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Merger and acqui- OUR RESEARCH — The research covers sition (M&A) activ- the period spanning from July 2016 to July ities in Asia-Pacific 2017. This includes both ongoing work and matters that were closed decreased in the during this timeframe. — ALB will draw results first half of 2017 on from firm submissions, Thomson Reuters the back of a deal M&A data, interviews, editorial resources and flow slowdown in market suggestions to identify and rank the China. top firms for M&A in Asia. Interviews will Deal value fell by 7 percent be conducted only if compared to the same period in needed. 2016, totaling $272.9 billion in — The rankings is divided into tiers, with the first value from 1,585 deals. tier identifying the Real estate, industrials strongest M&A firms in and financials had a combined each jurisdiction. market share of 48 percent, and — The rankings covers the following jurisdictions: were the most active industries China, Hong Kong, so far this year. In particular, India, Indonesia, Japan, real estate took a 20 percent Malaysia, Philippines, Singapore, South Korea, market share, while industrials Taiwan, Thailand and and financials recorded 14.1 Vietnam. There will be percent and 14 percent shares, no Asia-wide table. respectively. China made up 49.1 — The rankings features both domestic and percent of all Asian deals during international firms. The the first six months of 2017. following jurisdictions Meanwhile, Singapore have separate tables continues to remain the driving for domestic firms and international firms: force of M&A deal-making in China, Japan and South Southeast Asia, contributing Korea. over 70 percent of the region’s — Our research does not M&A value in the first half of cover Australia and New Zealand. 2017. M&A activities in Singapore this year were boosted by mega OUR METRICS deals involving state-owned — The volume, complexity investment fund GIC. and size of work The top deal with Asian undertaken involvement for the first half of — Presence across Asia 2017 was the sale of European and in individual jurisdictions warehouse firm Logicor to China — Key personnel hires and Investment Corporation for $13.7 growth of the practice billion, while Lotte’s $8.9 billion group restructuring was the largest — Key clients and new client wins M&A deal in the Asia-Pacific — Firm’s visibility and region in the second quarter. profile in the region

16 ASIAN LEGAL BUSINESS – SEPTEMBER 2017 LEGALBUSINESSONLINE.COM COVER STORY

China China Domestic International

TIER 1 TIER 1 • Fangda Partners • • Haiwen&Partners • Freshfields Bruckhaus • Han Kun Law Offices Deringer • JunHe LLP • • King & Wood Mallesons • Skadden, Arps, Slate, • Zhong Lun Law Firm Meagher & Flom • TIER 2 TIER 2 • AllBright Law Offices • Global Law Office • Davis Polk & Wardwell • Grandall Law Firm • Kirkland & Ellis • Guantao Law Firm • Simpson Thacher & • Jincheng Tongda & Neal Bartlett • Jingtian & Gongcheng • Sullivan & Cromwell • Llinks Law Offices China • Tian Yuan Law Firm TIER 3 • Allen & Overy TIER 3 In the first half of 2017, China suffered a 23.8 percent year-on- • Baker McKenzie year drop in deal value from $175.9 billion to $134 billion. The • Beijing Law • Cleary Gottlieb Steen & slump was mainly attributed to tighter capital controls imposed Offices, LLP Hamilton by Chinese regulators that cooled down outbound M&A trans- • DaHui Lawyers • DLA Piper • East & Concord Partners • actions, with a significant impact on large transactions. • Grandway Law Offices • Morrison & Foerster The China Banking Regulatory Commission (CBRC) • Jia Yuan Law Offices • recently asked banks to examine the credit and financial risks • Paul Hastings of companies that have been aggressively investing overseas NOTABLE FIRMS • Paul, Weiss, Rifkind, and borrowing large sums of money, such as Dalian Wanda Wharton & Garrison Group, Fosun International and HNA Group. • AnJie Law Firm • Shearman & Sterling • Broad & Bright In addition, the National Development and Reform • Weil, Gotshal & Manges • Co-effort Law Firm • White & Case Commission (NDRC) and the Ministry of Commerce (MOFCOM) • Han Yi Law Offices are now reportedly reviewing deal agreements that Chinese companies made regarding acquisition plans. NOTABLE FIRMS Although these measures have not been made public, • Akin Gump Strauss Hauer the two regulators have requested companies to justify terms & Feld including target valuations, deal premiums and financing • Baker Botts • Bird & Bird arrangements for some of their deals. • Clyde & Co Figures from MOFCOM showed China’s outbound invest- • Eversheds ment tumbled 42.9 percent year-on-year in the first half of • Freehills 2017 amid a government drive to curb overseas corporate • Jones Day investments. • Latham & Watkins Non-financial outbound direct investment dropped to $49.1 • Morgan Lewis & Bockius billion in the first six months of the year, compared to a surge • O’Melveny & Myers • Orrick, Herrington & of 58.7 percent year-on-year in the same period in 2016. This Sutcliffe plunge suggests that the so-called “irrational corporate invest- • Reed Smith ments” have been effectively controlled, said Vice Minister of • Simmons & Simmons Commerce Qian Keming at a media briefing. • Vinson & Elkins

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – SEPTEMBER 2017 17 COVER STORY

Hong Kong Outbound M&A from Hong Kong companies reached record levels in the first quarter of the year, as firms invested $15.5 billion into overseas markets, the highest total since 2001. These invest- ments by Hong Kong firms involved 23 deals. Topping the deals was a $9.8 billion bid made by a consor- tium led by Cheung Kong Property to take over Australia power provider Duet Group. That was followed by Chow Tai Fook Enterprises’ $3.1 billion deal to acquire Australian utilities giant Alinta Energy. The two deals accounted for 83.2 percent of total outbound value in the first quarter.

TIER 1 TIER 2 TIER 3 • Clifford Chance • Allen & Overy • Akin Gump Strauss Hauer • Freshfields Bruckhaus • Ashurst & Feld Deringer • Baker McKenzie • Debevoise & Plimpton • Kirkland & Ellis • Cleary Gottlieb Steen & • King & Wood Mallesons • Linklaters Hamilton • Mayer Brown JSM • Simpson Thacher & • Davis Polk & Wardwell • Morrison & Foerster India Bartlett • Deacons • Reed Smith Richards • Skadden, Arps, Slate, • DLA Piper Butler India M&A deal value in the first Meagher & Flom • • Ropes & Gray half of this year reached $29.2 • Slaughter and May • Hogan Lovells • Sidley Austin billion, an all-time high since • Weil Gotshal & Manges • Latham & Watkins • Troutman Sanders 2001. • Mayer Brown JSM • White & Case The January-June period • Norton Rose Fulbright • Woo Kwan Lee & Lo • Paul Hastings of this year saw 181 deals worth • Paul, Weiss, Rifkind, $29.2 billion, which was 56.7 Wharton & Garrison percent higher compared to the • Shearman & Sterling same period last year. The top • Sullivan & Cromwell five deals accounted for $17.6 billion, which comprised 60.3 NOTABLE FIRMS percent of total deal value. • • Eversheds • O’Melveny & Myers One of the mega deals that • Baker Botts • Gibson Dunn & Crutcher • Proskauer Rose received most attention was the • • Howse Williams Bowers • Simmons & Simmons announced merger between • Bird & Bird • K&L Gates • Vodafone India and Idea • Cadwalader, Wickersham • Locke Lord • Tanner De Witt Cellular worth over $11 billion, & Taft • Milbank, Tweed, Hadley & • Vinson & Elkins • Cleary Gottlieb Steen & McCloy • Vivien Chan & Co. accounting for nearly 74 percent Hamilton • Minter Ellison • Winston & Strawn of the total disclosed deal value • DLA Piper • Morgan Lewis & Bockius in the first quarter of 2017.

18 ASIAN LEGAL BUSINESS – SEPTEMBER 2017 LEGALBUSINESSONLINE.COM COVER STORY

TIER 1 TIER 2 TIER 3 • AZB & Partners • J Sagar Associates • ALMT Legal • Cyril Amarchand • Kochhar & Co. • Bharucha & Partners Mangaldas • Majmudar & Partners • Crawford Bayley & Co • Khaitan & Co • Phoenix Legal • Desai & Diwanji • Luthra & Luthra • Platinum Partners • Dua Associates • Shardul Amarchand • S&R Associates • Economic Laws Practice Mangaldas & Co • Talwar, Thakore & • HSA • Trilegal Associates • IndusLaw • Vaish Associates • K Law • Nishith Desai Associates • Rajani & Associates • Singhania & Partners • Tatva Legal • Wadia Ghandy & Co

NOTABLE FIRMS • ARA LAW • Samvad Partners • Veritas Legal • Argus Partners • Seth Dua & Associates • BMR Legal • Singh & Associates

Strength in depth. Practice does lead to perfection. Singh & Associates is an ISO 9001:2008 certified full-service law firm, headquartered in New Delhi. It has a pan-India presence, with offices strategically situated at Mumbai, Bangalore, and Gurugram. The firm has four major Practice Groups viz., Litigation and ADR, Contracts and Transactions, Corporate and Tax and Intellectual Property. Over the years, the firm has created its own niche nationally as well as internationally by providing quality legal services accompanied with excellent turnaround time and Strength in depth. Practice does lead to perfection. competitive fees. With an aim to provide a comprehensive array of services to both domestic and international clientele, the firm has 115 professionals (and growing) S&A is an ISO 9001:2008 certified full service firm rendering cost effective services with excellent turn-around time and serving including experienced lawyers (with in-house advocacy expertise), chartered accountants, company secretaries, trademark attorneys, patent agents, engineers and clients as one – stop shop. The team of the Firm includes experienced lawyers, patent agents, charted accountants, company specialized paralegal staff. secretaries, patent agents, engineers etc. Over the years, the Firm has created its own niche nationally as well as internationally by providing quality legal services. Key Practice Areas: «Litigation & ADR «Pharmaceutical Regulatory «Real Estate & Infrastructure «Education Key practice areas: «Contracts & Transactions «Foreign Investments «Labor & Employment «Healthcare Litigation & ADR Foreign Investments Real Estate & Infrastructure Franchising «Corporate and M&A «Taxation «Competition Law «Shipping Contracts & Transactions Project Financing Labor & Employment Land Acquisition «Intellectual Property Rights «Banking & Finance «Energy & Mining «Telecom Corporate and M&A Corporate Restructuring Competition Laws Shipping Accolades: ***************************************************** Intellectual Property Rights Taxation Energy & Mining Product Liability ?Law Firm of Year Award at India Legal Awards 2016 ?Recognized Law Firm by IFLR1000 for Energy & Infrastructure Practice (2015), Pharmaceutical & Drug Laws Banking & Finance Due Diligences, etc. ?One of the 100 Legal Luminaries of India (Mr. Manoj K Singh) Financial & Corporate Practice (2015-2016) ***************************************************** ?Recommended Law Firm for Corporate and M&A (2016-17), Dispute Resolution (2015-17) ? IIBLJ Award for Corporate & Commercial category, 2013-2014 Recognition: IPR Practice (2015-17), Labour & Employment (2017), Tax Practice (2017) by Legal 500 ?Corporate Governance Law Firm of the Year by Lawyer Monthly Legal Awards, 2015 ­Recommended Law Firm for Dispute Resolution by Legal 500 ­Recommended Law Firm for IPR by Legal 500 ?Winner of IP Excellence Award in India, 2016-17 and ranked in “Top 50” best law firm ?National Law Day Award – 2013 (Mr. Manoj K. Singh) ­One of the 100 Legal Luminaries of India (Mr Manoj K Singh) ­World's Leading Trademark Professionals by WTR1000 by Questel ORBIT, Europe ?40 under 45 Young Lawyer Award 2013 ­40 under 45 Young Lawyer Award (Mr Manoj K Singh) ­IBLJ Award for Corporate & Commercial category ?A “Notable Firm” by Asia Legal Business M&A Rankings 2016 ?Arbitration Law Firm of the Year by Finance Monthly Awards, 2012 ­Arbitration Law Firm of the Year by Finance Monthly Awards ­Corporate Governance Law Firm of the Year by Lawyer ?World’s Leading Trademark Professionals by WTR1000, 2015-17 ?Certificates of Appreciation from World Bank for contribution in its publications ­Recognized Law Firm (Financial and Corporate) by IFLR1000 Monthly ***************************************************** ­Recognized Law Firm (Energy & Infrastructure) by IFLR1000 ­National Law Day Award (Mr Manoj K Singh) Offices: New Delhi (Head Office), Mumbai, Bangalore, Gurugram ­Certificates of Appreciation from World Bank, etc. Associate offices: Patna & Kolkata www.singhassociates.in [email protected] E-337, East of Kailash, New Delhi -110065 India Phone: +91 11 4666 7000 ■ Fax: +91 11 4666 7001

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – SEPTEMBER 2017 19 COVER STORY

TIER 1 TIER 2 TIER 3 • Ali Budiardjo, Nugroho, • Ginting & Reksodiputro • AYMP Atelier of Law Reksodiputro • Makarim & Taira S. • Hanafiah Ponggawa & • Assegaf Hamzah & • Makes & Partners Partners Partners • Melli Darsa & Co • Hermawan Juniarto • Hadiputranto, Hadinoto & • Oentoeng Suria & Partners • Lubis Ganie Surowidjojo Partners • Soemadipradja & Taher • Mochtar Karuwin Komar • Hiswara Bunjamin & • Roosdiono & Partners Tandjung • Susandarini & Partners Indonesia • SSEK Legal Consultants • Widyawan & Partners NOTABLE FIRMS M&A activities in Indonesia have doubled in the first quarter, • AKSET Law • Siregar & Djojonegoro Law compared with the corresponding period last year. • Bahar & Partners Firm The country recorded 81 M&A deals in the first six months • Budidjaja & Associates • Sutedja & Associates of the year, with a total value of approximately $4 billion, an • Christian Teo & Partners • Tumbuan & Partners increase from 71 M&A deals worth $1.9 billion in the first half • Imran Muntaz & Co of 2016. Technology was the largest sector in value, followed • Indrawan Darsyah Santoso • Ivan Almaida Baely & by the agriculture sector. Firmansyah Notable M&A deals included the Chinese internet giant • Leks & Co Tencent Holdings’ $1.2 billion deal with ride-hailing service • Nurjadin Sumono Mulyadi Go-Jek Indonesia. Partners

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – SEPTEMBER 2017 21 COVER STORY

Japan Japan Domestic International

TIER 1 TIER 1 • Mori Hamada & • Baker McKenzie (Gaikokuho Matsumoto Joint Enterprise) • Nagashima Ohno & • Freshfields Bruckhaus Tsunematsu Deringer • Nishimura & Asahi • Morrison & Foerster Ito & Mitomi TIER 2 • Shearman & Sterling • Simpson Thacher & Bartlett • Anderson Mori & • Skadden, Arps, Slate, Tomotsune Meagher & Flom • Atsumi & Sakai Malaysia • TMI Associates TIER 2 TIER 1 NOTABLE FIRMS • Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho • Rahmat Lim & Partners • City-Yuwa Partners • Ashurst • Shearn Delamore & Co • Hibiya-Nakata • Clifford Chance Law Office • Skrine • Iwata Godo • Herbert Smith Freehills • Wong & Partners • Oh-Ebashi LPC & Partners • Linklaters • Zaid Ibrahim & Co. • Southgate • Ropes & Gray • Ushijima & Partners • Sullivan & Cromwell TIER 2 • White & Case – White & Case Law Offices • Adnan Sundra & Low (Registered Association) • Christopher & Lee Ong • Kadir Andri & Partners Japan • Lee Hishamuddin Allen & Gledhill TIER 3 • Shook Lin & Bok Japan has low birth rates and low levels • Davis Polk & Wardwell • Zul Rafique & Partners of immigration, and it is expected that • Hogan Lovells Horitsu Jimusho Gaikokuho Kyodo its population will continue to decline TIER 3 and age. In turn, this has created a Jigyo • Jones Day • Abdullah Chan & Co. shrinking domestic market, forcing • Latham & Watkins • Albar & Partners Japanese companies to increasingly rely Gaikokuho Joint Enterprise • Azmi & Associates on overseas markets – both for direct sales • Norton Rose Fulbright • Chooi & Company and outbound investment – to maintain or • Orrick, Herrington & Sutcliffe • MahWengKwai & Associates grow their bottom line. • Paul Hastings • Raja, Darryl & Loh In the first half-year of 2017, Japan’s • Paul, Weiss, Rifkind, • Tay & Partners M&A activity amounted to $14.4 billion, Wharton & Garrison • Squire Gaikokuho Kyodo which was its lowest year-to-date figure NOTABLE FIRMS Jigyo Horitsu Jimusho in a decade, accounting for a value drop of • Sidley Austin Nishikawa • Cheang & Ariff 53.5 percent compared to the same period Foreign Law Joint Enterprise • Donovan & Ho last year, which stood at $30.9 billion. The • Jeff Leong, Poon & Wong • Mah-Kamariyah & Philip Koh decline was mainly caused by a 64 percent NOTABLE FIRMS value decrease on the top five deals during • Mohamed Ridza & Co • DLA Piper • Naqiz & Partners the first six months of the year, totaling • K&L Gates • Peter Ling & van Geyzel $6.2 billion, versus $17.1 billion from the • Linklaters • Putri Norlisa Chair first half of 2016. However, the deal count • O’Melveny & Myers • Wong Beh & Toh of 213 deals showed continued strength. • Simmons & Simmons • Zain & Co.

22 ASIAN LEGAL BUSINESS – SEPTEMBER 2017 LEGALBUSINESSONLINE.COM COVER STORY

TIER 1 • Angara Abello Concepcion Regala & Cruz (ACCRALAW) • Quisumbing Torres, a member firm of Baker McKenzie International • Romulo Mabanta Buenaventura Sayoc & De Los Angeles • SyCip Salazar Hernandez & Deal activity for Malaysia has been Gatmaitan on an uptrend since last year. And in the first half of 2017, the country Philippines TIER 2 has seen larger M&A deals in both • Castillo Laman Tan Pantaleon & value and volume compared to the Starting last year, companies with San Jose same period in 2016. Deal value for M&A activity amounting to 1 billion • Gatmaytan Yap Patacsil Gutierrez & the period amounted to $11.7 billion Philippine pesos and above had to Protacio • Picazo Buyco Tan Fider & Santos against $9.4 billion in the first half notify the Philippine Competition • Puyat Jacinto & Santos (PJS Law) last year. Commission (PCC). Recently, some • Villaraza & Angangco The country recorded a total of 102 out of 106 M&A deals have been 233 M&A deals during the year, with assessed for the Phase 1 review NOTABLE FIRMS inbound deals accounting for about process and so far, none of these 70 percent of total M&A transactions. were “blocked,” said PCC Executive • Cochingyan & Peralta Law Offices • Cruz Marcelo & Tenefrancia The energy sector had the largest Secretary Gwen Grecia-De Vera, • Gorriceta Africa Cauton & Saavedra increase in activity, contributed by who also noted that there would be • Martinez Vergara Gonzalez & several high-value inbound and a Phase 2 review. Serrano outbound deals. The biggest energy The Philippines recorded 36 • Ocampo Manalo Valdez & Lim deal was Saudi Arabia’s ARAMCO deals worth $4.53 billion as of 14 • Platon Martinez Flores San Pedro & acquisition of a 50 percent stake December 2016, which was less than Leaño in the Refinery and Petrochemical 2015’s 49 deals valued at $14.98 • Poblador Bautista & Reyes • Puno & Puno Law Offices Integrated Development (Rapid) billion. The countries’ M&A activity • Siguion Reyna, Montecillo & project for $7 billion. Second to was dampened by political uncer- Ongsiako the energy sector was real estate, tainties, highlighted by the national • Zambrano Gruba Caganda & followed by the industrial sector. election in May 2016. Advincula

MANILA CEBU HONG KONG www.romulo.com | +632.555.9555 ROMULEGALBUSINESSONLINE.COMLO MABANTA BUENAVENTURA SAYOC & DE LOS ANGELES ASIAN LEGAL BUSINESS – SEPTEMBER 2017 23 COVER STORY

Singapore Singapore Domestic International

TIER 1 TIER 1 • Allen & Gledhill • Allen & Overy • Morgan Lewis Stamford • Clifford Chance • Rajah & Tann Singapore • Freshfields Bruckhaus • WongPartnership Deringer • Latham & Watkins Singapore TIER 2 • Linklaters • Baker McKenzie.Wong & TIER 2 Singapore remains the leader in the Southeast Asia’s M&A Leow market, accounting for over 70 percent of the region’s M&A • Drew & Napier • Ashurst value in the first half of 2017. • Dentons Rodyk & • Baker McKenzie.Wong & Davidson Leow M&A totaled $42.6 billion in the first six months of the • Shook Lin & Bok • Herbert Smith Freehills year, compared with $40.5 billion in the same period last year. • Hogan Lovells Lee & Lee About 68 percent of M&A values came from outbound acquisi- TIER 3 • Milbank, Tweed, Hadley & tions. Inbound deals accounted for 19 percent of deal value in McCloy the first six months this year, and 13 percent of total deal value • Bird & Bird ATMD • Norton Rose Fulbright • Colin Ng & Partners came from domestic transactions. • Sidley Austin • Duane Morris & Selvam • White & Case Singapore’s M&A activity in the first half of 2017 was driven • Lee & Lee up by mega deals involving state-owned investment fund GIC. • RHTLaw TIER 3 Sector-wise, the largest contributor to M&A deal values was • TSMP Law Corporation real estate, which has been the top contributor since 2016. • Berwin Leighton Paisner Meanwhile, healthcare and telecommunications firms have NOTABLE FIRMS • Gibson, Dunn & Crutcher dominated outbound acquisitions activities. • Jones Day • Eversheds Harry Elias • Morrison & Foerster Notable deals backed by GIC in the first half of the year • Legis Point • Shearman & Sterling include the $9.1 billion acquisition of Pharmaceutical Product • MPillay • Stephenson Harwood Development and the $2.9 billion buyout of NeuStar. Together • Prolegis • Watson Farley & Williams with private equity firm Hellman & Friedman, GIC bought a 75 • RPC Premier Law • Straits Law Practice percent stake in Spain’s Allfunds Bank for $1.9 billion during NOTABLE FIRMS the first quarter. • Virtus Law • Clyde & Co Other significant deal activities in Singapore included Exxon • DLA Piper Mobil’s acquisition of InterOil for $2.5 billion, Mapletree’s acqui- • Holman Fenwick Willan sition of Student Housing Assets in the US for $1.6 billion, and • King & Wood Mallesons Mercatus’ acquisition of Jurong Point Mall for $1.6 billion. • Reed Smith

24 ASIAN LEGAL BUSINESS – SEPTEMBER 2017 LEGALBUSINESSONLINE.COM COVER STORY

South Korea M&A in Korea clocked $26 billion in the first half of the year, compared with $24.7 billion in the same period in 2016, as multiple conglomerates underwent reorganisation towards a holding company structure. One example is Lotte Group, which adopted a holding company structure by merging the investment divisions of four listed subsidiaries, including Lotte Confectionery, Lotte Shopping, Lotte Chilsung Beverage, and Lotte Food. The deal was worth $2.8 billion and was considered the most valuable in the first half of 2017. In terms of outbound investment, Korea made invest- ments worth $2.7 billion in 30 foreign companies. This is Taiwan double the value compared to the first half of 2016, which stood at $1.4 billion. By region, the U.S. was the most popular Taiwan showed the second-highest first-quarter M&A deal investment destination. volume since 2010, with 13 deals. Local companies continued to expand their M&A activities to offshore markets. For example, following the acquisition of Sharp, it was reported that Foxconn is now contemplating acquiring Toshiba. South Korea South Korea In 2016, Taiwan recorded 52 deals, which was roughly on par with 2015’s deal volume of 55. Deal value amounted Domestic International to $12.9 billion, the third highest on record, behind 2009 ($20 billion) and 2006 ($17 billion). TIER 1 TIER 1 • Bae, Kim & Lee LLC • Cleary Gottlieb Steen & • Kim & Chang Hamilton • Lee & Ko • Paul Hastings TIER 1 TIER 2 • Shin & Kim • Baker McKenzie • Chen & Lin • Yulchon TIER 2 • Jones Day • Eiger Law • Clifford Chance • Lee and Li • LCS & Partners TIER 2 • Herbert Smith Freehills • PricewaterhouseCoopers • Jipyong • Ropes & Gray Taiwan • KL Partners • Simpson Thacher & Bartlett • Tsar & Tsai Law Firm • Yoon & Yang • Skadden, Arps, Slate, Meagher & Flom TIER 3 NOTABLE FIRMS NOTABLE FIRMS • Formosa Transnational • Huang & Partners NOTABLE FIRMS • Barun Law Attorneys at Law • Joseph Tan Jude Benny (JTJB) • DR & AJU • Baker McKenzie • Formosan Brothers • Lexcel Partners • Hwang Mok Park • DLA Piper Attorneys at Law • Lin & Partners Attorneys- • K&L Gates • K&L Gates At-Law • McDermott Will & Emery • Lee, Tsai & Partners • Pamir Law Group • • Liang & Partners • Russin & Vecchi • White & Case • Winkler Partners • Yangming Partners

LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – SEPTEMBER 2017 25 COVER STORY

TIER 1 TIER 2 • Allen & Overy • Clifford Chance • Baker McKenzie • Linklaters • Chandler MHM • Siam Premier • Weerawong C&P International • Thanathip & Partners Legal Counsellors • Tilleke & Gibbins

TIER 3 NOTABLE FIRMS • DLA Piper • Bangkok International • DFDL Associates Thailand • Hunton & Williams • Blumenthal Richter & • Norton Rose Fulbright Sumet The maturity of the domestic market is driving Thai companies • Rajah & Tann Thailand • Deloitte Touche Tohmatsu to explore acquisition opportunities abroad, especially in other • Siam City Law Offi ces Jaiyos Advisory Co. • Watson Farley & Williams • LawPlus Ltd. growing Southeast Asian markets. However, outbound M&A • LS Horizon investment by Thai companies this year has plummeted 37 • Lorenz & Partners Co., Ltd. percent to just $1.2 billion in the fi rst half of 2017, compared • Mayer Brown JSM with the same period in 2016. It is the fi rst decline in three years. • Respondek & Fan Ltd

W EER AW O N G , C H INN AV A T & P A R T NERS L T D .

“Beyond” Combining local expertise and international standards of excellence

WEERAWONG, CHINNAVAT & PARTNERS LTD. 22nd floor, Mercury Tower, 540 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 THAILAND Tel: +662 264 8000 Fax: +662 657 2222 Email: [email protected] www.weerawongcp.com

26 ASIAN LEGAL BUSINESS – SEPTEMBER 2017 LEGALBUSINESSONLINE.COM COVER STORY

TIER 1 TIER 2 • Baker McKenzie • Allen & Overy • Freshfi elds Bruckhaus • Allens Deringer LLP • DFDL • VILAF • Frasers Law Company • YKVN Lawyers • Hogan Lovells • LNT & Partners • Mayer Brown JSM • Rajah & Tann LCT Lawyers • Tilleke & Gibbins • Vision & Associates • ZICO Law

TIER 3 NOTABLE FIRMS Vietnam • Audier & Partners • ACS Legal • Bizlink Lawyers • Asia Counsel Vietnam In 2016 and the fi rst half of 2017, Vietnam saw a couple of • Duane Morris Vietnam • BDLAW multimillion dollar M&A deals. Foodstuff producer Kido Joint • Nishimura & Asahi • Bross & Partners • Leadco Legal Counsel Stock Company completed the purchase of a 65 percent stake • LuatViet in Tuong An Vegetable Oil JSC for approximately $45 million • Phuoc & Partners in November last year. A total of 530 deals were completed in • PricewaterhouseCoopers 2016, with deal value totaling $5.8 billion. Legal Vietnam

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