ERA OF AI The robots are here. Are you ready?

IN-HOUSE SURVEY Gauging the mood of corporate counsel

FINTECH FOCUS A brand-new industry needs your help

LAW FIRM LEADERS OPEN UP ABOUT CHALLENGES, OPPORTUNITIES AND

THE YEAR AHEAD S 1867/10/2015(025606) MCI (P) 158/01/2016 MCI (P) i ssn 0219 – 6875 KD N PP

Kye Sung Chung of Kim & Chang; Sung Jin Kim of Bae, Kim & Lee; and Seung Soon Lim of Yoon & Yang 2017 EVENTS LIST

DATE* EVENT NAME COUNTRY TYPE 16 March THAILAND IN-HOUSE LEGAL SUMMIT Thailand In-House Summit 23 March HONG KONG ANTI-CORRUPTION FORUM Hong Kong Conference 6 April MALAYSIA LAW AWARDS Malaysia Awards 19 April KOREA ANTI-CORRUPTION FORUM Korea Conference 20 April SSQ ALB CHINA LAW AWARDS China Awards 20 April SE ASIA IN-HOUSE LEGAL SUMMIT Singapore In-House Summit 27 April PHILIPPINE IN-HOUSE LEGAL SUMMIT Philippines In-House Summit 11 May DATA PROTECTION FORUM Malaysia Conference 17 May JAPAN IN-HOUSE LEGAL SUMMIT Japan In-House Summit 18 May M&A FORUM Hong Kong Conference 19 May SE ASIA LAW AWARDS Singapore Awards 23 May ASEAN INTEGRATION SUMMIT Singapore Conference 7 June JAPAN LAW AWARDS Japan Awards 7 June VIETNAM IN-HOUSE LEGAL SUMMIT Vietnam In-House Summit 22 June SHANGHAI IN-HOUSE LEGAL SUMMIT China In-House Summit 28 June KOREA IN-HOUSE LEGAL SUMMIT Korea In-House Summit 17 August SE ASIA ANTI-CORRUPTION FORUM Singapore Conference 24 August MALAYSIA IN-HOUSE LEGAL SUMMIT Malaysia In-House Summit 7 September DATA PRIVACY FORUM Philippines Conference 7 September SHENZHEN IN-HOUSE LEGAL SUMMIT China In-House Summit 8 September THE MACALLAN ALB HONG KONG LAW AWARDS Hong Kong Awards 12 September HONG KONG IN-HOUSE LEGAL SUMMIT Hong Kong In-House Summit 15 September M&A FORUM Singapore Conference 5 October INDONESIA IN-HOUSE LEGAL SUMMIT Indonesia In-House Summit 6 October PHILIPPINE LAW AWARDS Philippines Awards 18 October JAPAN CORPORATE COMPLIANCE Japan Conference 19 October LEGAL TECHNOLOGY FORUM Singapore Conference 26 October INDONESIA LAW AWARDS Indonesia Awards 26 October DATA PROTECTION FORUM Korea Conference 9 November MALAYSIA IP CONFERENCE Malaysia Conference 15 November PHILIPPINE CORPORATE COMPLIANCE Philippines Conference 15 November ASIA PACIFIC ARBITRATION CONFERENCE Singapore Conference 16 November KOREA LAW AWARDS Korea Awards 18 November DATA PROTECTION FORUM Hong Kong Conference 23 November SEA PROJECT FINANCE Singapore Conference 23 November BEIJING IN-HOUSE LEGAL SUMMIT China In-House Summit * Please note that this schedule is subject to change.

FOR MORE INFORMATION ON ASIAN LEGAL BUSINESS 2017 EVENTS AND MAGAZINE FEATURES, PLEASE VISIT WWW.LEGALBUSINESSONLINE.COM OR CONTACT YOUR SALES REPRESENTATIVE BELOW

AMANTHA CHIA SHYANNE CHEN HENRY CHENG AMY SIM SARDOR YANGIBAYEV Publisher and Head of Sales Advertising Sales Manager Account Manager Sales Manager Sales Executive (India, Indonesia, Malaysia, (Hong Kong, Korea) (Japan, Singapore, Taiwan) (Philippines, Singapore, T: (65) 6870 3917 Singapore) Thailand, Vietnam) M: (65) 9642 9895 T: (852) 2847 2016 T: (65) 6870 3348 E: amantha.chia@ T: (65) 6870 3253 M: (852) 9720 2770 M: (65) 9825 7951 T: (65) 6870 3190 thomsonreuters.com M: (65) 9151 2654 E: henry.cheng@ E: amy.sim@ M: (65) 9176 8850 E: shyanne.chen@ thomsonreuters.com thomsonreuters.com E: sardor.yangibayev@ thomsonreuters.com thomsonreuters.com CONTENTS JANUARY 2017 9

Muslim protesters stand near a picture of Jakarta’s incumbent governor Basuki Tjahaja Purnama, also known as Ahok, outside a court at the blasphemy trial of the governor in Jakarta, Indonesia January 10, 2017. REUTERS/Beawiharta

COVER STORY FEATURES BRIEFS 16 12 26 32 3 The Korea conversation More with less Embracing TPF Emerging Markets The Briefing In the face of a slowing The ALB 2017 In-house As part of its efforts Experts 2017 economy and increasing Survey gauges the to become the Asian Our list of firms that competition, how are mood of corporate region’s leading centre are making a name for domestic Korean law counsel across Asia and for disputes, Singapore themselves in Asia’s EVENTS firms adapting their hears their opinions is looking to usher in frontier economies strategies to remain on a variety of issues third-party funding for 38 ahead of the pack? confronting them arbitration 35 Korea Law Awards Ranajit Dam speaks to Industry focus: Fintech 2016 three senior figures at 20 30 In the first part of a law firms to get their The robots are here One for the (Belt and) series of articles on 44 perspective With an eye to cutting Road legal and regulatory Asia Pacific Arbitration costs, servicing clients As China expands its issues in specific Conference 2016 better and maximising Belt and Road initiative, industries, we look their resources, law Hong Kong is becoming at fintech, one of the firms are embracing the go-to centre for fastest-growing sectors artificial intelligence in related disputes in Asia a big way

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 1 FROM

THE NEW YEAR, NEW LOOK. On behalf of everyone in the PUBLISHER Amantha Chia ALB team, I am extremely pleased to unveil the brand-new [email protected] look of Asian Legal Business magazine. The new appearance, which is similarly reflected on our updated website, is sleeker MANAGING EDITOR and more modern-looking, and seeks to reflect the rapid Ranajit Dam EDITOR [email protected] modernisation of Asia’s legal industry in the past few years. We certainly hope you like it, and we look forward to receiving ASSOCIATE EDITORS your feedback. Eileen Ang And it is not only the design that is being updated. As [email protected] you will see over the coming few months, the kind of news Raj Gunashekar and articles that we will publish will also seen an evolution, [email protected]

making them even more interesting, relevant and thought- SENIOR DESIGNER provoking for the savvy lawyer. Again, your input will shape John Agra the way we move ahead, so please get in touch with us with [email protected] RANAJIT DAM your suggestions and questions. TRAFFIC / CIRCULATION MANAGER Managing Editor, This issue reflects the tremendous changes currently Rozidah Jambari Asian Legal Business shaking up the legal industry, as well as the huge opportunities [email protected] Thomson Reuters that lie ahead. Aside from our popular annual in-house survey as well as a new listing of emerging markets experts, we have ACCOUNT MANAGERS Shyanne Chen features on the latest developments in arbitration, the rapid Advertising Sales Manager (India, growth in use of artificial intelligence in the legal sector, the Indonesia, Malaysia, Singapore) legal services required by Asia’s nascent fintech sector, as well (65) 6870 3253 [email protected] as a conversation with leaders of three major Korean firms. We hope that all this makes for a pleasurable read. Henry Cheng Account Manager (Hong Kong, Korea) Finally, a very happy new year to all! May 2017 bring you (852) 2847 2016 all the success and prosperity you deserve. [email protected] Amy Sim Sales Manager (Japan, Singapore, Taiwan) (65) 6870 3348 [email protected]

Sardor Yangibayev Sales Executive (Philippines, Singapore, Thailand, Vietnam) (65) 6870 3190 [email protected]

SENIOR EVENTS MANAGER Julian Chiew [email protected]

Asian Legal Business is available by subscription. Please visit www.legalbusinessonline.com for details. SENIOR AWARDS AND 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 can OPERATIONS MANAGER accept no responsibility for loss. Tracy Li MCI (P) 158/01/2016 [email protected] issn 0219 – 6875 KDN PPS 1867/10/2015(025606)

Thomson Reuters 18 Science Park Drive Singapore 118229 / T (65) 6775 5088 / F (65) 6333 0900 10/F, Cityplaza 3, Taikoo Shing, Hong Kong / T (852) 3762 3269 www.thomsonreuters.com

2 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM THE BRIEFING:BRIEFS YOUR MONTHLY NEED-TO-KNOW LAW FIRMS HACKED Three Chinese citizens have been criminally charged in the United States with trading on confidential corporate information obtained by hacking into networks and servers of law firms working on mergers, according to Reuters. No firms were named, but reports have Amount raised by Singapore-based legal tech startup suggested Cravath, Swaine & Moore and Weil, Gotshal Legalese in a pre-seed funding round led by VC & Manges were among those affected. firm Walden International. The venture plans to use proceeds from this investment to develop its first web app and fund further research and development in computational law.

“Matters that can be properly handled within Hong Kong’s legal or judicial SOCIAL MEDIA BECOMES system should be left to be CRITICAL FOR SUCCESS dealt with at the Hong Kong $30-70K level as much as possible.” While social media has been used by businesses for Cost of client Hong Kong Justice Secretary Rimsky Yuen addresses some time now, many law firms are yet to fully utilise presentation by Latham the SAR’s judges at a ceremony to mark the start the tools despite the known benefits. As the American & Watkins when the of the legal year Bar Association states in its 2016 Legal Technology firm competes for Survey Report: “Taking control of your online presence big-ticket work against is a necessity, and there are few better ways to do other firms, according so than social media. Used carefully, social media to a report in the New Proportion of solicitors’ firms can give your firm a voice, amplify your professional York Times reputation, and help drive new business.” However, the and other legal providers in ABA states that at present, only 76 percent of U.S. law the UK that publish a price firms maintain an online presence, and that number is list online, according to possibly lower in Asia, despite a far larger tech-savvy Competition and Markets population generally. LinkedIn serves as a particularly Authority (CMA). The relevant platform to connect with clients, while body is urging lawyers to Facebook and Twitter are growing as well. So if social display their prices more media hasn’t been your priority so far, maybe it’s time to prominently so customers put it into your New Year resolutions. % know what they will pay.

LEGALBUSINESSONLINE.COMLEGALBUSINESSONLINE.COM 17 ASIAN LEGAL BUSINESS 3 BRIEFS

Share sales in Asia ex-Japan are in Asia-Pacific equity capital markets set to rebound this year from three- (ECM) deals. year lows in 2016, driven by listings Deal flow is expected to get a ASIA-PACIFIC IPO of financial firms in Greater China, boost from mainland China’s recent including the world’s biggest fintech move to relax approvals for IPOs to IPO, and a further revival of offerings help control the rapid build-up in MARKET TO REBOUND in India, bankers and investors said. corporate debt there and cushion its An up to $5 billion listing from slowing economy. China’s largest peer-to-peer lender Regulators “will keep giving a Lufax and potential IPOs from lot of companies, specially the banks, FROM WEAK 2016 ON e-commerce giant Alibaba’s online liquidity to help the economy” in finance arm and Sinopec Marketing China, said Ringo Choi, Asia-Pacific in Hong Kong are expected to help IPO leader at consulting firm EY. reverse last year’s 22.5 percent slide “With a strong pipeline of CHINA FINANCIAL DEALS companies ready to list and investor sentiment unaffected by political shockwaves elsewhere in the world, we expect Greater China exchanges to remain the world’s most active markets for IPOs in 2017.” ECM activity in Asia-Pacific dropped in 2016 as weak IPO performance curbed demand for new listings in the region and listed companies slashed secondary offerings because of volatile markets. The $207.4 billion of equity offerings were the lowest since the $159 billion raised in 2013, preliminary Thomson Reuters data showed. Follow-on share sales sank 29.3 percent, far outpacing the 2.4 percent decline in IPOs, according to data through Dec. 28. Hong Kong, the world’s top venue for IPOs for a second straight year, is forecast to have about $26 billion of new listings in 2017, slightly higher than the $25 billion in 2016,

$7.8 BLN $2.1 BLN $4.5 BLN $630 MLN Asahi’s purchase of AB Ascendas’ establishment KKR’S buyout of autoparts Photo-app maker Meitu’s InBev’s Eastern European of Euro medium-term note maker Calsonic Kansei Hong Kong IPO beer brands programme Deal Type: M&A Deal Type: IPO Deal Type: M&A Deal Type: DCM Firms: Mori Hamada & Firms: Global Law Office; ASIA Firms: Allen & Overy; Firms: Allen & Gledhill Matsumoto; Simpson Thacher Jingtian & Gongcheng; Freshfields Bruckhaus Jurisdiction: Singapore & Bartlett Kirkland & Ellis; Skadden, Arps, Deringer; Hogan Lovells Jurisdiction: Japan Slate, Meagher & Flom DEALS Jurisdictions: Japan, Europe Jurisdictions: Hong Kong, China

4 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM BRIEFS

In Singapore, NetLink Trust, the “With a strong pipeline of companies ready broadband subsidiary of Singapore to list and investor sentiment unaffected Telecommunications, could raise up to $2.5 billion, Thomson Reuters by political shockwaves elsewhere in the publication IFR has reported. With about $4 billion worth of world, we expect Greater China exchanges to deals, India had its best year for IPOs remain the world’s most active markets for in 2016 since a $8.4 billion record set in 2010. This year bankers expect IPOs in 2017.” another positive showing, despite Prime Minister Narendra Modi’s 207.4 BLN: recent outlawing of high-value Value of equity currency notes, or demonetization. offerings in 2016, Likely deals include an up to $1 trend this year, bankers and analysts the lowest since the billion listing from National Stock EY estimates. $159 billion raised Potential large listings in the said. Likely Hong Kong IPOs include in 2013 Exchange and $440 million from toll city this year include those of Lufax Guangzhou Rural Commercial road owner Reliance Infrastructure. and Alibaba arm Ant Financial, Bank’s up to $1.5 billion deal, an up “This year also, in terms of (IPO) which was last valued at $60 billion. to $1 billion IPO from China United deals it should be quite strong,” Either of those IPOs would be the Insurance Holding Corp and Ping An said Subhrajit Roy, head of ECM largest by a financial technology Securities’ up to $1 billion deal. origination at Kotak Investment company globally. Chinese startups Apart from IPOs, some already- Banking. that have raised billions of dollars listed financial services companies UP TO $5 BLN: “Due to demonetization, in Amount expected and experienced fast growth over the are expected to seek secondary to be raised by the some cases valuations might have past several years are also lining up offerings in different exchanges to listing of China’s to be adjusted for certain sectors. IPOs either in 2017 or 2018. raise money for expansion, including largest peer-to-peer However, the other noteworthy lender Lufax “We could be looking at Chinese brokerage Guotai Junan aspect is that demonetisation will significantly-sized, very strong IPO Securities Co Ltd, which plans to channelise substantial savings to the candidates in the coming years, as raise at least $2 billion in Hong Kong, financial sector,” Roy added. growth continues to accumulate and China Galaxy Securities, which The U.S. IPO market is also and from the asset pool that’s been aims to raise about $1.7 billion in a expected to bounce back this year built up over the last five years,” share sale in Shanghai. after a forgettable 2016, fueled by said Juan Delgado-Moreira, head Elsewhere in the region, South a sunnier economic outlook and of international at Hamilton Lane, Korea is expected to have a strong $26 BLN: a bit more certainty following the Forecast for the which invests in venture capital and year for new listings, with mobile value of Hong Kong presidential election - factors that private equity funds. gaming company Netmarble listings, slightly encouraged the Federal Reserve to Financial services companies Games looking to raise $1.8 billion higher than the hike interest rates. Public listings will $25 billion in 2016, that dominated Asian equity and Lotte Group likely reviving the according to EY also get a boost in 2017 from PE firms offerings in 2016 will continue the $4.5 billion IPO of Hotel Lotte. estimates. looking to exit.

$600 MLN N/A $1.7 BLN $1.2 BLN Investment in Axiata’s edotco unit by ABN Amro’s sale of its private Ctrip.com’s takeover of Studio City’s offering of Malaysia’s Khazanah Nasional and Innovation banking operations in Asia Skyscanner senior secured notes Network Corporation of Japan and the Middle East to LGT Deal Type: M&A due 2019 and due 2021 Deal Type: M&A Deal Type: M&A Firms: Pinsent Masons; Deal Type: DCM Firms: Adnan Sundra & Low; Herbert Smith Firms: Baker & McKenzie; Skadden, Arps, Slate, Meagher Firm: Ashurst; White & Case Freehills; Mori Hamada & Matsumoto; ZICOlaw Clifford Chance & Flom; Travers Smith Jurisdiction: Macau Jurisdictions: Malaysia, Japan Jurisdictions: Hong Kong, Jurisdictions: China, UK Singapore, Dubai

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 5 BRIEFS

A&G CHAIRMAN NAMED AS NEW SINGAPORE AG

Lucien Wong, chairman and senior partner of Allen & Gledhill, has been named as the new attorney general REUTERS/Amit Dave of Singapore. Wong’s term begins this month. Wong will succeed in the Mauritius treaty would current office holder VK automatically apply to the one Rajah, who completed his INDIA TO START TAXING with the Asian country. three-year term last month. The move to tighten tax Rajah succeeded Steven treaties is part of Prime Minister Chong in January 2014. CAPITAL GAINS TO SINGAPORE Narendra Modi’s anti-corruption Wong has three drive, which includes tightening decades of legal experience loopholes. and specialises in banking, INVESTORS FROM APRIL Regulators have long corporate and financial suspected rich Indians were services. He became a India will start imposing capital gains routing cash through these tax jurisdictions, partner at Allen & Gledhill tax on investments coming from Singapore and channeling money back to India in a in 1987, and was managing from April and fully withdraw exemptions practice known as “round tripping”. partner of the firm between in two years as the two countries agreed to “We are able to give a reasonable burial 1998 and 2012. amend a decade-old treaty after New Delhi to this black money route,” Jaitley told rolled back similar concessions to Mauritius reporters at a news briefing. and Cyprus last year. Capital gains tax will be imposed on With the amendments, announced investments from Singapore that are made by Finance Minister Arun Jaitley, investors from April onwards. The tax rate will be half based in Singapore will no longer benefit the prevailing Indian rate for the next two from tax exemptions on capital gains taxes. years and rates will then be equated by April Changes to the treaty with the Asian 2019. Jaitley said. financial centre had been widely expected Foreign direct investment flows from after India last year similarly re-drafted a Singapore stood at $50.6 billion between 33-year old tax treaty with the island nation April 2000 and September last year, of Mauritius. contributing more than 16 percent to total The tax treaty between India and capital inflows during that period, second Singapore had a provision that any changes only to Mauritius.

$992 MLN $500 MLN $852 MLN $485 MLN CSC Financial’s debut on Bank of China’s sale of green Coca-Cola’s sale of its China UBM’s all-cash acquisition of Hong Kong’s bourse covered bonds on the London bottling assets to Swire Asian competitor Allworld Deal Type: IPO Stock Exchange Pacific Deal Type: M&A Firms: Clifford Chance; Davis Deal Type: DCM Deal Type: M&A Firms: Allen & Overy; Herbert ASIA Polk & Wardwell; King & Wood Firms: Clifford Chance; Firms: Fangda Partners; JunHe Smith Freehills Mallesons; Tian Yuan Law Firm Linklaters Law Firm; Kirkland & Ellis; Jurisdictions: UK, China Jurisdictions: Hong Kong, Jurisdictions: China, UK Slaughter and May DEALS China Jurisdictions: Hong Kong, China

6 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM SPONSORED ARTICLE

Emergency Arbitrator Award & India seated International Arbitrations

Emergency arbitrator concept is considered to the arbitration tribunal is yet to be formed but be, one of the most effective solutions for the disputes have already arisen. In some cases, major problem which has been reducing the interim orders are granted, after the award is effectiveness of an International arbitration. passed and before the enforcement to protect Because one of the major challenges faced a party from an irreparable loss and injury. by the arbitration community was in handling emergency situations through international As per S.17 of the above said Act, arbitration arbitration process. In emergencies, where tribunals are empowered to grant interim the parties required some urgent interim orders in case of emergency and in anticipation protection, they could not wait for the of an irreparable loss to one party. These are formation of the arbitration tribunal to get not interim awards; they are interim orders an interim protection. The National court only and hence they are appealable under orders passed in many countries are not S.37(2) of the Act. The original 1996 Act did recognised and enforced in other countries. not recognise interim awards for enforcement, The National court orders are not supported it recognised final awards only. That means by the above said New York convention and even if there are interim awards passed by the hence enforcement of those orders were not tribunal, they should be final about certain possible. Hence the international arbitration issues raised before the arbitrator, to get them community invented the new mechanism of enforced. Even though the new amendment Emergency arbitrator. Emergency arbitrator to S.9 limits the powers of the court to grant is an arbitrator appointed by an arbitration an interim order after the formation of the institution selected by the parties, on the arbitration tribunal, to a situation where court finds that circumstances exist which may request of one or more parties, to hear and S RAVI SHANKAR not render the remedy provided under S.17 decide only an interim protection application. Managing Partner efficacious. Normally, in an international arbitration, once [email protected] the regular arbitration tribunal is formed, the jurisdiction of the emergency arbitrator comes In a situation where the amended Act also to an end. Emergency arbitrators do not form does not provide for an express provision about part of the regular arbitration tribunal unless recognised the emergency arbitrator award, the powers and enforceability emergency parties specifically consent for the same. Top even though some emergency arbitration arbitrator and his award, and when there is a arbitral institutions like ICC, SIAC, HKIAC etc., awards are indirectly given effect. Hence the doubt about the effective enforceability of an appoint emergency arbitrators within a few sustainability of an emergency arbitrator interim order by a tribunal, in the opinion of hours from the time of getting a request and award must be seen, when some such awards the author, parties should choose to go for a the emergency arbitrators pass orders within are challenged by the parties. The endeavour court order when the international arbitration a few days. Since these international awards of the author is to analyse the existing legal is seated in India and if the order is not passed by the emergency arbitrators are also provisions and mechanism available in India, required to be enforced in a foreign country. considered to be an international arbitration relating to the interim protections, in the light Indian courts act faster in giving interim award, the New York convention helps in the of emergency arbitrator concept. orders. Hence in India seated international recognition and enforcement of the award. arbitration proceedings, if the order required is Interim orders granted by courts / interim with regard to a subject matter in India, Court Emergency arbitrator and Indian Legal orders passed by arbitration tribunals is the best forum for interim orders. frame work The Arbitration and conciliation Act,1996 Even though there was a lot of pressure on the provides to parties two forums for getting government from the international arbitration interim orders, the court under S.9 and from community while amending the Arbitration the arbitration tribunal under S.17 of the Act. and Conciliation Act,1996, the Government for Normally courts exercise the power under Law Senate the best reasons known only to them, chose S.9 and grant interim orders, in case of B3/73, Safdarjung Enclave, LGF, New Delhi to not to expressly recognise the emergency emergency for one or more parties. But the 110029 India arbitrator, while recently amending the Act. said section can be invoked only when there is 403, Tardeo AC Market, Tardeo Road, Mumbai But many important arbitration institutions an arbitration clause between the parties and 400034 India in India incorporated emergency arbitrator the party approaching the court is interested (91) 11 26102873 provisions, into their Rules. So far, no to initiate an arbitration proceedings. Hence [email protected] judicial verdicts have directly and effectively Courts grant interim relief to parties when www.lawsenate.com

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 7 BRIEFS APPOINTMENTS KWM: APAC UNAFFECTED BY EUROPE TURMOIL EDMUND LEOW JOHN DICK JEFFREY MADDOX Leaving: N/A Leaving: DA Partners Leaving: Cadwalader, Despite the current crisis plaguing King Joining: Dentons Joining: Dentons Wickersham & Taft & Wood Mallesons’ European arm, its Asia- Rodyk & Davidson Rodyk & Davidson Joining: Jones Day Pacific operations remain unaffected, with Practice: Tax Practice: Energy Practice: Capital business carrying on as usual, according to Location: Singapore Location: Singapore Markets Location: Singapore a Hong Kong-based spokesperson for the firm. “KWM in APAC and EUME are financially and legally separate entities,” the spokesperson said. “The impact of the current difficulties in Europe is contained to that region. Importantly, these issues have not negatively impacted the ever-widening and deepening collaboration between China and Australia.” KWM’s European business last year FARHANA SIDDIQUI ANDREW PAYNE NICHOLAS LUM ran into financial difficulties as a number Leaving: Drew & Leaving: Clearwater Leaving: Oon & Bazul of high-profile partners departed. The Napier Capital Partners Joining: Ince & Co crisis deepened in November as a bailout Joining: Withers Joining: DLA Piper Practice: Shipping and proposal to the European partners – one KhattarWong Practice: International Trade that required them to commit to a 12-month Practice: Finance Restructuring and Location: Singapore, Location: Singapore Special Situations Shanghai lock-in period and stump up some additional Location: Hong Kong capital – was rejected. However, things are far more stable in the Asia-Pacific region, particularly in China, Hong Kong and Australia. KWM insists that its global brand is “incredibly strong” and will continue to attract the market’s top clients and best talent. “We are one of the fastest-growing PWC LEGAL OPENS IN SINGAPORE WITH legal brands in the world. In just four years, ASHURST, NRF HIRES the firm has become one of the leading legal firms globally. KWM sees Asia as the most PricewaterhouseCoopers previous firm, while McGuire is rapidly growing legal market in the world,” Legal has opened an office an M&A and JV specialist. Also said the spokesperson. in Singapore, its first in the part of the office is PwC’s Global According to the ALB Asia Top 50 Asia-Pacific region, with the Legal Services leader Leon rankings, the firm is the eighth-largest firm hires of partners Natalie Breen Flavell, who moved to Singapore in the region (ex-Australia). In July, the 2016 and Keith McGuire from Norton in March last year. Acritas Asia Pacific Law Firm Brand Index Rose Fulbright and Ashurst, To complement the foreign named KWM as the leading legal brand in respectively. The new office will law capabilities offered by its Asia for the second year running. focus on cross-border regional Singapore office, PwC will also transactions and projects. continue to work with local Breen led the cross-border law firms like Camford Law – a real estate capability at her member of its network .

8 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM BRIEFS

on Dec. 13 that he had intended to insult the Koran while he was campaigning ahead of elections in INDONESIA COURT TO PROCEED WITH February for the governorship of Jakarta, capital of the world’s largest Muslim-majority nation. Hundreds of white-clad Muslim protesters BLASPHEMY TRIAL OF JAKARTA’S GOVERNOR outside the court in north Jakarta called for the jailing of the governor, known by his nickname An Indonesian court will proceed with a Ahok. controversial blasphemy trial against Jakarta’s “Blasphemy is not acceptable in Indonesia. Christian governor, who is accused of insulting No religion should be insulted,” said Mafut Rudiah, the Koran. The case is seen as a test of religious a protester standing outside the courtroom, which freedom in the Muslim-majority nation. “Blasphemy was flanked by lines of police. A panel of judges rejected a call by lawyers convictions in Standing among a smaller group of the defending Governor Basuki Tjahaja Purnama governor’s supporters, Kisab Tocakroyo said: “As to strike down the case because it had violated Indonesia can carry a fellow Muslim, I think we should forgive him if the ethnic Chinese politician’s human rights and a jail term of up he has apologised.” breached procedures. to five years and The presiding judge on the panel, Dwiyarso “The exception by the defendant will be Budi Santiarto, said the defence could appeal to a considered and decided by the court after such charges nearly higher court if they did not agree with the decision examination of all evidence. The defendant’s always result in to proceed with the case. exception is not accepted,” said Judge Abdul conviction.” Blasphemy convictions in Indonesia can carry Rosyad. a jail term of up to five years and such charges A tearful Purnama denied at his first hearing nearly always result in conviction.

Guido Hidayanto Partners 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 | [email protected]

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 9 BRIEFS

INDUSTRY INSIGHTS

IMPLEMENTATION OF THE NEW MINIMUM TRADING PRICE FRAMEWORK

The Singapore Exchange Securities Trading Limited (“SGX-ST”) introduced the minimum trading price (“MTP”) framework on 2 March 2015 for Mainboard-listed companies, which came into effect on 1 March 2016 after a one-year transition period.

The SGX-ST consulted on proposals on 23 August 2016 (“August 2016 Consultation”) to refine the MTP framework REUTERS/Kim Kyung-Hoon with the addition of a market capitalisation test, and on 2 December 2016, the SGX-ST issued its response to feedback received on its proposals and stated that it will proceed to implement the revised MTP entry criteria as proposed in the August 2016 Consultation. Revised MTP Entry Criteria DUTERTE DELEGATES PHILIPPINES With effect from 2 December 2016, an issuer will be placed on the MTP watch-list if (“Revised MTP Entry Criteria”):

(a) its 6-month volume-weighted average price (“VWAP”) is less than INTO ECONOMIC SWEET SPOT S$0.20; and (b) its average daily market capitalisation is less than S$40 million over BUT MISGIVINGS RISING the last six months.

Similarly, issuers may exit from the watch-list if their VWAP is at least S$0.20 and their average daily market capitalisation is more than S$40 After six months at the helm in the Philippines, Rodrigo million over the last six months (“Revised MTP Exit Criteria”). Duterte has been touting just two achievements of his presidency - a vicious war on drugs and a surprise alliance Frequency of Reviews Under the new MTP framework, SGX-ST has reduced the frequency of with his country’s bitter rival, China. reviewing whether an issuer should be placed on the MTP watch-list from Yet behind the curse-laden bluster and populist quarterly to half-yearly, so as to better align the review timing and the look- demagoguery that has defined Duterte’s rule, he presides back period to be consistent with the financial entry criteria. The half-yearly review will take place on the first market day of June and December of over one of the world’s fastest growing economies, and has each year. put cabinet colleagues to work on drafting reforms and legislation to tackle the economy’s most stubborn structural Transitional Arrangements Consistent with the Revised MTP Entry Criteria, the SGX-ST carried out a problems. review on 1 December 2016 and removed 14 MTP issuers from the watch-list Advisers say Duterte’s economic successes come from with immediate effect as they do not trigger the Revised MTP Entry Criteria. using a strategy he honed as the long-time mayor of Davao The issuers remaining on the watch-list under the MTP framework will be City at a national level. reviewed under the Revised MTP Entry Criteria on 1 June 2017, and if the He concentrates on busting crime and deliberately Revised Entry Criteria is triggered for such an issuer, it will have a cure delegates the handling of the economy to others. By his own period of 36 months to exit from the watch-list under the Revised MTP Exit Criteria. admission, Duterte says he is no expert on the economy and leaves it to “the bright guys” in his cabinet. However, where an issuer fails to satisfy the Revised MTP Exit Criteria Economic Planning Secretary Ernesto Pernia sees the within 36 months of the date on which it was placed on the MTP watch-list, SGX-ST may remove it from the Official List of the SGX-ST Mainboard or president only twice monthly and rarely hears feedback. suspend trading of its listed securities with a view to removing it from the He said Duterte was focused almost entirely on crime and Official List. drugs.

Vanessa Ng Markus Poh Leong Kee “That has been his obsession,” he told Reuters. “He Director, Corporate Practice Senior Associate, Corporate Practice essentially leaves other issues and concerns to the cabinet.” T: (65) 6645 4506 T: (65) 6645 4509 E: [email protected] E: [email protected] The strategy seems to have worked so far although

Fortis Law Corporation 24 Raffles Place, #29-05 Clifford Centre, Singapore 048621 www.fortislaw.com.sg

10 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM BRIEFS economists are beginning to question how long it can last. REGIONAL UPDATE: SINGAPORE “That’s what we’re hoping for, that his core economic team can prevail,” said Bank of the Philippine Islands (BPI) economist Emilio S. Neri. “The fundamentals are there but we are leaning towards deficit spending and stimulus-driven growth and MAS ISSUES FINTECH REGULATORY SANDBOX GUIDELINES some unsustainable populist policies are worrisome.” At the national level, Duterte’s signature campaigns On 16 November 2016, the Monetary Authority of have included his tilt toward China while turning his back Singapore (“MAS”) published its “regulatory sandbox” on long-term ally the United States in addition to the guidelines (the “Guidelines”) to encourage and enable war on drugs. He rarely mentions it, but the economy has experimentation by firms and financial institutions of solutions that utilise technology innovatively to deliver boomed under his watch, although some of the gains have financial products or services (“FinTech Solutions”). The been ascribed to the previous administration’s policies and regulatory sandbox approach was first announced on 6 Duterte’s decision to retain them. June 2016, and is aimed at creating a safe and conducive space for firms to experiment with new FinTech Solutions. Growth reached an annual 7.1 percent in the third quarter of 2016, Asia’s second highest and the country’s The Regulatory Sandbox strongest quarter in three years. The government expects A regulatory sandbox is a controlled environment customised according to the specific legal and regulatory full-year growth around 7 percent. requirements MAS is prepared to relax for each case, The economy is expected to grow 6.5-7.5 percent in depending on factors such as the applicant, the particular 2017, but there are worries that Duterte’s erratic behavior FinTech solution involved, and the proposal made to MAS. It is envisioned as a well-defined space and duration for FinTech could impact policy, with solutions to be launched, such that any consequences of failure can be political risk over his contained. MAS will work closely with applicants in the evaluation and drugs crackdown and experimentation process. foul-mouthed outbursts Expenditure on The Guidelines at some big donors and infrastructure, The Guidelines set out the objective and principles of the regulatory investors. sandbox, and provide guidance on the application process and information to be furnished to MAS. According to MAS, the aim of the Guidelines is to Markets have including on flood improve the clarity, flexibility and transparency of the regulatory sandbox. signaled their concern. management In the six months since The Guidelines comprehensively sets out the main evaluation criteria schemes, ports, a which will be used by MAS to assess applications, with examples and Duterte took over, the elaborations on the necessary supporting information. A number of main stock index .PSI rapid-transit bus evaluation criteria have been relaxed, allowing room for adjustments has lost nearly 20 system and a rail during experimentation as firms learn from market responses. percent in dollar terms line, makes up Examples of legal and regulatory requirements MAS may consider and is among the worst relaxing or intends to maintain for the duration of the regulatory sandbox performers in Asia. a quarter of this are annexed to the Guidelines, together with an application template and a case study, to provide guidance on the application and approval process. Over the same year’s record Relevant information of approved regulatory sandbox applications will period, the peso $67 billion budget. also be published on the MAS website. currency is down around Sandbox Applications 5 percent to the dollar, Applicants are expected to have conducted due diligence prior to but other currencies in the region are also depressed. submission of an application, including knowing the legal and regulatory But Duterte has plenty of supporters, who say his requirements for deploying the proposed FinTech solution and the testing of the proposed FinTech solution in a laboratory environment. No decisive leadership and intolerance of bad governance will administrative charges are payable for submitting an application. MAS will be a long-term boon for the economy. In Davao City, he inform applicants on the potential suitability of their FinTech Solution for helped lure investors, dramatically cut red tape and fired a regulatory sandbox within 21 working days of receiving the application, provided that the application includes complete set of information inept officials. In 2014, Davao saw growth of a 9.3 percent, necessary for assessment by MAS. compared to 6.1 percent nationwide. Analaysts at Nomura have said his populist, Ms. Jasselyn Seet Si Lin Ms. Yau Khai Ling Legal Associate (Corporate Practice) Partner (Corporate Practice) development-centred approach suggests he is “strongly T: (65) 6322 2208 Foreign Practitioner Certificate motivated” to address the Philippines’ biggest weakness - F: (65) 6534 0833 T: (65) 6322 2205 E: [email protected] F: (65) 6534 0833 infrastructure. E: [email protected]

Loo & Partners LLP 143 Cecil Street, Level Ten, GB Building, Singapore 069542 www.loopartners.com.sg

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 11 IN-HOUSE SURVEY

More than 350 in-house counsel took the ALB 2017 In-house Survey, our annual exercise in gauging the mood of the corporate counsel across Asia, as well as the challenges they are facing. The respondents, working in industries ranging from financial services to life sciences, were located not only in the bigger centres like Singapore and Hong Kong, but also in countries like Lao PDR and Brunei. And the responses they provided shone a MORE WITH LESS light on the changing nature of their work, their evolving relationships with external law firms, and The annual Asian Legal Business In-house Survey some of the key challenges they are facing. gauges the mood of corporate counsel across Asia. This year the survey finds that even as in-house counsel continue to grow in prominence within their organisations, they are also contending with reduced Do you agree with the following resources and the effects of a slowing economy. And statement: “I have confidence that they are increasingly requiring more from their external the person I report to understands counsel. my role and the value in-house counsel add to the business.” BY RANAJIT DAM AND RAJ GUNASHEKAR Agree 90% Disagree 10%

SEEING THE VALUE If there’s one thing clear trend that we’ve seen on the in-house side in the past few years, it is that corporate lawyers are increasingly supported, trusted and feted within the business. This is reflected in the almost unanimous agreement among respondents to the statement that managers understand the role, and the value in- house counsel add to the business. “People are aware of the need for an in-house counsel,” says Alice To, the Hong Kong-based general counsel at Hsin Chong Construction Group Limited. “The senior management is supportive of an in-house legal function. At the operational level, colleagues generally welcome the relatively new in-house legal team.” Concurs Soon Hee Koh, Head Legal Counsel, Asia & Oceania at Yara Asia: “The upper management team members which have climbed through the ranks mostly consider the in-house lawyers as core business partners to be involved at an early stage and in most stages of the processes and projects.” That said, each organisation is different and requires different types of skill from their legal teams, notes Monisha Kamdar, Head of Legal at Raiffeisen Bank International in Singapore. “For my organisation, initially, I had to work hard to get

12 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM IN-HOUSE SURVEY management to see the value. It was a tough task but eventually and for the past few years, I believe that they fully appreciate the value the legal team brings.” Which of the following are key Pavandeep Gill, senior legal counsel at FROM THE performance indicators that you Gobear, feels that while organisations do report regularly to your business? appreciate the value that corporate counsel bring to the table, in larger organisations, there seems SURVEY Average response time of to be a trend where the legal counsel comes in legal department 50% only at the end of the process, which tends to make things much more difficult. “I feel that a lot Outside counsel spend 43% of issues must be addressed in the mid-stages,” In 2017, do you expect Litigation exposure 42% says Gill. “Trying to solve them in the last stages your in-house legal/ pose much risk and create bigger obstacles.” compliance team will Legal spend as a percentage of Kamdar notes that to get organizations to see grow? revenue against industry average 24% the value, in-house firstly need to actually add value. Litigation win rate 18% “By this I mean you can’t just do merely routine, It will grow 40% low value-add tasks and expect someone to see It will shrink 2% It will remain MEASUREMENT the same 58% But how is the performance of in-house counsel being measured today? When asked to name their key performance indicators, half went for “average “If it is easier and quicker for the What kind of work response time of legal department;” 43 percent business to pick up the phone keeps your department picked “outside counsel spend” and 42 percent most busy? (Top 5) named “litigation exposure. Interestingly more and call an external private than a sixth of all respondents said they had no practice lawyer than their own Regulatory or KPIs. internal legal adviser, then that governmental Kamdar feels that it is not fair to measure a changes 61% legal department by outside counsel spend. “This is a sign that you are not doing Ethics and is because, it is very hard for the legal department what is required of your role.” compliance issues 53% to anticipate the business strategy that may be — Monisha Kamdar, Raiffeisen Bank International Mergers and adopted and what hurdles might crop up and acquisitions 40% what litigation expenses may be involved if things Information go wrong,” says. “Response time is obviously privacy 29% an objective measure but I think they should be Protection of measured against the value and quality of service any value that isn’t there. You have to contribute at intellectual they provide. While this is less tangible a measure, a higher, practical and commercial level. To do so, property 24% it would be certainly be a more accurate measure one must know the business objectives and drivers of the legal teams’ contribution. This is similar to of the business,” she says. “Secondly, face to face how one would value and measure the services of communication is important. While writing long Which are the major outside counsel – timely advice, commercial or memos or analysis is well and good, it is equally regulatory issues that relevant advice and good quality advice.” important to walk through the advice with the could pose a risk to Katherine Lee, the Hong-Kong-based head business so they understand it. It is very possible your business? (Top 5) of the legal department at Animoca Brands, that they do not have the time to read the memo says that KPIs are currently measured by the but could do a quick coffee meeting with you.” Industry-specific complaint rate of internal customers in terms of Thirdly, internal time and quality service standards regulations 75% various factors, such as meeting business needs need to be maintained in the same way a private Anti-corruption in general, response time and ability to address practice lawyer would service her or his clients. “If it laws 37% issues among others. However, response time can is easier and quicker for the business to pick up the Antitrust laws 34% again vary according to the kind of work. “Frankly phone and call an external private practice lawyer Labour laws 29% speaking, it all depends on the mix of work that I than their own internal legal adviser, then that is a Environmental have received from different departments. Some sign that you are not doing what is required of your laws 21% work requires more time to analyse and some are role,” says Kamdar. straightforward.”

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 13 IN-HOUSE SURVEY

For Gill, modern-day legal departments well, which is more important for a commercial should be measured in terms of what they bring organisation.” into the company because organisations need to How satisfied are An important reason behind this is the have legal counsels who are reliable. “If I have you with the external competition in the legal market, according to Gill. to hire external counsel, then it has to be only counsel you are using? “A lot of law firms are facing competition from in niche areas,” he says. To agrees: “I do almost their peers and they have started realising this,” everything myself and there has been a major cut Extremely satisfied 12% he says. “In certain jurisdictions like Malaysia, in external legal costs since my arrival in Jan 2015. Generally satisfied, there’s a push to scrutinise billing. It becomes a I do believe that modern-day in-house counsel although there are bit of a pride or ego issue for the firm when you should get their hands dirty and should not hide a few areas for question their integrity.” behind external counsel.” improvement 78% Koh says that certain types of work are now Not satisfied; there becoming fixed-fee work. “For example, drafting are one or more of certain documents and conduct of legal due significant areas of diligence are now often subject to pre-agreed concern 10% fixed fees, he says, adding that invoices are being What are your main concerns when greatly scrutinized at this point. “I personally do it comes to the external counsel you not like our law firms to incur courier charges when Which one of the below are using? (Top 5) best describes your legal team? Fees are too high or unexplained 64% “A lot of law firms are facing Highly external 5% They don’t understand our competition from their peers company/industry 38% Balanced 54% Highly internal 41% and they have started realising They are not responsive enough this. In certain jurisdictions to our concerns 37% What are the main like Malaysia, there’s a push to They are slow, inefficient, or give services you will scrutinise billing. It becomes a bad advice 23% require from external bit of a pride or ego issue for the counsel in 2017? (Top 5) Partners are either not involved firm when you question their or don’t provide input 23% Arbitration and integrity.” dispute resolution 55% — Pavandeep Gill, Gobear A CHANGING RELATIONSHIP M&A/Corporate Expectedly fees tops the chart when it comes to finance 50% the major issues that in-house counsel have with Regulatory advice 46% their law firms, being mentioned by nearly two- Intellectual property, thirds of respondents. But the other figures also technology, data they send us their invoices and when $800-per- make for sobering reading: More than a third say protection 34% hour-charge for a few hours for ‘supervising’ their they don’t understand the company or industry, General commercial associates for some pretty basic work,” says Koh. and are not responsive enough to the concerns of contracts 23% According to Kamdar, there is an oversupply their clients. And nearly a quarter say that they are of law firms and private practise lawyers in the “slow, inefficient of give bad advice. market and it is a buyer’s market in that sense. But back to the fees. A slowing economy Are there any new “However, despite this trend, firms providing high means that the companies are watching every jurisdiction(s) in which value legal services still charge very high fees,” last dollar that is spent, and in-house lawyers you will require external she says. “I personally would like to see fixed fee are similarly tasked with ensuring that money counsel in 2017? arrangements and I think this will come about is spent judiciously. As a result, the fees have as the law firms across all tiers understand the become a sticking point in the relationship with China (PRC) 18% reality of the shift in the legal market and realise law firms, as the industry moves towards a fixed- Hong Kong 12% that their clients are demanding more predictive fee model propelled by the demands of in-house Indonesia 11% costs.” counsel. “There is absolutely a need for fixed fees Singapore 9% For Lee, the key to avoiding between law firms which should be a trend,” says To. “This is not only South Korea 9% and their clients is communication. “If the fee goes for cutting costs, but for budgeting purposes as beyond what is agreed, then law firm must let

14 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM IN-HOUSE SURVEY clients know about why that has happened and what extra fee will be charged going forward,” she says. “I think constant communication with If you were to employ “There has been a major cut in external lawyers and internal clients are important new external counsel to avoid disappointments or disagreements.” She in 2017, what factors external legal costs since my adds that she expects clients across the board would most influence arrival... I do believe that modern- to be able to track their spend with a law firm by your selection? (Top 5) day in-house counsel should get visiting that firm’s website. Expertise in their hands dirty and not hide CHALLENGES IN 2017 your industry 84% behind external counsel.” If 2016 was a sluggish year with little growth, Favorable fees/ — Alice To, Hsin Chong Construction Group lawyers of all stripes don’t expect 2017 to be much billing policies 70% better, and thus are preparing for more scrutiny Responsiveness 69% on costs, and more pressure to do more with less. Brand name/ “One of the major challenges will be the ever- reputation of periods of low or no work. The challenge would increasing workload, and another is minimising the law firm or be to use the down time efficiently and prioritise costs. Engaging external counsel will also continue lawyer 26% assignments during periods of intense activity.” to offer its challenges, says Gill. ” Kamdar agrees: Personal Two others see compliance-related work “Given the current economic uncertainty which relationship posing challenges this year. “There is going to be is expected to last over the next few months, the with the law firm/ an increase in compliance-related obligations and challenge would be to manage work assignments lawyer 29% focus,” says Koh. Says To: “It will be a challenge for efficiently. I expect there to be periods of very me, given that I was trained as and have always intense work, with multiple assignments and been a contentious lawyer.”

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 15 COVER STORY

In March this year, the Korean market ASIAN LEGAL BUSINESS: What are some of the notable trends you have witnessed in Korea’s legal industry in the will see the end of the first phase of past 12 months in terms of the quantity and quality of work? its market liberalisation, and UK and What have you been doing more of, and what have you seen U.S. firms have already opened up a drop in? KYE SUNG CHUNG, senior partner, Kim & Chang: In the offices there. In the face of a slowing domestic M&A market, similar to 2015, we saw several trends, economy and increasing competition, including an increase in the business restructuring or the how are domestic Korean law firms sale of non-core businesses by large corporations, selective investment by private equity investors, and government-led adapting their strategies to keep restructuring in the shipping, shipbuilding, and construction growing their business? Ranajit Dam industries. In light of domestic and overseas economic speaks to senior figures at three law uncertainties, we anticipate these trends, including corporate governance restructurings by large corporations, to continue firms – Kye Sung Chung of Kim & in the near future. Chang; Sung Jin Kim of Bae, Kim & SUNG JIN KIM, managing partner, Bae, Kim & Lee: 2016 Lee; and Seung Soon Lim of Yoon & was a year in which compliance-related issues such as product liability, regulation rules, and white-collar crime had a great Yang – to get their perspective. effect on the legal industry. Specifically, the Anti-Corruption and Bribery Prohibition Act (also known as the Kim Young- ran law) has enforced new bans or limits on the giving of gifts and favors, and imposes fines on individuals for improper solicitation of public officials, journalists and etc. In early 2016, BKL expanded its Compliance Team, which advises corporate clients on internal control, financial management system, code of conduct and other compliance issues. Also, we have bolstered BKL’s Tax Practice Group. This is because tax authorities are tightening restrictions and companies are faced with various legal issues, such as tax with respect to family business succession. BKL’s focus on tax is also fueled by the enhanced international cooperation against cross-border tax avoidance and the government’s implementation of voluntary reporting of foreign income and assets to foreign tax authorities in the U.S. SEUNG SOON LIM, managing partner, Yoon & Yang: Looking back at the Korean legal market in 2016, one of the biggest challenges that Korean law firms faced was developing new sources of business. For the past few years, the Korean economy has repeatedly relapsed into recession. Furthermore, with the sharp increase of Korean lawyers and the ever-increasing competition between law firms, it has become more difficult for law firms in terms of revenue and profitability with respect to the traditional areas of practice, such as litigation, M&A, finance and capital markets. In order to overcome such crisis and challenge, law firms in Korea, including Yoon & Yang, have spent the past year thoroughly examining new areas of business and recruiting professionals who can bringing in the relevant expertise. The major characteristic that defined

16 ASIAN LEGAL BUSINESS LEGALBULEGALBUSINESSONLINE.COMSINESSONLINE.COM COVER STORY

2016 would include the increase in the number of cases involving rapidly, if a lawyer merely international matters for Korean companies. More specifically, provides legal services international arbitration and intellectual property (IP) are the based on the shallow logic two areas which saw a remarkable increase in the number of without understanding cases. With respect to international arbitration, industries such the essence of changing as shipbuilding, shipping, and construction suffered greatly trends, the lawyer is bound from the economic recession and, consequently, the number to lose his or her clients. of arbitration cases involving termination of contracts with We launched teams the Korean companies in such industries increased. For IP, the focusing on construction number of cross-border disputes increased. and real estate, TMT The year 2016 also saw an increase in research, lectures and aerospace and and other advisory work associated with the Improper defense. We also plan Solicitation and Graft Act, which came into effect in September. to create specialized Furthermore, corporate restructuring, including the liquidation teams related to energy of Hanjin Shipping, was one of the major issues which and national resources, characterized this past year. distribution, environment, “SLOW ECONOMIC RECOVERY innovative technology, CONTINUES, AFFECTING ALB: What have been the biggest challenges Korean law as well as others devoted THE LEGAL INDUSTRY. IN firms have faced in the last 12 months? How have you as a to managing risks 2016 ALONE, 2,000 YOUNG firm looked to overcome them? associated with Korean ATTORNEYS ENTERED THE CHUNG: Slow economic recovery continues, affecting the legal and international criminal KOREAN LEGAL MARKET, industry. In 2016 alone, 2,000 young attorneys entered the matters, such as anti- ADDING TO THE ALREADY Korean legal market, adding to the already competitive legal corruption, white collar COMPETITIVE LEGAL JOB job market. That said, we believe these changes and challenges crime and the Foreign MARKET. THAT SAID, WE are opportunities for growth and development. In this respect, Corrupt Practices Act BELIEVE THESE CHANGES it is important for legal professionals to find ways of satisfying related risks, before and AND CHALLENGES ARE a client’s specific needs. after materialization of OPPORTUNITIES FOR GROWTH KIM: The third stage of legal market liberalization was the such risks. AND DEVELOPMENT. IN THIS biggest challenge for the Korean legal industry. Although we RESPECT, IT IS IMPORTANT FOR have not seen much of a definite effect yet, the market situation ALB: Do you feel the LEGAL PROFESSIONALS TO FIND has been quite difficult in that the public tendering of projects market has gotten more WAYS OF SATISFYING A CLIENT’S has increased, leading to intensely competitive pricing. BKL competitive with the SPECIFIC NEEDS.” is responding to this evolving landscape of legal services by arrival of the foreign continuously strengthening its client-centred approach. This law firms? What kind of Kye Sung Chung, Kim & Chang includes organizing a Comprehensive Litigation Support impact do you feel they’ve (CLS) Group to monitor some of the largest and most legally had on the legal services space? significant litigations in the market. CHUNG: So far, 27 U.S. and UK law firms have established their Another client-centered approach that BKL has introduced offices in Korea. Domestic and foreign law firms will also be is the Government Relations (GR) Group that supports not only able to establish joint ventures in the near future. So we could regulatory issues but also government relations work required see foreign law firms continue to expand their presence in more for the new convergence business so that our clients are able segments of the domestic corporate legal services market. to manage their business without violating the Anti-Corruption KIM: Although domestic law firms continue to lead the Korean and Bribery Prohibition Act. legal market, the flexible and bold strategies of foreign firms LIM: I believe the biggest challenge that the Korean must not be underestimated. In particular, foreign firms are legal industry, including major law firms, face is the rapid expected to invest aggressively in the patent litigation field in development of technology and how we, as lawyers, should anticipation of an increase in lawsuits filed by U.S. companies deal with such development. As we face the so-called “Fourth against Korean companies. In the same vein, we expect Industrial Revolution,” our economy and various industries increased collaborate between foreign and Korean law firms are rapidly evolving. Yet, the legal industry is busy with barely in IP matters as a way maximizing the scope and reach of their keeping up with such development. With the trends in the legal services. industries of the major clientele, conglomerates, changing LIM: Even with the foreign law firms entering into the Korean

LEGALBUSINESSONLINE.COMLEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 17 COVER STORY

legal market, I do not believe Korean law firms are losing their professionals with extensive expertise and broad practical competitive edge. experience in various fields and jurisdictions. Our professionals Firstly, with respect to outbound matters, foreign law collaborate in a flexible system, so that clients can receive firms mainly handled such matters even before the expansion strategic legal services custom-tailored to their specific needs. of foreign law firms into the Korean legal market. Since Korean We will continue our efforts to enhance the quality of our law firms were utilizing their ties with foreign law firms to services, and continue to evolve with the changing environment. provide legal services for outbound matters, I do not believe KIM: It might sound obvious but the key is client satisfaction. that the arrival of foreign law firms has, or will have, a big With its “client-centred” philosophy and the benefits flowing impact in this regard. from the newly-created CLS and GR Groups, BKL will be Secondly, with respect to inbound matters – that is, Korean devoting its energies to supporting both foreign and domestic matters of foreign companies – in most cases, appointment of clients in their inbound and outbound projects. BKL’s seven Korean law lawyers is necessary. Therefore, I do not believe that overseas offices will also play a key role in this strategy. the arrival of foreign law firms has, or will have, a big impart in LIM: Yoon & Yang’s main management strategy for 2017 include this regard either. strengthening our services related to tax advisory and tax On the contrary, I believe that the cooperation with foreign investigation cases as well as the expansion of the our antitrust law firms, rather than and IP team. Furthermore, to strengthen our Southeast Asian competition, will provide a Team, our firm opened an office in Ho Chi Minh City, Vietnam great opportunity for us to late last years. learn from various models of advanced law firm ALB: A number of Korean companies are doing business systems. With the increase overseas, particularly in countries in Southeast Asia, and in the number of foreign Korean law firms are following by opening offices. How law firms opening their would you describe your firm’s overseas strategies at offices in Korea, Korean present, as well as going into 2017? lawyers naturally will have CHUNG: We opened an office in Hong Kong, which is the more interaction with legal services and financial market hub in Asia. We are closely foreign law firm lawyers, monitoring and continuously analyzing our clients’ needs which is an opportunity to in other markets. It should be noted that when our Korean learn about their services, corporate clients enter an overseas market or engages in a expertise, systems and legal dispute in a foreign jurisdiction, we have been providing more. legal advice catered to local laws and regulations, and often do so in close collaboration with leading local law firms. So we are “COMPETITION AMONG ALB: What are the keys focused on strengthening our network with other foreign law LAW FIRMS IS EXPECTED TO to succeeding in Korea’s firms, rather than opening a new foreign office. INCREASE FURTHER AS THE legal market? What are KIM: BKL has been continuously advancing into the global KOREAN LEGAL MARKET WILL some of the big strategies market with its “frontier spirit,” a core element of BKL’s BE OPENED TO U.S. FIRMS IN you’ve put in place for management philosophy since its establishment. BKL made MARCH THIS YEAR. THIS IS business growth this significant strides by establishing five overseas offices in BECAUSE FOREIGN LAW FIRMS year? Dubai (the first Dubai office of a Korean firm), Hong Kong, Ho WILL BE ABLE TO HIRE KOREAN CHUNG: As businesses Chi Minh City, Hanoi, and Yangon in two recent years. These ATTORNEYS AND PROVIDE demand more complex combined with BKL’s existing offices in Beijing (established in LEGAL ADVICE BASED ON legal services, law firms 2004 as the first Chinese office of a Korean firm) and Shanghai KOREAN LAW BY ESTABLISHING must be able to rise to (established in 2008). A JOINT VENTURE WITH A the challenge and evolve LIM: We have a well-balanced and thorough coverage for KOREAN LAW FIRM. THEREFORE, accordingly, whether this both outbound and inbound transactions. As noted earlier, in DOMESTIC LAW FIRMS SHOULD means improving quality November 2016 we opened an office in Ho Chi Minh City, which NOT OVERLOOK THE RISK OF of services that caters to is the second overseas office following our Tashkent Office. Our LOSING KEY PERSONNEL TO each client’s specific needs, Ho Chi Minh City Office will act as a bridge for advancement DEEP-POCKETED U.S. LAW or providing efficient yet into the entire Southeast Asian legal market. In 2017, we also FIRMS OPERATING IN KOREA.” integrated solutions. We plan to actively provide advisory services related to Korea- Sung Jin Kim, Bae Kim & Lee have organized teams of China investment.

18 ASIAN LEGAL BUSINESS LEGALBULEGALBUSINESSONLINE.COMSINESSONLINE.COM COVER STORY

ALB: Firms across Asia say that clients today are different – firm. Therefore, domestic more cost-conscious, and more savvy and judicious when it law firms should not comes to use of legal services. What are some of the changes overlook the risk of losing you are seeing in Korea, and how are you as a firm looking to key personnel to deep- adapt to these changes? pocketed U.S. law firms CHUNG: After Korea opened its legal services market to foreign operating in Korea. law firms, we have seen the overall service level of domestic Furthermore, as law firms improve, and quality of service continues to be a Korea’s economic growth significant factor for competitive advantage. We endeavor rate will remain in the 2 to provide our clients with the highest quality of service that percent range in 2017, best suits their needs in Korea and overseas. In terms of our companies will make expertise and offerings, we continue to sharpen our global efforts to develop new competitiveness. markets. Because new KIM: As mentioned previously, it is clear that the Korean legal or entry-level industries market has been growing more difficult due to the fierce price are accompanied by strict competition. In response to this change, BKL’s strategy is to regulations, there will “I BELIEVE THE BIGGEST focus on our client-centered philosophy, considering clients be an increase in legal CHALLENGE THAT THE KOREAN as lifelong partners. BKL will continue to invest in labor, IP, demand among businesses LEGAL INDUSTRY, INCLUDING tax, antitrust/competition and white-collar crimes, which are for interpretation and MAJOR LAW FIRMS, FACE IS an integral part of every business. We also plan to establish a application of those THE RAPID DEVELOPMENT OF regulation group, combining our TMT and government policy rules. Korean companies TECHNOLOGY AND HOW WE, AS teams to actively respond to newly growing industries such as interested in entering LAWYERS, SHOULD DEAL WITH drones, AI and biotechnology. foreign markets in SUCH DEVELOPMENT. AS WE LIM: It is undisputed the Korean legal market has been Southeast Asia or the FACE THE SO-CALLED ‘FOURTH experiencing many changes, including the rise in number of Middle East are also likely INDUSTRIAL REVOLUTION,’ in-house lawyers and the clients’ approach of selecting law to seek legal advice. OUR ECONOMY AND VARIOUS firms. In the past, Korean companies generally agreed to the LIM: The number of INDUSTRIES ARE RAPIDLY fees proposed by law firms. Nowadays, however, it has become attorneys in Korea has EVOLVING. YET, THE LEGAL the norm for Korean companies to request fee proposals from increased to approximately INDUSTRY IS BUSY WITH multiple law firms and to request a fee deduction after a law 20,000 and major Korean BARELY KEEPING UP WITH SUCH firm has been selected. law firms are continuously DEVELOPMENT.” Rather than blindly deploying numerous attorneys and expanding. Consequently, other professionals and charging the fees, we carefully manage competition will only Seung Soon Lim, Yoon & Yang teams of experts based on their skills and expertise. With become fiercer in the respect to our clients’ existing matters, we aim to provide our Korean legal market. Some of the practice areas that are clients with timely legal advice in advance, thereby lowering expected to be very active in 2017 include antitrust, litigation, legal fees. Our experts also provide around-the-clock service international trade and international tax. Furthermore, we and advice enhancing the communication with our clients. anticipate increase in the number of antitrust cases in 2017. In litigation, we expect that the number of cases related ALB: What are your predictions for 2017 when it comes to the to issues in product liability, environment, international Korean legal market? trade secrets and patent rights will increase. We also expect CHUNG: Under the current business environment, companies increase in the number of disputes between small to mid-size are expected to take a more cautious attitude towards enterprises and large enterprises with regards to the economic investment and this could mean more challenges to the Korean democratization. legal market. The secondary steps for the opening of the Korean Experts also anticipate a stronger move towards trade legal services market will continue in 2017 and this will lead to protectionism when the Trump administration takes office, more options available to clients for their legal service needs. and so we believe that the number of international trade and KIM: First of all, competition among law firms is expected commerce cases will increase as well. Last but not least, I to increase further this year, as foreign law firms will be able believe we should also keep a close eye on the policy changes to hire Korean attorneys and provide legal advice based on and the inauguration of the new government following the Korean law by establishing a joint venture with a Korean law 2017 Korean presidential election.

LEGALBUSINESSONLINE.COMLEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 19 TECHNOLOGY

THE ROBOTS ARE With an eye to cutting costs, servicing clients massive amounts of unstructured data like legal documents or cases, better and maximising resources, law firms are identify trends and specific pieces of embracing artificial intelligence in a big way information which are most relevant HERE to lawyers, and becomes "smarter" by learning the preferences of its user BY RAJ Artificial intelligence (AI), Intelligence, RAVN Systems and and receiving feedback on the quality GUNASHEKAR also termed as machine learning, Beagle through Nextlaw Labs to of its results from experts. is a feature of technology that is explore the application of AI in real- Some of the AI technology is becoming increasingly important in world legal work. still in the early stages but experts the legal sector and has attracted believe that machine-learning tools significant attention in the last one BRAVE NEW WORLD in the legal sector will appear in year. The most common use for AI in three waves. Firms are increasingly becoming the legal field occurs in the due The first wave is in tools that can aware of investing in innovative diligence phase. This includes expert form a good view of what a document technologies to keep themselves legal research, contract review and is about. relevant and to upgrade their e-discovery. “These can be mainly seen in offerings to their ever-demanding ”We are delighted to be working the growing number of advanced clients across the globe. with leading data scientists on e-discovery tools in the litigation and As a result, firms like Baker using AI and machine learning in investigation area. These e-discovery & Hostetler, Clifford Chance, DLA transactional due diligence. This tools can analyse millions of Piper, Latham & Watkins, Linklaters, year has also seen the uptake of documents and can, for instance, Slaughter and May and Wachtell, technology-assisted review in replace the first level of review to Lipton, Rosen & Katz have all started e-disclosure,” says Jane Bradbury, decide which documents might be experimenting with AI in workflow head of knowledge & information at relevant to the case. This can result processes in their firms. Dentons, Slaughter and May. in large cost savings compared to the for example, is working with ROSS In the legal space, AI synthesises traditional way of reviewing these

20 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM TECHNOLOGY documents. This has permanently “We should be clear that we don’t see these technologies as changed the way investigations are being done,” adds Bas Boris Visser, replacing lawyers. These tools will give the lawyers access to a the global head of innovation and better pool of information on which they can use their experience business change at Clifford Chance. and judgement to offer advice and solutions.” The second wave is in tools that can dig deeper inside the documents — Matt Peers, Linklaters and understand the structure and then can find and extract specific data or provisions. Finally, the third wave is in tools that can understand natural language and supposed to WILL LAWYERS BE REPLACED? the stage where they can completely be able to reason like a human being. The use of all these technologies hand off tasks over to computers The best known example is IBM's obviously enhances client offerings, for processing and trust the results Watson. as speed and accuracy can be would completely be accurate. “What I expect IBM wants improved. “It takes years of expert Watson to be able to do is to function “In some matters today, a lot guidance and training the machine like a paralegal or junior lawyer,” of time is spent finding the right before that can happen. However, Visser says. information and reading through the benefit and promise of AI in contracts, some of which may not legal field is that the repetitive and AIDING LAWYERS be relevant. Technology will help time consuming tasks such as legal The key AI-related technologies ensure the quality of the data that research and document review will currently being used by lawyers fall is being reviewed and considered. be significantly reduced, allowing under the categories of machine We should be clear that we don’t lawyers to direct their time and learning, natural language see these technologies as replacing attention to more important work processing, cognitive computing and lawyers. These tools will give the and ultimately providing significant robotics. lawyers access to a better pool of cost savings to clients,” he adds. KEY PLAYERS Machine learning involves information on which they can use Andrew Cooper, the regional IN THE identification of trends in their experience and judgement to IT manager and head of business data through supervised and offer advice and solutions,” says Matt infrastructure, Asia, at DLA Piper AI SOFTWARE unsupervised learning. The natural Peers, the director of information points that law firms need to think language processing technology systems and strategy at Linklaters. carefully about how far they push the SPACE: aids in creation of meaningful Using AI, for example, in due idea of using AI tools as value-added KIRA SYSTEMS text language from structured diligence, modifies certain practical innovation. data, or analysis of text based on steps in the due diligence process, the interpretation of emotion or rather than the legal analysis itself. ADOPTION RATES KM STANDARDS meaning. “It sits within a workflow process Firms today are running controlled The cognitive computing type that is designed to assist lawyers in pilots by reworking old matters with LUMINANCE predicts human thoughts and spotting issues and allocating tasks. technology to understand what processes within a computerized The software can process and classify would be different if the technology model. Robotics is the automation large data sets quickly, but is not a was used in the delivery. “The RAVN SYSTEMS of repetitive manual tasks such as replacement for humans. Rather it challenge is in choosing technologies data extraction and entry through helps to sort and prioritise documents that you can work with,” says Peers. ROSS manipulating computer software. for expert review by lawyers, not One of the big barriers to INTELLIGENCE Dentons-supported Nextlaw robots, and speeds up the time widespread adoption is that many Labs' first portfolio company ROSS taken to spot potential issues. The of the technologies don’t work out- SEAL Intelligence has developed a legal aim is to allow lawyers to use their the-box. SOFTWARE research app called ROSS, powered time as effectively as possible to “They need specific lawyer time by IBM’s cognitive computer Watson, identify and analyse critical legal to set them up, configure for different which uses machine learning and issues and communicate these issues clients and applications and show natural language processing to to the client in the early stages of a them how to learn. Until there is a assist with contract drafting and transaction,” explains Bradbury. compelling case and certainty about review, allowing lawyers to do their Nextlaw Labs’ CEO Dan Jansen the products that will be taken jobs more efficiently. says that currently firms are not at forward, it is hard to secure lawyer

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 21 Clifford is using software tools TECHNOLOGY like Kira Systems and Leverton on real projects. Visser says, “We are piloting “The benefit and promise of AI in legal field is that the repetitive it broadly within the firm. Due to, for instance, language restrictions and time consuming tasks such as legal research and document or specific features in certain review will be significantly reduced, allowing lawyers to direct jurisdictions, there are certain areas their time and attention to more important work and ultimately or jurisdictions where it might take longer for it to be more fully providing significant cost savings to clients.” implementable.” — Dan Jansen, Dentons NextLaw Labs FIRMS AT RISK? Early adopters face the challenges and opportunities of helping shape the development of AI in law. This time to do this work,” Peers adds. intelligence of lawyers already in requires serious investment of time, Jansen comments that the their jobs to help them complete energy and resources. Machine legal industry as a whole tends to their tasks more efficiently and focus learning requires expert guidance be resistant to change, and when it on higher value work and improve and constant quality feedback, but it comes to the subject of AI, there is their client service. It is about man is worth the investment. resistance stemming from the fear plus machine not machine replacing AI in the legal sector also pose that robots will eventually take over man. Clients are demanding challenges around how and where lawyers' jobs. innovation and we are seeing the data is stored, how products are “But this is simply not the market respond to this demand with priced, how risk profile changes case,” he says. “Technology is about an increasing amount of interest in AI for clients and law firms, and how augmenting and amplifying the among some of the major law firms.” organisations get the right skills mix

SIRI, CATCH MARKET CHEATS: WALL STREET WATCHDOGS TURN TO A.I.

Artificial intelligence programs have beaten chess FINRA plans to test artificial intelligence software masters and TV quiz show champions. Next up: stock being developed in-house for surveillance this year, while market cheats. Nasdaq and the London Stock Exchange are close to Two exchange operators have announced plans to utilising it. launch artificial intelligence tools for market surveillance The exchange operators also plan to sell the and officials at a Wall Street regulator tell Reuters they technology to banks and fund managers, so that they can are not far behind. Executives are hoping computers with monitor their traders. humanoid wit can help mere mortals catch misbehavior Artificial intelligence is the notion that computers more quickly. can imitate nuanced human behavior, like understanding The software could, for instance, scrub chat-room language, solving puzzles or even diagnosing diseases. messages to detect dubious bragging or back slapping It has been in development since the 1950s and is now around the time of a big trade. It could also more quickly used in some mainstream ways, like Siri, an application unravel complex issues, like "layering," where orders are on Apple Inc's iPhone that can engage in conversation and rapidly sent to exchanges and then canceled to artificially perform tasks. move a stock price. While financial firms are already applying artificial A.I. may even sniff out new types of chicanery, says intelligence software for everything from compliance Tom Gira, executive vice president for market regulation to stock-picking, it is only starting to become useful for at the Financial Industry Regulatory Authority (FINRA). market oversight. "The biggest concern we have is that there is some "We haven't really let the machines loose, as it manipulative scheme that we are not even aware of," were, on the surveillance side," says Bill Nosal, a Nasdaq he notes. "It seems like these tools have the potential to business development executive who is overseeing its give us a better window into the market for those types of artificial intelligence effort. scenarios." Market surveillance generally relies on algorithms

22 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM to be able to deliver work using a documents. It doesn’t take away the solutions which directly address their range of technologies. need for the human legal expertise needs,” Jansen says. TECHNOLOGY The traditional matter delivery to be applied to the significance of model has evolved over many those clauses,” says Cooper. THE FUTURE generations and is well established. In the future, law firms expect to “Changing this involves taking some OPTIMISTIC CLIENTS see some very interesting use cases risks on the side of firms and clients, According to law firms, clients emerging. and in the delivery of most matters are not only positively keen to see “From an industry-wide time is important, and hence no innovative uses of AI technology perspective, the rise of AI and legal one wants to lose time or introduce in the conduct of their work by law tech will change the conversations additional steps,” adds Peers. firms, but in-house client contacts partners have with their clients and On similar lines, Bradbury are also interested in technology law professors with law students. says time is needed to “train” the that can support research or contract AI will become a more commonly software to recognise the key legal review in their own legal teams. Says requested feature in clients request clause and document types. “The Peers: “Clients will hopefully work for proposals (RFPs) and a more more time that is invested in training closely with law firms to see where prevalent subject taught in law the software, the better the results mutual benefits can be found from school classrooms,” says Jansen. should become,” she comments. using technology. It is likely to involve Some of the technologies will Some lawyers may not favour an investment and leap of faith on hit the mainstream very quickly, for the idea that software can do the both sides.” example, the ability to ingest lots job of a lawyer for obvious reasons, Clients are equally excited at of contracts, group them and make but at the moment technology isn’t the prospect of seeing higher quality them available for electronic search doing that. work delivered much more quickly, is likely to be common in the next “It is really only reducing the thus reducing their amount of legal couple of years. amount of time spent on the lower spend. Already a number of software end work, for example, finding “They are excited at the idea companies and law firms are working provisions in a set of contract of receiving AI-powered tailored to get products to market quickly.

to detect patterns in trading data that may signal manipulation and prompt staff to investigate. But the sheer volume of data can lead to an overwhelming number of alerts, many of which are false alarms. FINRA monitors roughly 50 billion market "events" a day, including stock orders, modifications, cancellations and trades. It looks for around 270 patterns to uncover potential rule violations. It would not say how many events are flagged, or how many of those yield evidence of misbehavior. The "machine learning" software it is developing will be able to look beyond those set patterns and understand which situations truly warrant red flags, says Gira. REUTERS/Carlo Allegri Machine learning is a subset of artificial intelligence in which computers figure out new tasks without having been programmed to do so. In the case of market LSE has teamed up with International Business surveillance, that would mean the computers "learn" Machine Corp's Watson business and cyber-security firm which trading patterns lead to enforcement charges, in SparkCognition to develop its A.I.-enhanced surveillance, order to flag the right ones. Chris Corrado, chief operating officer of LSE, says. Watson FINRA plans to test the new tool next year alongside has become something of a household name, having its existing systems to compare the results. bested contestants in the game show "Jeopardy" in 2011. The regulator has already moved its surveillance The technology would not necessarily prevent events systems to Amazon.com Inc's web-based Cloud, giving it such as the 2010 "flash crash," when the Dow Jones more computing power to quickly analyze massive data. Industrial Average temporarily plunged more than 1,000 Nasdaq is working with cognitive computing firm points. Digital Reasoning, which it invested in earlier this year. JOHN MCCRANK, REUTERS

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 23 SPONSORED ARTICLE

“Legal practitioners who refuse to participate in the Fourth Industrial Revolution and turn a blind eye to FinTech shall do so at their own peril!” General discussions with Loo Choon Chiaw, Managing Partner of Loo & Partners LLP

Asian Legal Business: FinTech is one of the by think tanks and academicians, and articles, financial buzzwords repeatedly used in 2016. reports, documents and other information Please briefly explain what Fintech is. released by governmental authorities and Loo Choon Chiaw: FinTech is just a shorthand private enterprises. Thereafter to sift through phrase for financial (Fin) and technology (Tech). the massive information captured, separating Initially, it was a reference to the application of the wheat from the chaff, and transmitting the computer technologies to the traditional back- most pertinent information to their customers end office functions of financial institutions. in real time. Gradually, it has been used to describe the application of new technologies, in the ALB: Where are the world’s leading FinTech financial services space, to front-end consumer hubs? products by new entrants in their attempts LCC: In a report entitled ‘Connecting Global to unseat existing and established players. Finance: Hub Review 2016’ recently released The term now also denotes the disruption by Deloitte, London, Singapore, New York, of the highly regulated financial services Silicon Valley and Hong Kong have been market consequential upon the replacement ranked the top 5 FinTech hubs, followed by or enhancement or transformation of the South Korea, Switzerland, Frankfurt, Sydney, delivery of traditional financial services by the Canada and Shanghai. In arriving at the league adoption of new computer programmes, new table, Deloitte took into account the presence, technologies and innovations, new operating in each of the hubs surveyed, of the necessary processes, new products and/or new business ingredients, namely the availability of the models. specialised talent pool and investment capital, the existence of a progressive regulatory ALB: Please enumerate the key areas of framework and strong government support, traditional financial services which have LOO CHOON CHIAW and the close collaboration of players from been affected by FinTech. Managing Partner the financial services space and technology LCC: The key areas are too many to enumerate. (65) 6322-2288 space within the FinTech ecosystem, which are I shall mention only two that immediately (65) 6534-0833 requisite for the development of a world class spring to my mind, namely, mobile payments [email protected] FinTech hub. and machine learning. ALB: Do you agree with the league table? ALB: What about mobile payments? Such applications take all shapes and sizes. LCC: Absolutely. The league table was the LCC: Mobile payments have also been referred For instance, leading players in the lending result of a comprehensive assessment of the to as mobile money transfers and mobile space have already been using machine index performance scores of each of the 21 wallets. Briefly, they are payment services learning technologies to build up their FinTech hubs reviewed in Deloitte’s report. operated under regulatory supervision and credit risk models in selecting creditworthy transacted via mobile devices which replaced customers and eliminating bad loans. The ALB: What about the inclusion of London as the use of good old cash, cheques and credit traditional functions of financial processing one of the top 5 hubs? cards. and credit-related decision making have also LCC: Before the Brexit vote, London (or the been enhanced and streamlined by machine Square Mile) with its several centuries of rich ALB: We have all experienced mobile learning technologies, thereby enabling the financial history, a comprehensive financial payments. Can you elaborate more on financial institutions to process loans more and legal infrastructure, an inexhaustible machine learning? efficiently and hassle free. Machine learning investment capital, the ease of access to EU’s LCC: This is merely an application of artificial technologies have also made it possible for single market and specialised FinTech talent intelligence which enables a machine to the leading providers of financial information pool, a progressive regulatory framework, learn and function when it is not explicitly to trawl and capture instantaneous data from strong government support and the close programmed to do so. Many startups have Twitters and other social media sources, and collaboration of the Fin players (who can rival gained inroads into financial services by up-to-date contents from the public domain, the best of their opposite numbers in New the use of machine learning technologies. including researches and publications released York) and the Tech players (who could give

24 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM SPONSORED ARTICLE

the Silicon Valley boys a good run for their financial institutions as customers (and not as the regulatory minefield. When the relevant money) within the local FinTech ecosystem, competitors), and noted that they are gaining regulations dictate compliance requirements, was regarded the FinTech capital of the world. ground over disruptive players. It will certainly its advisor will help it obtain the requisite However, much uncertainty arose after the be a win-win for all when the traditional banks licences from the applicable authorities, and Brexit vote, in particular whether UK-based and the FinTech startups can find ways to work attend to the numerous queries which the FinTechs will continue to have easy access to together, thereby allowing the startups to tap authorities will likely to raise in reviewing EU’s single market and its talent pool. Thus, the banks’ pool of customers and the banks to the applications. Even after the application UK-based FinTechs are compelled to hedge embrace the startups’ innovative technologies has been approved and the licences issued, their positions and plan for both scenarios, in driving the banks’ future products and a FinTech will require its advisor’s advice and thereby holding back their expansion plans, services in a more efficient and cost effective services in its continuing compliance of the or to relocate to another FinTech hub on the manner. With this collaborative approach, the regulatory requirements. A FinTech will also basis of the imminent occurrence of the ‘worst customers shall be the bigger winner. need its advisor to opine on the legality of case’ scenario. any proposed change of its existing business ALB: As the managing partner of a leading model or the launching of any new product. ALB: Will Singapore unseat London’s throne boutique legal practice, please share your When a FinTech is challenged by a regulator as the world’s FinTech capital? thoughts on FinTech from the perspective of over the legality of its business model or LCC: While the jury is still out on whether an attorney. products, its advisor will help it to defend its London could still cling on to its position LCC: We are in the midst of what Professor position and answer the challenges head on, as the world’s pre-eminent FinTech capital Klaus Schwab termed ‘the Fourth Industrial where necessary. after the Brexit vote, Singapore appears Revolution” and have been bombarded with to be a serious contender for that position. buzzwords like ‘Internet of Things’, ‘market As a leading financial centre in the region, disruptions’, ‘digital networks’, ‘intelligent WE ARE OUR CLIENTS’ PARTNER Singapore has in place all the ingredients robots’, ‘innovation labs’ and ”FinTech We regard ourselves as our clients’ necessarily for it to become the FinTech centre ecosystems’ day in and day out. Opportunities strategic partner when tackling their of the world. It is pertinent that Singapore abound for legal practitioners who have a good daily challenges. No stone shall be left government has already committed SGD225 working knowledge of FinTech, who should be unturned in our daily search for the most million in its support of FinTech projects. Deep quick to seize the opportunities when they effective legal solution to meet the special pocket investors, including the Government are still available. It is noteworthy that in May needs of each of our clients. of Singapore Investment Corporation (GIC) and November this year, London law firms and Temasek, Singapore’s sovereign wealth Simmons & Simmons and Slaughter and May OUR MEMBERS ARE OUR ASSETS funds, are also ready to invest in FinTech respectively started to offer free legal advice In Loo & Partners, every individual (no ventures. Various initiatives have also been to FinTech startups. Legal practitioners who matter what position he or she occupies) implemented in support of the FinTech sector, refuse to participate in the Fourth Industrial is a member of our team and an asset to including those relating to the Regulatory Revolution and turn a blind eye to FinTech the firm. We are constantly searching for Sandbox, the Cloud Computing Guidelines, shall do so at their own peril! the Strategic Electronic Payments, the persons with the requisite qualities to join FinTech Office, the MAS Innovation Lab, the ALB: What are the special skill sets which a our team. International Technology Advisory Panel and FinTech attorney should have? Talent Development. LCC: In addition to the core competence which WE ARE A LOCAL FIRM WITH REGIONAL a legal practitioner ought to possess, namely, CAPABILITIES ALB: What are the challenges faced by the analytical mind, attention to details, logical We strive as follows: traditional banks and the FinTech startups reasoning, persuasiveness, sound judgment • To be the best amongst our peers respectively? and good communication skills, a FinTech • To attract and retain committed team LCC: The traditional banks are losing their practitioner should be familiar with the relevant members experienced staff to the FinTech startups as laws and regulations which have an impact on • To enable each member to attain his or they are attracted by the perceived learning FinTechs in general, should commit adequate her full potential opportunities and the less regimental and time and resources in apprising himself of • To be our clients’ strategic partner in friendlier working environment. They are also the latest changes made to the relevant laws tackling their daily challenges under a constant threat from the FinTech and regulations, the latest judicial decisions • To implement changes necessary startups, which are watching the bank’s most pronounced on those laws and regulations, to serve our clients better, increase profitable services like a vulture. In contrast, and their practical implications vis-à-vis his efficiency and reduce costs FinTechs have a different set of problems, they FinTech clients and prospects. • To maintain a level of profitability that lack established branding and retail presence sustains funds further investments to which are the essential conditions for scaling ALB: What value add does a FinTech attorney enhance our overall capabilities and up. bring to his client’s table? provides fair rewards to members LCC: A competent FinTech practitioner brings ALB: What will the outlook of FinTech great value to his client’s table. A FinTech industry in 2017 be? thrives whenever it can to cause a market LCC: There is a consensus among the disruption in offering services in an area where FinTech experts that ‘collaboration’ will be established financial institutions are either the buzzword for 2017. Indeed, Accenture not permitted to do so in view of regulatory Loo & Partners LLP in its recent report entitled “FinTech and constraints or not keen to jump into the fray 143 Cecil Street The Evolving Landscape: Landing Points for for commercial reasons. In this context, its Level Ten The Industry” drew a distinction between adviser will help it to navigate through the GB Building ‘disruptors’ and “collaborative” FinTech jungle of complex regulations and devise Singapore 069542 ventures, namely those who primarily targeting a business model which will steer clear of www.loopartners.com.sg

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 25 ARBITRATION

connection to the case, to finance the costs of proceedings. In return, this third party can earn a share of any damages awarded. On Nov. 7 last year, the Civil Law EMBRACING TPF (Amendment) Bill 2016 was read in As part of its efforts to become the Asian region’s the Singapore parliament. Singapore will now allow TPF for international leading centre for disputes, Singapore is looking to commercial arbitration proceedings usher in third-party funding for arbitration and related court litigation, abolishing the Common Law torts of maintenance – the intermeddling of a disinterested party to encourage a lawsuit – and champerty – an illegal agreement to finance a legal action with the intention of sharing of any awards. The change has been a long time coming. Over the last decade, Singapore has taken multiple steps to build itself as the leading jurisdiction of arbitration procedures in Asia. Singapore is a signatory of the 1958 New York Convention on the Recognition and Enforcement of Arbitration Awards, better known as the New York Convention, which has been enacted into law in the city-state and makes foreign arbitral awards enforceable as if they were court decisions. The Singapore International Arbitration Centre (SIAC), which is both independent and non-profit, started operating in 1991 and has BY HAKY MOON Taking another step towards litigation, but new regulatory since built a strong track record establishing itself as the go-to amendments mean change is afoot. of decisions… In 2015, the SIAC arbitration centre in the Asia-Pacific An important factor in this change received 271 cases filed from parties region, Singapore has now gotten is that it will boost the city-state’s in 55 different jurisdictions, a record behind the idea of third-party competitiveness against Hong Kong. number and an increase of 22 funding (TPF) for arbitration. “This is a timely development for percent from 2014. Decades after the practice the region, particularly as we enter At the same time, Singapore’s was made lawful elsewhere in the uncertain economic times where we International Arbitration Act that world, Singapore is now moving to expect to see a surge in commercial was first passed in 2001 and has allow unrelated parties to pay for disputes but where parties have a been updated several times since, the costs of arbitration. The move reduced ability to fund arbitrations,” is based on the United Nations marks a significant reversal and one says Abraham Vergis, managing Commission on International that could make Singapore more director of Providence Law Asia. Trade Law (UNCITRAL) Model appealing a destination of arbitration Law on International Commercial proceedings. ARBITRATION EVOLUTION Arbitration. For a long time, Singapore Third-party funding allows In 2015, Singapore launched the prohibited third party funding in an unrelated party, usually a Singapore International Commercial international arbitration and related commercial fund with no prior Court (SICC) to give more weight to

26 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM ASIA’S New Hub foR DISpute ReSolutIoN Seoul – A dynamic city powered by its world-class IT based Legal Infrastructure

Advantages of Arbitration at the Seoul IDRC

Conveniently loCated in State-of-the-art a StronG and Supportive the Center of Global City teChnoloGy arbitral framework

Less than 1hour from Incheon E-Document sharing system: no A modern, comprehensive International Airport need to carry heavy bundles Arbitration Act revised in 2016 to Walking distance from law firms High-speed Wi-Fi network align it with the 2006 version of the UNCITRAL Model Law and business institutions Multiple Cameras for presentations Premier Location: historical & video conferencing Opening of the Legal Market: Amendment of the Foreign Legal landmarks & fine restaurants and Real-Time transcription services five-star hotels Consultation Act 2016 An arbitration-friendly judicial system

Large (119m2) Small (21m2) Arbitrator’s room (26.9m2)

SEOUL IDRC 11F Seoul Global Center, 38 Jong-ro Jongno-gu, Seoul, 03188, Korea INTERNATIONAL DISPUTE RESOLUTION CENTER E_ [email protected] T_ +82.2.2086.4200 F_ +82.2.2086.4210 W_ www.sidrc.org

서울국제중재센터

-AMCHAM (205x275mm).indd 1 2016-09-09 10:58:32 ARBITRATION

is position as an international center the Civil Law (Third Party Funding) “Singapore will be the first for dispute resolution. Regulations 2016. jurisdiction in the region to expressly Despite this strong focus Together, these new instruments provide a framework for third-party on arbitration, a well-developed take liability away for the funding funding,” says Steven Lim, managing regulatory structure arbitration and of legal action in prescribed partner of the Singapore office of > £1.5 bln: the fact that Singapore is among the proceedings, including international Nabarro. “The early adoption of Global assets of 16 funders in the top five most widely used locations arbitration or applications for third party funding in the region may UK, according to for arbitration, according to the enforcement. There are conditions, lead to an increase in the number Justice Not Profit. results of the Queen Mary - White & however. The funder must be in of arbitrations here and further This is up 743 percent Case 2015 International Arbitration the business of funding dispute enhance Singapore’s reputation as since 2009 Survey, TPF had not been an option resolution proceedings, must have a hub for international arbitration.” in Singapore. immediate access to funds and While TPF has become Rather, Singapore made a point invest those funds to allow a party to increasingly prevalent over the past of prohibiting TPF in international cover the costs of arbitration. decade in many jurisdictions from arbitration to avoid frivolous actions. Part of this proposal would Europe, to Australia and the United This widely held ban on TPF was include an amendment to States, it has remained unlawful in underlined by the Singapore Court of Singapore’s Legal Profession Act Singapore and in Hong Kong. 28%: Appeal in Otech Pakistan Pvt. Ltd. v to allow solicitors to refer clients to “Singapore is taking a measured Proportion of Cloud Engineering Ltd. in 2007. The third-party funders. approach to third party funding. The responding private court said champerty applies to both full extent of regulation has yet to practice lawyers in 2016 who say their traditional litigation and arbitration, OPENING NEW DOORS be revealed. It is anticipated that firms have used saying “it would be artificial to Elsewhere, particularly in regulation will be light touch – setting litigation financing, differentiate between litigation and jurisdictions with similar legal a framework for funding but still according to Burford Capital. arbitration proceedings and say structures, TPF has long been an allowing funders and users flexibility This is compared to that champerty applies to the one established practice. to tailor funding arrangements to 7 percent reported because it is conducted in a public The courts in England & meet the needs of particular users in 2013 forum and not the other because it is Wales, for example, have generally and cases,” says Lim. “With Hong conducted in private.” The court went supported TPF and the practice is Kong also planning to introduce on to say that arbitration is a form of self-regulated by the Association similar legislation, we can expect to litigation and that TPF could hurt the of Litigation Funders. England see more funded cases in the region.” interests of “vulnerable litigants”. abolished TPF as a crime back in This is one area in which 1967. Hong Kong took an early lead. Like CHANGING OPINION That said, Singapore will be a Singapore, Hong Kong approached 71%: For years Singapore resisted calls to pioneer for TPF for the region. TPF with caution but it was more Proportion of respondents to greenlight TPF, even as professional flexible than Singapore, which long the Queen Mary opinions and the general perception banned it outright. Hong Kong University of of the practice started to change. allowed third party funders to be London and White and Case By 2011, a change was visible “This is a timely used as liquidators to pursue claims who feel that among the legal profession and on behalf of insolvent companies. third-party funding Singapore’s law makers. That development for the This approach gave Hong Kong’s requires regulation year, the Ministry of Law sought region, particularly funders a little more leeway while out “views on whether TPF would as we enter uncertain still technically prohibiting TPF. be appropriate in the context of The Law Reform Commission international arbitration” as part economic times where of Hong Kong issued two reports of a review of the International we expect to see a after consultations in October 2015 Arbitration Act. surge in commercial and October 2016 that culminated It would not be until 2016, in a series of proposed legislative however, that any significant would disputes but where amendments to Hong Kong’s happen. parties have a arbitration ordinance (AO). In mid-2016, the Ministry of Law reduced ability to fund But with an increasing portion of carried out two consultations and the world’s business being conducted developed two drafts that changed arbitrations.” in Asia, legalizing TPF in jurisdictions the prohibition of TPF. The Civil Law — Abraham Vergis, like Singapore is likely inevitable and, that was adopted in November and Providence Law Asia possibly, a positive change.

28 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM MaxwellChambers FPFC-Ad (FA).indd 1 1/16/15 11:08 AM ARBITRATION

For more than three years, Hong modern and user-friendly, providing Kong has been looking to capitalise one regime which applies to both on its role as a “super connector” for foreign and domestic disputes, China’s President Xi Jinping’s Belt explains Bao. The Hong Kong and Road Initiative. Emerging as the government has been proactive premier arbitration centre is part and in building infrastructure that parcel of this role. facilitates arbitration. The Belt and Road initiative “In recent years, there is aims to boost trade and improve increased confidence within Chinese infrastructure links among more than parties as (they) are more discerning 60 countries. Chinese investments about their dispute resolution in the tens of billions of dollars are options,” says Bao. There are clear certain to generate disputes and benefits to arbitration and “the more demand for dispute resolution. biggest benefit of arbitration is “The consumers of dispute enforcement.” resolution are becoming more “The supply of disputes in Asia is sophisticated,” says Chiann Bao, Asia ONE FOR THE also helping,” she adds. Pacific Counsel at Skadden, Arps, Hong Kong’s strengths as a Slate, Meagher & Flom and former financial center are also beneficial secretary-general of the Hong Kong along with the several strong International Arbitration Centre arbitration institutions that are (HKIAC). “Our sense is that there BELT AND ROAD present such as the International is a strong shift in terms of using As China expands its Belt and Road Court of Arbitration, the China arbitration.” International Economic and Trade “Hong Kong sits at the centre initiative, Hong Kong is becoming the Arbitration Commission (CIETAC) of Asia and ticks all the boxes one go-to centre for disputes related to it and the HKIAC. In 2015, the HKIAC might wish in an arbitration center,” handled 520 cases, up from 477 in she adds. 2014. The HKIAC recently appointed BY ALFRED Laracy & Co, a Hong Kong law firm as Secretary General Sarah Grimmer, HONG KONG’S STRENGTHS ROMANN that works in association with Hill who previously worked with the President Xi Jinping launched the Dickinson Hong Kong. “You can say Permanent Court of Justice in The Belt and Road initiative in 2013 that it is in a unique position to be Hague. and by the end of 2015, Chinese the designated arbitration forum for investment along the route had disputes arising under One Belt One CHICKEN OR EGG reached almost $19 billion, 13 Road.” The constant improvements to the percent of which was overseas direct “There is clearly a very strong infrastructure for arbitration in Hong investment. The China Development government initiative to push Kong are happening as demand Bank has promised to invest $890 arbitration including by keeping grows. And the Belt and Road billion, a Silk Road Fund has $40 arbitration laws in line with global could super-charge that demand, billion and the Asian Infrastructure best practices,” she adds. regardless of whether it is leading Investment Bank (AIIB) a further Hong Kong is a member of the to more investments or if it has $100 billion. China’s State Council New York Convention and has a emerged as a convenient vehicle has pointed out that “demand for reciprocal agreement with China. for trade. More Chinese companies dispute resolution services, including “If you get a Hong Kong are investing abroad and more are arbitration, is bound to increase.” arbitration award it is enforceable involved in arbitration proceedings. Hong Kong is well positioned to both abroad and in over 150 New “Hong Kong is an immensely benefit. York Convention countries as well popular seat and that speaks “You have geographical as in China. That is actually quite an volumes,” says Rory McAlpine, proximity. You have expertise in important consideration for parties a litigation and international finance, infrastructure, insurance, engaging in One Belt One Road arbitration partner at Skadden. shipping, trade and logistics. You projects,” Thomas notes. “More parties are earmarking Hong have bilingual lawyers who are Kong as the center for arbitration… familiar with Chinese law,” says DRIVING GROWTH We see a landscape of onwards and Caroline Thomas, a partner at Hong Kong has legislation that is upwards for arbitration.”

30 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM A Lionbridge Company

We speak fluent legalese. In all languages. International legal communications can be challenging, especially across different languages. This is why we offer comprehensive language solutions in litigation and M&A support. As specialist partners to law firms, general counsel and legal publishers, we ensure the letter of the law, across languages, borders and cultures. Our suite of solutions includes translation and interpretation services, professional transcription support, customized language solutions, and flexible Virtual Data Rooms, amongst others.

For more information, please contact us: Email : [email protected] Hong Kong : +852 2117 1852 Greater China : +86 21 3425 9566 ASEAN / ANZ : +65 6508 0616 EMERGING MARKETS

ALLEN & GLEDHILL

Allen & Gledhill’s Asian expertise is bolstered by a regional network of law firms that includ Rahmat Lim & Partners (Malaysia), Allen & Gledhill (Laos) and Allen & Gledhill (Myanmar). The firm’s major deals include listing of Myanmar Citizens Bank on Minn Naing Oo the Yangon Stock Exchange (YSX). The bank is one Allen & Gledhill of the first three companies listed on the YSX and is the first bank to be listed on the YSX. A&G also advised on the joint venture between Mitsubishi and Capital Diamond Star Group to manufacture and distribute various food products. The JV was one of the largest in Myanmar in terms of investment value since the country’s opening up. It also advised on the JV between Keppel Land and Shwe Taung Group for the development of premium serviced residence and offices in the second phase of Junction City, which is a $300 million project. In finance, the law firm played a major role in granting of the foreign banking licenses by the Central Bank of Myanmar to Shinhan Bank, State Bank of India and E.Sun Commercial Bank to commence wholesale banking operations in Myanmar.

METHODOLOGY Firms were selected on the basis of key work done, clients and overall depth of understanding of Asia’s emerging markets. Only firms that submitted nominations were considered for the list. Firms have been listed in alphabetical order.

With the amount of legal work BERWIN LEIGHTON PAISNER in developing economies, Headed by Bob Charlton in Hong Kong with 15 partners in Asia, BLP’s particularly in Southeast Asia, Myanmar team offers both international and local law advice and has increasing, law firms need to worked on a number of key deals in Myanmar, including advising clients have the right network, client on investment strategies and cross-border secured financings across a range of sectors including commodities, aviation, telecoms, real estate list and knowhow to succeed. and oil & gas. ALB compiles a list of firms In Myanmar, the firm is active in several energy projects. It is also that are making a name for engaged in the development of the regulatory framework in Myanmar and works closely with the Government and Myanmar’s development themselves in Asia’s frontier partners to improve the investment climate and facilitate responsible economies. investment. BLP’s cross-practice team is geared towards providing transactional BY RAJ GUNASHEKAR and operational support in connection with clients’ activities in other countries as well, Indonesia. The firm’s clients include Asian Development Bank, International Finance Corporation and UK Prosperity Fund.

32 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM EMERGING MARKETS

CHANDLER & THONG-EK LAW OFFICES DENTONS RODYK & DAVIDSON

Thailand-based Chandler & Thong-ek Law offices (CTLO) is headed Established in 1861, Dentons Rodyk & by managing partner Niwes Phancharoenworakul and has a total of Davidson is active in the Southeast Asian 12 partners. It provides legal solutions for complex transactions – region including the markets of Indonesia, particularly on a cross-border basis in emerging markets across Asia, Myanmar, Vietnam and Thailand, headed by with a focus on Thailand, Myanmar, and Laos. Philip Jeyaretnam. Niwes The firm has participated in special regulatory studies in Phancharoen- The firm totally has 91 partners in the Thailand, and has provided mineral law and policy advice for worakul Asian region. Dentons has an associate firm, international agencies in the Philippines, Vietnam and Nepal, Chandler & Thong-ek Darma Legal, which is a local Indonesian in addition to advising the government of Nepal’s Petroleum Law Offices law firm. Darma has expertise in advising on Exploration Promotion Project from 1981 through 2010. corporate matters with particular expertise in Its list of clients include Akara Resources, Bangchak Petroleum, energy related transactions. Bangkok Bank, Deutsche Credit Bank, Fabrinet, General Motors, It has advised significant clients such as HSBC, Petroleum Institute of Thailand (PTIT), Petronas, RBS (Royal Shwe Taung Group, China Huadian Group Bank of Scotland), Sumitomo Trust Bank and Thai Military Bank. and PT Pertamina. Dentons Rodyk advised China Huadian Engineering Corporation, a Chinese state- owned genco and EPC Contractor, in its investment in an Indonesian project CLYDE & CO company for the development of a 3 x 130 MW coal-fired steam power plant in Bali. It Clyde & Co focuses on the Indonesia, Myanmar, Thailand, the also represented PT Pertamina (Persero), Philippines, Sri Lanka and Vietnam markets within Southeast Asia. the Indonesian state-owned oil and natural Its clients include Dusit Thani International and K-Sure. gas company, in relation to the company’s Clyde has advised hospitality and leisure industry clients on joint development project with Rosneft, the development, purchase, sale, management, operational agreement, Russian oil company. funding, refinancing and disputes in Thailand, Myanmar, Indonesia, It assisted in the procurement of a $100 Sri Lanka and the Philippines. Clyde is also advising clients from million solar power park in Bangladesh and Indonesia and Singapore on disputes being heard in the Singapore the sale of energy to the Bangladesh Power International Arbitration Centre (SIAC) involving multiple contracts Development Board. with different governing laws. Dentons Rodyk is planning an office The firm is representing clients on debt recovery matters against in Yangon, Myanmar, which is expected to debtors in Indonesia, and also advising on disputes in the Hong Kong Philip provide full service legal advice to Singapore Jeyaretnam International Arbitration Centre relating to a claim issued by its Dentons Rodyk & clients with Myanmar interests, Myanmar clients in relation to a dispute over an asset in Myanmar. Davidson corporations and multinational corporations.

RAJAH & TANN

As Singapore’s largest law firm by Philippines, Singapore, South Asia, Project, regarding restructuring and headcount, Rajah & Tann has had Thailand and Vietnam. licensing issues. The firm is actively a history of doing work within the In the past year, the firm acted involved in assisting the government Southeast Asian region. The creation for Sinochem International in a of Cambodia with its assessment of its Rajah & Tann Asia (RTA) complex and innovative three-part and negotiation of major projects LEE ENG BENG proposed transactions which will and investments in the country. Rajah & Tann network, comprising 600 lawyers in twelve offices, gives it increased see Sinochem corner the rubber The network’ has a Myanmar- reach. RTA is active in markets market as the world’s largest natural based law firm, named Rajah & in countries and regions such as rubber company. It has also advised Tann NK Legal Myanmar, which has Cambodia, China, Indonesia, Japan, Thi Vai International Port on the a number or key clients and a track Lao PDR, Malaysia, Myanmar, development of the Thi Vai Terminal record of deals.

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 33 EMERGING MARKETS

RHTLAW TAYLOR WESSING STEPHENSON HARWOOD

Established in 2011, RHTLaw Taylor Wessing With 42 partners in Asia, Stephenson Harwood’s expertise boasts of 30 partners with Tan Chong Huat in the Asian markets includes Indonesia, the Philippines as the managing partner of the firm. The firm and Myanmar. It has advised Indonesian clients including has demonstrated expertise in Indonesia, the Transportation Partners, Lion Air Group and Venturra Capital. Philippines and Vietnam. Some of its clients It regularly advises international investors on resolving disputes Tan Chong Huat include Alpha JWC, Nippon Paint, PT Berau Coal RHTLaw Taylor with Indonesian counterparts. The firm has represented PT Energy, PT Uangteman, Standard Chartered Bank Wessing Berlian Laju Tanker in relation to the shipping law aspects of its Indonesia and UOB Indonesia. financial restructuring. RHTLaw has advised Nippon Paint on its In Myanmar, Stephenson Harwood represented Myanmar investments in Indonesia, and Alpha JWC, an Investments International, Myanmar Red Dot Network Indonesian-based venture capital firm, on its (subsidiary of Digicel Group), Campana Group and Norstar investments in both Indonesia and Singapore. It Shipping. It also advised Norstar and Krispy Kreme on their is also working with Otoritas Jasa Keuangan (OJK) market entry into Myanmar. and FinTech Association of Indonesia to provide inputs on the development of fintech regulations in Indonesia. TILLEKE & GIBBINS

Founded in 1890, Tilleke & Gibbins is Thailand’s largest SHEARMAN & STERLING independent law firm. The firm opened its first office in Vietnam in 1992 and now has more than 100 employees. Shearman & Sterling’s first Asian office was With 22 partners, Tilleke’s key clients include AIG, Honda, established in Hong Kong, followed by Tokyo, Johnson & Johnson, Microsoft, Novartis, Pepsi, Pfizer, Starbucks Beijing and Singapore, and Shanghai. Its Asian and Visa. managing partner is Matthew Bersani. The firm opened its Myanmar office in September 2013. The The firm’s lawyers specialise in capital team there is advising the government on draft IP laws, while markets, M&A and project development & advising clients on a range of investment issues. financings with expertise in some of Asia’s Tilleke’s Cambodia practice includes a team of Khmer fast-developing emerging markets, including advisors who are supported by the Bangkok office in providing Thailand, Indonesia, Vietnam, as well as frontier advice on IP, licensing, and regulatory issues. It specialises in jurisdictions such as Mongolia, Pakistan, Nepal, Tiziana sectors including franchising, life sciences and high technology. Myanmar and Bangladesh. Sucharitkul and Darani Vachana- Shearman’s clients include PetroChina, vuttivong PT Cikarang Listrindo, Star Petroleum Refining Tilleke & Gibbins and Asian Development Bank. The firm advised Bhimasena Power Indonesia (BPI) in the YOON & YANG development and financing of the approximately $4.3 billion 2000 MW Central Java greenfield In November 2016, Korean law firm Yoon & Yang set up its coal-fired power project in Batang Regency in subsidiary law firm in Ho Chi Minh City (HCMC), Vietnam, under Central Java, Indonesia. the name Yoon & Yang Law (Vietnam), as a single member Shearman represented Star Petroleum limited liability company wholly owned by it. Refining, the Thai refining unit of Chevron With this, Yoon & Yang looks to assist foreign investors from Corporation, on its $363 million IPO and listing Korea and other countries. The HCMC office is headed by Zunu on the Stock Exchange of Thailand. Shearman Lee, a partner of Yoon & Yang who has been with the firm for assisted Light Rail Manila Corporation (LRMC) on 16 years. the development and financing of the $1.4 billion The firm has assisted Korean investors in making overseas Light Rail Transit 1 Cavite Extension project (LRT 1 investment in Cambodia in the banking and construction project). The firm also represented PTT Exploration sectors. Some of its clients include Asiana Airlines Korean and Production Public Company in connection Zunu Lee Airlines, Hyundai Engineering, CJ Korea Express, Yuanta with its $3 billion share offering recently. Yoon & Yang Securities and Fides Asset Management.

34 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM INDUSTRY FOCUS

In the first part of a series of articles lawyers have to navigate traditional selection,” says Anna Gamvros, a finance and finance regulations partner at the Hong Kong office of on legal and regulatory issues in while dealing with the reality that Norton Rose Fulbright. “Fantastic specific industries, we look at fintech, financial technology tends to outrun products will evolve, someone one of the fastest-growing sectors in financial regulation. will radically change the way that The issues at hand include data we operate, or merge back with Asia. protection, big data management traditional business.” and use and coverage on a wide range of fintech products. There BY HAKY MOON Asia’s most important are also security perspectives to financial centres are increasingly take into considerations and the SINGAPORE focused on the links between need to protect data. There are financial technology (fintech) and also issues associated with cyber traditional finance with lawyers an security laws, intellectual property EXPANDING increasingly important catalyst for and open source platforms to the development of both. name but three. Issues related to ECOSYSTEM Lawyers from Singapore, collaboration between traditional Hong Kong and Japan say there is and new players in the financial a fair amount of common ground industry along with joint ownership when advising clients – both large considerations. Singapore is quickly expanding its corporates and start-ups – in the That said, the weaving-in fintech ecosystem and cementing fintech industry across all three of technology, both in financial its position as a hub for Asia, as jurisdictions. regulations as well as existing the government and regulators Accenture reported the Asia- financial institutions, is what makes constantly looking for new Pacific region attracted close to $3.5 some of the key legal services approaches that attract investment. billion in fintech investments during required by fintech companies in all A key driver of this push is the the first nine months of 2015. three cities to be procedurally more effort by Singapore’s regulators to For lawyers, the number and similar than different. lay the groundwork to embrace more complexity of the issues at hand is on “Right now fintech is a hot topic, financial technology. Legal firms are the rise. To advise fintech companies, and it will be a process of natural key to this effort by helping fintech

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 35 INDUSTRY FOCUS

whilst managing regulatory and other countries, where some see compliance obligations. fintech as a disruptor, in Japan Pollins’ client pool varies from when we usually discuss fintech it’s small startups to large institutions, more of a collaboration between but getting the correct interpretation fintech companies and financial of the regulations is the most $3,464 institutions,” says Yuri Suzuki, common legal service fintech clients partner at Tokyo law firm Atsumi & look for, regardless of the subsector Sakai. in which they operate. MLN Like Singapore, Hong Kong and “For the startups, we’re Fintech Australia, the government of Japan “For financial providing mentoring through investment in encourages banks and other players institutions and tech schemes like Startupbootcamp the Asia-Pacific in the financial industry to promote (FinTech Singapore) and Accenture’s region in 2015, fintech. platforms, we help Fintech Innovation Lab. It has been according to And yet, investment in the space consultancy them to navigate great for our team to mentor some Statista. in Japan remains small, accounting complex regulations of these startups as they’ve grown, This is 34 times for just 0.4 percent of the roughly $12 in one case from ideas stage through the $103 million billion invested into fintech globally and provide support on to a USD 100 million valuation,” said invested in 2010. in 2014, says Accenture. high-value transactions, Pollins. “For financial institutions But things are changing. whether that is and tech platforms, we help them Research by website Tech In to navigate complex regulations Asia shows investments into fintech technology outsourcing and provide support on high- startups more than doubled in Japan or M&A.” value transactions, whether that is during 2015 to hit $141.73 million. Matt Pollins, Olswang technology outsourcing or M&A.” And with more investment, As for the legal demands, the dialogue between Japanese regulation of financial services differs companies and government has companies navigate the regulatory substantially from one market to the nudged Japan to do more to landscape. next in Asia Pacific. For instance, accommodate fintech. This is a “Financial institutions and there are often questions about technology providers need practical data transfers from Indonesia, or advice on the regulatory landscape cybersecurity in China. for fintech. Companies across the However, in many ways the region understand that to adapt demands are the same, said Pollins. and compete they need to adopt “Clients need tech-friendly new technologies,” says Matt advice on intellectual property, Pollins, a partner at Olswang in commercial contracts, regulation, Singapore. “Often, though, their M&A and disputes.” adoption of new technologies is delayed by misconceptions about regulation. Lawyers can help by giving practical advice on how to “The trend in JAPAN adopt new technologies in a way Japan is that that complies with all applicable unlike other countries, industry standards and regulatory KICKING OFF requirements.” when we usually A key trend in Singapore is an DIALOGUE discuss fintech increase in tech-friendly regulation. it’s more of a A recent example is the Monetary Authority of Singapore collaboration between (MAS) outsourcing guidelines, which “From what I see fintech is fintech companies give a green light to the use of cloud collaborator not a disruptor in and financial computing services in fintech. The Japan. There is a clear intention to guidance allows financial institutions promote fintech in the government. institutions.” to benefit from cloud technologies The trend in Japan is that unlike Yuri Suzuki, Atsumi & Sakai

36 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM INDUSTRY FOCUS big step forward for a country with stringent financial regulations. HONG KONG In 2016, Japan promulgated an amendment to the Banking Act which makes it easier for banks A MEASURED to invest in finance-related IT companies as well as new legislation APPROACH in regards to virtual currencies. This will take effect in 2017. Another step forward was an amendment to the Installment Much like in Japan, the growth of “There is a Sales Act, which introduces a new fintech in Hong Kong is happening competition between registration system for payment in measured steps focused on services providers in the credit card collaboration with incumbent Hong Kong and industry. The amendment was financial institutions. Singapore. They’re promulgated in December. A key difference lies in the competing to become The legal services that fintech fintech “sandbox” that is under companies look for in Japan are development. Hong Kong is fintech hubs in Asia. not unlike those that similar firms developing its sandbox at a slower To some extent, in Singapore seek out, particularly pace than competing financial centre it is a mirror of help navigating new regulations and Singapore. advice. “While the Singapore sandbox what is happening in “The key legal services required allows other fintech startups, Hong the UK and Australia.” by fintech companies include advice Kong is really just for regulated Anna Gamvros, Norton Rose Fulbright on financial services regulations, institutions. The focus is a bit which may be applied to fintech different in the sense that Hong services, along with collaboration Kong is focusing on the Hong Kong and the online payments sector,” with financial institutions, Monetary Authority (HKMA) keeping says Gamvros. fundraising including investment an open dialogue, but then also “The broad categories we give from venture capital, intellectual encouraging established institutions legal advice on are not unique to property which could relate to the to join the race,” says Gamvros of Hong Kong. These are mainly dealing technology or business model and Norton Rose Fullbright. with financial services regulations, general corporate work,” explains Hong Kong has been trailing having to deal with cyber security, IP Suzuki. Singapore in the development of exist strategies; those are standard Currently there are three key regulations. across the board,” said Gamvros. fintech services that are booming “From a regulatory perspective, “Hong Kong has its own quirks, which in Japan, namely payment services it’s been an interesting process of are very local and different. Parts of providers, personal financial development. There is a competition it will depend on the fintech product management (PFM) and accounting, between Hong Kong and Singapore. we’re looking at and it will vary. But according to Suzuki. “Right now They’re competing to become generally, the issues we see are there is no regulation for PFM fintech hubs in Asia. To some extent, issues that will rise for any startups.” or accounting companies, but it is a mirror of what is happening “We’ve seen developments, such Japan’s financial services agency in the UK and Australia,” said as fintech facilitation by the Hong is considering new regulations for Gamvros. Kong Monetary Authority (HKMA), payment initiation service providers The clients Gamvros deal with which is facilitating the development and account information service range from fintech startups that are of platforms for fintech. We’ve done providers in the banking sector which looking for both legal advice and this through collaboration, officially, may affect businesses of existing 130 structured funding. IT infrastructure support, co- PFM and accounting companies. Number of “Also, you’ve got your financial ordinating trials, solution providers, In that sense, we advise these fintech deals institutions who are looking more computing resources to startups, companies firstly on the regulatory in Asia in 2015, at the current regulatory framework this enables HKMA regulate fintech according to landscape and secondly, educational KPMG. This and lastly you’ve got technology startup development. Regulators advice about the new regulation,” compared to companies who are not necessarily are trying to be more engaged,” said said Suzuki. deals globally. start-ups, such as mobile payments Gamvros.

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 37 EVENT

KIM & CHANG, BKL: BIG WINNERS AT LAW AWARDS

n November 17th 2016, Asian also swooped up the coveted award of Legal Business proudly hosted International Arbitration Law Firm of the the fourth annual ALB Korea Year and new award, Shipping Law Firm Law Awards at the Grand of the Year. Hyatt Seoul. The ceremony Private Equity Law Firm of the Year, welcomed leading members a new award category introduced in of Korea’s legal and business 2016, was awarded to Shin & Kim. “Shin communities – with Henry Shyn, Vice- & Kim recognizes the distinct needs and OChair of the International Bar Association goals of our private equity investors in and General Counsel of GE Korea comparison to strategic investors and inaugurating the evening as the Guest of endeavor to deliver legal services founded Honour. Chris Han Suk Joon was the lively on knowledge, experience and business host of an exciting evening, while singer acumen. This recognition presented to us Jinju Hyun impressed the audience with by ALB and our clients is received with her musical performance. gratitude and we will continue to strive Korea’s economy and legal market to deliver unrivaled services,” said Joon has been faring steadily, reflecting Hyug Chung, Corporate Partner of Shin upon this year’s awards. The scope and & Kim. size of the ALB Korea Law Awards has The top award of the evening for continued to expand, with 2016 holding international firms, International Law 30 award categories for the top deals, Firm of the Year, was awarded to Cleary private practice and in-house counsel Gottlieb Steen & Hamilton. Yong Guk of Korea. Kim & Chang was awarded Lee, Partner at Cleary Gottlieb said, seven trophies (excluding deal award “We were absolutely delighted to be categories), followed by Bae, Kim & Lee recognized as International Law Firm of winning three awards and Lee & Ko with the Year during the course of a wonderful two awards. evening. We would like to congratulate Kye Sung Chung of Kim and Chang our many clients whose transactions noted, “It’s a great honor for us to be were recognized as (top) deals of the recognized as Korea Law Firm of the Year, year, and thank each one of them for and I’m honored to have won Managing placing their confidence in us.” partner of the Year, and to be in such good On the in-house side, KCC company as fellow managing partners at Corporation was a standout winner, other firms. ALB is recognized as one of taking newly introduced award, the most reputable media organizations “Manufacturing In-House Team of the in Asia-Pacific; so all of us at Kim & Year” in addition to “Korea In-House Chang see these awards as a meaningful Team of the Year.” Steve Baik, Senior recognition of our attorneys and staffs’ Legal Counsel of GE Korea took home combined efforts and dedication to each “Korea In-House Lawyer of the Year” client, using our collective experience, and took to the stage to give a spirited knowledge and expertise. We are deeply speech; “I am so humbled to have been grateful to ALB and to our clients for chosen for this award knowing that there this privilege and honor.” Kim & Chang were many qualified candidates.”

38 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM EVENT

WINNERS

> IN-HOUSE CATEGORIES <

BANKING AND FINANCIAL SERVICES IN-HOUSE TEAM OF THE YEAR Goldman Sachs Korea

CONSTRUCTION AND REAL ESTATE IN-HOUSE TEAM OF THE YEAR Hyundai Heavy Industries

TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS IN-HOUSE TEAM OF THE YEAR IBM Korea

KIM & CHANG AWARD MANUFACTURING IN-HOUSE TEAM OF KOREA IN-HOUSE TEAM THE YEAR OF THE YEAR KCC Corporation KCC Corporation

Presenter: Jin Yeong KOREA IN-HOUSE LAWYER OF THE YEAR Chung, Partner, Kim & Steve Baik – GE Korea Chang KIM & CHANG AWARD KOREA IN-HOUSE TEAM OF THE YEAR KCC Corporation

> DEAL CATEGORIES <

DEBT MARKET DEAL OF THE YEAR (MIDSIZE)

SHIPPING LAW FIRM Korea’s Offshore RMB “Panda Bond Offering OF THE YEAR Law Firms: Bae, Kim & Lee; Cleary Gottlieb Kim & Chang Steen & Hamilton, Global Law Office; Kim & Liz Kyo-Hwa Chung, Chang; King & Wood Mallesons; Linklaters Partner, Kim & Chang; Sujin Lim, DEBT MARKET DEAL OF Legal Counsel, THE YEAR (PREMIUM) Asiana Airlines (Presenter) Incheon International Airport Railroad Private Participation Refinancing Project Law Firms: Bae, Kim & Lee; Lee & Ko; Sechang & Co; Seju Law Office Accounting Firms: Junghyun; Saegil; Samil PricewaterhouseCoopers (PwC)

EQUITY MARKET DEAL OF THE YEAR

Mirae Asset Life Insurance’s IPO Law Firms: Cleary Gottlieb Steen & Hamilton; Kim & Chang; Linklaters; Shin & Kim Accounting Firms: Samil PricewaterhouseCoopers (PwC)

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 39 EVENT

WINNERS

> DEAL CATEGORIES <

M&A DEAL OF THE YEAR (MIDSIZE)

Sale of 57.95% Equity in KUMHO Industrial Co. Law Firms: Bae, Kim & Lee; Kim & Chang Banks: Credit Suisse Accounting Firms: Samil PricewaterhouseCoopers (PwC)

M&A DEAL OF THE YEAR (PREMIUM) - TIED

(1) MBK Partners’ Acquisition of CONSTRUCTION Homeplus from Tesco PLC AND REAL Law Firms: Bae, Kim & Lee; Cleary Gottlieb ESTATE LAW FIRM Steen & Hamilton; Freshfields Bruckhaus OF THE YEAR Deringer; Kim & Chang; Paul Hastings; Ropes Lee & Ko & Gray; Yulchon Banks: Barclays; Citi; Deutsche Bank AG; HSBC Se Dong Min, Partner, Lee & Ko Accounting Firms: Samil PricewaterhouseCoopers (PwC); KPMG

(2) Merger between KEB and Hana Bank Law Firms: Bae, Kim & Lee; Kim & Chang

REAL ESTATE DEAL OF THE YEAR Emcee of the night, Incheon Dowha-dong Develompent REIT Chris Han Suk Joon Law Firms: Shin & Kim

DEALMAKER OF THE YEAR Ri Bong Han – Bae, Kim & Lee

KOREA DEAL OF THE YEAR

MBK Partners’ Acquisition of Homeplus from Tesco PLC Law Firms: Bae, Kim & Lee; Cleary Gottlieb Steen & Hamilton; Freshfields Bruckhaus Deringer; Kim & Chang; Paul Hastings; Ropes & Gray; Yulchon Banks: Barclays; Citi; Deutsche Bank AG; HSBC Accounting Firms: Samil PricewaterhouseCoopers (PwC); KPMG

> FIRM CATEGORIES <

BANKING AND FINANCIAL SERVICES LAW FIRM OF THE YEAR Lee & Ko BOUTIQUE LAW BOUTIQUE LAW FIRM OF THE YEAR FIRM OF THE YEAR Minwho Law Firm Minwho Law Firm

Jooseon Choi, Lawyer, Minwho Law Firm

40 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM EVENT

OVERSEAS PRACTICE LAW FIRM OF THE YEAR Yulchon

Bong Hee Han, Partner, Yulchon

KOREA DEAL OF THE YEAR MBK Partners’ Acquisition of Homeplus from Tesco PLC

Hyeon Kang, Partner, Bae, Kim & Lee accepting on behalf of the winning deal

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 41 EVENT

WINNERS

> FIRM CATEGORIES <

CONSTRUCTION AND REAL ESTATE LAW FIRM OF THE YEAR Lee & Ko

DEAL FIRM OF THE YEAR Bae, Kim & Lee

INTELLECTUAL PROPERTY LAW FIRM OF THE YEAR Bae, Kim & Lee

INTERNATIONAL ARBITRATION LAW FIRM OF THE YEAR Kim & Chang

LABOUR AND EMPLOYMENT LAW FIRM OF THE YEAR Kim & Chang

LITIGATION LAW FIRM OF THE YEAR Bae, Kim & Lee

OVERSEAS PRACTICE LAW FIRM OF THE YEAR Yulchon

PRIVATE EQUITY LAW FIRM OF THE YEAR Shin & Kim

SHIPPING LAW FIRM OF THE YEAR Kim & Chang

TAX AND TRUSTS LAW FIRM OF THE YEAR Kim & Chang

TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS LAW FIRM OF THE YEAR Kim & Chang

INTERNATIONAL LAW FIRM OF THE YEAR Cleary Gottlieb Steen & Hamilton

MANAGING PARTNER OF THE YEAR Kye Sung Chung – Kim & Chang

KOREA LAW FIRM OF THE YEAR Guest of Honour, Henry Shyn, Kim & Chang Vice-Chair International Bar Association and General Counsel, GE Korea

42 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM EVENT

DIAMOND SPONSOR

PLATINUM SPONSOR

Kim & Chang is Korea’s premier law firm and one of Asia’s largest law firms. We provide legal advice of the highest quality. Our successful track record and relentless dedication to our clients have set us apart since our founding in 1973. Many of the world’s largest companies have turned to us for smart and innovative solutions to their most difficult challenges. Today, more than 1,200 professionals work seamlessly together on a task force basis to achieve outstanding results. We are home to lawyers licensed to practice in Korea, as well as in Australia, Belgium, Canada, KOREA LAW FIRM OF THE YEAR China, England and Wales, France, Germany, Japan, the Netherlands, Kim & Chang New Zealand and in the US. Managing Partners: Young Moo Kim, Kye Sung Chung, and Kyung Taek Presenter: Young Bang, Thomson Reuters Jung Phone: +82 2 3703 1114 Fax: +82 2 737 9091/9092 E-mail: [email protected] Website: www.kimchang.com

ASSOCIATE SUPPORTING ALB SUPPORTS PROUDLY PRESENTED BY SPONSOR ORGANISATIONS

THE FIRM IN ASIA’S KOREA LEADER Recognized as Korean Law Recognized as Asian Firm of the Year for 47 times Law Firm of the Year during the past 10 years ° The Asia Legal Awards IFLR Asia Awards ° International Legal Alliance ° Summit & Awards ° Chambers Asia-Pacific Awards ° ALB Korea / Hong Kong Law Awards ° Who’s Who Legal Awards

KOREA’S PREMIER LAW FIRM

We are honored to have been named for the fourth consecutive year as Korea Law Firm of the Year www.kimchang.com

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS 43 EVENT ASIA PACIFIC ARBITRATION CONFERENCE 2016 15 NOVEMBER 2016 MAXWELL CHAMBERS, SINGAPORE

1 Samantha Gershon, Partner, Withers delivering a presentation on “Family Law and Arbitration” 2 Kent Phillips, Partner, Hogan Lovells; Mary Thomson, Chartered Arbitrator; Cameron Ford, Corporate Counsel, Rio Tinto; Eunice Chua, Assistant Professor, Singapore Management University and Michael D. Lee, Vice President, American Arbitration Association/ICDR discussing on “Arbitration as a Default Dispute Resolution Mechanism for Cross-Border Deals & Transactions” 3 In-house legal counsels and arbitration professionals attending the inaugural Asia Pacific Arbitration Conference 4 Conference venue – Maxwell Chambers 5 Julian Cohen, Barrister and Arbitrator, Gilt Chambers; Jelita Pandjaitan, Partner, Linklaters; Jonathan Ellis, Director, Accuracy and John K Arthur, Barrister and Member of the Victorian Bar speaking on a panel regarding “Best Practices in Expert Evidence and Witnessing During Arbitration Proceedings” 6 David Bateson, International Arbitrator, 39 Essex Chambers; Abhinav Bhushan, Director, South Asia, ICC Arbitration & ADR; Chung Yoon Yang, Counsel, General Manager, Seoul International Dispute Resolution Center; Michael D. Lee, Vice President, American Arbitration Association/ ICDR; and Stanley Park, Managing Director/Head Of Legal – Asia Pacific, Scotiabank expressing their views on the panel topic “Emergence as a Popular Arbitration Hub Away from Traditional Seats - Is Asia Becoming the Next Arbitration Superpower?”

WORKSHOP SPONSORS VENUE SPONSOR

SUPPORTING ORGANISATIONS

44 ASIAN LEGAL BUSINESS LEGALBUSINESSONLINE.COM

SAVE THE DATES

MALAYSIA LAW AWARDS - 6 April SSQ ALB CHINA LAW AWARDS - 20 April SE ASIA LAW AWARDS - 19 May JAPAN LAW AWARDS - 7 June THE MACALLAN ALB HONG KONG LAW AWARDS - 8 September PHILIPPINE LAW AWARDS - 6 October INDONESIA LAW AWARDS - 26 October KOREA LAW AWARDS - 16 November

CONTACT US TODAY!

Nomination and event details: Sponsorship Opportunities: [email protected] [email protected]

For more information about the Asian Legal Business Law Awards, visit www.legalbusinessonline.com/law-awards