriented when it comes to spending, and
keep a specific check on the hours utilised,
especially in an hourly mandate. Some
desire more communication, including
more open dialogue around resourcing
approaches and blended rates across
designations.
Law firms in India are exploring inno-
vative ways to provide more than just
vanilla legal services to their clients.
ALB: What are your predictions for
2018?
SARAF: The Indian legal market will
be more mature, with improvements in
deal flow, and pricing pressures easing.
By the end of 2018, we should be ready
for the next level of liberalisation with the
markets opening up by then.
SHUKLA: The Indian legal market looks
set to witness a transformation in 2018.
There is a need for more specialised
lawyers with specific practice areas. The
reforms to the Arbitration and Conciliation
Act, 1966, have boosted confidence in the
arbitration process in India with foreign
MP ROUNDTABLE
clients. We have been seeing a steady rise
in the number of arbitrations that we have
been handling.
BURMAN: The legal industry is in an
innovative and a rapidly evolving state. In
2018, it is expected to be driven by client
demands. The steps for the opening of the
Indian legal services market will continue
in 2018, and this will lead to more options
being available to clients for their legal
service needs.
The legal marketplace is changing
and clients can seek legal assistance from
a growing number of non-legal sources
including legal documentation providers,
legal self-help sites, virtual assistants and
offshore legal vendors. As the cost of
legal services continues to rise, new legal
delivery models will continue to emerge
and gain momentum in the coming year.
Only the nimble and the adaptable will
survive and thrive.

www.phoenixlegal.in
“It’s hard to think of areas where Phoenix Legal can improve. The firm is better than nearly all legal firms…”
Asia Law Profiles

Phoenix Legal is a full service Indian law firm offering transactional, regulatory, advisory, dispute resolution and tax services. The
firm advises a diverse clientele including domestic and international companies, banks and financial institutions, funds, promoter
groups and public sector undertakings. Phoenix Legal was formed in 2008 and now has 16 Partners and 75 lawyers in its three
offices (New Delhi, Mumbai and Chennai) making it one of the fastest growing law firms of the country.

Key Accolades: In the short span of existence, the firm has firmly established itself in the Indian legal market and has received wide
media recognition. Some of the key accolades include:

 Best Firm in India: Asia Women in Business Law
Awards, 2016, Euromoney, Hong Kong
 Highly recommended as a leading firm: Various
practice areas, Chambers Asia Pacific – 2012,
2013, 2014, 2015, 2016 and 2017
 IBLJ, Indian Law Firm Award 2014: Energy, Projects &
Infrastructure
 IBLJ, Indian Law Firm Award 2016: Energy, projects &
infrastructure, structured finance & securitization

Highest client satisfaction rating amongst top 20 Indian law firms

-2013 Indian Law Firm Ranking and Report by RSG Consulting

NEW DELHI MUMBAI CHENNAI

First, Second and Third Floor, 254,
Okhla Industrial Estate, Phase III,
New Delhi-110020
Tel: +91 11 4983 0000
Email: delhi@phoenixlegal.in
Vaswani Mansion, Office No. 17 &
18, 3rd Floor, 120 Dinshaw Vachha
Road,
Churchgate, Mumbai – 400 020
Tel: +91 22 43408500
Email: mumbai@phoenixlegal.in
Seethakathi Business Centre,
9th Floor, Office Number 2B # 684-
690, Anna Salai, Chennai-600 006
Tel: +91 44 2829 4626
Email: chennai@phoenixlegal.in

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – NOVEMBER 2017 21

COVER STORY TOP 50 INTERNATIONAL LAW FIRMS

20I7 20I6 Total No.

FIRM / HEADQUARTERS Partners Associates
RANK RANK of Lawyers
I = Baker McKenzie U.S. 307 550 942
2 up Linklaters UK 58 374 432
3 down Clifford Chance UK 79 250 377
4 up DLA Piper UK/U.S. 57 I89 246
5 up Hogan Lovells UK/U.S. 5I I78 233
6 down Herbert Smith Freehills UK/Australia 52 I44 230
7 up Mayer Brown JSM U.S. 78 I40 227
8 up Norton Rose Fulbright UK 62 I34 226
9 up Allen & Overy UK 45 I65 22I
I0 up Jones Day U.S. 54 9I I86
II up Eversheds UK 43 I40 I85
I2 up Morrison Foerster U.S. 6I II9 I80
I3 down Ashurst UK 35 I28 I63
I4 up Morgan, Lewis & Bockius U.S. 45 66 I48
I5 down Freshfields Bruckhaus Deringer UK 40 82 I4I
I6 down White & Case U.S. 55 84 I39
I7 down Sidley Austin U.S. 27 I07 I38
I8 down Reed Smith U.S. 44 74 I35
I9 down Stephenson Harwood UK 36 94 I32
20 up Latham & Watkins U.S. 35 95 I3I
2I down Taylor Wessing UK 39 66 I2I
22 up HFW UK 38 80 II8
23 down K&L Gates U.S. 53 58 III
24 up Clyde & Co UK 36 65 I02
25 down Bird & Bird UK 30 69 99
26 = Davis Polk & Wardwell U.S. I2 63 96
27 up Kirkland & Ellis U.S. 35 56 9I
28 up Watson, Farley & Williams UK 22 63 88

Linklaters overtakes 29 down Skadden, Arps, Slate, Meagher & Flom U.S. I8 68 86

Mayer Brown JSM as the 30

3I
=
up
Simmons & Simmons UK
Squire Patton Boggs U.S.
38
I7
I9
44
85
79
largest international firm 32 = Shearman & Sterling U.S. 26 36 72
in Hong Kong, while the 33 up Ropes & Gray U.S. I9 4I 72

Philippines has a new 34 up Paul Hastings U.S. 27 36 68

35 up CMS UK/Germany I7 47 65
No. 1 in SyCip. These are 36 up Simpson Thacher & Bartlett U.S. I4 5I 65
just some of the biggest 37 down Kennedys UK 26 38 64
changes in this year’s 38 up Berwin Leighton Paisner UK I8 43 62

annual list of the largest 39 up O'Melveny & Myers U.S. I5 22 57

40 down Orrick, Herrington & Sutcliffe U.S. 20 29 52
firms in Asia by ALB, 4I down Cleary Gottlieb Steen & Hamilton U.S. 8 37 52
which highlights the 42 down Ince & Co UK I6 26 5I

biggest in each jurisdiction, 43 down Milbank, Tweed, Hadley & McCloy U.S. I3 35 5I

as well as those with 44

45
=
down
Slaughter and May UK
Pinsent Masons UK
I2
33
38
I6
50
49
the most lawyers across 46 down Duane Morris & Selvam U.S. I8 I9 44
the region. 47 up Troutman Sanders U.S. I0 23 38
48 up Paul, Weiss, Rifkind, Wharton & Garrison U.S. 7 25 35
RESEARCH BY ALB 49 down Winston & Strawn U.S. 9 I9 28
50 = Weil, Gotshal & Manges U.S. 8 I4 25
TEXT BY JOHN KANG

22 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM

 TOP 50 ASIAN LAW FIRMS COVER STORY
20I7 20I6 Total No.

Asia’s Top 50
FIRM / HEADQUARTERS Partners Associates
RANK RANK of Lawyers
I = Yingke Law Firm China I860 3602 5462
2 = Dentons Dacheng China I547 3360 4966
Although Asia saw another busy year of
3 = DeHeng Law Offices China 482 I8I2 2446
lateral hires, office openings and closures,
4 = AllBright Law Offices China 508 I480 I988
as well as a few mergers, there were no
5 = Zhong Lun Law Firm China 372 I276 I658
new international firm in this year’s top
6 up King & Wood Mallesons China/Australia 326 I275 I645
50 in Asia.
7 = Grandall Law Firm China 400 I200 I600
U.S. firms accounted for 27 of the 50
8 down Zhong Yin Law Firm China 303 II09 I4I2 largest firms in the region, while there
9 up Beijing DHH Law Firm China I02 I059 II6I were 19 UK firms. Four firms in the top 50
I0 = Zhong Lun W&D Law Firm China 402 7I2 II47 have dual headquarters: DLA Piper (UK
II down Long An Law Firm China I50 850 II00 and U.S.), Hogan Lovells (UK and U.S.),
I2 down Kim & Chang South Korea I30 730 860 Herbert Smith Freehills (UK and Australia)
I3 up JunHe China I82 446 686 and CMS (UK and Germany).
I4 up Jincheng Tongda & Neal China 202 482 684 There are four UK firms in the top 10,
I5 up Tahota Law Firm China I50 5I0 660 one less than last year after Jones Day
I6 up Hiways Law Firm China I02 460 647 edged out Eversheds for Ashurst’s #10
I7 down Rajah & Tann Singapore 231 401 632 spot by one lawyer. Dual-headquartered
I8 down Cyril Armarchand Mangaldas India I00 50I 6I3 firms DLA Piper, Hogan Lovells and
I9 up Lee & Ko South Korea I83 420 603 Herbert Smith Freehills are #4, #5 and
20 down Guanghe Law Firm China 20I 39I 592 #6, respectively.
2I down Bae, Kim & Lee South Korea 204 377 581 Baker McKenzie continues to top the
22 up Guantao Law Firm China 153 406 567
the list for the fourth straight year despite
having eight less lawyers than last year,
23 = Nishimura & Asahi Japan 131 383 565
while Magic Circle firms Linklaters and
24 down Beijing Tiantai law Firm China 210 338 562
Clifford Chance switched places this year,
25 up Fangda Partners China 92 460 552
finishing #2 and #3, respectively.
26 down Khaitan & Co India 112 426 538
Notable moves included Eversheds,
27 down Sichuan Mingju Law Firm China 75 452 527
which catapulted from #26 to #11. The
28 = Shardul Armarchand Mangaldas & Co India 91 409 506
firm expanded by 86 lawyers from last year
29 down Allen & Gledhill Singapore I8I 284 467
after merging with Singapore firm Harry
30 up ETR Law Firm China I24 324 448 Elias Partnership earlier this year. Morgan,
3I up Mori Hamada & Matsumoto Japan I06 34I 447 Lewis & Bockius is another major mover,
32 down Jointide Law Firm China I3I 303 446 moving up from #21 to #14, after bulking
33 = Yulchon South Korea I50 269 420 up in Greater China.
34 NEW Duan & Duan China I43 267 4I0 The top 50 Asian law firms table
35 down Shin & Kim South Korea I62 204 404 changed little, with just two PRC firms –
36 up Anderson Mori Tomotsune Japan I22 227 397 Duan & Duan at #33 and Zhongwen Law
37 up Nagashima Ohno & Tsunematsu Japan I0I 237 393 Firm at #44 – joining the group this year.
38 up Yoon & Yang South Korea I23 I98 390 Notable dropouts included China’s Jingtian
39 down AZB & Partners India 65 3I0 375 & Gongcheng, which was #30 last year,
40 up Global Law Office China 84 285 369 and Singapore’s Drew & Napier, which
4I down WongPartnership Singapore I22 243 367 was #50.
42 = Luthra & Luthra India 6I 292 353 PRC firms Yingke Law Firm and
43 = King & Capital China II3 229 347
Dentons have cemented their places as
the top two largest firms in Asia, with
44 down JunZeJun Law Offices China I03 243 346
5,462 and 4,966 lawyers, respectively,
45 NEW Zhongwen Law Firm China 154 173 327
both increasing in strength by about 800
46 up East & Concord Partners China 96 226 322
lawyers. China-based firms continued to
47 down Tian Yuan Law Firm China 106 212 318
dominate the table, with 30 firms based
48 up TMI Associates Japan 90 224 314
in the PRC, two more than last year. South
49 down J. Sagar Associates India 89 203 297
Korea and India both have six firms, and
50 down Hylands Law Firm China 80 164 294
Japan has five.

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – NOVEMBER 2017 23

COVER STORY

North Asia ONC Lawyers, which celebrates its

In Hong Kong, local firms have grown
despite more international as well as
PRC firms opening offices in the city and
competing for local talent. Deacons, the
undisputed largest local firm in Hong
Kong, added 29 lawyers, increasing the
gap between it and its competitors.
25th anniversary this year, is also a big
mover, with the local firm increasing its
total number of lawyers by a third to 41,
jumping to #9 from #13 last year.
“Hong Kong and PRC law firms are
aggressively trying to grow in Hong Kong
and are active, especially in the capital
market space,” says Ricky Mui, director
of legal & compliance, commerce finance
& contract division at Robert Walters in
Hong Kong, explaining that the firms are
targeting the more smaller and mid market
IPOs, which tend to be PRC companies.
In the Hong Kong international firm
table, Linklaters rose from #4 to take the
crown as the city’s largest international
firm from Mayer Brown. It grew by 42
lawyers – mostly associates – while the
U.S. firm added six lawyers.

HONG KONG INTERNATIONAL JAPAN INTERNATIONAL

20I7 20I6 Associates ofTotal No. 20I7 20I6 Associates ofTotal No.
FIRM Partners FIRM Partners
RANK RANK Lawyers RANK RANK Lawyers
I up Linklaters 27 I64 I9I I = Baker McKenzie 48 86 I56
2 down Mayer Brown JSM 6I II6 I86 2 = Morrison Foerster 37 69 I06
3 = King & Wood Mallesons 29 97 I70 3 up Linklaters 6 42 48
4 up Baker McKenzie 52 84 I55 4 = White & Case I5 25 46
5 down Clifford Chance 35 I0I I55 5 up Clifford Chance 9 3I 46
6 = DLA Piper 30 83 II3 6 down Jones Day I2 2I 45
7 up Reed Smith 28 56 92 7 down Herbert Smith Freehills 7 28 36
8 up Allen & Overy 2I 23 88 8 = Hogan Lovells 8 25 33
9 up Sidley Austin I3 73 88 9 = Squire Patton Boggs 7 I8 33
I0 down Herbert Smith Freehills I6 46 87 I0 up Orrick, Herrington & Sutcliffe II I8 29
II up Norton Rose Fulbright 22 52 85 II down Freshfields Bruckhaus Deringer 4 I7 26
I2 up Stephenson Harwood 2I 6I 82 I2 up DLA Piper 4 I9 23
I3 up Eversheds Sutherland I5 63 78 I3 up Allen & Overy 5 I4 22
I4 up Davis Polk & Wardwell 9 52 77 I4 = K&L Gates 7 I2 I9
I5 up Kirkland & Ellis 28 47 75 I5 down Ashurst 5 I4 I9
I6 down Hogan Lovells I8 53 73 I6 NEW Norton Rose Fulbright 6 I0 I8
I7 NEW Latham & Watkins I8 52 70 I7 NEW Shearman & Sterling 4 8 I5
I8 down Freshfields 22 40 68 I8 NEW Skadden, Arps, Slate, Meagher & Flom 3 6 I2
I9 down Ashurst I4 52 66 I9 NEW Simpson Thacher & Bartlett 3 8 11
20 NEW HFW 20 45 65 20 NEW Sidley Austin 2 7 11

HONG KONG DOMESTIC JAPAN DOMESTIC

20I7 20I6 Associates ofTotal No. 20I7 20I6 Associates ofTotal No.
FIRM Partners FIRM Partners
RANK RANK Lawyers RANK RANK Lawyers
I = Deacons 48 I78 226 I = Nishimura & Asahi 119 350 515
2 = Woo Kwan Lee & Lo 40 43 83 2 up Anderson Mori & Tomotsune 127 231 407
3 = Howse Williams Bowers 24 56 80 3 down Mori Hamada & Matsumoto 106 278 384
4 = Li & Partners I0 52 62 4 = Nagashima Ohno & Tsunematsu 94 232 366
5 = Stevenson, Wong & Co. I3 3I 54 5 = TMI Associates 77 224 301
6 = Wilkinson & Grist 24 24 48 6 = Oh-Ebashi PLC and Partners 52 93 145
7 = P.C. Woo & Co I7 29 46 7 = City-Yuwa Partners 49 75 144
8 = Robertsons I5 26 4I 8 = Atsumi & Sakai 60 46 123
9 up ONC Lawyers I2 24 4I 9 = Nakamura & Partners 39 38 81
I0 = Oldham, Li & Nie I3 I6 39 I0 = Kitahama Partners 31 34 74

24 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM

 COVER STORY
Baker McKenzie also Chance both strengthened
bulked up, moving up one SOUTH KOREA DOMESTIC in Japan.
place to #4. Meanwhile, South Korea does have
20I7 20I6 Total No.
Clifford Chance has 14 less FIRM Partners Associates a Big Five, though Big Six is
RANK RANK of Lawyers
lawyers this year, slipping I = Kim & Chang I30 730 860 more appropriate now with
from #2 to #5. Hogan 2 up Lee & Ko I8I 4I0 59I sixth-placed Yoon & Yang
Lovells has only six lawyers 3 down Bae, Kim & Lee 196 364 560
growing by 37 lawyers,
less than last year, but fell closing the gap with the
4 up Yulchon I49 257 406
from #11 to #16 in a very tight group to just six lawyers.
5 down Shin & Kim I58 200 396
mid-table. All of South Korea’s Big
6 = Yoon & Yang I23 I98 390
In Japan, the Big Four Five added more lawyers
7 = Barun Law N/A N/A 2I7
all got even bigger this year, this year. Most significantly,
8 = DR & AJU 62 90 I52
most notably Anderson Lee & Ko increasing by 78
9 = Jipyong 54 68 I22
Mori & Tomotsune, which lawyers this year, replacing
I0 = Hwang Mok Park 47 73 I20
replaced Mori Hamada & BKL, which grew by 40, as
Matsumoto as the #2 local the second-largest local
firm in the country. firm in South Korea and
However, the firm which strengthened All of last year’s top five international slightly closed the gap with the the #1
the most significantly was just outside the firms in Japan except Linklaters shrank, firm Kim & Chang. Yulchon added 29
Big Four, with fifth-placed TMI Associates most notably Jones Day, which, though more lawyers this year, helping the firm
breaking the 300 lawyer mark. There is a only having three lawyers less, dropped leapfrog Shin & Kim, which only had three
case for the the Big Four to be called the from #3 to #6 in a tight mid-table. more lawyers, as the fourth-largest local
Big Five from now on. Magic Circle firms Linklaters and Clifford firm.

1400 +
Number of professionals

NO.12
In Asia’s Top 50
by Asian Legal Business (2017)

GLOBAL 64
The only Korean law firm in
The American Lawyer’s Global 100 (2017)

KOREA’S PREMIER LAW FIRM

Asia’s Top 50 Largest Law Firms

- Asian Legal Business (2017) www.kimchang.com

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – NOVEMBER 2017 25

COVER STORY

SOUth/SE Asia Associates, Trilegal and Desai & Diwanji

In India, the top five in the domestic table
remained the same this year, though
Shardul Amarchand Mangaldas & Co
strengthened significantly – adding 76
more lawyers than last year – closing
the gap with second-placed Khaitan &
Co, and keeping fourth-placed AZB &
Partners at arm’s length.
Among the top 10, Lakshmikumaran
& Sridharan and Kochhar & Co were the
only risers, moving up to #6 from #8
and #9 from #10, respectively. J. Sagar
all dropped one place each, finishing this
year at #7, #8 and #10, respectively.
Other notable drops include
Krishnamurthy & Co., which shrank by
18 lawyers and slipped from #22 to #26.
The battle for the top spot was
intense in Indonesia, with Lubis Ganie
Surowidjojo (LGS) moving up one place to
#2. The firm now has as many lawyers as
Assegaf Hamzah & Partners, which is #1.
“Our mission is not only to serve
existing but also future client needs,” says
Mohamed Idwan “Kiki” Ganie, managing
partner of LGS. “Accordingly, we take
a long-term view on total headcount
needed to accommodate our expansion
strategy and to grow our client base.”
“In 2015/2016, we added a signif-
icant number of lawyers to accommo-
date existing and also expected capacity
needs. While our overall expansion
strategy remains unchanged – expansion
of client base and head count – we
decided to focus in 2017 on expanding
our client base including new practice
areas,” he explains. “Our client base
to date has grown almost 30 percent,
and so our expansion strategy for 2018
combines significant expansion of client

INDIA INDONESIA

20I7 20I6 Associates ofTotal No. 20I7 20I6 Associates ofTotal No.
FIRM Partners FIRM Partners
RANK RANK Lawyers RANK RANK Lawyers
I = Cyril Amarchand Mangaldas I00 50I 6I3 I = Assegaf Hamzah & Partners I8 92 II5
2 = Khaitan & Co II2 426 538 2 up Lubis Ganie Surowidjojo I0 I06 II5
3 = Shardul Amarchand Mangaldas 9I 409 506 Ali Budiardjo, Nugroho,
3 down I8 78 II0
Reksodiputro
4 = AZB & Partners 65 3I0 375
Hadiputranto, Hadinoto &
5 = Luthra & Luthra 6I 292 353 4 = 22 70 99
Partners
6 up Lakshmikumaran & Sridharan 45 264 309 5 up Hanafiah Ponggawa & Partners I2 74 86
7 down J. Sagar Associates 89 203 297 6 down Hiswara Bunjamin & Tandjung I2 64 76
8 down Trilegal 39 233 270 7 = Makarim & Taira S. I3 53 66
9 up Kochhar & Co 52 I38 I90 Soewito Suhardiman
8 = I2 48 60
I0 down Desai & Diwanji 28 I62 I90 Eddymurthy Kardono

II = Fox Mandal & Co 36 I20 I56 9 = Soemadipradja & Taher 8 38 50

I2 = Link Legal India Law Services 34 I20 I54 I0 = Mochtar Karuwin Komar 5 45 50

I3 down DSK Legal I2 I00 I50 Armand Yapsunto

II = Muharamsyah & Partners 6 32 38
I4 down M.V. Kini & Company II I39 I50 Atelier of Law
I5 down Wadia Ghandy & Co 36 98 I34 Arfidea Kadri Sahetapy-Engel
I2 up 5 32 37
Tisnadisastra
Mulla & Mulla & Craigie Blunt
I6 down I4 86 I22 I3 down PwC | Melli Darsa & Co. 4 28 33
& Caroe
I7 down Economic Laws Practice 28 9I II9 I4 up Ginting & Reksodiputro 3 23 29
I8 down Anand and Anand 23 I00 I00 I5 NEW Makes & Partners 5 23 28
I9 down Rajani, Singhania & Partners 22 70 92
20 down HSA Advocates 30 60 90
2I down Vaish Associates I2 78 90 OUR RESEARCH
22 NEW Phoenix Legal I5 60 75 • Firms were contacted in September 2017 and were asked to
23 down Dhir & Dhir I0 65 75 provide partner and lawyer numbers across their Asian offices as
of Sept. 1, 2017.
24 down Nishith Desai Associates 8 64 72
• ‘Total No. of Lawyers’ refers to the total number of partners,
25 down Krishnamurthy & Co 7 60 67 associates, counsel, consultants and foreign counsel.
26 down Khaitan Sud & Partners I3 50 65 • In the instance where a firm did not make a submission,
27 NEW Majmudar & Partners 7 49 56
figures were obtained through our own research. ALB takes no
responsibility for the accuracy of these figures.
28 NEW Clasis Law I3 35 48 • In the instance where two firms had the same number of total
29 NEW Rajani Associates 9 38 47 lawyers, the firm with the greater number of partners was ranked
30 NEW HFW 20 45 65 higher.

26 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM

T h e L a w o n Yo u r S i d e

“Responsive, Efficient &

Cost Effective”
COVER STORY
base and headcount through various
expansion/growth methods.”
The mid-table is also congested,
though only Hanafiah Ponggawa &
Partners and Hiswara Bunjamin &
Tandjung switched places this year,
finishing #5 and #6, respectively.
“Among the larger firms, hiring
of lawyers at all levels has been quite
conservative. Hiring was mostly limited
to replace lawyers who retired/resigned,”
observes Ganie. “There was less hiring
of fresh graduates or additional new
lawyers at mid- or senior-level compared
to previous years. However, we have seen
new hirings by an increasing number of
startup firms and by existing smaller and
mid-sized law firms who needed addi-
tional capacity. Consequently, there
might be an increase of headcount in
mid-sized firms.”
Makes & Partners made an entry into
the table, while AKSET Law and Ginting
& Reksodiputro, which is in an associa-
tion with Allen & Overy, also moved up
in the list.
Singapore’s domestic table changed
little in the top five, with Allen & Gledhill
retaining its crown as the largest firm
in the city-state. But there were lots of
movements in the bottom half of the
table, with Bird & Bird ATMD rising, and
RHTLaw Taylor Wessing, dropping.
Harry Elias Partnership, which
merged with Eversheds Sutherland this
year, exploded into the table at #7 as
Eversheds Harry Elias.
The Singapore international table
also had plenty of movement, with only

MALAYSIA SINGAPORE INTERNATIONAL

20I7 20I6 Associates ofTotal No. 20I7 20I6 Associates ofTotal No.
FIRM Partners FIRM Partners
RANK RANK Lawyers RANK RANK Lawyers
I = ZICO Law 52 98 I50 I = Baker Mckenzie.Wong & Leow 3I 69 II5
2 = Skrine 43 64 II2 2 up Withers Khattarwong 35 39 88
Lee Hishammuddin Allen & 3 down Clifford Chance 22 66 88
3 = 30 72 I05
Gledhill
4 up Linklaters I0 68 78
4 = Shearn Delamore 48 50 98
5 = Norton Rose Fulbright 20 37 65
5 = Zul Rafique & Partners 35 55 93
6 NEW Morgan, Lewis & Bockius I8 42 62
6 up Azmi & Associates I7 50 84
7 down Allen & Overy I2 38 58
7 up Wong & Partners I3 53 72
8 down Herbert Smith Freehills I0 37 5I
8 up Rahmat Lim & Partners 24 44 68
9 up Stephenson Harwood I7 3I 50
9 up Raja, Darryl & Loh 22 42 64
I0 down Pinsent Masons I3 29 42
I0 up Adnan Sundra & Low I4 47 6I
II down Clyde & Co 15 26 41
II up Christopher & Lee Ong 23 33 56
II up HFW 15 26 41
I2 down Jeff Leong, Poon & Wong I0 29 39
I3 up Jones Day 14 20 37
I3 up Albar & Partners I3 23 37
I4 down White & Case 13 21 37
I4 up Kadir Andri & Partners II 2I 32
I5 down Ashurst 10 26 36
I5 NEW Tay & Partners I2 I9 3I

SINGAPORE DOMESTIC
PHILIPPINES
20I7 20I6 Associates ofTotal No.
FIRM Partners
20I7 20I6 RANK RANK Lawyers
Associates ofTotal No.
FIRM Partners
RANK RANK Lawyers
I = Allen & Gledhill I27 240 396
SyCip Salazar Hernandez & 2 up WongPartnership* II6 2I3 340
I up 40 I02 I50
Gatmaitan
3 down Rajah & Tann I45 I75 320
2 down ACCRALAW 52 8I I33
4 = Drew & Napier 67 III 256
3 = Romulo Mabanta Buenaventura 45 63 III
5 = Dentons (Singapore) 87 9I I78
4 = Picazo Buyco Tan Fider & Santos 3I 28 60
6 = Shook Lin & Bok 36 63 99
5 up Puno & Puno Law Offices I2 48 60
7 NEW Eversheds Harry Elias 22 56 78
6 down Quisumbing Torres 20 36 56
8 down Rhtlaw Taylor Wessing 28 33 72
7 = Villaraza & Angangco I3 38 5I
9 = Morgan Lewis Stamford I7 50 69
Castillo Laman Tan Pantaleon
8 = 22 26 50
& San Jose I0 up Bird & Bird ATMD I4 29 45
Siguion Reyna Montecillo &
9 = Ongsiako 27 I9 47 *WongPartnership did not submit a breakdown for their individual offices. These
numbers reflect last year’s figures.
I0 = PJS Law Firm I3 26 39

28 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM

 COVER STORY
THAILAND VIETNAM
20I7 20I6 Associates ofTotal
20I7 20I6 No.
Associates ofTotal No. FIRM Partners
FIRM Partners RANK RANK Lawyers
RANK RANK Lawyers
I = Tilleke & Gibbins I9 83 I02 I = Vision & Associates I3 6I 74
2 up Weerawong C&P I6 85 I0I 2 = YKVN II 56 67
3 = Baker Mckenzie 56 32 90 3 up LNT & Partners 8 5I 59
4 up Chandler MHM I2 43 55 4 down VILAF II 43 55
5 up Rajah & Tann Thailand I5 39 54 LuatViet Advocates &
5 down 5 44 49
Solicitors
6 down SCL Law Group (Siam City) I0 44 54
6 = Baker McKenzie (Vietnam) I0 26 43
7 down DLA Piper 5 29 34
7 = Bizlink Lawyers & Consultants 6 20 36
8 up Watson Farley & Williams 5 26 3I
8 = Tilleke & Gibbins 2 34 36
9 up Apisith & Alliance  4 2I 25
9 NEW Phuoc & Partners 7 I4 34
I0 NEW Price Sanond 4 2I 25
I0 down PBC Partners & RHTLaw 5 20 30
II down S&B LAW 7 20 27
I2 NEW Bizconsult Law 8 5 22
I3 NEW Indochine Counsel 5 I7 22
I4 NEW Rajah & Tann Vietnam 7 I2 I9
I5 NEW Freshfields Bruckhaus Deringer 2 I4 I8

Baker Mckenzie.Wong & Leow (#1),
Norton Rose Fulbright (#5) and Sidley
Austin (#19) unchanged.
While Withers Khattarwong and
Linklaters moved up, to #2 and #4,
respectively, Clifford Chance dropped a
notch to #3 and Allen & Overy dropped
out of the top five to #7 from #4.
Other notable moves included
Stephenson Harwood, which strength-
ened by 20 lawyers in the past year,
jumping from #17 into the top 10 at #9,
and CMS which joined the ranking this
year at #20 with 28 lawyers.
This year’s Malaysia table calmed
down from last year, which saw three of
the top five move places, most notably
Skrine and Shearn Delamore switching
places, at #2 and #4, respectively.
The top five this year, however, were
unchanged and none grew since a year
ago.
ZICO Law, while having cemented
its place at the top, lost 18 lawyers,
Skrine shrank by three, and Zul Rafique
& Partners was one lawyer less than last
year.
The rest of the 15 firms in the table
moved up except for Jeff Leong, Poon &
Wong, which dropped one place to #12.
Besides the minor moves, the ranking
welcomed Tay & Partners, which came in
at #15 with 31 lawyers.
In the Philippines, SyCip Salazar
Hernandez & Gatmaitan, which grew
by eight lawyers, replaced ACCRALAW,
which shrank by 23 lawyers, at the top
of the table.
Romulo Mabanta Buenaventura also
expanded, by 13 lawyers, closing the
gap on the top two. Despite the signif-
icant growth, Perry Pe, senior partner
at Romulo Law Firm, remains modest.
“Purely in terms of number of
lawyers, our law firm only grows by an
average of about 3 percent per year. We
value efficiency and this we think we can
achieve by being lean,” shares Pe.
“For our expansion strategy, we
would rather focus and devote our time
to our clients and help them with their
own respective growth and challenges.
Clients beget clients,” he adds.
“In addition, we have to make sure
that our own lawyers are happy with
their earnings,” hesays. “This is also the
reason why we have a very low lawyer
turnover or resignation rate annually.”
The rest of the table is unchanged
with the exception of Puno & Puno
Law Offices and Quisumbing Torres
swapping places, finishing at #5 and
#6, respectively.
The Thailand table saw plenty of
movement, with several firms moving
up the rankings.
The most notable risers were
Weerawong C&P, which grew by 26
lawyers, leapfrogging to #2 from
#4, and Chandler MHM, which rose
four spots after the merger between
Chandler & Thong-Ek and Mori Hamada
& Matsumoto.
Other firms rising were Watson
Farley & Williams and Apisith & Alliance.
Vietnma’s Vision & Associates held
onto its top spot despite losing a few
partners and YKVN stayed at second
place. Meanwhile, LNT & Partners
bolstered by adding 15 lawyers, jumping
to #3 from #5. VILAF and LuatViet
Advocates & Solicitors both dropped
a notch, and finished at #4 and #5,
respectively.
Phuoc & Partners made it to this
year’s table at #9 with 34 lawyers,
pushing down PBC Partners & RHTLaw
and S&B LAW to #10 and #11, respec-
tively.
For the full tables, including South
Korea International, China Domestic
and China International, please see
www.legalbusinessonline.com.

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – NOVEMBER 2017 29

ENERGY

A MEANDERING PATH
Indonesia may have set itself ambitious targets when it comes to renewable energy, but
the sector remains hampered by regulatory instability and a lack of adequate incentives.
Lawyers, however, see a great deal of client interest now, and much potential for the future.

BY RAJ GUNASHEKAR

A villager carrying wood for cooking walks near Dipa Energi’s Geothermal Power Plant (PLTP) project at Dieng mountain area, Central Java province. REUTERS/Beawiharta

In its climate action plan submitted
to the United Nations Framework
Convention on Climate Change in 2015,
Indonesia has committed to increasing
the renewable portion of its energy mix
to 23 percent by 2025. That number
currently stands at 12 percent, but the
country expects to reach 18 percent in just
three years’ time. The long-term plan is
not only to increase energy production
from renewable sources, but also curb
the country’s dependence on fossil fuels
by deploying more clean energy projects.
And if 2017 is any indication, the
government is off to a strong start. In the
first nine months of this year, Indonesia
signed a total of 1,023 megawatts of
renewable energy contracts, or about
double the total amount signed in the
three years before that, Reuters reported.
However, coal makes up around 57
percent of the energy mix in the country,
which is the world’s top thermal coal
exporter, with consumption expected to
reach 101 million tonnes this year.
To advance its clean energy agenda, the
government has passed various regulations
stipulating procedures for the purchase
of electricity from renewable sources like
geothermal, hydropower, biofuel, and solar.
However, lawyers working in the sector feel
there is much that can be done to attract
more investment into the sector.

30 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM

 S P O N S O RE D A RT I C L E

InDOnEsIA WELCOMEs InTERnATIOnAL TRADEMARK REGIsTRATIOn

sYsTEM – APPEAL AnD CHALLEnGE
At the 57th WIPO General Assembly meeting billions while UsA being the tenth at UsD
in Geneva on 2 October 2017, the Ministry of 430,4 millions.
Law and Human Rights of Indonesia deposited
instrument of the accession of Madrid Protocol
with the Director-General of WIPO. Indonesia Country 2015 2016 2017
is the 100th member of Madrid Union and the
Indonesia 46,347 49,357 34,702
8th member of AsEAn to access the Protocol.
UsA 2,791 2,629 1,861
With this accession, as from 2 January 2018,
Indonesia will be able to receive applica- Japan 1,845 2,005 1,570
tions for international registration of marks
under the Madrid Protocol. Preparation for China 1,587 1,724 1,878
Indonesia’s accession to the Madrid Protocol Yenny Halim
has been in place for several years. Discussions Attorney At Law – IP Consultant singapore 926 1,094 823
with all stake holders, trainings of examiners Managing Partner
yenny.halim@acemark-ip.com Republic of
and system improvements were made towards 844 877 552
Korea
the accession. The new trademark law and
Geographical Indication no. 20 of 2016 which Germany 772 859 565
came into effect on 28 november 2016 provide Trademark Registrations. On the other hand,
France 624 561 435
the platform for international trademark appli- many Indonesian trademark owners are able
cation. Currently, we are expecting the imple- to protect their trademarks in other member switzerland 598 729 408
menting regulation about the procedures and countries. Both can be done in a conveni-
fees that will be issued by the end of 2017. ent and cost effective way, less administra- Malaysia 572 646 321
tive work.
*Source: DGIP
Indonesia has opted for an 18 month deadline,
within which the registrar must issue a noti- The numbers of trademark applications in
fication of refusal of international registra- Indonesia are increasing every year, proving The government of Indonesia understands
tion. When an opposition is raised by a third that the country is an attractive and important the importance of Intellectual Property as a
party, the Directorate General of Intellectual market in global trade and industry. According future of economy. Many efforts have been
Property may notify World Intellectual Property to statistics provided by DGIPO, the numbers taken to improve information technology
Organization of a notification of refusal after of trademark applications for the last 3 years within government agencies and ministries
the expiry of the 18 month time limit. Under have an increasing tendency. to provide integrated system and easy acces-
current national trademark regulation, the sibility of information. Though Intellectual
trademark office must render decision within Property registration system in Indonesia is
9 months as from filing date. But in practice, Year Goods Services Collective becoming more harmonized by the accession
it may take approximately 18 months for appli- of international treaties and agreements,
cants to receive first office action. The law 2015 46,094 15,697 0 questions remain around the effectiveness
no. 20 of 2016 requires the trademark office of protection. The Indonesian criminal and
to publish an application within 15 working 2016 48,249 17,097 0 civil law which were inherited from Roman
days upon filing. Publication period is also Dutch law sometimes cannot accommodate
2017 36,852 12,024 0
shortened from 3 months to 2 months under dynamic and vast evolving nature of IP protec-
this new law leading to shorten period of time *Source: DGIP tion. Trademark owners can only take legal
for registration process. Examination must be action based on registered trademark rights.
completed in 150 working days after the end of Around 75% trademark applications in Laws are applied very rigidly that makes it
publication period. The process is expected to Indonesia are filed by local applicants. The difficult for the trademark owners to enforce
be shortened when the Directorate General of next top five foreign applicants are Us, Japan, their existing rights. It takes strong will of the
Intellectual Property has completed clearing China, singapore and Republic of Korea. government and law enforcers to be able to
up backlog files which were due to transition According to data of realized foreign invest- focus on the essence of the infringement rather
from manual to e-filing and paperless system. ment January – september 2016 provided than on formalities when serving justice.
by the Investment Coordinating Board of
Many trademark owners have been expecting Republic of Indonesia (BKPM), the rank of
Indonesia’s accession to Madrid Protocol. The trademark application filers corresponds to ACEMARK Intellectual Property
owners of existing International Trademark those countries investments to Indonesia, Jl. Cikini Raya 58 GH, Jakarta 10330, Indonesia
Registrations will be able to expand their being singapore is the number one at UsD T: (62) 21 3140017
protection to Indonesia by filing a subsequent 7,12 billions, followed by Japan at UsD 4,49 F: (62) 21 3140170
designation to their existing International billions, China and Hong Kong at UsD 3,13 W: www.acemark-ip.com

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – NOVEMBER 2017 31

ENERGY
“Indonesia has great potential in
terms of renewable energy resources, and
this should have attracted more investors
to get into this sector,” says Hendra
Ong, a partner at Hanafiah Ponggawa &
Partners (HPRP) in Jakarta. “The devel-
opment of renewable energy has been an
important part of the government’s plans
for years now. However, the sector has not
developed in the way it should have, and
the current utilisation and exploitation of
renewable energy is well below maximum
potential capacity.”
REGULATORY INSTABILITY
One of the key challenges for investors
is the regulatory environment. Take, for
instance, Presidential Regulation No. 22
of 2017 on the General Plan for National
Energy (RUEN), which was passed earlier
this year. While ostensibly setting out a
gradual approach to developing and
delivering renewable energy sources in
the coming decades, it was panned by
some investors as creating an unstable
environment that could eventually
discourage investment in the centre.
The main issue was that RUEN
placed geothermal, hydroelectric and
32 ASIAN LEGAL BUSINESS – NOVEMBER 2017
“The rapid changes in regulations reflects the instability of
the regulatory framework relating to electricity pricing and
causing uncertainty in the implementation of power projects
using renewable energy which we are afraid may lead to
slow progress of the development of 35,000MW program
initiated by President of the Republic of Indonesia, aimed to
be achieved in 2019.” — Hendra Ong, Hanafiah Ponggawa & Partners
bioenergy as the cornerstone sources is supported by the RUEN regulation
for the development of renewable mentioned above, which looks to provide
energy in Indonesia. One reason for more incentives to encourage private
the push towards geothermal energy is businesses to get involved in this sector.
that Indonesia’s reserve is the largest in Additionally, the geothermal law No. 21 of
the world, amounting to 40 percent of 2014 has stated that geothermal activity is
world’s total reserve. Currently however, no longer considered as a mining activity,
the total amount of geothermal energy and thus exploration, exploitation and
that has been developed in Indonesia is utilisation of certain forested areas are
only around 6 percent, placing it third in now allowed. This has certainly paved
the world in geothermal power genera- the way for geothermal exploration in
tion, behind the United States and the Indonesia, as 80 percent of the country’s
Philippines. reserves are located in protected forest
The government expects Indonesia and conservation areas.
to be the world’s largest geothermal However, critics said it placed far
power producer by 2021. This expectation less emphasis on solar and wind energy
by offering very few incentives for the
operation of such plants by independent
power producers.
Additionally, lawyers say that
while the government has introduced a
number of laws and rules to regulate and
implement the development of renewable
energy-based power, the framework
remains quite unstable, with regula-
tions being issued one month, and then
amended the following month.
An example is the Ministry of
Energy and Mineral Resources (MEMR)
Regulation No. 50 of 2017 which specif-
ically applies to the implementation of
power plant projects utilising new and
renewable energy. Even as the regulation
aims to provide certainty in the purchase
price of electricity, it has become an
area of major confusion for investors as
its issuance substitutes previous regu-
lations having the same substance and
issued in the same year, namely MEMR
Regulation No. 12 of 2017 as amended by
REUTERS/Beawiharta MEMR Regulation No. 43 of 2017.
LEGALBUSINESSONLINE.COM

DATA LOCALIZATIOn: COMInG TO YOU sOOn In InDOnEsIA
As globalization and growth in the digital
economy continues, a trend has emerged
worldwide of some national governments
seeking to assert control and stop the flow of
data across borders. These laws intended to
keep personal data in-country and subject to
local regulation. Indonesia is now one of the
countries where data will be required to be
stored locally by 1 December 2018.
Electronic system Providers (“ESPs”) that
provide public services are required to store
data in local data centers and arrange for
disaster recovery centers for law enforcement
and data protection purposes. specific data
localization requirements for certain industries
also apply, primarily in the financial sector.
The regulations relevant for EsPs are
Government Regulation number 82 of 2012
concerning system Operations and Electronic
Transactions (“Reg. 82/2012”) and, more
recently, a Ministry of Communication and
Informatics (“MOCI”) Regulation number 20
of 2016 concerning Personal Data Protection
in Electronic systems (“Reg. 20/2016”).
Compliance with Reg. 20/2016 is required by
1 December 2018, allowing the market time
to implement the provisions of Reg. 20/2016.
Qualifying services and data
For the purpose of determining which services
and types of data are subject to data localiza-
tion, the definitions of the various regulations
are relevant.
An EsP is defined as any party that provides,
manages, and/or operates a series of devices
and electronic procedures that serve to
prepare, collect, process, analyze, store,
display, publish, transmit, and/or distribute
electronic data (Reg. 82/2012).
The regulations only require EsPs that
provide public services to store data locally.
The relevant regulation does not clearly define
public services. If the definition would be
applied broadly, this could include any party
(including privately held entities) that makes a
service available to the public. Implementing
regulations may provide further guidance in
this respect.
The regulations seem to be intended to cover
the protection of personal data. However,
there are indications that the data localization
LEGALBUSINESSONLINE.COM
Aston Goad Karina Antonio
Counsel Senior Associate
aston.goad@ karina.antonio@
dnfp.com dnfp.com
requirement may not be limited to personal
data alone and may in fact be applied to all
data (Reg. 82/2012 and Reg. 20/2016).
Taken the various definitions as whole, data
localization requirement will potentially apply
to any party that provides information technol-
ogy to the public and stores (personal) data of
Indonesian citizens. As is common, the various
regulations refer to implementing regulation(s)
that will contain further provisions. To date, no
implementing regulations have been issued
that provide further clarification in this respect.
Operation of data centers and data export
An EsP is not required to own its own data
centers (Reg. 20/2016). It is allowed to lease
a data center from a third party or to store
data with a third party service provider.
Commercial offerings have been announced
for cloud services that use data centers in
Indonesia, seemingly anticipating a need for
such services.
Data can be mirrored/exported to data centers
outside Indonesia as long as certain require-
ments have been met proper customer consent
has been obtained, the EsP has coordinated
with MOCI and has submitted the required
plans and reports (Reg. 20/2016).The regu-
lation also provides that the transfer must
comply with cross-border personal data
exchange legislation, however no such legis-
lation is in effect to date.
Applicability to foreign businesses
The various regulations do not clearly
determine to what extent foreign business-
es that store data of Indonesian citizens are
S P O N S O RE D A RT I C L E
subject to the requirement of data localiza-
tion. It seems to be the objective to capture all
data of Indonesian citizens that is processed
by EsPs providing a public service. However,
some government officials have taken the view
that as a matter of general principle, there is
insufficient basis to enforce the data localiza-
tion requirements against foreign businesses.
At the same time and for various purposes, the
government is encouraging foreign businesses
to establish a presence (be it as a permanent
establishment for tax purposes or by incor-
porating an Indonesian legal entity). An
argument could be made that if such presence
is established, the data localization require-
ments would apply. Also in this respect, further
implementing regulations are not yet issued
and the precise obligations for foreign busi-
nesses are not clear cut.
In respect of e-commerce, the government
has issued a roadmap, which refers to the
mandatory registration of e-commerce service
providers (Presidential Regulation 74/2017).
MOCI has also announced a registration
requirement for providers of Over-The-Top
services (MOCI Circular Letter no. 3/2016).
In both respects, implementing regulations
are either in draft form and/or still need to be
implemented.
Financial sector
Data localization requirements apply to
certain sectors that pre-date Reg. 82/2012.
Most notably, several regulations issued by
the Indonesian Financial services Authority
(“OJK”) require conventional banks, insurance
companies and electronic lending service
providers to store data locally. Conventional
banks can apply for an approval from OJK
to use a data and disaster recovery center
outside Indonesia. Certain requirements
apply. Reportedly, OJK is taking a more strict
approach in respect of insurers and electron-
ic lending service providers.
Dewi Negara Fachri & Partners
(In association with Hogan Lovells)
The Energy Building, Level 33
Jl. Jend. sudirman Kav. 52-53
Jakarta 12190, Indonesia
T: (62) 21 2788 7900
F: (62) 21 2788 7990
W: www.dnfp.com
ASIAN LEGAL BUSINESS – NOVEMBER 2017 33
ENERGY
“The rapid changes in regulations
reflects the instability of the regula-
tory framework relating to electricity
pricing and causing uncertainty in the
implementation of power projects using
renewable energy which we are afraid
may lead to slow progress of the devel-
opment of 35,000MW program initiated
by President of the Republic of Indonesia,
aimed to be achieved in 2019,” says Ong.
The price provision remains another
sticking point. According to Reuters, the
government has said it will continue to
prioritise price in deciding power sources.
But capital costs for renewable energy
projects tend to be high, and price compe-
tition with coal fired power projects
may result in uneconomical renewable
projects.
In countries like Indonesia where
electric utility is a monopoly, the elec-
tricity purchase price will be fully dictated
by the government and the independent
power producers will merely be “price
takers” instead of “price makers.” Hence,
it is essential for independent power
producers to operate under sustainable
pricing mechanism to ensure that PLN
will pay an economically viable price for
the electricity produced by them.
In addition, procurement methods,
negotiations and renegotiations of power
purchase agreement, and technical issues
regarding land acquisition have been and
will remain major challenges for investors
to tap in into renewable energy sector in
Indonesia.
That said, lawyers like Luke
Devine, a foreign legal consultant with
Hadiputranto, Hadinoto & Partners (HHP),
feel that not all regulatory changes have
been negative.
“While this level of regulatory uncer-
tainty is always a worry for investors and
lenders, the good news is that a lot of the
recent regulatory amendments have been
as a result of the government listening
to concerns from investors and lenders
regarding the regulatory landscape, and
taking steps to address those concerns by
amending regulations,” he says.
CLIENT INTEREST
Law firms are today receiving a steady
34 ASIAN LEGAL BUSINESS – NOVEMBER 2017
NO NEW COAL POWER STATIONS IN JAVA,
INDONESIA ENERGY MINISTER SAYS
Indonesia will not approve any
new coal-fired power stations on
the heavily-populated island of
Java as the country strives to reach
its renewable energy development
targets, the energy minister has
said.
“We will not approve any
coal-fired power plants in Java,
this island, any more,” Energy
and Mineral resources minister
Ignasius Jonan told a press
conference.
Java is home to about two
thirds of Indonesia’s population of
250 million, but the island is also
far better supplied with electricity
than the rest of the archipelago,
particularly eastern Indonesia.
“We will push, very hard, in
the near future that Java should
build the renewables, as well as
geothermal especially, as well as
gas-fired power plants,” Jonan
said, referring to gas power plants
“at the well head.”
The government has also
revived plans to develop high
voltage undersea power cables
linking the islands of Sumatra,
Java and Bali, he said.
“So whenever Java needs the
power, Sumatra can send it to Java
and the other way around.”
Indonesia is committed to a
target to increase the renewable
portion of the energy mix to 23
percent by 2025 from about 12
percent at present, and expects to
reach 18 percent in the next three
years, Jonan said.
However, the government
will continue to prioritise price in
deciding power sources, he added.
“While I do understand that
it’s not easy to compete with coal-
fired power plants, especially with
mine-mouth power plants, they do
have to compete with gas power,”
Jonan said, referring to “strict”
power tariff negotiations.
In the first nine months of this
year, Indonesia signed a total of
1,023 megawatts of renewable
energy contracts, about double
the total amount signed in the
three years before that, Jonan
said.
Coal makes up around 57
percent of the energy mix in
Indonesia, the world’s top thermal
coal exporter, with consumption
expected to reach 101 million
tonnes this year.
State electricity utility PLN,
tasked to oversee President Joko
Wiododo’s target to build 35
gigawatts (GW) of new power
stations in Indonesia, is under
pressure to improve its efficiency
and reduce costs.
Widodo recently “advised”
that PLN could halve its target to
contribute 5 GW to the programme
from more than 10 GW at present,
Jonan said. “If PLN thinks their
financial position in the long term
or even in the mid term will not
be quite sound, it’s acceptable for
them not to continue,” he said.
“They can offer it to the private
sector.”
LEGALBUSINESSONLINE.COM

BETTER PROVIsIOns OF POWER PURCHAsE AGREEMEnT As
REQUIRED BY nEW REGULATIOn
Indonesia nowadays is trying to boost the invest-
ment by focusing on the infrastructure sector. Being
a nation with so many islands spread throughout
the territory, many areas are not supported with
good infrastructures including lack of adequate
electricity system. This issue has attracted many
investors to help supplying the electricity to hard-
to-reach cities. In order to facilitate the invest-
ment, Indonesia has introduced various regulations
and keeps improving such laws and regulations to
obtain greater outcome.
One of the main document in transacting a sale and
purchase of electricity power is Power Purchase
Agreement (“PPA”) between an independent
power producers (“IPP”) as sellers of electrical
power and Indonesia’s state Electricity Company
(PT Perusahaan Listrik negara – “PLN”). Generally,
the PPA will sets out the rights and obligation of
the parties, including among others, the price,
commercial operation date and the risk that must
be covered. A standard template or content of PPA
has never been regulated before in Indonesia, until
recently in 2017, the Ministry of Energy and Mineral
Resources (“Ministry”) issued regulation which
stipulates mandatory terms and condition that
must be stated under the PPA.
On January 2017, the Ministry has issued Ministry
Regulation no. 10 of 2017 on Main Provisions
“From the political realm, Indonesia will face the next
general election in 2019. If the incumbent president,
Joko Widodo, does not win the next presidential election,
there is no certainty that the new government administration
will uphold his program to develop renewable energy
infrastructures in Indonesia.” — Kanya Satwika, Assegaf Hamzah & Partners
stream of queries about how to invest
in Indonesia, what the challenges and
obstacle to investing in renewable energy
are, and how to structure the business
model, including from a tax perspective.
Devine says that the firm has been
developing bankable power purchase
agreement (PPA) models for the
Indonesian renewables sector.
“Our role has been to assist the
sponsors with the development of the
PPA models, drafting and negotiation
of the key project documents such as
construction and supply contracts and
LEGALBUSINESSONLINE.COM
Meidyna Budiarti, S.H.
Senior Associate
meidyna.budiarti@iab-net.com
for Power-Purchase Agreements (“Regulation
10/2017”) which was further amended by
Regulation no. 49 of 2017 (“Amendment”). The
Amendment was enacted in 8 August 2017 and
highlights two main matters related to the (i)
risk allocation and (ii) government force majeure
events.
The Regulation 10/2017 previously sets out that
the Power-Purchase Agreements (“PPA”) has to
outlined that risk of government force majeure
must be allocated to both IPP as the sellers and
PLn. However, the Amendment has now removed
operations and maintenance agreements,
and assisting in securing international
project financing from international banks
and multilateral agencies,” he says.
TnB & Partners, which operates in
association with norton Rose Fulbright
Australia, says it has been advising clients
on the market in general, as well as about
partnering with local companies, and also
participating in developments such as
engineering, procurement and construc-
tion (EPC) models and PPAs.
“Our job on one hand is to demystify
and on the other try to minimise
S P O N S O RE D A RT I C L E
the obligation of both to cover the risk, so that
IPP and PLn are no longer required to bear the
risk arising from a change of government policy.
Furthermore, the Amendment has also stipulates
that the government force majeure is not regarded
as force majeure events, under which the obliga-
tion of both parties can be exempted in the occur-
rence of such events.
The Amendment seems to be quite well-received
by the power plant companies as it offers better
terms to minimize the risk that IPP and PLn have
to bear and may diminish the bankability concerns
which most IPPs had prior to the Amendment.
Unfortunately, the Amendment does not contain
any transitional provisions so it is unclear whether
the signed PPA must be amended to be adjusted
with the changes under the Amendment. However,
considering that the Amendment provides more
benefit to the interest of the parties, it is believed
that the parties can negotiate the terms of the PPA
and produce an amendment, in particular to which
related to the allocation of the risk.
Ivan Almaida Baely & Firmansyah Law Firm
Intiland Tower 9th Floor, Jl. Jenderal sudirman
32, Jakarta Pusat 10220
W: www.iab-net.com
uncertainties and risks, and where we
cannot remove risks altogether we can
at least try to clearly identify those risks.
Indonesia often looks more daunting than
an analysis of the close detail supports,”
says shamim Razavi, senior foreign
counsel with TnB & Partners.
Lawyers are also involved in the
financing aspect. Given the high invest-
ment costs, especially in geothermal
projects, independent power producers
usually rely on project financing provided
by international lenders. One of the
most critical elements in the lenders’
analysis is the economics or bankability
of the projects. To secure financing, it
is important for independent power
producers to secure a firm and long-term
revenue stream.
Kanya satwika, a partner at Assegaf
Hamzah & Partners, says her firm assists
investors to review project documents and
to provide investors with observations
and recommendations for any amend-
ments, or supplements necessary for the
project documents from a bankability
ASIAN LEGAL BUSINESS – NOVEMBER 2017 35
ENERGY
perspective. “Our clients come from
various backgrounds and some of them
are new to Indonesia,” she says.
Legal advisors tell clients that power
project development in Indonesia is seen
as more of an endurance race than a sprint,
so a slow and steady approach is advised.
“There are setbacks along the way, partic-
ularly in relation to political and regula-
tory changes, but time has shown that
although occasionally there is one-step
backward, it is inevitably followed by two
steps forward. so patience is a highly-
valued virtue in developing renewable
projects in Indonesia,” says Devine.
POSITIVE OUTLOOK
For Indonesia’s energy sector, these are
certainly exciting times. While the govern-
ment may have mandated a target of 23
percent renewables in the energy mix
by 2025, it will likely miss the target,
but that’s not something to be unduly
Sona Topas Tower 15th Floor, Jalan Jenderal Sudirman Kav. 26, Jakarta 12920, Indonesia | Tel: +62 21 250 6737 Fax: +62 21 250 6738
36 ASIAN LEGAL BUSINESS – NOVEMBER 2017
“Our job on one hand is to demystify and on the other
try to minimise uncertainties and risks, and where we cannot
remove risks altogether we can at least try to clearly identify
those risks. Indonesia often looks more daunting than an
analysis of the close detail supports.” — Shamim Razavi, TNB & Partners
worried about, say lawyers. “While it for foreign investors to come to Indonesia
is likely that they will fall short of that and pick up large share of the renewables
target, due to the huge power demands market opportunities.
in Indonesia, even if renewables capture B e s i d e s g e o t h e r m a l p o w e r,
a smaller percentage share of the energy Indonesia’s large plantations offers
mix, that translates into a lot of individual promising opportunities for bioenergy
renewable projects,” says Devine. development but concerns remain on the
Unlike some of its neighbors in sustainability of supply.
southeast Asia such as Thailand and the Efforts to maintain supply or resources
Philippines, Indonesia is short of domestic have been criticised due to negative envi-
champions operating in the renewables ronmental impacts, as it relates to the
space, and hence there is certainly room expansion of palm oil plantations.
expertise
at your side
Corporate & Securities
Commercial Dispute Resolution
www.idsattorneys.com
LEGALBUSINESSONLINE.COM
 ENERGY
Going forward, a comprehensive
legislative framework is required for
bioenergy deployment in Indonesia to
secure a sustainable and efficient use of
resources.
It is expected that the new adminis-
tration will continue to focus on the devel-
opment of renewable energy in one of
Asia’s most exciting economies.
Indonesia’s vast marine territory
also means that ocean thermal and
tidal energy are also promising alterna-
tive resources.
“In the political realm, Indonesia
will face the next general election in
2019. If the incumbent president, Joko
Widodo, does not win the next presiden-
tial election, there is no certainty that
the new government administration will
uphold his program to develop renewable
energy infrastructures in Indonesia,”
adds satwika of Assegaf Hamzah &
Partners. REUTERs/Roni Bintang

Kudri
Kudri
Kudri &&&
Kudri
Kudri Djamaris
& Djamaris
Djamaris
&Djamaris
Djamaris
Attorneys
Attorneys
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Attorneys- Counsellors
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IncludeInclude
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: Include
Include

Corporate
Corporate
Corporate and
Corporate
and
CorporateCommercial
Commercial
and . .. .
Commercial
and
and
Commercial
Commercial . Commercial
Commercial
Commercial
Commercial Litigation
Litigation
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Litigation .. .
. Litigation
Litigation .
Investment
Investment . .. .
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Investment . Civil andCivil
Civil and
Criminal
and
Civil Criminal
Civil
Criminal
andand Litigation
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Criminal
Criminal
Litigation .. .
. Litigation
Litigation .
Merger Merger
Merger
and and
Merger . .. .
Acquisition
Acquisition
Merger
and Acquisition
and and
Acquisition
Acquisition . DisputeDispute
Dispute Resolution
Resolution
Dispute
Dispute
Resolution
Resolution
and and
Resolution Arbitration
Arbitration
and Arbitration
andand .. .
.Arbitration
Arbitration .
Banking
Banking
Banking
and and
Banking
Banking
Finance
and Finance
Finance
andand . . . .Bankruptcy
.Finance
Finance Bankruptcy
Bankruptcy and
Bankruptcy
and
BankruptcySuspension
Suspension
and Suspension
andand of of
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of.Payment
of Payment .
Energy Energy
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andEnergy
Natural
Energy
and Natural
Natural
and Resources
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and
Natural
Natural
Resources
Resources.. .
.Resources . Employment
Employment
Employment
Employmentand
Employment Industrial
and Industrial
and Industrial
and and Relations
Relations
Industrial
Industrial
Relations .. .
.Relations
Relations .
Capital Capital
Capital
Market Market
Capital
Capital
Market .. . .
. Market
Market . .. . .
Competition
Competition
Competition
Competition
Competition
Industrial
Industrial
Industrial Relations
Relations
Industrial
Industrial
Relations .. . .
. Relations
Relations Real
Real Estate
Real Estate
Real
Estate
and
Real and
Estate
Construction
and
Estate . .. . .
Construction
Construction
andand
Construction
Construction

Contact Contact
Contact
Contact: : : :
: Contact
Mayapada
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Jl. Jl.Jend.
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Jend.
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Jl. Jend.
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Sudirman
Jl. Sudirman
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Sudirman
Kav.
28, Kav. 28,Jakarta
Jakarta
28,
Kav. Jakarta
28,28,Jakarta
12920 12920
Jakarta
12920 - -Indonesia
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LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – NOVEMBER 2017 37

OFFSHORE
OFFSHORE OUTLOOK
As an eventful 2017 draws to a close, offshore law firms
discuss some of the key business trends in Asia this year,
and what the year 2018 holds.
BY DAVID HO
From a rebounding economy in
Malaysia and local elections in Cambodia
to political unrest in north and south
Korea and demonitization in India, it’s
been quite a ride for the region as yet
another eventful year draws close to an
end.
We look at how the year has panned
out through the lens of offshore law firms
and whether they think 2018, the Year of
the Dog in the lunar calendar, will go to
the dogs or be quite fetching.
LOOKING BACK
After a somewhat sluggish 2016, things
seemed to have picked up this year.
The International Monetary Fund’s
(IMF) economic outlook for Asia and the
Pacific estimates growth for the region
to increase this year to 5.5 percent,
compared to 5.3 percent in 2016. The
economic health of key markets in
38 ASIAN LEGAL BUSINESS – NOVEMBER 2017
“Generally, a lot of
purchases have been
happening in
ASEAN countries,
particularly Singapore,
Indonesia and Malaysia.
Fintech and renewable
energy have been and
the region seem to be supporting this
increase.
will continue to be
The head of the China Desk of key sectors for
the economics department at the corporate M&A in
Organization for Economic Cooperation
and Development (OECD) recently noted
the ASEAN region.”
that the economic performance of China — Anthony McKenzie, Carey Olsen
during the first half of this year was
“beyond expectations” and estimates that
the second half will likely benefit from
the carry-over effects once all is said and
done.
Elsewhere in the region, the economic
growth across the 10 members of the
Association of southeast Asian nations
(AsEAn) looks to be healthy after the
second quarter of 2017 recorded the best
GDP performance since the third quarter
of 2013. Economic analysis company
FocusEconomics expected regional GDP
to grow 4.9 percent in Q3, keeping up with
the trend shown in Q2’s 5 percent growth.
LEGALBUSINESSONLINE.COM
By understanding your ambitions and the world you
operate in day-to-day, our offshore lawyers are able to
fine-tune their advice and find new ways to add value.

This personal approach to delivering business-minded

solutions is helping us to advise on the most complex
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OFFSHORE
The steady momentum is backed
by external demand that is supporting
increased export flows from the ASEAN
region. Recent trade data for Q3 from
major economies have been looking
optimistic: export growth raced up in
Malaysia and the Philippines this July,
and Indonesia’s trade balance returned
to a surplus showing in August.
For offshore firms, healthy economic
performances translates to booming
business.
Collas Crill, for example, is reporting
that “2017 has been one of the busiest
years yet for our Singapore office since we
opened in 2011.” The firm recently set up
a new representative office in Hong Kong.
Meanwhile, Ogier, which has cele-
brated a decade in Hong Kong this year,
also reports a bustling time. The firm says
that its finance and corporate teams are
“having a very busy second half of 2017” “Generally, a lot of purchases have
with work expected to flow steady into been happening in ASEAN countries,
the new year. particularly Singapore, Indonesia and
“Through the third quarter of 2017, “In the strategic markets Malaysia. Fintech and renewable energy
demand for offshore legal counsel in that we are most closely have been and will continue to be key
Asia remained strong for capital markets sectors for corporate M&A in the ASEAN
work,” says Christopher Bickley, partner
focused on – which is region,” he says.
and head of Conyers Dill & Pearman’s to say Hong Kong, But McKenzie observes that offshore
Hong Kong Office. Shanghai and Tokyo – insolvency and restructuring has “been a
However, Bickley notes that M&A has bit flat” this year. He believes this is due
not been quite as active.
we see no reason for to the fact that Hong Kong and Chinese
“Growth in Asian M&A activity anything other than banks and bondholders have been
remains slow, with both deal volume and positivity and confidence, reluctant to take enforcement on insol-
value declining. The first six months of vency proceedings.
2017 saw 68 equity acquisitions among
particularly in asset
Stock Exchange of Hong Kong listed management work, and GOING FORWARD
companies, with an aggregate deal value in the continued success of The IMF expects the growth rate for Asia
of HK$45.72 billion [$5.858 billion]. to remain strong at 5.4 percent in 2018,
Active industry sectors included construc-
our dispute resolution as the region continues to be the leader
tion and engineering, consumer services and restructuring & of global growth.
and technology,” he says. insolvency practice.” “While there is a wave of protec-
“The same is true globally, where tionism and nationalism sweeping the
— Nicholas Plowman, Ogier
strategic M& A transactions have globe at present, the opportunities offered
decreased. This is not surprising given by developed and developing markets in
geo-political uncertainties. However, South Asia and Pacific are encouraging. In
consortium bids led by private equity particular, what we see at present would
have offset some of this decline,” Bickley suggest that Malaysia and Thailand will
continues. region made up most of the deal and lead the way on a relative basis,” says
Anthony McKenzie, a partner at Carey volume,” he says. Simon Fraser, the Hong Kong represent-
Olsen’s Singapore office, shares a similar But McKenzie says that M&A value ative for Collas Crill.
view. “During the first half of this year, and volume in Southeast Asia is higher Recent developments in the two
there has been wider decrease across than it was last year. He expects the countries seem to support Fraser’s view.
Asia. Inbound activity in the Asia Pacific growth trend to continue. The outlook for Malaysia’s economy

40 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM

 ogier.com

9 locations
5 laws
1 firm

Multi-jurisdictional. Multi-disciplinary.
We provide BVI, Cayman, Guernsey, Jersey
and Luxembourg legal services to clients in
the Asian time zone working together with our
Shanghai and Tokyo client services offices.

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OFFSHORE
has been optimistic after GDP growth
notably overshot expectations in the
second quarter. Robust private consump-
tion and an improved external sector
boosted activity in the country. The buzz
of activity is supported by an apprecia-
tion of the ringgit. The currency surged
to a near 10-month high last month, after
suffering a slump in recent years.
In neighboring Thailand, the military
government is looking to kickstart a
1.5 trillion baht ($45 billion) invest-
ment plan before the country’s possible
return to democracy late next year. Laws
supporting the Eastern Economic Corridor
initiative and construction of infrastruc-
ture projects vital to it could be in place
by the end of the year.
“However, Myanmar will be a laggard,
based on recent events. And any further
escalation in tensions on the Korean
peninsula could lead to a flight to safety
from the region generally which would
weaken near term expectations,” Fraser
cautions.
McKenzie has his eye on another
AsEAn country – Indonesia – which he says
has seen a real resurgence since it received
an upgrade by a ratings agency earlier this
year. He also says the Australian securities
Exchange has attracted the attention of
his Asian clients, who have listed Cayman
corporations on the exchange.
42 ASIAN LEGAL BUSINESS – NOVEMBER 2017
“Significant construction
projects are underway,
driving demand for
infrastructure investment.
Offshore Financial Centre
(OFC) vehicles have been
at the core of the
development and financing
of Asian infrastructure
projects and cross-border
deals for over 30 years,
which we expect will
continue as China’s Belt &
Road initiative progresses.”
— Christopher Bickley, Conyers Dill & Pearman
For China, Bickley believes growth
will remain largely similar to this year.
“The OECD predicts China’s GDP
growth rate to decline further to 6.39
percent in 2018, whereas the IMF has
predicted a rate of 6.5 percent. This is,
however, stronger than the growth rate
of 6.0 percent in 2016. We expect 2018
to be similar to this year,” said Bicklett.
In Hong Kong, Bickley says that as
long as the Hang seng Index continues
to maintain its current levels, he expect
the Hong Kong markets to remain strong
for IPOs and capital markets work. He is
not alone in his assessment.
“In the strategic markets that we are
most closely focused on – which is to say
Hong Kong, shanghai and Tokyo – we see
no reason for anything other than posi-
tivity and confidence, particularly in asset
management work, and in the continued
success of our dispute resolution and
restructuring & insolvency practice,” said
nicholas Plowman, a partner at Ogier in
Hong Kong.
“I think the offshore law firms will
continue to evolve and grow in Hong Kong,
however they will need to remain focused
on the increasingly rapid pace of change
in regulation and how that impacts their
businesses. With the likes of Base Erosion
and Profit shifting (BEPs), Alternative
Investment Fund Managers Directive
(AIFMD), Foreign Account Tax Compliace
Act (FATCA) and the Common Reporting
standard (CRs), the offshore jurisdic-
tions will need to work closely with their
onshore counterparts now more than ever
to ensure the industry remains compliant
and above reproach,” Plowman says.
Plowman also says that Asia’s asset
management space continues to grow
at a phenomenal pace and he expects
that to continue, particularly out of China
and Japan. He cites public and private
M&A and general capital markets work
as presenting enormous growth potential.
“We have seen really positive growth
in demand for our dispute resolution
services, which cover British Virgin Islands
(BVI) and Cayman law delivered by some
of the most experienced practitioners in
the region. The primary drivers for growth
in the offshore dispute resolution space
in Asia are the disputes in several key
areas, namely contentious private client
work via offshore trust structures, share-
holder disputes arising out of both publi-
cally listed and privately owned offshore
vehicles and contentious restructuring
LEGALBUSINESSONLINE.COM
 YOUR
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EXPERTS
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Global Experience | Local Knowledge

Your business is
our priority.
Learn more at
conyersdill.com Speak to our experts:

BERMUDA HONG KONG ALAN DICKSON CHRISTOPHER W.H. BICKLEY

BRITISH VIRGIN ISLANDS LONDON DIRECTOR, HEAD OF SINGAPORE OFFICE PARTNER, HEAD OF HONG KONG OFFICE
CAYMAN ISLANDS MAURITIUS
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DUBAI SINGAPORE
+65 6603 0712 +852 2842 9556
OFFSHORE
and insolvency work involving offshore
structures. I expect China will continue to
drive this work as one of the key markets
for the offshore law firms in Asia in the
year ahead,” Plowman adds.

THE (BELT AND) ROAD AHEAD

China’s Belt and Road initiative has
created considerable buzz and excite-
ment since its inception in late 2013.
“The initiative is designed to connect
68 countries in Asia, Europe and Africa
through an infrastructure building plan
funded by China. The Belt and Road
Initiative is an interesting and ambitious
undertaking. At a time when populism
and anti-globalism seems to be spreading
across the globe, the Belt and Road is
an initiative in stark contrast,” explains
Stephen Adams, managing partner of
Collas Crill’s Singapore office.
As work begins on the first wave of
infrastructure projects, observers are
keeping a close eye on each move.
“Despite the significant funding
commitment from China and the devel-
opment of the Asia Infrastructure
Investment Bank and the Silk Road Fund,
among others, it is generally thought that
there is a substantial gap between the
funding committed and the funding that
is required to build out the infrastructure
in Asia over the next decade or two. The
ability to encourage the investment of
private funds alongside the funds on offer
by China will be critical to the success of
the overall plan,” says Adams.
McKenzie believes that the full invest-
ment potential will unfurl as the initia-
tive progresses. He states that because
the scale and ambition of this initiative
is unprecedented, observers will need to
understand where they stand in the bigger
picture of it to fully tap into the potential
for them.
“Though the Belt and Road isn’t
opening up mainstream investment
opportunities just right now, most people
are believers in it because it makes sense.
A lot of our clients are making sure they
are part of the dialogue,” he says.
Bickley says the initiative will continue
to impact economies worldwide, mostly
in Asia, Africa and Europe.
“History shows that
OFCs generally, in particular
the BVI, have played this
conduit role in the case of
foreign direct investment
over many years,
particularly in Asia.
However, it is a
supporting role. Whether
this private capital is
mobilised in Hong Kong,
London or Singapore,
the OFCs have always acted
in a complementary fashion
with those jurisdictions
and we would expect that
investments made along
the Belt and Road route
to be structured similarly
through an OFC.”
— Stephen Adams, Collas Crill
“Significant construction projects
are underway, driving demand for infra-
structure investment. Offshore Financial
Centre (OFC) vehicles have been at the
core of the development and financing of
Asian infrastructure projects and cross-
border deals for over 30 years, which
we expect will continue as this initiative
progresses,” notes Bickley.
“The timing of the initiative is partic-
ularly significant – as China’s economy is
slowing and when restrictions on capital
flows exiting the PRC have actually slowed
the pace of outbound investment. We
have seen this latter dynamic cause some
difficulty for investors subject to capital
calls in existing joint venture and equity
structures. The Belt and Road initiative
signals that the PRC government wants
its businesses to make quality outbound
investments, particularly in the infrastruc-
ture space,” says Plowman.
McKenzie believes Belt and Road
driven investments could balance out the
restricted capital flow from China.
As the investments will take place in
countries along the Belt and Road that
have different languages, cultures and
legal systems in various levels of devel-
opment, Adams also believes OFCs have
an important role to serve.
“OFCs have traditionally been used in
cross border investments as the conduit

44 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM


through which an investment is struc-
tured. Most OFCs offer tax neutrality, flex-
ibility, stability and legal certainty that
many times is not available in the country
where the investment is made,” he says.
Adams notes that the ability to
structure a foreign investment through
an OFC offers investors the certainty
they require which may not otherwise be
available through a direct investment.
From an investee country’s perspec-
tive, the use of an OFC enables it to have
access to a pool of highly qualified and
experienced professionals that may not
be available locally.
“History shows that OFCs generally,
in particular the BVI, have played this
conduit role in the case of foreign direct
investment over many years, particu-
larly in Asia. However, it is a supporting
role. Whether this private capital is
mobilised in Hong Kong, London or
Singapore, the OFCs have always acted
in a complementary fashion with those
jurisdictions and we would expect that
investments made along the Belt and
Road route to be structured similarly
through an OFC,” Adams adds.
Plowman also believes that OFC
vehicles offer flexibility for debt and equity
financing, whether as investment funds,
capital market offerings or bond issues.
He predicts it will be popular with infra-
structure clients looking to independently
raise funds for Belt and Road related
development, particularly in Western
China.
“The traditional favourites of the PRC
market (Cayman and BVI) will continue
to be used – BVI entities as holding
companies and Cayman entities as invest-
ment funds, both private equity and
hedge. These jurisdictions have shown
over time that they have the qualities to
support international investment activ-
ities – including high level accounting
OFFSHORE
and legal professionals and reliable and
trusted courts. However, the offshore
centres used in particular investments
will depend on the location of the project
and the tax treatment being sought.”
Overall, McKenzie thinks that the
region will see slow yet steady growth
in 2018.
“It will be neither boom or bust for
the region but likely a pattern of steady
growth as the Belt and Road projects
make progress. A rebound in ASEAN
economies will help maintain the region’s
performance until we see more practical
implementations of the visions in the initi-
ative,” he says.
“Certainly there are geo-political
tensions in the region and an expected
slow down in China will mute growth
and expansion,” Fraser adds. “But when
compared with other regions of the globe,
we feel Asia will be a relative outper-
former.”

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need us to be, whenever they need
us. So, by building on our global
presence we help our clients to grow
and prosper because we measure
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contact us on +65 6800 4330 or
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LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – NOVEMBER 2017 45

OFFSHORE
AN ABUNDANCE OF RICHES
Asia’s growing private wealth is providing an increasing
amount of work for offshore law firms.
BY PEARL LIU
It is no secret that Asia now is now
home to wealthy individuals who have
benefitted enormously from the region’s
rapid economic growth.
Thus the issue at hand is not just
how to make money, but to preserve and
grow existing wealth. With that in mind,
more and more wealthy individuals and
cash-rich companies throughout Asia are
turning to offshore law firms.
According to a report by Boston
Consulting Group (BCG), private wealth
in the Asia-Pacific, including Japan, is
expected to surpass north America by
2019 and will hit $77.8 trillion by 2021.
And even with that deep pool already built
in, the amount of wealth in the region is
growing faster than anywhere else, with
robust annual increases that are just shy
of double digits. We expect the sizable
growth to continue.
46 ASIAN LEGAL BUSINESS – NOVEMBER 2017
And these Asian investors are now the
largest source of global offshore wealth.
According to BCG, Asian investors placed
$2.9 trillion in offshore booking centers in
2016. This has translated into increased
work for offshore law firms.
As expected, China is leading the
charge. “In the past decade, the number of
high net-worth individuals and the level of
concentration in China has seen a surge,”
says Fiona Chan, a partner with Appleby.
“And in recent years, we have seen
rapid growth in other Asian developing
countries as well, for example India.
Compared to the uncertainties in the
U.s., which is undergoing some sudden
changes of national policies promulgated
by the President Trump, and Europe, where
saw refugee issues emerging, terrorist
attacks and huge economic and political
change brought by Brexit… the growing
strength of private wealth in Asia is rather
remarkable.”
THE RICH MIDDLE KINGDOM
China is pumping out high-net-worth
individuals at a torrid pace. The country
possesses the largest amount of private
wealth in the region and the second largest
globally. It has seen wealth expand the
most in both relative terms (13 percent
year-on-year) and absolute terms as
government efforts to transform the
economy showed positive results.
The main reason most individuals
give for such snowballing private wealth
in China is the country’s rapid economic
growth over the past couple of decades.
However, this does not paint the whole
picture.
“It is a massive market. The growth
has really gone in accordance with the
economic growth and population. It is also
combined with entrepreneurs, innovation
and Chinese returnees from overseas,” says
Kristy Calvert, partner and chief represent-
ative of Harneys.
“Over the past five years, more and
more Chinese entrepreneurs who lead
private companies are investing globally.
They want to expand and have a global
footprint. Private wealth is generated by
them,” said Calvert. “Probably their names
LEGALBUSINESSONLINE.COM
are not as familiar to us as Baidu, Fosun or Alibaba, but there are
currently thousands of entrepreneurs running successful private
business and operating in different industries, for example
medical technology, renewable energy, real estate, and all
kinds of sectors. The owners of those business are where those
high-net-wealth-individuals and private wealth coming from.”
The number of Chinese with at least 10 million yuan (about
$1.5 million) in investable assets increased from approximately
180,000 in 2006 to nearly 1.6 million in 2016, representing a
more than eightfold expansion within a decade, according to
the report. While the increases are astonishing, figures are
not the only thing that has changed over the years. Mindsets
have changed too.
Older wealthy individuals in China, who rode the wave
of the country’s opening-up and reform policies in 1980s and
developed businesses from scratch themselves, were usually
depicted as inclining to manage their money on their own; but
the situation has changed.
“The first generation of entrepreneurs, who grew their
own businesses back then, usually have their own ideas about
managing wealth. They see it more or less like running their
own business, which they have proved that they are good
at,” says Calvert. “But the next generation is more inclined
to use advisors, because they now understand they need to
have different structure to protect their assets and carry out
succession planning. This includes trust structures in offshore
jurisdictions.”

THE NEXT WAVE

It is these second generation and third generation entre-
preneurs, often the sons and daughters of first-generation OFFSHORE
PRESENCE
company founders, who are driving the need for private wealth
advisors. Armed with an overseas education, many of them are
taking wealth management more seriously from a very early
stage, and have a more sophisticated approach to the subject.
“The second generation has a very different risk appetite.
They tend to pay more attention to preserving the wealth their Intelligent and insightful offshore
parents built up, in order to pass it on to the next generation, legal advice and services.
instead of simply focusing on accumulating more wealth. As a Offshore is our domain.
result, they are more willing to look at new ventures and new
structures,” Calvert says.
applebyglobal.com
Chan adds that client queries have also changed in a major
way.
“Most of the requests we received in the past tended to
related to compliance with the law and relevant regulation
whilst preserving their assets,” says Chan. “Now, their questions
are more specific on the flexibility of the offshore structure.
They know exactly of what they want, and we can skip some
pre-education part, which makes the whole consulting process
more efficient.”
The rapid growth of private wealth in Asia, added to
increased willingness to consult professional advisers, offers
tremendous opportunities for offshore law firms, who can
fine-tune their offerings using the benefits provided by offshore
centres in order to cater to the needs of individuals.
“Offshore structures are more flexible. For example, we
operate in eight different jurisdictions, including BVI and
Cayman Island and each has its own regulatory characteristics

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – NOVEMBER 2017 47

OFFSHORE
can fit in different kind of trust structure
and satisfy various requirements the clients
demanded,” says Chan.
GROWING TRUST
To tap into the rapid growth of Asian private
wealth, lawyers see the need to build
long-term relationships based on trust.
“You need to patient and build a
trusted relationship with these high-net-
worth individuals. As I mentioned, different
generations have different mindsets. For
example, the first generation can be
quite rigid when it comes to their values
and principles, as they have been pretty
successful in their own business,” said
Calvert. “On a lot of occasions, our rela-
tionship began not through advice related
to private wealth, but actually as offshore
legal advisers on cross-border transac-
tions. And once the trust was established,
and they began looking at asset planning,
did we offer our services for private wealth.”
Chan agrees, saying that for the
new generation of Asia’s wealthy as
well, it can sometimes require a similar
approach. For example, fintech or other
innovative technology startups might
look to law firms for legal advice when
it comes to offshore structures, but may
not immediately have a need for wealth
advice.
“Although we may not have substan-
tial private wealth management business
with these start-ups right now, but it is
a good approach to serve them from the
beginning so that we can understand the
new industry, their asset structure and
their particular legal needs and thus a
solid ground is laid for further coopera-
tion,” says Chan.
Furthermore, designing a structure
that fits an individual client’s specific need
is another key quality that offshore lawyers
should have.
“You need to be flexible with what they
want to do,” Calvert says. “It does not make
sense if you are just trying to sell a partic-
ular offshore trust product. I like to work
with long-term objective in mind, as to how
to be their trust adviser. For example, if
they have some business in the U.s., and
it might make more sense for them to have
a Us trust, I would look out for the best
interests of the client, and give advice on
how to structure in a reasonable way,”
Calvert adds.
Looking forward, lawyers believe
that along with the continuous economic
growth, as well as the overseas ventures of
entrepreneurs overseas, there is still great
potential in Asia for the private wealth
management business of offshore law
firms. To cope with that demand, lawyers
with a more commercial mindset are
needed.
“A good lawyer is not just strong tech-
nically. You also have to be very commer-
cial- minded, and understand the local
cultural. That way you can come up with
solutions that people need,” says Calvert.
“Additionally, you have to be able to adapt
to market trends. so you need to be able to
continuously look at new areas of business,
for example the fintech industry, and see
how legal solutions can help these new
areas.”

HARNEYS | Asia

harneys.com | harneysfid.com
Harneys’ Asia practice offers unrivalled transactional, litigation and
restructuring advice regarding Bermuda, BVI and Cayman law, as
well as a full range of corporate services through Harneys Fiduciary.
Anguilla Cyprus Montevideo Tokyo
Bermuda Hong Kong Sao Paulo Vancouver
British Virgin Islands London Shanghai
Cayman Islands Mauritius Singapore
Bermuda legal services are provided through an exclusive association with Zuill & Co, an
independently owned and controlled Bermudian law firm.

48 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM

BITCOIN

A WHOLE NEW WORLD

The rapid rise of blockchain in areas like
banking and beyond has resulted in regulators
scrambling to keep up. BY CORNELIA ZOU

The word “blockchain” has almost overnight become incredibly commonplace

in discussions involving virtually every industry in every country in Asia.
Blockchain technology, or distributed ledger technology, was originally designed
as a public ledger to trace transactions of cyber currencies. As it evolved, the tech-
nology has proven useful in many other fields. Asian countries, especially the region’s
financial hubs, have embraced the technology with open arms.
A blockchain is a type of database that takes records in blocks that are linked
to each other by a cryptographic signature, which allows blockchains to be used as
a public ledger accessible to authorised users.
“China, Japan, South Korea, Hong Kong and Singapore are already investing
in blockchain technology, either through their private enterprises or publicly,” says
Paul Haswell, partner at law firm Pinsent Masons. “Indeed, it’s safe to say that when

50 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM


one looks at private enterprise I would be
very surprised if any Asian country is not
exploring the uses of blockchain.”
Singapore’s financial regulator, the
Monetary Authority of Singapore (MAS),
has recently collaborated with a consor-
tium of financial institutions to explore
the use of blockchain technology for
clearing and settling payments and
securities.
“As a technology hub for the region,
Singapore has embraced blockchain
technology as seen in the proliferation
of startups deploying blockchain tech-
nology but also in the adoption of block-
chain technology by regulators such as
the MAS,” says Jeremy Tan, director at
Holborn Law in Singapore.
The MAS and the Association of
Banks in Singapore announced on Oct.
5 that they have successfully developed
software prototypes of three models
of decentralized inter-bank payment
and settlements that utilize blockchain
technology.
“The project aims to help the MAS
and the industry better understand the
technology and the potential benefits it
may bring through practical experimen-
tation,” says Tan. “The eventual goal is to
develop simpler to use and more efficient
alternatives to today’s systems based on
digital central bank issued tokens.”
The approach taken by MAS is also
consistent with Singapore’s aim to
become a “Smart Nation” by harnessing
the power of technology and networks to
improve the economy and society in the
city state. And adopting blockchain tech-
nology is a part of this initiative.
REGULATORY FRONT
“At present, blockchain is typically
equated to cryptocurrency, which is far
too much of a simplification. However, it
is the growth of cryptocurrencies in Asia
that will lead to regulation, although this
is likely to be restricted to cryptocurren-
cies only,” says Haswell. “Regulators
are rightly concerned by the growth of
cryptocurrencies, and the dangers to
the consumer, particularly in light of the
increase in Initial Coin Offerings, or ICOs.”
The challenges for rolling out
LEGALBUSINESSONLINE.COM
“At present, blockchain
is typically equated to
cryptocurrency, which is
far too much of a
simplification. However,
it is the growth of
cryptocurrencies in
Asia that will lead to
regulation, although this
is likely to be restricted
to cryptocurrencies only.
Regulators are rightly
concerned by the growth
of cryptocurrencies,
and the dangers to the
consumer, particularly
in light of the increase
in Initial Coin Offerings,
or ICOs.”
— Paul Haswell, Pinsent Masons
blockchain technology in Singapore is
probably no different from that in any
other countries – that it’s still primarily
technological in nature. From a legal
perspective, according to Tan, there
are no major impediments or road-
blocks to the further roll out of block-
chain technology in Singapore. In fact,
the Singapore government has been very
BITCOIN
supportive of the use of such novel tech-
nology, offering incentives and grants
to technology start-ups based in the
country.
“There are no laws or regulations
governing blockchain technology per
se. There are, however, laws and regu-
lations relating to how blockchain tech-
nology can be used,” says Tan. “The most
obvious of these laws and regulations
would be in the financial services sector.”
For example, the MAS requires block-
chain-based virtual currency market
participants to comply with existing anti-
money laundering and countering the
financing of terrorism rules.
“The major challenge for regula-
tors is currently the prevalence of ICOs,
and also the money laundering risk
that is associated with the use of block-
chain based cryptocurrencies and their
exchanges,” says Tan. “The MAS is also
currently working on proposed regula-
tions to be introduced for such virtual
currency intermediaries operating in
Singapore.”
Privacy issues are also often tied with
technologies association with data collec-
tion, analysis and disclosure. According
to a report by Baker McKenzie, a key
feature of the privacy law in Singapore
is its nascence- the country does not yet
have as much history or precedent of data
protection law.
Singapore’s Personal Data Protection
Act was only implemented in 2013,
questions surrounding the treatment of
anonymous and pseudonymous data, and
the de-identification and re-identifica-
tion of data, may not have clear answers
right now.
At the same time, these concerns
are not exclusive to Singapore. Law and
regulations regarding data protection in
the rest of Asia is also undergoing rapid
development in recent years.
“There are not yet new laws or
regulations in Hong Kong that specif-
ically govern the application of block-
chain technology,” says Rocky Mui, senior
associate at Clifford Chance in Hong
Kong. “The regulators in Hong Kong have
adopted a technology–neutral regula-
tory approach and are seeking to develop
ASIAN LEGAL BUSINESS – NOVEMBER 2017 51
BITCOIN
and implement a regulatory framework
and requirements, utilizing existing legis-
lations and regulations, based on the
intrinsic characteristics of the relevant
activities or transactions and the risks
arising from them.”
Mui says one major challenge for
regulators is to strike the right balance
between encouraging innovation and
ensuring consumer protection.
“The sandbox initiatives in Hong
Kong are welcomed by industry stake-
holders and it is important for the regu-
lators to remain proactive in learning
what industry stakeholders’ objectives
and challenges are to create the regu-
latory infrastructure that offers clarity,”
he notes.
TO ICO OR NOT TO ICO
This September, the People’s Bank
of China (PBoC) issued a ban on ICOs
because they “are considered illegal
and disruptive to economic and financial
stability”.
The central bank said in its statement
outlining the ICO ban that token fund-
raising is an unauthorized and illegal
public financing activity, which involves
financial crimes such as the illegal distri-
bution of financial tokens, the illegal
issuance of securities, financial fraud
and pyramid scheme.
“Most countries are taking a wait
and see approach to ICO,” says Haswell.
“China has blocked it because it’s being
used for capital outflow, other countries
need to watch how ICOs are being struc-
tured as many look like nothing more
than a high-tech pyramid scheme.”
“Unlike China and South Korea,
Singapore has not issue an outright ban
on ICOs,” says Tan. “However, the MAS
has clarified in August 2017 that the offer
or issue of digital tokens in Singapore
will be regulated be a regulated activity
if the digital tokens constitute products
regulated under securities law also
known as the Securities and Futures Act,
or SFA.”
If the digital tokens fall within the
definition of securities in the SFA, issuers
of such tokens would be required to
comply with the requirements under
52 ASIAN LEGAL BUSINESS – NOVEMBER 2017
“The sandbox initiatives
in Hong Kong are
welcomed by industry
stakeholders and it
is important for the
regulators to remain
proactive in learning
what industry
stakeholders’ objectives
and challenges are
to create the regulatory
infrastructure that
offers clarity.”
— - Rocky Mui, Clifford Chance
the SFA including the requirements to
lodge and register a prospectus with MAS
prior to the offer of such tokens, unless
exempted. This is an approach broadly
consistent with that adopted by other
financial services centres.
NOT JUST BANKING-RELATED
Financial institutions have already
started incorporating blockchain tech-
nology in their business operations, but
they’re not the only ones that see the
benefits of the technology.
Talking about the current trends in
deploying the technology of blockchain,
Haswell points out that more industries
are actively getting involved.
“An interesting trend is the expansion
of blockchain into other industries, with
financial institutions, medical companies
and governments investing in a distrib-
utable and incorruptible database,” he
says. “In terms of sectors, whilst it is
the financial sector and banking that is
typically seen as the primary market for
blockchain technology,” Haswell adds.
“The legal, energy and infrastructure
sectors are investing in blockchain – any
industry which needs a secure, account-
able and reliable information flow can
and will benefit from the deployment of
blockchain technology.”
Haswell explained that the legal
sector is using block chain as ways to
regulate and automate contracts such
as loan agreements. “Blockchain can also
be used to regulate compliance matters
and delivery of technology contracts –
lawyers are only just started to grasp
this,” he says.
Due to the scale of investments
involved in experimenting with and
adopting blockchain technology, the
financial industry in Singapore is currently
the leader in experimenting with block-
chain technology.
Insurance companies in the
Southeast Asian city-state have started
to use blockchain technology to develop
“smart” insurance policies which manage
complex international coverage including
for facilitating the sharing of real-time
information.
“There is also a growing interest in
the use of ‘smart contracts’ based on
blockchain technology for automating
functions,” says Tan from Holborn.
“As a technology focused firm, we
are seeing blockchain technologies
being applied in a myriad of forms and
industries,” he continues. “[Besides
the financial industry,] there are many
others, such as the logistics industry
and pharmaceuticals industry, that are
also exploring the application of block-
chain technology, largely in in tracking of
shipment and record keeping.”
“Blockchain can revolutionise the
way we do business, and we are at the
very beginning of this new frontier,” says
Haswell.
LEGALBUSINESSONLINE.COM

KIMCHI, K-POP AnD CRYPTO?
A look at Korean cryptocurrency exchanges and the regulatory environment
The global market capitalization of crypto-
currency is estimated to be about UsD 175
billion with bitcoin, Ethereum and Ripple
representing over 75% of the market cap:
bitcoin (UsD 94 billion/~54%), Ethereum
(UsD 32 billion/~19%) and Ripple (UsD 10
billion/~6%); and the estimated daily global
trade volume of all cryptocurrencies is about
UsD 4.5 billion with bitcoin, Ethereum and
Ripple comprising almost 80% of this figure.
The top cryptocurrency exchanges in south
Korea – bithumb, Coinone and Korbit – handle
a remarkable volume of global trade for these
leading cryptocurrencies: Ripple (70-75%),
Ethereum (30-40%) and bitcoin (8-10%).
Accordingly, despite the relatively smaller
size of Korea’s population (~51 million) and
economy (GDP of UsD 1.4 trillion), these seoul-
based exchanges are among the top crypto-
currency exchanges in the world.
Many of the top exchanges are based out of
the Us – Poloniex, Bittrex, Kraken, and GDAX
– with trading in UsD and other cryptocur-
rencies, and the daily trading volume of the
Korean exchanges is comparable with these
Us exchanges, often ranking first for Ethereum
and Ripple trading. Providing some context,
the Korean exchange “bithumb” recently
disclosed that its trade volume surpassed the
trade volume on the KOsDAQ (Korea’s version
of nAsDAQ), and the growth of cryptocurrency
trading in Korea does not look to slow down.
Kakao, which operates an instant messaging
app used by 93% of Korean smartphone users,
announced in september that it will launch a
new exchange in Korea with Bittrex.
Why Korea?
How did a country ranked 11th in GDP and 29th
in GDP per capita become 2nd in gross trading
volume and 1st in trading volume per capita
for cryptocurrency? The relatively light regu-
latory environment and ease of accessibility
for foreigners are likely two major reasons for
this rapid growth.
Crypto-traders typically evaluate an exchange
based on factors such as the available payment
options and trade types, the cryptocurrency
portfolio, cybersecurity and customer service.
In the case of Korea, the regulatory and
business environment likely played a major role
in the popularity of the exchanges. Although
Korean regulators announced on september
LEGALBUSINESSONLINE.COM
Steve Ahn
Partner
steve.ahn@seumlaw.com
29 of this year that it plans to ban all ICOs
(initial coin offerings), it did not mention a
ban of secondary trading of crypto and this is
consistent with the position taken so far by the
Korean government. since 2013 when the first
bitcoin exchange opened in Korea, no negative
statements about secondary crypto-trading
have been made by any Korean regulatory body
including the Financial services Commission,
national Tax service, Bank of Korea or Fair
Trade Commission. Thus far, Korean exchanges
have been able to operate as an e-commerce
platform with minimal regulation.
The growth of Korean exchanges has also likely
been boosted by the participation of foreign
persons. Although Korean exchanges only
permit trading between crypto and Korean
Won and therefore require that users have a
Korean bank account, unlike some other major
markets, it is relatively easy for foreigners to
set up a bank account in Korea. In most cases,
a foreign company can set up a subsidiary or
branch office in Korea in less than a month, and
these subsidiaries and branch offices can open
Korean bank accounts in one day.
A Demilitarized Zone
Typical “exchanges” that deal in securities (e.g.,
a stock exchange) are regulated in Korea under
the Financial Investment services and Capital
Markets Act. Brokers that are licensed under
this Capital Markets Act will trade on behalf
of buyers and sellers on these exchanges with
a custodian bank handling the cash on behalf
of the buyers and sellers. Although crypto-
currency exchanges are referred to as an
exchange, they do not perform the functions
S P O N S O RE D A RT I C L E
of a traditional “stock exchange” such as listing
of securities and overseeing brokers.
Technically, cryptocurrency exchanges perform
the actions of a trader or broker, without the
involvement of an exchange. To buy crypto on
a Korean exchange, the customer will send
Korean Won to the exchange’s bank account,
not a custodian bank account. The exchange
will hold cash and cryptocurrency in accounts
that it controls and will execute transactions
based on requests from a customer (e.g., buy
or sell) if and when there is a corresponding
request from another customer (e.g., sell or
buy). If viewed as a trading business, the crypto
exchanges are essentially buying and selling
virtual items and this type of e-commerce
business is not strictly regulated in Korea.
If viewed as a broker, crypto exchanges are
essentially engaging in a payment gateway
business by handling electronic payments
between buyers and sellers.
Pen Pineapple Apple Pen? Or Gangnam
Style?
Whether viewed as an e-commerce business
or a payment gateway business, thus far, the
cryptocurrency exchanges have been lightly
regulated. Considering the volume of trade
occurring on the Korean exchanges, it seems
unlikely that the government will allow this
status quo to continue indefinitely. There are a
number of implications to be addressed, such
as taxation (capital gains and VAT), abusive
practices (self-dealing, high-frequency trading)
and money-laundering. Going forward, it is
unclear if the Korean government will enact
a new law to regulate cryptocurrency trading
such as Japan (which created licensing require-
ments for crypto exchanges) or attempt to
regulate these exchanges under existing laws.
This past July, a Korean lawmaker announced
that he plans to introduce a bill to regulate
crypto exchanges in a manner similar to the
Japanese system. If passed, crypto-traders
will eagerly monitor the impact of the law on
trading in Korea.
SEUM
13F, KFAs Bldg., 211 Teheran-ro, Gangnam-gu,
seoul, Korea
T: (82) 2 562 3115
F: (82) 2 562 3393
W: www.seumlaw.com
ASIAN LEGAL BUSINESS – NOVEMBER 2017 53
EVENT “Harneys acts on some of the largest, most significant, precedent-setting work in the
region and we are pleased to see this recognised in the market. We are also particularly
proud to win this award which is so heavily reliant on objective client feedback, and
thank all of our clients for the trust they place in us and for their support.”
- Jonathan Culshaw, Harneys

OFFSHORE LAW FIRM OF THE YEAR - Harney Westwood & Riegels

Harney Westwood & Riegels and Alice Chan, Prudential (Presenter, 3rd from left)

“We are conscious of the fact that

MAYER BROWN JSM

winning these awards, in fact, is a
reflection of our clients’ success.
We thank our clients for their continued

CONTINUES SIZZLING STREAK

support and remain committed to
providing service of the highest quality
to our clients.”
- Milton Cheng, Baker McKenzie
Mayer Brown JsM continued its
dominant run at the The Macallan ALB
Hong Kong Law Awards after sweeping five
categories this year, up from three in 2016.
The wins this year included The Macallan
Highland single Malt scotch Whisky Award
Hong Kong Law Firm of the Year accolade,
which it also snapped up last year.
“We are very pleased to hold onto the
top spot in ALB’s latest ranking of law firms
in Hong Kong for the third consecutive year,
TAX AND TRUSTS LAW FIRM OF
particularly in such a competitive environ- THE YEAR - Baker McKenzie
ment,” said Terence Tung, senior partner L-R: Wayne Michigami, Starbucks (Presenter)
and Paolo Sbuttoni, Baker McKenzie
at Mayer Brown JsM. “In addition, we
were thrilled to learn that the publication
has recognized the outstanding perfor-
mance of our various practice groups, as
well as our friend, Gabriela, for her client
service and dedication to our profession.
On behalf of the firm, I would like to offer
special thanks to our clients and staff.
Without their support, this would not have
happened.”
Held once again at the Conrad Hong
Kong, ALB’s 16th annual celebration of
legal excellence took place on sept. 8 and
saw Davis Polk & Wardwell win in four cate-
gories, including Young Lawyer of the Year,
which Miranda so shared with Ropes & BDO AWARD MATRIMONIAL AND FAMILY LAW FIRM OF THE YEAR - Withers
Withers and Chan Leung Lee, BDO Limited (Presenter, 6th from right)
Gray’s Mimi Yang.

54 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM

“Strong technically, with
quick turnaround times,
and very responsive.”

Chambers & Partners Asia

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EVENT “We are very grateful to ALB and its panel of judges for this honor. This is a wonderful
recognition of our firm’s drive and commitment to expanding and maintaining the
excellence of our practice in Hong Kong.”
- Allen Yam, Zhong Lun
The 2017 edition of the awards
featured several new categories. The
Transactional Boutique Law Firm of the
Year award went to Charltons, while Gall
picked up the Dispute Resolution equiva-
lent. The Woman Lawyer of the Year Award,
which ALB brought back in partnership
with Women in Law Hong Kong, went to
Gabriela Kennedy of Mayer Brown JSM.
There were three new categories for the
in-house side. Lane Crawford Joyce Group
was named the Retail and Luxury Brands
In-House Team of the Year, the Hyatt
International was hailed as the Withers
Award Hospitality In-House Team of the
Year, and Uber was judged the Innovative
In-House Team of the Year. However, the PRC FIRM, HONG KONG OFFICE OF THE YEAR - Zhong Lun
Zhong Lun and Alice Chan, Prudential (Presenter, 4th from right)
big winner among in-house teams was
Hongkong Land, which picked up the ACC
HK Award Hong Kong for In-House Team
of the Year.
Microsoft won the Paul, Weiss
Awa rd Te c h n o lo g y, M e d i a a n d
Telecommunications In-House Team of
the Year. “It is our honor to have received
this award from ALB,” said Winnie Yeung,
assistant general counsel of corporate,
external and legal affairs at Microsoft.
“We support many first-of-its-kind projects
involving cloud computing, artificial intel-
ligence, big data analytics, and other new TAYLOR ROOT AWARD YOUNG LAWYER OF LEWIS SANDERS AWARD
THE YEAR - Mimi Yang and Miranda So INVESTMENT BANKING IN-HOUSE TEAM OF
and innovative areas. That is why we also L-R: Mimi Yang, Ropes & Gray; Hayden Gordine, THE YEAR - Goldman Sachs
need to keep up-to-speed with latest tech- Taylor Root (Presenter) and Miranda So, Goldman Sachs and Lindsey Sanders,
Davis Polk & Wardwell Lewis Sanders (Presenter, 2nd from right)
nologies and trends, on top of legal and
policy developments. I am really pleased
that our work is recognized.” “We support many first-of-its-kind projects involving cloud computing,
Other key awards went to Simon artificial intelligence, big data analytics, and other new and innovative areas. That is
Powell of Latham & Watkins (Art Futures why we also need to keep up-to-speed with latest technologies and trends, on top of
legal and policy developments. I am really pleased that our work is recognized.”
Award Managing Partner of the Year); Mark - Winnie Yeung, Microsoft
Hunsaker of Citigroup (The Macallan Fine
Oak Single Malt Scotch Whisky Award
Hong Kong In-House Lawyer of the Year);
; and Jeanette Chan of Paul, Weiss, Rifkind,
Wharton & Garrison (Dealmaker of the
Year).
“I am delighted to be recognized for
this award, and to be nominated among
such an elite group of lawyers is just an
absolute honor, and I am truly humbled,”
said Chan, who is managing partner of
Paul Weiss’ China practice.
PAUL, WEISS AWARD TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
“It is an honor to win this award, which IN-HOUSE TEAM OF THE YEAR - Microsoft
is a testament to the commitment, hard L-R: Nicholas Mak, Amy Lee and Michelle Leung of Microsoft;
Betty Yap, Paul, Weiss, Rifkind, Wharton & Garrison (Presenter, 2nd from left)
work and achievements of the entire team

56 ASIAN LEGAL BUSINESS – NOVEMBER 2017 LEGALBUSINESSONLINE.COM

 “The environment for smaller Hong Kong law firms like ourselves is dynamic and
competitive, and we are looking forward to encouraging clients to use Hong Kong law EVENT
for fintech structures and OBOR projects in particular.”
- Julia Charlton, Charltons
the Year went to Zhong Lun. “We are very
grateful to ALB and its panel of judges for
this honor,” said Allen Yam, co-managing
partner of the firm’s Hong Kong office.
“This is a wonderful recognition of our
firm’s drive and commitment to expanding
and maintaining the excellence of our
practice in Hong Kong.”
Harvey Law Group took home the
Immigration Law Firm of the Year. “We are
honored to be recognized as the leading
TRANSACTIONAL BOUTIQUE LAW FIRM OF THE YEAR - Charltons immigration law firm in Hong Kong by ALB
Charltons and Zhou Jiaxing, China International Capital Corporation (Presenter, 3rd from left)
and thank our clients for their ongoing
trust, confidence, and support in HLG,
which has helped make such a recogni-
in Hong Kong and across the region,” said Year and Tax and Trusts Law Firm of the tion possible,” said Jean-François Harvey,
Latham’s Powell, who concluded his term Year. “We would like to thank ALB for founder and global managing partner of
as managing partner of the firm’s Hong this recognition. We are conscious of the the firm. “This award is a testament to
Kong office earlier this year. “I share this fact that winning these awards, in fact, is the tremendous dedication and talent of
honor with my colleagues and our valued a reflection of our clients’ success,” said our team, our continuing commitment
clients.” Milton Cheng, managing partner of the to providing unparalleled service to our
Baker McKenzie also had a good night, firm’s Hong Kong office. clients, as well as the firm’s reputation of
winning the Real Estate Law Firm of the The PRC Firm, Hong Kong Office of excellence throughout the region.”

HONG KONG CORPORATE FINANCE

Hong Kong · Shanghai · Beijing · Yangon
charltonslaw.com

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – NOVEMBER 2017 57

EVENT
The Offshore Law Firm of the Year
went to Harneys, whose Asia managing
partner, Jonathan Culshaw, commented:
“This is a real team win and I’d like to thank
all of our staff for their tireless efforts in
helping to turn what was a small Asia
representative office six years ago into the
offshore law and services powerhouse it is
today. Harneys acts on some of the largest,
most significant, precedent-setting work in
the region and we are pleased to see this
recognised in the market.”
The full list of winners can be found at
www.legalbusinessonline.com.
EVENT PARTNER
The Macallan
Founded in 1824 in the heart of
speyside, The Macallan was one
of the first distilleries in scotland
to be legally licensed. since then
it has built a reputation as one
of the world’s finest single malt
whiskies. The story of The Macallan is built on the six Pillars,
each influencing the whisky in its own distinct way. From the
spiritual home of Easter Elchies House; curiously small stills
giving richness and fruit to the pure spirit; finest cut or the
best of the best of the distillation to exceptional oak casks
which account for over 60% of the final whisky; natural
colour and peerless spirit, The Macallan itself.
Wood sits at the heart of The Macallan. The vital contributing
influences of spain, north America and scotland, together
with true mastery, set it apart from the rest.
www.facebook.com/themacallan.hk/
www.instagram.com/themacallan_hongkong
AWARD SP ONS ORS
Art Futures Group
Established in 2010, Art Futures Group
is the world’s leading investment broker
for Chinese contemporary art. As the first
in Asia to pioneer a complete end-to-end
art investment service, Art Futures Group is dedicated
to helping its clients profit from portfolios containing
the market’s most exceptional finds. To this end, it offers
unmatched investment services that are backed by an expert
team, thorough research, comprehensive knowledge of
market developments and financial acumen built on more
than two decades’ worth of experience in alternative assets.
Address: 5th Floor, no. 8 Wyndham street, Central, Hong
Kong
Tel: (852) 3758 7835
Fax: (852) 3758 7889
Email: info@artfuturesgroup.com
Website: www.artfuturesgroup.com
BDO
BDO Limited is the Hong Kong member
firm of BDO International Limited, a global
accountancy network with over 1,400 offices in more than
155 countries and over 67,700 people providing advisory
services throughout the world. BDO Limited is served by 50
directors and a staff of 1,000. since our establishment in
1981, we have committed ourselves to facilitating the growth
of businesses by advising the people behind them. Our
professional services include assurance, business services
58 ASIAN LEGAL BUSINESS – NOVEMBER 2017
“We are very pleased to hold onto the top spot in ALB’s latest ranking of law firms in
Hong Kong for the third consecutive year, particularly in such a competitive environment.”
- Terence Tung, Mayer Brown JSM
THE MACALLAN HIGHLAND SINGLE MALT SCOTCH WHISKY AWARD
HONG KONG LAW FIRM OF THE YEAR - Mayer Brown JSM
Mayer Brown JSM and David M. Pattison, The Macallan (Presenter, middle)
& outsourcing, private client services, risk advisory services, Taylor Root
specialist advisory services and taxation. We possess Taylor Root is the global market
comprehensive knowledge of accounting standards, tax leader in legal and compliance
and investment regulations prevailing in Hong Kong, China search and recruitment. Operating from 12 international
and other major countries, and conduct ourselves with the offices including Hong Kong and singapore, and with over
highest professional standards. 100 specialised consultants, our reputation is built on
30 years of success, integrity and professionalism. since
Email: info@bdo.com.hk opening in Asia in 1998, our Partner and General Counsel
Website: www.bdo.com.hk division has established a strong track record of conducting
local, regional and international senior searches for Partners
HFW and Counsel into international and Hong Kong law firms and
HFW is a sector-focused international General Counsel into financial institutions and MnC’s.
law firm. We have more than 450 lawyers
working across the Americas, Europe, the Website: www.taylorroot.com
Middle East, Asia and Australia, and our team have strong
expertise and sound knowledge of the sectors in which we Withers
work. Whether we are solving complex issues within the Withers is an international law firm
construction, aviation or shipping industries, or providing dedicated to success. With over
advice across insurance, commodities and energy, we are 160 partners and more than 450 other lawyers, we have
specialist lawyers who understand our clients. We think unparalleled expertise in commercial, tax, trusts, estate
about the commercial solution first, and then underpin our planning, financial services, litigation and arbitration, real
advice with a solid foundation of legal expertise. estate, charities, philanthropy, employment, family law
and other legal issues facing corporate groups, individuals
Website: www.hfw.com and their families. Withers has 16 offices worldwide spread
across Asia, Australia, Europe, the United states and the
Lewis Sanders Caribbean, where our lawyers work seamlessly together
Lewis sanders is a specialist legal and to deliver integrated legal advice across international
compliance recruitment consultancy jurisdictions.
offering a full range of recruitment
solutions. Using our extensive market Website: www.withersworldwide.com
knowledge and expertise, we place lawyers and compliance
professionals at all levels with international law firms, global
financial institutions and multi-national companies across
Asia. Lewis sanders has built its reputation on its core ASS O CIATE SP ONS ORS
values of integrity, trust and professionalism. This approach
has enabled us to establish and maintain long standing
relationships with candidates and clients and has positioned
us as one of Hong Kong's leading and largest legal recruiters.
Address: 2001, Winway Building, 50 Wellington street, SUPP ORTING ORG ANISATIONS
Central, Hong Kong
Tel: (852) 2537 7410
Fax: (852) 2537 7412
Email: recruit@lewissanders.com
Website: www.lewissanders.com
OFFICIAL RECRUITMENT SITE
Paul, Weiss, Rifkind, Wharton &
Garrison
Paul, Weiss is a world-class law firm
with a premier Technology, Media and Telecommunications
practice. Our team in Asia is consistently recognized as top
of its field by leading industry publications and peers, in ALB SUPP ORTS
recognition of our M&A, private equity and regulatory clients
in their transactions across the region.
Hong Kong Club Building, 12th Floor, 3A Chater Road,
Central, Hong Kong
Tel: +852 2846 0300
Email: jchan@paulweiss.com
LEGALBUSINESSONLINE.COM

REVEALING EDITION NO.3
A SENSORY JOURNEY OF DISCOVERY – THE MACALLAN & ROJA DOVE
The Macallan has unveiled Edition
No.3 - a new limited edition whisky.
The is the third release in the inno-
vative “Edition Series”, a dynamic
and highly original collaboration
between The Macallan’s Master
Whisky Maker, Bob Dalgarno and
Master Perfumer, Roja Dove uniting
the worlds of whisky and aroma
to reveal the complexities of the
single malt whisky.
Continuing the diverse story of The
Macallan’s oak casks and obsession
with wood, the focus has remained
on the commitment from the previ-
ously very successful Edition No.1
and Edition No.2 which unlocked the intricate
workings of the whisky making process.
Edition No.3 exposes the detail of its creation
for true transparency, and showcases the
absolute skill of the Master Whisky Maker.
While Edition No.1 and Edition No.2 high-
lighted the influence each cask has on the
taste and flavour of the final whisky, Edition
No.3 provides an insight into the distinctive
aromas that combine to build character and
depth, and create a multi-sensory experience
of taste and aroma.
The power of aroma is unquestionable,
from defining life experiences to the recall
of special memories, and it is this power
which makes the approach to Edition No.3
truly mesmerizing, as Roja Dove and Bob
Dalgarno embarked on a sensory journey
of discovery.
As one of the world’s most respected Master
Perfumers whose brand Roja Parfums is at the
pinnacle of the fragrance industry, Roja Dove
provided his remarkable sensory knowledge
and experience to articulate distinctive
aromas in particular oak casks, chosen specif-
ically for Edition No.3. Subsequently, Bob
Dalgarno utilised this articulation of aromas
to select dominant notes to help shape the
final character of the latest release in the
“Edition Series”.
The Macallan’s exceptional oak casks are the
single greatest contributor to the outstanding
LEGALBUSINESSONLINE.COM
quality, natural colours and distinctive
aromas and flavours of The Macallan and the
use of a higher proportion of smaller casks in
Edition No.3 increased the contact between
the spirit and the wood, delivering an intense
experience of flavour and aroma.
Crafted from a combination of European and
American oak casks with 6 distinctive cask
styles, Edition No.3 balances a heavier base
derived from Tevasa casks and reflective of
The Macallan character, with the fresh cut
oak and citrus of Hudosa casks, the vanilla ice
cream and sweet, crisp green apple flavours
of bourbon casks and the dry, floral and
vanilla notes from European and American
oak refill casks.
Bob Dalgarno, The Macallan’s Master Whisky
Maker, said: “Inspiration and innovation lie at
the heart of The Macallan and in Edition No.3
we have collaborated with one of the world’s
most respected aroma experts to create a
single malt whisky which pushes the bound-
aries and challenges convention.
“The Edition Series” provides the freedom
to look beyond the cask styles typically used
in other Macallan whiskies. There are great
parallels between the worlds of whisky and
perfume and it has been fascinating to work
with Roja to explore the power of aroma in
individual oak casks and its influence on the
resulting whisky. Edition No.3 is a remarkable
journey of the senses, delivering an intense
experience of flavour and aroma.”
S P O N S O RE D A RT I C L E
Roja Dove, Master Perfumer, said:
“On the surface it would seem that
Bob and I came from disparate
worlds. From the beginning it
was obvious we shared much in
common which we have explored
and developed in many different
ways. The inevitable culmination of
this collaboration was the creation
of Edition No.3. We have worked
together to master the balance
of taste and aroma, resulting in
an incredibly flavoursome, fresh
and citrus whisky with envelop-
ing sweetness. Edition No.3 is an
exceptional example of the whisky
maker’s art, where Bob has inter-
preted my thoughts so accurately, when
combined with the extraordinary power of
scent.”
With an ABV of 48.3%, Edition No.3 is a
sensory journey of flavour and aroma inti-
mately entwined. Presenting a sweet and
fruity character, it brings to the fore notes
of vanilla, fresh cut oak, delicate florals and
rich fruit cake. An alluring whisky that chal-
lenges expectations and reflects the artistic
genius of the collaborators who united to
curate this distinctive single malt.
A limited release, The Macallan Edition No.3
is available from October 2017 onwards with
recommended retail shelf price at HK$813.
About The Macallan
Founded in 1824, The Macallan is one of
the worlds most admired and awarded
single malt whiskies. The reputation
of The Macallan is based on a product
of outstanding quality and distinctive
character, founded upon a set of guiding
principles, the Six Pillars. An obsession
with quality has been the hallmark of The
Macallan since its’ founding by Alexander
Reid on a plateau above the river Spey
in north-east Scotland. The distillery
is surrounded by a 150 hectare estate,
with Easter Elchies House at its heart, a
Highland Manor built in 1700.
www.themacallan.com
ASIAN LEGAL BUSINESS – NOVEMBER 2017 59
THE BACK PAGE
VALUE OF BUSINESS
INTELLIGENCE: NEW TOOLS
FOR CHANGE IN THE
LEGAL INDUSTRY
BY JENNIFER ROBERTS
Outside of legal, it is the norm
that clients and market conditions drive
change. It’s widely accepted that if an
organization doesn’t acknowledge that
norm, that organization dies – think Kodak
and Blockbuster.
Now, in what seems to be a foreshad-
owing, that accepted norm is seeping
into legal. The fundamental differences
are that law firms, unlike corporations or
other market-beholden organizations, are
arranged as a partnership that holds to
cultural mores brought on by the lawyers
that make up the partnership. However,
this arrangement does not make law firms
invincible to such changing tides. We’ve
watched the extinction of firms in legal as
well – think Bingham McCutchen.
It is evident that with an evolving
market, if a business doesn’t reinvent
and make the proper changes they will go
extinct by financial or structural issues (or
both) as market pressures cause implosion.
Accounting is a perfect example of just
this, a similarly structured organization
to legal that nevertheless led the change
it needed. The focus for accounting – and
thus the template for legal – is on who is
leading the change, with the tacit implica-
tion that the best path is for the industry to
forge its own path. Indeed, for law firms in
the new environment, it is not enough to
let the more sophisticated client push for
change, rather the onus should be placed
on the law firm to change first. So, what is
a law firm to do?
There are plenty of options out there
Asian Legal Business is seeking thought-provoking opinion pieces from readers on subjects ranging from Asia’s legal industry to
law firm management, technology and others. Please email ranajit.dam@thomsonreuters.com for submission guidelines.
60 ASIAN LEGAL BUSINESS – NOVEMBER 2017
in the form of change management around
processes and people. But before over-
complicating it, law firms would be wise
to looking inward for insight that already
exists.
BI AS A TOOL FOR CHANGE
Business Intelligence (BI) has always been
an essential tool for law firms, and one that
primarily serves the library and research
functions within the firm. Historically,
BI has been used to capture a moment
in time through canned reports, dash-
board-based information views, and data
visualization to bring static information
forward on various topics like clients,
markets and lawyers. The current purpose
of BI ranges from displaying information
on the market, decision-making, explo-
ration of past performance, and tracking
goals; however, as the needs of law firms
and the market become more complex,
that role is evolving.
As legal futurist John Alber stated at
a recent conference on business intelli-
gence and analytics in the legal industry,
sponsored by the Ark Group and held
in New York City, BI should be seen as a
survival kit. It is how law firms can lead
this change, and more importantly win.
So, it is high time for the way BI is
viewed within law firms to venture beyond
the traditional boundaries in order to fast-
track exploration of valuable insights and
apply them to business advantages. Along
with the uses listed above, BI has a lot to
offer in terms of a robust set of data on the
market as well as internal resources. The
wealth of knowledge housed within a BI
tool can help a firm navigate the constantly
changing landscape and manage their
internal response.
Thinking of it like this, thrusts BI into
the realm of a design tool not just an infor-
mation repository. And as a design tool, BI
can help reorient the general operations
within a firm to a more centralized process
to help implement key account programs,
sales initiatives and determine resourcing
and hiring strategy based on market needs.
Couple BI with an experience tool, those
workforces – such as marketing, business
development and lawyers) – are armed
with the information they need to sell.
Getting into more specifics, the infor-
mation BI harnesses can help a practice
lead understand not just lawyer perfor-
mance but a broad view of the market as
well. This allows the lead to see the field
on which the client is playing, and develop
strategies that cater to the delivery of legal
services.
BI can also transform cross-selling
procedures as market patterns are under-
stood and new pathways are formed based
on an understanding of exogenous factors
impacting clients (policy, economy, etc.)
This also expands the way organizations
and practices can collaborate within the
firm, pulling on the current view, tracking
progress and even utilizing additional
automation to encourage how functions
can work together to collect and use
information.
Regardless of the type of project
underway, BI can offer a tracking tool to
monitor the progress of the process or
program designed. To this end, BI can help
clarify the battlefield by identifying disrup-
tors in and outside of the firm that stand in
the way of design and progress.
The way firms leverage the informa-
tion they have today is ultimately how they
will survive and win in the marketplace. BI
as a design tool has the potential to provide
key strategic advantage by providing vital
internal and external information.
These are just a few examples of
turning BI on its head and using data to
drive actions (not just decisions). BI has
legs that can enrich law firms and help
them lead change amidst a rocky market.
Most crucially, taking the rich information
BI offers has the power to help law firms
innovate in order to remain relevant.
About the author: Jennifer Roberts is a
data scientist with legal software company
Intapp, where she is responsible for the
analytics and research component
that supports thought leadership and
new initiatives. Leveraging her skills to
advocate, evangelize and build data-
fueled products and insights, she examines
the legal industry to drive analytical
intelligence that informs strategic decisions
and solves organizational needs.
LEGALBUSINESSONLINE.COM
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