Académique Documents
Professionnel Documents
Culture Documents
nOVEMBER 2017
30
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
Shyanne Chen
Sales Manager (India, Indonesia, Malaysia,
Singapore)
(65) 6870 3253
shyanne.chen@thomsonreuters.com
Thomson Reuters
18 Science Park Drive Singapore 118229 / T (65) 6775 5088 / F (65) 6333 0900
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www.thomsonreuters.com
GENERAL COUNSEL
$172.8 MILLION FEEL THEY MANAGE
UNCERTAINTY WELL,
Total value of M&A deals in the
Asia-Pacific (ex-Japan) in the
third quarter this year. This number
EXECS DON’T AGREE
was down 10.2 percent from the Some 68 percent of general counsel
same time-period last year. feel that they manage uncertainty well,
but only 38 percent of board directors 60% - Proportion of general counsel
agree. This was a finding from a survey who consult legal research
released by Clyde & Co and Winmark. directories before appointing a
According to the survey, almost nine in law firm, according to a study by
Allen & Overy (A&O) has made 10 GCs feel that one of their key roles MD Communications. The study also
an equity investment in Nivaura, is to manage the increasingly complex found that 81 percent of law firms
the first fintech company it invited volatility of risk faced by in-house legal highlight their rankings in these
to work in its Fuse incubator in departments. The survey, which also directories when pitching for work.
London. Nivaura develops tech- asked corporate executives for their
nology systems that aim to give view of the role of their general counsel,
small and medium-sized enter- found that board directors believe
prises (SMEs) access to capital that 33 percent of a GC’s time is spent “PUBLIC TRUST
responding to internal legal require-
markets funding, which has the
potential to create a new asset ments, while GCs report that this is
IN SOLICITORS
class and develop a new line of actually just 19 percent of their role. PROVIDES STABILITY
business for investment banks.
AND CERTAINTY FOR
Berwin Leighton Paisner has $2.2 BLN - Total amount raised by BUSINESSES AND
confirmed that it is in merger talks initial coin offerings (ICOs) globally
with Bryan Cave. The combined as of Sept. 16 this year. Through ICOs, CONSUMERS - LET’S
entity would have 1,500 lawyers
lawyers in 32 offices, including
startups sell a percentage of newly
issued cryptocurrency in exchange for
NOT EXCHANGE
Beijing, Hong Kong, Shanghai, legal tender or other cryptocurrencies. THAT FOR A NEW
Singapore and Yangon.
WILD WEST”
Big Four accountancy and
professional services firm PwC Joe Egan, president of the
is launching a contract lawyer Law Society of England & Wales,
service called Flexible Legal reacts to proposals that would allow
Resources. The firm has reportedly solicitors to work in unregulated
begun recruiting a team in the UK firms, and to operate as freelance
including a Head of Legal. without a firm or sole proprietor status.
AS FDI FLOWS
INTO BANGLADESH,
LAW FIRMS IN
THE COUNTRY
AWAKEN TO MORE local law firms of note, with the market
dominated by long-established names
forecast the legal market will grow by 40
to 50 percent.”
POSSIBILITIES
like Doulah & Doulah and Syed Ishtiaq The next few years will see the estab-
Ahmed & Associates. Most firms are either lishment of new banks and financial insti-
controlled by families or led by a renowned tutions as well as a spurt in infrastructure
senior counsel. work, spanning LNG terminals, express-
This article first appeared in ALB Insights, ABM Badrud Doulah, senior partner ways, power plants and ports. “We have a
a weekly, ad-free newsletter that is sent at Doulah & Doulah, points out that the significant increase in the amount of work
to subscribers. To subscribe, email Taran legal industry has remained underdevel- in the fields of infrastructure, banking and
at taranjit.kaur@thomsonreuters.com or oped partly because of the private sector’s finance, company law, employment law,
call her at (65) 6870 3909 today. slow growth. “Large firms are not common energy and IT,” says Al Amin Rahman,
in Bangladesh. The biggest firms consist a partner with the Dhaka-based FM
of 25 to 30 lawyers, and all other firms Associates.
Bangladesh’s economic star is on the have less than 10 lawyers,” he says. Given Today, Bangladesh is home to just
rise. Last year, at a time when much of the their inexperience in commercial work, the about 45 multinational companies –
global economy saw little or no growth, older firms tend to do more litigation work compared to more than 4,000 in India –
the country recorded a GDP increase of 7.1 as opposed to being involved at the start and these are mainly in the petroleum and
percent and saw foreign direct investment of a transaction. telecommunications sectors. “The IT sector
increase to about $2.33 billion. And while it In contrast, much of the emerging in Bangladesh has much potential, unlike
was unsurprisingly dwarfed by India’s $44 transactional work is being done by in India, where it is already established,”
billion, Bangladesh showed tremendous younger lawyers who have been trained says Alam. “As it grows, it will result in the
FDI growth in sectors like telecommuni- overseas. One example is Tanjib-ul Alam, a development of laws governing IP, data
cations, energy, textiles and infrastructure. UK-trained barrister who launched his own protection and privacy, e-commerce and
These promising developments chambers, Tanjib Alam and Associates, more.” He adds that he expects to see a
have spurred Bangladesh’s lawyers to in 2009, and employs lawyers trained in growth in M&A work, too, as more deals
start broadening their horizons when it the UK. “There are many internationally take place.
comes to the scope of work they are doing. trained lawyers in the market now who can To assist in the development of the
Traditionally, the country’s legal profession serve the needs of clients from all over the legal industry, law firms hope that the
focused most of its attention on domestic world,” says Alam. government can remove two major chal-
disputes, simple contract breaches, and As Bangladesh’s economy shows lenges that investors face: stifling bureau-
other low-value matters. Nowadays, promise, it’s no surprise that lawyers are cracy and the slow pace of litigation in a
lawyers are increasingly working on big- preparing to reap the benefits. “As invest- country where lawsuits are far too common.
ticket commercial transactions and high- ment grows, we see the legal market “In most situations, cases are not dealt
profile disputes in the banking and finance, progressing rapidly as long as the current with swiftly and expeditiously,” explains
telecommunications and maritime sectors. political stability is maintained,” says Alam. “It can take up to five years or even
Bangladesh’s legal sector is still quite Doulah. “The government has expanded more for a civil case to be finally disposed
small, though. Insiders estimate that the the kind of outbound investment allowed, of after being initiated in the court of first
market brings in between $45 million and and hopefully this will lead to more work instance, and then there are about two to
$50 million annually. There are about 20 for local law firms. In two years’ time, we three stages of appeal.”
DISPUTES TEAM SPUN OFF TO FORM BOUTIQUE FIRM 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
A four-lawyer team from Freshfields Japanese market.”
Bruckhaus Deringer’s Tokyo branch, A spokesperson for Freshfields told
including a former office managing ALB that the firm continues to advise
partner, have spun off to form Vanguard on other types of employment matters.
Lawyers Tokyo, a boutique law firm which “Also, Vanguard is part of Freshfields’
focuses on employment law and dispute strongerTogether network of domestic
resolution as well as financial regulatory law firms. This means that, when we need
matters. Akiko Yamakawa and Kazuki input in the areas that Vanguard focuses
Okada were both partners at Freshfields. on, we will still work together.” The spokes-
naoki Kinami was a consultant and also person added, “Through this arrange-
served as the Tokyo office’s managing ment, we continue to provide our Japan
partner while Masahiko Kinoshita was an clients with seamless access to a range of
associate. Yamakawa, Okada and Kinami different types of Japanese employment
are the partners at Vanguard. law advice, while Freshfields’ combined
Vanguard told ALB that it is going bengoshi and international practice also
to add a fifth lawyer to the team later continues to advise on the transactional
Legal opinion,
clearly
expressed
Pragmatic, expert advice that is
squarely set in the real world.
www.shlegal.com
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
CHINA ANNOUNCED M&A LEGAL RANKINGS HONG KONG ANNOUNCED M&A LEGAL RANKINGS
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
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.
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
private sector has implemented projects expressed interest to fill the wide gap
at the local government level. Local in supply for socialized housing. Thus, initial public offerings). Ms. Acosta is
government units may also partner with apart from laws on government procure- counsel for public/listed and private
the private sector through unincorporat- ment and public bidding, infrastructure companies in various industries,
ed and incorporated joint ventures. Joint and property development projects such as banking and finance, tele-
venture agreements with local govern- inevitably intersect with laws and regu- communications, property develop-
ment units are not regulated at the lations governing foreign participation ment, mining and power and energy.
national level. Instead, the local govern- in these business activities. She also represents clients before
ment legislative bodies are free to enact government agencies for procure-
their own ordinances which regulate Companies that do not own land and ment and build-operate and transfer
joint venture agreements. Local govern- limit their engagement to property projects.
ment ordinances that expressly allow development may be 100% foreign- Ms. Acosta holds a Masters
unsolicited proposals for joint venture owned, subject to compliance with of Law Degree (LL.M.) from New
agreements provide more flexibility to capitalization requirements. Foreign York University, a Bachelor of Laws
a private sector proponent. nationals or foreign corporations Degree (LL.B.) from the University
may lease private lands for 25 years, of the Philippines College of Law
The government may likewise renewable for another 25 years. If the and a Bachelor of Science Degree
obtain funding from foreign govern- foreign national or foreign corporation in Business Economics from the
ments through Official Development is investing in the Philippines, it may University of the Philippines School
Assistance (ODA). Through ODA, the lease private lands for up to 75 years of Economics.
government may enter into long term (50 years, renewable for another 25
loans at concessional rates, provided years). The same is true for construction Maria Concepcion P. Simundac
that the threshold required for the grant companies that are issued Quadruple specializes in the areas of Corporate
component is satisfied. Projects funded A or AAAA licenses by the PCAB & Commercial Law, Power &
through ODA arguably offer greater (Philippine Construction Accreditation Energy, Construction & Real
flexibility in procedures for choosing Board). While regular licenses are Estate Transactions, Infrastructure,
implementing contractors or suppliers. generally issued only to companies Transportation & Public Utilities,
that are at least 60% Filipino-owned, and Corporate & Project Finance.
Private Sector Funding the PCAB has issued rules allowing Ms. Simundac likewise advises
Private sector participation in infra- foreign corporations with capitalization clients in navigating increasingly
structure projects may be carried out or networth of PhP 1 Billion to secure complex regulatory frameworks and
through modalities provided under Quadruple A or AAAA licenses. compliance in the areas of financial
existing Build-Operate-Transfer laws technology, data privacy and anti-
and regulations, as discussed above. Foreign investors that wish to own financial crimes.
Joint venture agreements entered into land must do so in partnership with a Ms. Simundac currently holds
by private sector proponents with the qualified Philippine entity. Current laws positions of director and corporate
government (except local government restrict land ownership to Filipinos or secretary in various multi-national,
units) are governed by the guidelines corporations that are at least 60% domestic and non-profit corpora-
issued by the National Economic & Filipino-owned. In general, suppliers tions across industries where she
Development Authority. These commer- of goods and services to the Philippine gains practical perspective on the
cial agreements have, in recent years, government must likewise be Filipinos business issues and concerns of
come under the ambit of the specific or corporations that are at least 60% clients. Ms. Simundac obtained her
regulation and are expressly subject Filipino-owned. Juris Doctor degree with Honors
to competitive bidding. Joint venture and Bachelor of Arts degree in
agreements with local government units This article is intended for informational Economics from the Ateneo de
are governed by ordinances issued by purposes only and should not be consid- Manila University.
the local legislative body of the city/ ered legal advice.
municipality or province.
Foreign Participation About the authors Villaraza & Angangco Law Offices
Complementing the infusion of funds for Franchette M. Acosta specializes in (V&A Law)
infrastructure, investors have expressed commercial law, and has counseled V&A Law Center, 11th Avenue corner
interest in the development of newer clients in foreign investment trans- 39th Street, Bonifacio Triangle,
and more modern cities or technology/ actions, mergers and acquisitions of Bonifacio Global City 1634 Metro
industrial parks within economic zones private and public companies and Manila, Philippines
that have been granted fiscal incen- debt and equity offerings (including T: (63) 2 988 6088
tives by law. Investors have likewise W: www.thefirmva.com
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
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 IBLJ, Indian Law Firm Award 2014: Energy, Projects &
Awards, 2016, Euromoney, Hong Kong Infrastructure
Highly recommended as a leading firm: Various IBLJ, Indian Law Firm Award 2016: Energy, projects &
practice areas, Chambers Asia Pacific – 2012, infrastructure, structured finance & securitization
2013, 2014, 2015, 2016 and 2017
Linklaters overtakes 29 down Skadden, Arps, Slate, Meagher & Flom U.S. I8 68 86
biggest in each jurisdiction, 43 down Milbank, Tweed, Hadley & McCloy U.S. I3 35 5I
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.
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
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
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)
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
I2 = Link Legal India Law Services 34 I20 I54 I0 = Mochtar Karuwin Komar 5 45 50
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
Baker Mckenzie.Wong & Leow (#1), welcomed Tay & Partners, which came in #6, respectively.
Norton Rose Fulbright (#5) and Sidley at #15 with 31 lawyers. The Thailand table saw plenty of
Austin (#19) unchanged. In the Philippines, SyCip Salazar movement, with several firms moving
While Withers Khattarwong and Hernandez & Gatmaitan, which grew up the rankings.
Linklaters moved up, to #2 and #4, by eight lawyers, replaced ACCRALAW, The most notable risers were
respectively, Clifford Chance dropped a which shrank by 23 lawyers, at the top Weerawong C&P, which grew by 26
notch to #3 and Allen & Overy dropped of the table. lawyers, leapfrogging to #2 from
out of the top five to #7 from #4. Romulo Mabanta Buenaventura also #4, and Chandler MHM, which rose
Other notable moves included expanded, by 13 lawyers, closing the four spots after the merger between
Stephenson Harwood, which strength- gap on the top two. Despite the signif- Chandler & Thong-Ek and Mori Hamada
ened by 20 lawyers in the past year, icant growth, Perry Pe, senior partner & Matsumoto.
jumping from #17 into the top 10 at #9, at Romulo Law Firm, remains modest. Other firms rising were Watson
and CMS which joined the ranking this “Purely in terms of number of Farley & Williams and Apisith & Alliance.
year at #20 with 28 lawyers. lawyers, our law firm only grows by an Vietnma’s Vision & Associates held
This year’s Malaysia table calmed average of about 3 percent per year. We onto its top spot despite losing a few
down from last year, which saw three of value efficiency and this we think we can partners and YKVN stayed at second
the top five move places, most notably achieve by being lean,” shares Pe. place. Meanwhile, LNT & Partners
Skrine and Shearn Delamore switching “For our expansion strategy, we bolstered by adding 15 lawyers, jumping
places, at #2 and #4, respectively. would rather focus and devote our time to #3 from #5. VILAF and LuatViet
The top five this year, however, were to our clients and help them with their Advocates & Solicitors both dropped
unchanged and none grew since a year own respective growth and challenges. a notch, and finished at #4 and #5,
ago. Clients beget clients,” he adds. respectively.
ZICO Law, while having cemented “In addition, we have to make sure Phuoc & Partners made it to this
its place at the top, lost 18 lawyers, that our own lawyers are happy with year’s table at #9 with 34 lawyers,
Skrine shrank by three, and Zul Rafique their earnings,” hesays. “This is also the pushing down PBC Partners & RHTLaw
& Partners was one lawyer less than last reason why we have a very low lawyer and S&B LAW to #10 and #11, respec-
year. turnover or resignation rate annually.” tively.
The rest of the 15 firms in the table The rest of the table is unchanged For the full tables, including South
moved up except for Jeff Leong, Poon & with the exception of Puno & Puno Korea International, China Domestic
Wong, which dropped one place to #12. Law Offices and Quisumbing Torres and China International, please see
Besides the minor moves, the ranking swapping places, finishing at #5 and www.legalbusinessonline.com.
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 the country’s dependence on fossil fuels which is the world’s top thermal coal
to the United Nations Framework by deploying more clean energy projects. exporter, with consumption expected to
Convention on Climate Change in 2015, And if 2017 is any indication, the reach 101 million tonnes this year.
Indonesia has committed to increasing government is off to a strong start. In the To advance its clean energy agenda, the
the renewable portion of its energy mix first nine months of this year, Indonesia government has passed various regulations
to 23 percent by 2025. That number signed a total of 1,023 megawatts of stipulating procedures for the purchase
currently stands at 12 percent, but the renewable energy contracts, or about of electricity from renewable sources like
country expects to reach 18 percent in just double the total amount signed in the geothermal, hydropower, biofuel, and solar.
three years’ time. The long-term plan is three years before that, Reuters reported. However, lawyers working in the sector feel
not only to increase energy production However, coal makes up around 57 there is much that can be done to attract
from renewable sources, but also curb percent of the energy mix in the country, more investment into the sector.
expertise
at your side
Corporate & Securities
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OFFSHORE
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,
has been optimistic after GDP growth however they will need to remain focused
notably overshot expectations in the on the increasingly rapid pace of change
second quarter. Robust private consump- in regulation and how that impacts their
tion and an improved external sector “Significant construction businesses. With the likes of Base Erosion
boosted activity in the country. The buzz projects are underway, and Profit shifting (BEPs), Alternative
of activity is supported by an apprecia- Investment Fund Managers Directive
tion of the ringgit. The currency surged
driving demand for (AIFMD), Foreign Account Tax Compliace
to a near 10-month high last month, after infrastructure investment. Act (FATCA) and the Common Reporting
suffering a slump in recent years. Offshore Financial Centre standard (CRs), the offshore jurisdic-
In neighboring Thailand, the military tions will need to work closely with their
government is looking to kickstart a
(OFC) vehicles have been onshore counterparts now more than ever
1.5 trillion baht ($45 billion) invest- at the core of the to ensure the industry remains compliant
ment plan before the country’s possible development and financing and above reproach,” Plowman says.
return to democracy late next year. Laws Plowman also says that Asia’s asset
supporting the Eastern Economic Corridor
of Asian infrastructure management space continues to grow
initiative and construction of infrastruc- projects and cross-border at a phenomenal pace and he expects
ture projects vital to it could be in place deals for over 30 years, that to continue, particularly out of China
by the end of the year. and Japan. He cites public and private
“However, Myanmar will be a laggard,
which we expect will M&A and general capital markets work
based on recent events. And any further continue as China’s Belt & as presenting enormous growth potential.
escalation in tensions on the Korean Road initiative progresses.” “We have seen really positive growth
peninsula could lead to a flight to safety in demand for our dispute resolution
— Christopher Bickley, Conyers Dill & Pearman
from the region generally which would services, which cover British Virgin Islands
weaken near term expectations,” Fraser (BVI) and Cayman law delivered by some
cautions. of the most experienced practitioners in
McKenzie has his eye on another the region. The primary drivers for growth
AsEAn country – Indonesia – which he says in the offshore dispute resolution space
has seen a real resurgence since it received For China, Bickley believes growth in Asia are the disputes in several key
an upgrade by a ratings agency earlier this will remain largely similar to this year. areas, namely contentious private client
year. He also says the Australian securities “The OECD predicts China’s GDP work via offshore trust structures, share-
Exchange has attracted the attention of growth rate to decline further to 6.39 holder disputes arising out of both publi-
his Asian clients, who have listed Cayman percent in 2018, whereas the IMF has cally listed and privately owned offshore
corporations on the exchange. predicted a rate of 6.5 percent. This is, vehicles and contentious restructuring
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AN ABUNDANCE OF RICHES
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.”
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
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Bermuda legal services are provided through an exclusive association with Zuill & Co, an
independently owned and controlled Bermudian law firm.
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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
EVENT PARTNER & 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
The Macallan and investment regulations prevailing in Hong Kong, China search and recruitment. Operating from 12 international
Founded in 1824 in the heart of and other major countries, and conduct ourselves with the offices including Hong Kong and singapore, and with over
speyside, The Macallan was one highest professional standards. 100 specialised consultants, our reputation is built on
of the first distilleries in scotland 30 years of success, integrity and professionalism. since
to be legally licensed. since then Email: info@bdo.com.hk opening in Asia in 1998, our Partner and General Counsel
it has built a reputation as one Website: www.bdo.com.hk division has established a strong track record of conducting
of the world’s finest single malt local, regional and international senior searches for Partners
whiskies. The story of The Macallan is built on the six Pillars, HFW and Counsel into international and Hong Kong law firms and
each influencing the whisky in its own distinct way. From the HFW is a sector-focused international General Counsel into financial institutions and MnC’s.
spiritual home of Easter Elchies House; curiously small stills law firm. We have more than 450 lawyers
giving richness and fruit to the pure spirit; finest cut or the working across the Americas, Europe, the Website: www.taylorroot.com
best of the best of the distillation to exceptional oak casks Middle East, Asia and Australia, and our team have strong
which account for over 60% of the final whisky; natural expertise and sound knowledge of the sectors in which we Withers
colour and peerless spirit, The Macallan itself. 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
Wood sits at the heart of The Macallan. The vital contributing advice across insurance, commodities and energy, we are 160 partners and more than 450 other lawyers, we have
influences of spain, north America and scotland, together specialist lawyers who understand our clients. We think unparalleled expertise in commercial, tax, trusts, estate
with true mastery, set it apart from the rest. 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
www.facebook.com/themacallan.hk/ and other legal issues facing corporate groups, individuals
www.instagram.com/themacallan_hongkong 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
AWARD SP ONS ORS Lewis sanders is a specialist legal and to deliver integrated legal advice across international
compliance recruitment consultancy jurisdictions.
offering a full range of recruitment
Art Futures Group solutions. Using our extensive market Website: www.withersworldwide.com
Established in 2010, Art Futures Group knowledge and expertise, we place lawyers and compliance
is the world’s leading investment broker professionals at all levels with international law firms, global
for Chinese contemporary art. As the first financial institutions and multi-national companies across
in Asia to pioneer a complete end-to-end Asia. Lewis sanders has built its reputation on its core ASS O CIATE SP ONS ORS
art investment service, Art Futures Group is dedicated values of integrity, trust and professionalism. This approach
to helping its clients profit from portfolios containing has enabled us to establish and maintain long standing
the market’s most exceptional finds. To this end, it offers relationships with candidates and clients and has positioned
unmatched investment services that are backed by an expert us as one of Hong Kong's leading and largest legal recruiters.
team, thorough research, comprehensive knowledge of
market developments and financial acumen built on more Address: 2001, Winway Building, 50 Wellington street, SUPP ORTING ORG ANISATIONS
than two decades’ worth of experience in alternative assets. Central, Hong Kong
Tel: (852) 2537 7410
Address: 5th Floor, no. 8 Wyndham street, Central, Hong Fax: (852) 2537 7412
Kong Email: recruit@lewissanders.com
Tel: (852) 3758 7835 Website: www.lewissanders.com
Fax: (852) 3758 7889 OFFICIAL RECRUITMENT SITE
Email: info@artfuturesgroup.com Paul, Weiss, Rifkind, Wharton &
Website: www.artfuturesgroup.com Garrison
Paul, Weiss is a world-class law firm
BDO with a premier Technology, Media and Telecommunications
BDO Limited is the Hong Kong member practice. Our team in Asia is consistently recognized as top
firm of BDO International Limited, a global of its field by leading industry publications and peers, in ALB SUPP ORTS
accountancy network with over 1,400 offices in more than recognition of our M&A, private equity and regulatory clients
155 countries and over 67,700 people providing advisory in their transactions across the region.
services throughout the world. BDO Limited is served by 50
directors and a staff of 1,000. since our establishment in Hong Kong Club Building, 12th Floor, 3A Chater Road,
1981, we have committed ourselves to facilitating the growth Central, Hong Kong
of businesses by advising the people behind them. Our Tel: +852 2846 0300
professional services include assurance, business services Email: jchan@paulweiss.com
The Macallan has unveiled Edition Roja Dove, Master Perfumer, said:
No.3 - a new limited edition whisky. “On the surface it would seem that
The is the third release in the inno- Bob and I came from disparate
vative “Edition Series”, a dynamic worlds. From the beginning it
and highly original collaboration was obvious we shared much in
between The Macallan’s Master common which we have explored
Whisky Maker, Bob Dalgarno and and developed in many different
Master Perfumer, Roja Dove uniting ways. The inevitable culmination of
the worlds of whisky and aroma this collaboration was the creation
to reveal the complexities of the of Edition No.3. We have worked
single malt whisky. together to master the balance
of taste and aroma, resulting in
Continuing the diverse story of The an incredibly flavoursome, fresh
Macallan’s oak casks and obsession and citrus whisky with envelop-
with wood, the focus has remained ing sweetness. Edition No.3 is an
on the commitment from the previ- exceptional example of the whisky
ously very successful Edition No.1 maker’s art, where Bob has inter-
and Edition No.2 which unlocked the intricate quality, natural colours and distinctive preted my thoughts so accurately, when
workings of the whisky making process. aromas and flavours of The Macallan and the combined with the extraordinary power of
Edition No.3 exposes the detail of its creation use of a higher proportion of smaller casks in scent.”
for true transparency, and showcases the Edition No.3 increased the contact between
absolute skill of the Master Whisky Maker. the spirit and the wood, delivering an intense With an ABV of 48.3%, Edition No.3 is a
experience of flavour and aroma. sensory journey of flavour and aroma inti-
While Edition No.1 and Edition No.2 high- mately entwined. Presenting a sweet and
lighted the influence each cask has on the Crafted from a combination of European and fruity character, it brings to the fore notes
taste and flavour of the final whisky, Edition American oak casks with 6 distinctive cask of vanilla, fresh cut oak, delicate florals and
No.3 provides an insight into the distinctive styles, Edition No.3 balances a heavier base rich fruit cake. An alluring whisky that chal-
aromas that combine to build character and derived from Tevasa casks and reflective of lenges expectations and reflects the artistic
depth, and create a multi-sensory experience The Macallan character, with the fresh cut genius of the collaborators who united to
of taste and aroma. oak and citrus of Hudosa casks, the vanilla ice curate this distinctive single malt.
cream and sweet, crisp green apple flavours
The power of aroma is unquestionable, of bourbon casks and the dry, floral and A limited release, The Macallan Edition No.3
from defining life experiences to the recall vanilla notes from European and American is available from October 2017 onwards with
of special memories, and it is this power oak refill casks. recommended retail shelf price at HK$813.
which makes the approach to Edition No.3
truly mesmerizing, as Roja Dove and Bob Bob Dalgarno, The Macallan’s Master Whisky
Dalgarno embarked on a sensory journey Maker, said: “Inspiration and innovation lie at About The Macallan
of discovery. the heart of The Macallan and in Edition No.3 Founded in 1824, The Macallan is one of
we have collaborated with one of the world’s the worlds most admired and awarded
As one of the world’s most respected Master most respected aroma experts to create a single malt whiskies. The reputation
Perfumers whose brand Roja Parfums is at the single malt whisky which pushes the bound- of The Macallan is based on a product
pinnacle of the fragrance industry, Roja Dove aries and challenges convention. of outstanding quality and distinctive
provided his remarkable sensory knowledge character, founded upon a set of guiding
and experience to articulate distinctive “The Edition Series” provides the freedom principles, the Six Pillars. An obsession
aromas in particular oak casks, chosen specif- to look beyond the cask styles typically used with quality has been the hallmark of The
ically for Edition No.3. Subsequently, Bob in other Macallan whiskies. There are great Macallan since its’ founding by Alexander
Dalgarno utilised this articulation of aromas parallels between the worlds of whisky and Reid on a plateau above the river Spey
to select dominant notes to help shape the perfume and it has been fascinating to work in north-east Scotland. The distillery
final character of the latest release in the with Roja to explore the power of aroma in is surrounded by a 150 hectare estate,
“Edition Series”. individual oak casks and its influence on the with Easter Elchies House at its heart, a
resulting whisky. Edition No.3 is a remarkable Highland Manor built in 1700.
The Macallan’s exceptional oak casks are the journey of the senses, delivering an intense www.themacallan.com
single greatest contributor to the outstanding experience of flavour and aroma.”
VALUE OF BUSINESS
exists. well. This allows the lead to see the field
on which the client is playing, and develop
BI AS A TOOL FOR CHANGE strategies that cater to the delivery of legal
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* The 160 selected member firms of Lex Mundi include: Chiomenti • Gide Loyrette Nouel A.A.R.P.I.
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JunHe LLP • Nishimura & Asahi • Demarest Advogados • Alston & Bird LLP • Baker Botts L.L.P.
Faegre Baker Daniels LLP • McGuireWoods LLP • Morrison & Foerster LLP