Asia's Best Law Firms to Work

MCI (P) 029/02/2019 issn 0219 – 6875 KDN PPS 1867/10/2015(025605)

ASIA’S BEST LAW FIRMS TO WORK FOR

LAW FIRMS BATTLE HONG KONG’S SHOWCASING INDIA’S HONG KONG’S THE SCOURGE OF LEADING BEST UPCOMING ROLE IN THE CYBER ATTACKS IN-HOUSE TEAMS LAW FIRMS GREATER BAY AREA EY Law Passion for excellence across the globe

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210x280mm_01Apr19.indd 1 4/1/2019 11:41:26 AM CONTENTS 30 Starring role

A general view of the Hong Kong-Zhuhai-Macau bridge after its opening ceremony in Zhuhai, China October 23, 2018. REUTERS/Aly Song

River Delta. With cowed, and instead services delivered. COVER STORY FEATURES its developed find innovative ways This inaugural list legal system, to not just survive, features 10 of the 20 18 strong presence of but also thrive. The best. Employer of Choice Safe and sound practitioners and ALB Hong Kong Top The ALB Employer Cyberthreats, impartial disputes In-house Teams 2019 of Choice Rankings including phishing, bodies, Hong Kong list celebrates the BRIEFS were compiled hacked email is set to become the city’s crème de la talking into account accounts, leaks of legal hub for the crème. 3 responses from sensitive data and GBA. The Briefing more than 2,500 ransomware are a 36 private practice liability for every 32 India’s firms to 4 lawyers across business with a Hong Kong’s top watch Forum Asia, ranging from digital presence. How in-house teams As companies look to managing partners can firms effectively In-house teams’ roles cope with a sluggish 6 to paralegals, as protect themselves today are becoming economy, one of Deals well as our own against such attacks? increasingly complex the ways they are market knowledge. According to the – caused by shrinking cutting legal costs is 8 Law firms have been experts, preparation resources, regulatory by moving away from Appointments ranked on the basis is key. complications and bigger firms and of job satisfaction, growing demands turning instead to 14 remuneration, 30 from the business smaller, outfits. India Q&A work-life balance, Starring role – and for those in has seen the rise of career prospects, In February, China Hong Kong, there some quality smaller 16 mentorship, job released its plan to is no exception. outfits that are League Tables security and other develop a “Greater However, in spite of punching well above aspects. Bay Area” (GBA) these challenges, their weight in terms By Asian Legal Business around the Pearl the best ones are not of work handled and

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 1 It’s tough being a junior lawyer in private practice today. The twin forces of technology and heightened competi- HEAD OF LEGAL MEDIA BUSINESS, tion have ensured that many law firms, chasing short- ASIA & EMERGING MARKETS term profits, are less inclined to invest in their associates; Amantha Chia indeed, a new breed of firm is emerging now that does [email protected] away with junior lawyers altogether. For the associates themselves, thus, getting a start at a prestigious law firm MANAGING EDITOR is becoming difficult, but once they’re in, difficult hours, Ranajit Dam [email protected] a lack of meaningful work and little to no development of skills ensures that they are looking at alternatives JOURNALIST like in-house roles or flexible work – that is, if they stay Elizabeth Beattie on in the legal profession at all. From [email protected] a law firm’s perspective, skimping on EDITORIAL ASSISTANT the development of younger lawyers is Aparna Sai a myopic strategy. A law firm is different [email protected] from a company in the sense that relationships matter that much more; if a COPY & WEB EDITOR partner exits, retires or is for some other Rowena Muniz reason unable to continue practice, the [email protected] relationship with the client in many SENIOR DESIGNER cases dies out. It is just as important to John Agra build both bench strength and prepare [email protected] for succession, and developing a core of strong, committed, accomplished TRAFFIC / CIRCULATION MANAGER associates will help you do that. And Rozidah Jambari this is where the key question comes in [email protected] – how can you ensure that people stay? SALES MANAGERS Well, the answer starts at the top. Law Amy Sim firm leaders need to first recognise the Senior Sales Manager importance of engagement. Enthusiasm (65) 6870 3348 skyrockets when they create a positive [email protected] environment, promote helpfulness, Henry Cheng RANAJIT DAM value their staff and provide the resources necessary Sales Manager [email protected] Managing Editor, for success. But more importantly, create a culture Asian Legal Business that fosters empowerment and accountability which Krupa Dalal Thomson Reuters motivates people to find their own solutions and make Sales Manager (91) 22 6189 7087 a difference. This gives your lawyers a greater sense of [email protected] ownership — one of the greatest professional motiva- Jeremy Lim tors. These will ensure they stay happy and committed Sales Executive to your firm for many years to come. (65) 6870 3789 [email protected] Sardor Yangibayev Senior Sales Executive (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. 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 SENIOR AWARDS AND 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 OPERATIONS MANAGER can accept no responsibility for loss.

MCI (P) 029/02/2019 Tracy Li issn 0219 – 6875 [email protected] KDN PPS 1867/10/2015(025605)

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 – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM THEBRIEFS BRIEFING: YOUR MONTHLY NEED-TO-KNOW

“PEOPLE OFTEN SAY REPORT FINDS IN THE NEWS ‘IT’S A DARK DAY FOR CHINESE LAW FIRMS THE RULE OF LAW,’ BUT… WHAT IS THE EMBRACING ACTUAL IMPACT OF Morgan Lewis & Bockius has launched a global employee- EVENTS? WE WANT wellbeing programme for its TO EXPLAIN HOW INNOVATION more than 2,200 lawyers. Called DIFFERENT THINGS According to newly released report ML Well, the programme will help - The State of the Legal Market in staff design lives of meaning and ARE TIED TO THE China 2019 – from Thomson Reuters fulfilment through regular learning RULE OF LAW, AND Legal Executive Institute and research opportunities, and focus on their overall health. HELP THE PUBLIC firm Acritas, the Chinese market is changing much more rapidly than BETTER UNDERSTAND Western markets. Because of the THE CONCEPT.” Chinese legal market’s relative youth, the report shows that it is in The Progressive Lawyers Group (PLG) in fact less hindered by the traditional Hong Kong prepare to release a report legal industry intransigence that on the city’s rule of law, which will 307 has slowed large-scale change in include a record of major events paired Net increase in partners of UK law firms with the group’s own legal analysis the legal markets in much of the in fiscal year 2017-18, according to and recommendations. West, especially in the United States. Indeed, Chinese law firms are shown chartered-accountants firm Hazlewoods, with 4,594 partners being appointed and to be more likely to try different 4,287 stepping down. This was up from methods and strategies and adapt the just 17 in 2016-17, shortly after Brexit DWF LISTING THE LARGEST legal technologies needed to make was announced. AMONG UK LAW FIRMS alternative approaches possible. For example, among Chinese law firms, Manchester-headquartered DWF alternative fee arrangements are used IN THE NEWS recently raised 95 million pounds in 55 percent of legal matters. In the ($125 million) from its debut on U.S., it’s 17 percent. the London Stock Exchange (LSE), becoming the largest listing of a law firm in the UK and the first-ever listing of a law firm on the main LSE Litigation funder Burford Capital market. All other listed law firms had a record year in 2018, with a in the UK are traded on the AIM 23 percent increase in operating sub-market. The offer values DWF Amount of antitrust fine levied by the profit to $354 million, and a Group, the holding company for EU Commission on Google, the company’s 24 percent increase in net profit DWF, at about 366 million pounds. third such fine in two years. The latest after tax to $328 million. Returns penalty is for using anti-competitive contract In fiscal 2018, the firm reported 236 terms restricting third-party websites from on the core litigation finance million in revenue as well as an 18 displaying competing search advertising investment portfolio rose to an 85 percent annual growth rate. alongside Google AdSense. percent return on invested capital.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 3 BRIEFS LC Lawyers LLP FORUM a firm that is open, adaptable and networked, so as to better take advantage of the latest in technology. as independent Hong Kong law firm Keith Tnee, partner, Tan Kok Quan Partnership also Hong Kong member of EY Law The legal industry faces a lot of uncertainty and CUTTING EDGE disruption in the coming future. Apart from ubiquitous As the legal industry embraces technology at a rapid pace, talk about new technology disrupting current legal Singapore’s government is encouraging firms to get up to speed in the practice and norms, Singapore is also increasingly hope that it will offer lawyers an advantage in the long run. And firms attractive for non-Singapore law firms who would Common objectives of are responding by devising their own tech strategies. like a larger slice of the work here and in the region. These are compounded by wider market uncertain- EY Law ties arising from the shift in trade and globalisation • providing seamless, consistent, high- With a view to maintaining its reputation as a policies of countries such as the UK, U.S. and China. quality client services worldwide Our size affords us a high degree of nimbleness and leading hub for legal services, the Singaporean • improving the competitive position of speed in implementing changes to be future-ready. member firms government is pushing locally based law firms We are constantly on the lookout for new technology to come to grips with the latest technology. that can streamline and simplify the work, which • providing opportunities to attract, What does it mean to be future-ready in 2019 translates into cost savings and more efficient use develop and retain high-quality and how is your firm preparing to meet the of both our lawyers and support staff. Further, with professionals ever-changing demands of the legal market? the advent of technology solutions that can take over • sharing an international identity the routine and mundane tasks, we saw a need to venture into niche practices such as infrastructure and projects given Asia’s huge infrastructure needs. LC Lawyers LLP advantages Pradeep Kumar Singh, admin partner, and According to an Asian Development Bank report, • Quality legal services Kristie Yeong, chief operating officer, Asia needs to invest $26 trillion from 2016 to 2030 • International coverage Colin Ng & Partners if the region is to maintain its growth momentum. • Multi-disciplinary collaboration Colin Ng & Partners was awarded the SmartLaw But concurrently, and equally as important, we look accreditation by the Law Society of Singapore in into investing in our lawyers and levelling them up so • Award-winning lawyers March 2017 at the launch of the SmartLaw scheme. that they can provide better and value-added client • Legal managed services We have systems in place for document management service. We believe that the lawyer of the future is SINGH and in our back-office functions such as accounts and one who is able to partner with and guide the client admin. We are now exploring a promising technology around legal pitfalls, to navigate around them where that offers flexible, cloud-based practice manage- possible and to deal with them where it is not. Rossana Chu Kelly Ho ment solutions to integrate the various aspects of [email protected] [email protected] the firm’s operations. But we think future-ready is John Lim, managing director, LIMN Law much more than just a technology initiative. It is really Corporation • mergers and acquisitions • corporate finance • international restructuring • mergers and acquisitions about a mindset that thinks in terms of possibilities To be future-ready in 2019, LIMN has armed itself with • corporate finance • corporate and commercial matters and opportunities. And to be prepared for challenges critical and essential technology right from the very • private equity investments • Hong Kong IPOs of the future – known and unknown, involving tech- start, in order to deliver timely legal solutions to our YEONG • fund formation • compliance nology or otherwise. It is, therefore, the firm’s strategy clients. With our fee earners and support team being to promote a culture of excellence - in terms of service the backbone of the business, we have harnessed Lynia Lau Kareena Teh delivery to our clients, in the quality of our legal work, technology to ensure the team is afforded the flex- [email protected] [email protected] and the efficiency of our business processes. ibility to work seamlessly and remotely with ready Fundamental to this strategy is the mindset to access to secured data. This is done by digitalising • energy, infrastructure, projects, project • governance, regulatory enforcement and finance, government regulations compliance learn quickly and adapt fast. At the beginning of this our documents and making use of secured cloud • LNG, oil and gas, power stations, refineries, • dispute resolution year, we encouraged everyone in the firm - from our solutions to ensure that such data is readily accessible terminals, tunnels, bridges and tolled highways • bribery, corruption, fraud, market misconduct, most senior partner to our youngest secretary - to at any one point in time. Our team is also equipped money laundering investigations TNEE express their personal growth aspirations and learning with unified communication mobile system to ensure • cybersecurity plans. Their feedback was shared at our partners’ seamless communication within the team. In addition, Jason Wang retreat in mid-January. At the retreat, the partners we have adopted a practice management system to [email protected] were challenged to think not only about talent devel- streamline backend work process and distribution, and LC Lawyers LLP • Hong Kong IPOs opment in their own practice groups, but also how to provide clients with a transparent billing structure. Suite 3106, 31/F One Taikoo Place • mergers and acquisitions 979 King’s Road, Quarry Bay they can help other practice groups to grow. Our belief Technology will also continue to play an important role • private equity investments Hong Kong in active collaboration extends to our business model. in LIMN’s Business Continuity Plan and in ensuring • corporate finance For us, to be future-ready is to have a growth mindset that in the event of emergencies or disasters, our legal • compliance +852 2629 3200 www.eylaw.com.hk LIM and the skill sets to achieve excellence. We strive to be solutions to clients remain undisrupted.

210x280mm_01Apr19.indd 2 4/1/2019 11:41:34 AM LC Lawyers LLP as independent Hong Kong law firm also Hong Kong member of EY Law

Common objectives of EY Law • providing seamless, consistent, high- quality client services worldwide • improving the competitive position of member firms • providing opportunities to attract, develop and retain high-quality professionals • sharing an international identity LC Lawyers LLP advantages • Quality legal services • International coverage • Multi-disciplinary collaboration • Award-winning lawyers • Legal managed services

Rossana Chu Kelly Ho [email protected] [email protected] • mergers and acquisitions • corporate finance • international restructuring • mergers and acquisitions • corporate finance • corporate and commercial matters • private equity investments • Hong Kong IPOs • fund formation • compliance

Lynia Lau Kareena Teh [email protected] [email protected] • energy, infrastructure, projects, project • governance, regulatory enforcement and finance, government regulations compliance • LNG, oil and gas, power stations, refineries, • dispute resolution terminals, tunnels, bridges and tolled highways • bribery, corruption, fraud, market misconduct, money laundering investigations • cybersecurity Jason Wang [email protected] LC Lawyers LLP • Hong Kong IPOs Suite 3106, 31/F One Taikoo Place • mergers and acquisitions 979 King’s Road, Quarry Bay • private equity investments Hong Kong • corporate finance • compliance +852 2629 3200 www.eylaw.com.hk © 2019 EYGM Limited. All Rights Reserved. APAC no. 03008098 ED None. no. APAC All Rights Reserved. Limited. © 2019 EYGM

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are compelled to take this legal action as a proper and last resort,” Huawei MORGAN LEWIS, JONES DAY REPRESENT HUAWEI IN Rotating Chairman Guo Ping said in a statement. LAWSUIT AGAINST U.S. BLACKOUT “This ban not only is unlawful, but also restricts Huawei from engaging in fair competition, ultimately harming U.S. Morgan Lewis & Bockius and Jones U.S., which spent most of 2018 slapping consumers,” he said. “We look forward Day are representing Chinese telecoms import tariffs on billions of dollars’ worth to the court’s verdict.” equipment maker Huawei Technologies of each other’s goods. The year ended While Huawei had very little share in a lawsuit against the U.S. govern- with the arrest of Huawei’s chief financial of the U.S. market before the bill, it is ment over a law limiting the company’s officer in Canada at U.S. request, to the the world’s biggest telecoms gear maker American business. consternation of China. and is seeking to be at the forefront of Huawei said it had filed a complaint Long before Trump initiated the a global rollout of fifth-generation (5G) in a federal court in Texas challenging trade war, Huawei’s activities were under mobile networks and services. Section 889 of the National Defense scrutiny by U.S. authorities, according In its lawsuit, Huawei said its Authorization Act (NDAA), signed into to interviews with 10 people familiar “equipment and services are subject law by U.S. President Donald Trump in with the Huawei probes and documents to advanced security procedures, and August, which bars federal agencies related to the investigations seen by no backdoors, implants, or other inten- and their contractors from procuring its Reuters. tional security vulnerabilities have been equipment and services. “The U.S. Congress has repeatedly documented in any of the more than 170 The lawsuit marks the latest failed to produce any evidence to support countries in the world where Huawei confrontation between China and the its restrictions on Huawei products. We equipment and services are used.”

ASIA DEALS $2.1 BLN $1.8 BLN $1.6 BLN $1.5 BLN PTTEP’s acquisition of Brookfield’s acquisition Larsen & Toubro’s (L&T) Sale of Godiva’s Asia-Pacific Murphy Sabah Oil and of East-West Pipeline from acquisition of Mindtree operations to MBK Partners Murphy Sarawak Oil Reliance Industries Deal Type: M&A Deal Type: M&A Deal Type: M&A Deal Type: M&A Firm: AZB & Partners Firms: Anderson Mori & Firms: Adnan Sundra & Low; Firms: AZB & Partners; Jurisdiction: India Tomotsune; Baker McKenzie Gibson Dunn; Jones Day; Khaitan & Co; Shardul Jurisdictions: Belgium, Japan, Skrine Amarchand Mangaldas Korea Jurisdictions: Hong Kong, Jurisdictions: Canada, India Malaysia, Thailand

$1.03 BLN $1 BLN $653 MLN $330 MLN KKR and Radiant Life Care’s Go-Jek’s Series F funding Carlyle Group’s purchase of EverSource Capital and acquisition of stake in Max round SBI Life Insurance from others’ investment in Ayana Healthcare Institute Deal Type: PE BNP Paribas Renewable Power platform Deal Type: M&A Firms: Davis Polk & Wardwell Deal Type: M&A Deal Type: M&A Firms: AZB & Partners; Jurisdictions: China, Firms: AZB & Partners, Cyril Firms: AZB & Partners; L&L Partners; Nishith Desai Indonesia, Japan, U.S. Amarchand Mangaldas Khaitan & Co. Associates Jurisdictions: France, India, Jurisdictions: India, UK Jurisdictions: India, U.S. U.S.

6 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM BRIEFS

documentation to back it up. For those looking to implement this practice for EXPLAINER: HOW HK COMPANIES ARE USING THE ‘FIRST their own business, the process can be time-consuming as users must be SALE’ RULE TO TRUMP THE U.S.-CHINA TRADE WAR confident they can clearly map supply chain processes.

While U.S. president Donald Trump Craig Lewis, a partner at Hogan Hong Kong feeling the brunt has said he will delay additional China Lovells’ Washington, DC office who Despite a temporary truce between the tariffs, originally pegged for March specialises in international trade and two economic giants, trade relation- 1, following unspecified “substantial investment explains: “For example, ships between China and the U.S. remain progress” in bilateral talks, the official where the article is sold by a foreign highly politicised, and Hong Kong’s end date to the trade war remains conjec- producer A to a foreign middleman B unique position as a trade conduit to ture. As trade talks between the two (the “First Sale”) who then resells the greater China has placed it in a vulner- economic giants continue without clear article to a US importer C (the “Last able position. resolution in sight, Hong Kong companies Sale”). Typically, in this scenario the First The current economic impact of the that would ordinarily be impacted by the Sale would be lower than the Second tariffs on Hong Kong is hard to quantify, tariffs are utilizing a little-used loophole Sale, meaning that duty liability would but experts have already pointed to to keep their companies afloat. be lower if the First Sale could be used. the financial hub’s falling real estate Using the First Sale, therefore, will result values and the port’s loss of business What is the ‘First Sale’ rule? in a lower value being used and lower as by-products of the aggressive trade In Hong Kong, businesses owners have duty liability. The amount of benefit tactics. taken concrete steps to escape Section depends on how much lower the First According to a statement by China’s 301 tariffs by employing the “First Sale” Sale is.” commerce ministry, this threatens to rule which, according to the Hong Kong Under the “First Sale” rule, those be “the largest trade war in economic Trade Development Council, has seen who import from mainland China to history to date”, and those operating in its usage increase dramatically over the Hong Kong, before sending goods on Hong Kong, with supply chains across past few months. to the U.S., would only have to pay the Mainland, don’t want to take any Under the U.S.-originated “First tariffs on the first sale price between gambles. Sale” rule, duties are only levied on the mainland China and Hong Kong, “Presumably the interest in Hong initial sale from manufacturer to whole- rather than between Hong Kong and Kong is higher than elsewhere because saler, meaning importers need only the U.S., where duty costs will be of the volume of multi-tiered transac- apply duty to the price paid at the first higher. tions involving Chinese products and sale of the goods, as opposed to paying But in order to for this to work Hong Kong-based middlemen,” Lewis the duty on the final price supplied by legally, each transaction needs to be says of companies looking to implement the importer, which is higher. proved as legitimate, with relevant the rule.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 7 BRIEFS SRI LANKAN TOP COURT APPOINTMENTS TEMPORARILY HALTS CHINESE FIRM FROM OFFERING LEGAL SERVICES

WILL CAI SUNGWOOK CHO ASHISH CHUGH LEAVING LEAVING LEAVING Skadden Arps Slate Meagher & Flom Daejeon High Prosecutors’ Office K&L Gates JOINING JOINING JOINING Cooley Yoon & Yang Baker McKenzie Wong & Leow PRACTICE PRACTICE PRACTICE Corporate Litigation Arbitration LOCATION LOCATION LOCATION Hong Kong Seoul Singapore

REUTERS/Dinuka Liyanawatte

The Supreme Court of Sri Lanka has issued an interim order preventing Chinese law firm Baqian Law Group Lanka from engaging in any legal FELIPE DUQUE LISHI FONG RAHUL GOEL work in the country, local media has LEAVING LEAVING LEAVING reported. Shearman & Sterling Norton Rose Fulbright Cyril Amarchand Mangaldas The order was granted in response JOINING JOINING JOINING Allen & Overy Harneys IndusLaw to a fundamental rights petition filed PRACTICE PRACTICE PRACTICE by an attorney named Nayantha Capital Markets Banking & Finance Competition, TMT Wijesundara. The petition claimed LOCATION LOCATION LOCATION that “legal professional services could Singapore Singapore Delhi be provided only by natural persons who, by virtue of being members of a noble profession, are personally liable for their services.” However, companies, which are juristic persons, have limited liability. The petitioner stated that Supreme Court Rules that apply to attorneys-at-law restrict lawyers when it comes to touting and advertising. However, as Baqian Law Group is not KENNY KWAN ANU MONGA STEVEN TRAN regulated by the Supreme Court, it LEAVING LEAVING LEAVING would be free to engage in advertising Drew & Napier Cyril Amarchand Mangaldas Hogan Lovells its legal services. JOINING JOINING JOINING Baqian Law Group Lanka was Baker McKenzie Wong & Leow IndusLaw Mayer Brown PRACTICE PRACTICE PRACTICE launched in Sri Lanka by Yunnan Capital Markets Competition, Trade Corporate Baqian Law Group of China in January LOCATION LOCATION LOCATION this year. Singapore Delhi Hong Kong

8 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM Ken Adams Drafting Clearer Contracts 16 October 2019 - Singapore Ken Adams Drafting Clearer Contracts will also run in these cities: Mumbai (10 October), Kuala Lumpur (15 October), Hong Kong (18 October), Dubai (21 October), Tokyo (12 November)

Asian Legal Business (ALB) is proud to present internationally renowned • The basics of rigorous contract language and layout contracts expert Ken Adams for one day only in Singapore. This hands-on • Why revising your contract process can improve contract language seminar explores how to draft contracts that express deal terms clearly and effectively, saving you time and money, enhancing your competitiveness, and Special offer: FREE BOOK mitigating risk. Rather than simply lecturing, Ken uses interactive exercises, Participants will receive a complimentary copy of Ken Adams’s book, A encouraging participation and addressing practical considerations related Manual of Style for Contract Drafting. The seminar explores issues ad- to the drafting process. This seminar is valuable for both junior and senior dressed in detail in this one-of-a-kind book that has become a valued legal professionals, with tips that apply to all contracts drafted in English, resource for the legal profession. whatever the governing law. Pricing (including 7% GST)* Who should attend Early Bird Rate: SGD1,070 (ends 30 June 2018) • Lawyers Standard Rate: SGD1,712 • In-house counsel Group price: SAVE ADDITIONAL 20% - Register five participants from your • Paralegals and managers in law firms and corporations organisation and the fifth person attends for free. • Contract managers *Includes seminar, luncheon, course materials, and Ken Adams’s book. • Anyone who drafts, negotiates, or reviews contracts Register Benefits of attending www.regonline.com/kenadams2019_SG • Practical skills from a global industry leader • The problem with traditional contract language Website • How efficient contract drafting can benefit your business www.legalbusinessonline.com/kenadams2019_SG

For more information, please contact Jessica Mak - (65) 6870 3504 / [email protected] Shahrin Mokhtar - (65) 6870 3585 / [email protected]

8.30am language and their function 12.05am 3.00pm Registration • How to distinguish between Using Defined Terms Refreshment Break categories • Two kinds of definitions 9.00am • Why does it matter? • Role of the definition section 3.15pm • The state of contract drafting • Using an index of defined terms Drafting as Writing • Costs and causes of deficient 10.30am • Some general principles of drafting Refreshment Break 12.30pm good writing that apply to • Goals for the program Networking Luncheon contract drafting 10.45am 9.20am Categories of Contract 1.30pm 3.30pm The Front and Back of the Language, cont. Ambiguity and Vagueness Bringing It All Together Contract • Different kinds of ambiguity • Redrafting sample provisions • Title and introductory clause 11.45am • How to avoid them • Function and layout of recitals Layout • How to use vagueness 3.40pm • Traditional recital of consideration • How to present sections, Effecting Change • Concluding clause subsections, and enumerated 2.10pm • The individual • Role of exhibits and schedules clauses Select Usages • The organization • Using Adams’s enumeration • Problematic words and phrases 10.10am scheme • Clearer alternatives 5.00pm Categories of Contract Language • Issues of typography End of event • Different categories of contract

Ken Adams, Author As the leading authority on contract language, Ken Adams has successfully coached people around the world in drafting clearer contracts. His groundbreaking book A Manual of Style for Contract Drafting has sold tens of thousands of copies internationally since it was first published by the American Bar Association in 2004. The Legal Writing Institute has announced that Ken is to receive the Golden Pen Award for 2014, “to recognize his exemplary work in contract drafting.” As part of its “Legal Rebels” project, in 2009 the ABA Journal named Ken one of its initial group of fifty leading innovators in the legal profession. And the ABA Journal included Ken’s blog in its 2013, 2012, 2010, and 2009 “Blawg 100”—its list of the hundred best law blogs. Ken is an adjunct professor at Notre WWW.LEGALBUSINESSONLINE.COMDame Law School. For more information about Ken and his activities, go to www.adamsdrafting.comASIAN LEGAL BUSINESS. – APRIL 2019 9 BRIEFS

procedures are a burden, Vietnam offers tax exemption or reduction for certain FDI IS ON THE RISE IN VIETNAM, BUT LAWYERS investments, such as in high-tech. The country is a member of the WTO and ASEAN and has entered into a number SAY REFORMS NEEDED TO SMOOTHEN THE WAY of new trade agreements, including the CPTPP, giving it duty-free access to a Vietnam’s investment outlook is on industries, it is still renowned for its host of important markets globally,” he the up, encouraged by supportive policy manufacturing skill. On the other hand, said. reforms and growing GDP, but lawyers Vietnam is still in the process of devel- It is also fair to say that encour- in the market warn the country’s invest- oping its reputation and scaling its facil- aging legislative changes, including ment and corporate laws are not suffi- ities, making it all the more critical that reduced foreign ownership limits, have ciently prepared to meet the scale of it offers investors an easier way into the already taken place, However, there are foreign investments coming in. market. still challenges which give some cause In recent years the Southeast Asian There are also other factors which for caution. “From a legal perspective, country has undergone rapid growth, make Vietnam an enticing market. Le increasing legal certainty and reducing emerging from one of the world’s Net, a partner at Vietnamese firm LNT unequal treatment of foreign investors poorest nations in the mid-80s to a lower & Partners, said the country is attractive would be on top of the wish list,” Otto middle-income country, according to the for its strategic location and the fact it suggested as some of the first steps World Bank. Foreign direct investment in has “has the most FTAs signed, so export Vietnam could carry out to become a Vietnam climbed 9.1 percent in 2018 to from Vietnam is the best option.” more accommodating market for foreign reach $19.1 billion, the government said, The country also has a youthful investors. marking a sixth straight annual record population and is successfully able to “This would include lifting foreign for the country. “pull ‘cluster’ foreign investment,” Le ownership limits as well as stream- But lawyers note that despite the said, but agreed there were a number lining all sorts of procedures, including euphoria, policy changes need to be of practical steps that could be carried investment and company registration, carried out to ease the path for investors out in order to ensure investors get the tax, customs, labour, and offshore remit- and meet the growing interest in the most out of the market. tances. In an environment where the market. Otto is also positive on the market, authorities have broad discretion, tech- Manfred Otto, a senior associate echoing the benefits of a young nology is key to cutting down redundan- at Duane Morris Vietnam, said that “energetic” population, a “booming” cies, and several e-government initia- consistent with other emerging economy, low labour costs and a tives are being rolled out as we speak,” economies, foreign businesses investing growing middle class. “While tax filing he added. in Vietnam face “complex market-entry rules, tax and customs procedures, legal uncertainty and corruption to some extent.” The situation is exacerbated by the country’s “strict capital controls, which can shun larger foreign investments,” he added. At present, Japan and Korea are Vietnam’s top investors, but more recently China and the U.S. have also begun eyeing the market carefully. Local media report that a number of American corporations are planning to put down production bases in Vietnam, including Apple.

Benefiting from the trade war One clear boost for the economy has come in the form of manufacturing demand as businesses worry about the U.S.-China trade war and look to other markets. While China has refined expertise across many different REUTERS/Kham

10 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM BRIEFS UK LAW FIRMS IN KOREA SEEK BREXIT BACKUP PLAN Originally set for March, Brexit has been delayed by three months after the United Kingdom’s parliament overwhelming voted for an extension rather than attempting to leave the EU without a solid plan. As of the time of this magazine going to print, however, the plan worryingly lacked any specifics, making it an uncertain time for, among others, UK organisations operating in overseas markets. Among this group are UK-headquartered law firms operating in Korea, which were able to establish an agreement in the firm’s Korea office said he was leave with a deal,” they would continue under the EU-South Korea free trade unable to comment on the matter. to plan for a range of scenarios. agreement. They now face an uncertain “The government recently issued future. Range of scenarios guidance for a no-deal scenario, in There are currently five UK-head- The EU-South Korea FTA, which was which we were clear that if the UK quartered firms in the market: Linklaters, provisionally applied since 2011 and leaves the EU without a deal, some Herbert Smith Freehills, Clifford Chance, formally ratified in 2015, allows firms agreements may not be concluded in Stephenson Harwood and Allen & Overy. headquartered in Europe to operate time and therefore would not be in Last month, HSF, one of the largest and establish practices in South Korea, place for exit day,” the spokesperson foreign law firms in Korea with eight although they are still restricted in some said, adding that businesses should lawyers and two partners working in facets, including in the type of work they familiarise themselves with the EU Seoul, became the first firm to take can carry out. Exit guidance available on the gov.uk concrete action. HSF deregistered in But this arrangement is unlikely to website in order to “understand how to preparation to reregister its practice continue for UK-headquartered firms prepare if the continuity of some pref- under its Australian headquarters to after Brexit. While the UK is expected to erential arrangements are not in place operate under the Australia-South Korea formalize its own trade agreement with by exit day”. FTA. Korea, this will almost definitely result Mike McClure, chief representa- This approach is something of in a delay, which could be crippling for tive of the Seoul office at Herbert Smith an anomaly in the market and is only some practices. Freehills, said that Brexit has created made possible due to the fact the firm While South Korea’s Ministry of a mood of uncertainty not just for law is the product of a merger between UK Trade, Industry and Energy met with firms, but also for many industries firm Herbert Smith and Australian firm UK officials in January to discuss a operating in the market. That said, many Freehills. Korea-UK FTA, according to local remain hopeful that “some form of trade With this option not open to other media, in February Greg Clark, Britain’s agreement will be in place,” adding that firms, they are staying tight-lipped about minister for business, energy and indus- this would offer new opportunities for their next steps. Clifford Chance told trial strategy said the UK was unlikely to Korean exporters and constructors. Asian Legal Business that Korea remains reach trade agreements with Japan and “Korean companies with significant an important market and reinforced its South Korea prior to the original March trade with the UK are making plans to commitment to continue “to support our 29 deadline, Bloomberg reported. manage any immediate Brexit impact Korean clients”. A spokesperson for the UK Embassy – but the mood in the market is still “We continue to monitor develop- in Korea told Asian Legal Business that hopeful that there will some form of ments carefully as the final outcome of avoiding disruption to global trading trade agreement in place to maintain the exit and of trade relations between relationships as the UK leaves the something close to the status quo,” UK and Korea become clearer,” the European Union was a “priority,” adding McClure added. spokesperson said. A Linklaters partner that while “the best way to do this is to

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 11 BRIEFS SIAC SEES DROP IN CASES, RISE IN DISPUTE AMOUNT

The Singapore International According to a survey conducted by Arbitration Centre (SIAC) saw its number the Queen Mary University of London and of new case filings drop from 452 in 2017 White & Case International Arbitration to 402 in 2018. However, the aggregate Survey, SIAC was ranked as the third- sum in dispute for all new cases rose most preferred arbitral institution in the steeply to $7.06 billion from $4.07 billion world and the most favoured one based a year previously. in Asia. Of the 402 new cases filed last year, In 2018, SIAC received new cases some 375 were administered, while 27 from parties in 65 jurisdictions, up from were ad hoc appointments. Both figures 58 countries in 2017. The U.S. topped SHEARMAN were smaller compared to 2017, for which the foreign user rankings in 2018 for the the equivalent numbers were 421 and 31. first time, while India and China both OPENS IN KOREA The drop in cases in 2018 comes remained strong contributors of cases after rapid growth in previous years. to SIAC. The centre’s other top foreign U.S. law firm Shearman The year 2015 saw 271 cases, with users were Cayman Islands, Hong Kong & Sterling has opened an the number rising to 343 in 2016, and SAR, Indonesia, Japan, Malaysia, South office in Seoul, headed by peaking at 452 in 2017. Korea and the United Arab Emirates. project finance partner Anna Chung. The team also includes counsel Scott Baggett and an associate. The Seoul team will focus on advising Korean clients on project-related work across the power, LNG, oil and gas and petrochemical industries. They will also work closely with lawyers based in other offices including on Korea-related arbitration, antitrust and funds matters. Chung, who repre- sents sponsors, lenders and development banks on SG TO SET UP LEGAL CO-WORKING SPACE IN 2020 project financing matters, has been with Shearman for The Singapore Academy of Law and community or relational disputes. nearly 13 years, after joining (SAL) will establish a co-working Lawyers with a strong record in pro bono from Australian firm Corrs space called CLICKS @ State Courts in work will be given preference. Singapore Chambers Westgarth in Singapore’s lower-tier courts early next currently has 700 law firms of less than 2006. She became a partner year. five lawyers. in January last year. Baggett CLICKS, which stands for In addition to lawyers, CLICKS @ has experience advising on “Collaborative Law, Innovative State Courts will offer space to tech- projects in the power, mining Co-creation and Knowledge-Sharing,” nology companies, stakeholder repre- and metals, oil and gas and will provide space for law firms with sentatives, academics and students. The petrochemicals sectors. less than five lawyers space to work, aim is for the knowledge and expertise With the launch of the along with shared amenities and facili- of small law firms to be tapped so that Seoul office, Shearman & ties including meeting rooms and office technology companies can develop Sterling currently has six equipment. solutions to address their issues. offices in Asia, the other The space is expected to initially Besides the State Courts, the five being in Beijing, Hong house a mix of law firms of various Community Justice Centre (CJC) and the Kong, Shanghai, Tokyo and sizes representing legal practitioners Law Society’s Pro Bono Services (LSPBS) Singapore. specialising in criminal law, family law, will be SAL’s partners in this project.

12 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM BROUGHT TO YOU BY AYMP

Issuance of State Sharia Securities as Alternative Financing for Infrastructure Development in Indonesia

Government of Republic of Indonesia (“GoI”) (contract complying with sharia principles). through the Ministry of Finance (“MoF”) has In order to ensure the compliance of sukuk recently issued State Sharia Securities (Surat issuance with sharia principles, the issuance Berharga Syariah Negara–“SBSN”) targeted for of both ST-003 and SR-011 does not only involve Indonesian individual investors, in the form of the GoI but also the sukuk issuer company Sukuk Savings (Sukuk Tabungan) series ST-003 entering into certain Akad with the GoI. ST-003 (“ST-003”) on February 2019 and Government was issued under Akad Wakalah whereby the Retail Sukuk (Sukuk Negara Ritel) series SR-011 Marion Elisabeth Ayu Novianti sukuk issuer company shall declare that it (“SR-011”) on March 2019. Pursuant to MoF Partner Kusuma Astuti acts as the representative of sukuk holders Regulation No. 125 year 2018 on the Issuance E: marion@ Associate (investors) to manage the funds in various of Retail SBSN, ST-003 and SR-011 are aymp.law E: [email protected] profit-generating activities. This company will projects and assets based sukuk with underly- afterward purchase the beneficial right over ing projects and assets as listed in 2019 State Road of Tayan-Tanjung-Sanggau in West underlying assets from GoI under Akad Bai’ Budget and list of State-Owned Assets (Barang Kalimantan. (sale and purchase) using the investor funds. Milik Negara–“BMN”), hence aim to finance Unlike conventional bond instrument, Furthermore, SR-011 uses Akad Ijarah Asset various government infrastructure as well as sukuk issuance is structured as the sale of to be Leased whereby the GoI will lease the non-infrastructure projects. With the concept beneficial right over certain underlying assets. Ijarah object (projects/BMN) to be procured of asset-based investment, investing in sukuk Returns are derived from such assets in the form by sukuk issuer company based on GoI order, is relatively low-risk since the GoI owns the of leasing fee (ujrah), margin fee, profit sharing and the leasing fee will be paid to the sukuk underlying assets; meanwhile from the govern- or other sources in accordance with the agreed holders (investors). ment side, sukuk can be deemed as alterna- contract. ST-003 and SR-011 have no default tive financing from traditional reliance to State risk because the GoI guarantees the investors. Armand Yapsunto Muharamsyah & Partners Budget to finance public infrastructure projects. Sukuk shall only be issued according to Generali Tower, Penthouse Floor, Gran Example of infrastructure projects financed sharia opinion issued by National Sharia Board- Rubina Business Park at Rasuna Epicentrum, by the issuance of ST-003 and SR-011 include Indonesian Council of Ulama (Majelis Ulama Jl. HR Rasuna Said, Jakarta 12940, Indonesia Trans Sulawesi railway (crossing Makassar- Indonesia). This instrument should be free from T: +62 21 8370 7777 Pare-Pare) in South Sulawesi, Petuk Kupang riba (usury), gharar (uncertainty) and maysir F: +62 21 8370 7771 Bridge in East Nusa Tenggara, and Regional (gambling), as well as issued based on Akad W: www.aymp.law

AMCHAM ISSUES WARNING OVER PROPOSED HK-MAINLAND EXTRADITION AGREEMENT

The American Chamber of Commerce in Hong Kong has issued a warning over a proposed extradition agreement involving the city, mainland China, Taiwan and Macau. According to the South China Morning Post, AmCham informed Hong Kong’s Security Bureau in a letter recently that the city’s international business community had “grave concerns” about the mainland’s legal system, and the extradition agreement. The letter added: “The mainland criminal process has deep flaws, including lack of an independent judiciary, arbitrary detention, lack of The letter also called on Hong business executives residing in or trans- fair public trial, lack of access to legal Kong’s leadership to reconsider the iting through Hong Kong as a result of representation and poor prison condi- proposal and look at different ways allegations of economic crime made tions. The mainland legal system is often to hand over fugitives. “Any change by the mainland government … would abused to criminalize what are essen- in extradition arrangements that undermine perceptions of Hong Kong as tially commercial disputes between substantially expands the possibility of a safe and secure haven for international foreign and local business interests.” arrest and rendition … of international business operations,” AmCham said.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 13 BRIEFS

in the number of clients served in the three regions in which we operate: Asia, Europe and the Americas. In 2018, we served two-thirds of our top 100 clients in all three regions and more than 80 percent of those clients in two regions. In my view, this attests to the success of our partners to collaborate with their colleagues here and around the world. Another significant change is the Q&A globalisation of our internal systems, which allows us to collaborate more effectively and enhance client service. We now have globalised our functional capabilities in business development, ‘ALIGNING OUR EXPERTISE GLOBALLY marketing and communications, finance and accounts, information technology, knowledge management, legal risk and IS ONE OF OUR PRIORITY TASKS’ compliance and legal project management. The result of this initiative is Terence Tung, Asia senior partner at Mayer Brown, talks to ALB improved efficiency and consistency. about how the region has become a key component of the firm’s ALB: What is the firm’s strategy in Asia? global strategy, how the operations here have integrated with the And what do you view as the biggest broader firm, and what opportunities lie ahead in Asia. opportunities in Asia at the moment? Tung: Our strategy in Asia is simple: Continue to grow our core capabilities in ALB: What have been some of Mayer approximately 200 lawyers in each of the response to client demand and enhance Brown’s biggest achievements in Asia? world’s three largest financial centres – collaboration with our colleagues in Tung: Before the combination between Hong Kong, London and New York – the other offices to best serve the interest of Mayer Brown and Johnson Stokes & backbone of the global economy. our clients. Our ability, both collectively Master in 2008, the legacy JSM had and individually, to adapt to the changes been the pre-eminent Hong Kong law ALB: What have been the key changes in the legal environment in Asia and to firm for many years but our footprint at the firm since you took over as senior overcome challenges from our compet- was limited to just Asia. Thanks to the partner three years ago? itors has kept us as a leading player in great efforts of our partners, everyone Tung: When I took the leadership both mature markets as well as frontier can see the combination remains to this role at Mayer Brown three years ago, markets like Myanmar and Mongolia. day one of the most successful integra- I advocated for integration of our We are strong in local practices and can tion of large law firms people, our practices offer global solutions through collective ever. The combination and our systems with efforts. We have aligned our products has resulted in several other offices. Today, globally by leveraging our capabilities significant changes. we see our lawyers in to the benefit of our global platform Our global footprint Asia cross-selling our and reinforced our transformation to a has expanded, our products in offices in distinctively global law firm. With the core products have multiple jurisdictions aid of our global platform, we see more become aligned across and helping each other and more opportunities that involve the our offices and we to win work from global collaboration of teams from different have expanded our clients. We also see offices. Finally, China has become a key client base so that we lawyers from different driver for revenue for our Asia practice. are now acting for our practices and offices With the implementation of the Belt core clients in all four TERENCE TUNG collaborating together and Road and Greater Bay initiatives corners of the globe. on complicated projects by the Chinese government, we see an Today, we pride ourselves on being a to add value for our clients. Our lawyers abundance of great opportunities spread distinctively global law firm, uniquely operate within a truly global network. across huge geography where we can positioned to advise the world’s leading This behavioural change is really encour- showcase our global products including companies and financial institutions with aging. We see the results of this change China-related ones.

14 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM 250,738 users 904 in-house legal departments 192 foreign countries WHAT THE RELIABLE RELY ON Thomson Reuters Legal Tracker Want clear visibility into your entire legal portfolio? Choose the solution preferred 4 to 1 for matter management, analytics, and e-billing. Everything is in one place to help you control your costs and know with conﬁdence all of what’s going on. Because if you’re not tracking, you’re just guessing.

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NORTH ASIA AND SOUTHEAST ASIA/SOUTH ASIA LEAGUE TABLES

North Asia Announced M&A Legal Rankings North Asia Announced M&A Financial Rankings

No. 1 - King & Wood Mallesons No. 1 - Huatai Securities Co Ltd

9,156.2 Value ($MLN) 11,879.6 Value ($MLN) Deals: 12 / Market Share: 6.1 Deals: 11 / Market Share: 8.0

Value Market Value Market Rank Legal Advisor ($MLN) Deals Share Rank Legal Advisor ($MLN) Deals Share 2 Morrison & Foerster 8,960.0 4 6.0 2 CITIC 10,538.0 10 7.1 3 Paul, Weiss 7,017.5 5 4.7 3 Morgan Stanley 8,838.9 25 5.9 4 Haiwen & Partners 6,302.5 2 4.2 4 China Securities Co Ltd 7,456.0 5 5.0 5 Kim & Chang 5,316.0 25 3.6 5 Tianfeng Securities Co Ltd 6,303.4 2 4.2 6 Bae Kim & Lee 3,882.6 7 2.6 6 The Raine Group LLC 6,000.0 1 4.0 7 East&Concord Partners 3,402.6 1 2.3 7 UBS 5,182.7 5 3.5 8 Nishimura & Asahi 3,319.4 23 2.2 8 China Merchants Securities Co 4,810.3 2 3.2 9 Zhong Lun Law Firm 3,248.6 4 2.2 9 JP Morgan 3,642.2 10 2.4 10 Mori Hamada & Matsumoto 2,708.3 17 1.8 10 Goldman Sachs & Co 3,581.5 6 2.4

(*tie) Based on Rank Value including Net Debt of announced M&A deals (excluding withdrawn M&A) (*tie) Based on Rank Value including Net Debt of announced M&A deals (excluding withdrawn M&A)

Southeast Asia / South Asia Announced M&A Legal Rankings Southeast Asia / South Asia Announced M&A Financial Rankings

No. 1 - AZB & Partners No. 1 - JP Morgan

9,750.5 Value ($MLN) 9,259.7 Value ($MLN) Deals: 27 / Market Share: 16.2 Deals: 2 / Market Share: 15.4

Value Market Value Market Rank Legal Advisor ($MLN) Deals Share Rank Legal Advisor ($MLN) Deals Share 2 WongPartnership LLP 8,399.7 6 14.0 2 Morgan Stanley 5,916.7 8 9.9 3 Allen & Gledhill 8,364.1 5 13.9 3 Bank of America Merrill Lynch 4,760.8 3 7.9 4 Shardul Amarchand Mangaldas & Co 6,726.4 18 11.2 4 JM Financial Group 3,785.3 5 6.3 5 Cyril Amarchand Mangaldas 4,593.4 18 7.7 5 Kotak Mahindra Bank Ltd 3,337.7 2 5.6 6 J Sagar Associates 2,527.0MERGERS4 & ACQUISITIONS4.2 6 SNAPSHOTJefferies LLC 2,527.0 2 4.2 7 Clifford Chance 2,512.0 5 LEAGUE4.2 TABLES7 Ambit Corporate Finance 2,511.8 3 4.2 8* Jones Day 2,227.0 1 3.7 8 Lazard 2,372.8 3 4.0 8* Gibson Dunn & Crutcher 2,227.0 1 3.7 9 Perella Weinberg Partners LP 2,227.0 1 3.7 10 Linklaters 1,679.6 5 2.8 10 Citi 2,203.9 7 3.7

(*tie) Based on Rank Value including Net Debt of announced M&A deals (excluding withdrawn M&A) (*tie) Based on Rank Value including Net Debt of announced M&A deals (excluding withdrawn M&A)

Any North Asia Involvement Announced M&A Activity - Quarterly Trend

Series1 Series2 440 387.2 388.9 5,000 Transactions of No. 333.6 340 4,000 274.0 287.9 284.3 254.7 245.1 258.0 246.6 260.3245.2 215.1250.4 219.9 3,000 240 201.8 193.9 169.6 175.2 142.9 150.2143.1 148.5 2,000 114.8 131.8 116.2123.4 140 95.6 92.6 1,000

Rank ValueBillion US$ 40 0 1Q 12 3Q 12 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 3Q 15 1Q 16 3Q 16 1Q 17 3Q 17 1Q 18 3Q 18 1Q 19

League tables, quarterly trend, and deal list are based on the nation of either the target, acquiror, target ultimate parent, or acquiror ultimate parent at the time of the transaction. Announced M&A transactions excludes withdrawn deals. Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. North Asia includes China, Hong Kong, Japan, South Korea, Taiwan. Data accurate as of 2 April 2019.

16 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM

#Sensitivity: Confidential BROUGHT TO YOU BY THE RED FLAG GROUP

Why the compliance industry needs a certification system

Imagine a situation where tens of This adds a significant validation step thousands of companies build their and also provides a benchmark to add own compliance programs. They value back to the business. build and implement them based on ‘best practices’ of what they under- Be transparent stand other companies are doing, Companies that use the ISO standards what they hear at conferences and and get certified should be transpar- what they think is best based on their ent about their approach, results and experience. These programs are hardly compliance with the standards without ever disclosed and are rarely indepen- fear of retribution from regulators. dently audited or verified. There are Scott Lane This will enable compliance officers literally hundreds of laws, regulations, CEO to level the playing field by under- rules, policies and guidelines applying E: [email protected] standing their programs and how they to the company, multiplied by the compare to others and adding a layer 100 countries in which the company this on the industry and those that of comfort that their programs are fit operates and again by the 10 to 15 key practice in the world of compliance? for purpose. risk areas that the company faces. That What solutions are there to this impact is a complex web of obligations that on the profession? Learn and teach can immediately derail a compliance Compliance officers should be doing team if there isn’t a clear set of verifi- Create consistent programs everything they can to build the able steps to follow. It’s hard to build programs that are knowledge of the ISO standards across Also imagine a situation where similar or consistent across companies the world so they can be part of the compliance officers come to compli- without a common standard. It’s solution to the compliance industry ance from other disciplines, such as even harder to compare, measure and make things simpler for their law, accounting, finance or human and assess programs and know that peers and the compliance officers of relations. This mix of backgrounds they are working. The solution is a the future. brings fantastic strength, but it also compliance standard. The ISO 19600 brings diverse approaches, and this (General Compliance) and ISO 37001 diversity can be a huge asset or a (Anti-Bribery) standards are a great huge distraction. These compliance place to start and should be regularly officers start their roles with little, if referred to by every single compliance any, processes or procedures on which person globally. Compliance officers to build or improve their programs. can use the standards to refine their There is no university course to study programs until they meet the outlined compliance – no bachelor’s degree, no requirements. These ISO standards masters, no detailed syllabus of any will only get more known, utilised and kind beyond a five-day course offered established, so now is the time to be by an association. There is no real way a leader and adopt them under your for a common approach to be taught terms instead of someone else’s. The Red Flag Group to new compliance teams. Level 20, Bonham Trade Centre, You don’t need to imagine those Get certified 50 Bonham Strand, Sheung Wan, things; this is compliance as we know Building a compliance program under Hong Kong it today. We are a new industry, but a common global standard makes T: +852 3185 0700 we need a common set of standards perfect sense. It also makes sense to F: +852 3185 0701 and a framework and we need it now. have an independent auditor validate E: [email protected] So what is the impact of all of that program against the standard. W: www.redflaggroup.com

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 17 CYBERSECURITY

replace hardware and software, and of course, reputational damage. Tanna Moore, president and CEO of Meritas, a global legal network of independent law firms, says that the information and clients that firms have access to make them “high-value targets of hackers and criminals.” “Contrary to popular belief, rather than focusing on hacking a lawyer’s computer or the office server, cybercriminals often gain access to confidential client with simple phishing emails that compromise the lawyer and the firm,” Moore explains. Dave Coughanour, director of security at K&L Gates says while the types of security flaws lawyers are most vulnerable to are dependent on the type of work being performed and the types of clients that are being supported. While different sized firms will have specific SAFE AND SOUND security focuses, the platforms lawyers work on is something every practice Cyberthreats, including phishing, hacked email accounts, should consider. “The first item to understand is, leaks of sensitive data and ransomware are a liability that you may well inherent any emails for every business with a digital presence. For lawyers, that your clients have. For example, an who deal with privileged client information and sensitive adversary may attack your firm directly in order to gather information on a client documents, the impact can be devastating. But how you represent or use your infrastructure can firms effectively protect themselves against such as a jumping off point to attack them attacks? According to the experts, preparation is key. since your addresses are likely trusted,” Coughanour says. Another vulnerability, he says, BY ELIZABETH BEATTIE is lawyers being “always on” and working on personal devices. “It is vitality important that sensitive infor- What connects a seemingly consequences are arguably even more mation remains on systems controlled disparate list of law firms including severe for law firms. and defended by the firm. Allowing DLA Piper, Cravath Swaine & Moore, Law firms sit atop piles of valuable people to store attorney-client infor- Weil Gotshal & Manges, Panama- information that is almost always mation on personally owned devices based offshore outfit Mossack Fonseca, digitized. While they have careful clauses or in personally managed accounts and a small Philadelphia firm called and wording to protect lawyers, organ- is a data breach waiting to happen,” Griesing Law? Answer: Regardless izations and clients, a cyberattack can Coughanour warns. of size, location and reputation, they expose sensitive information in a just Moore echoes this point adding that have fallen victim to security breaches. few seconds. mobile devices, social media and tele- Indeed, DLA is itself regarded as of the According to the American Bar commuting also put attorneys or other world’s leading law firms when it comes Association, cyberattacks are now so law firm personnel at risk as the hacker’s to cybersecurity. prevalent, the thinking has shifted to be access point, and to effectively prevent A study from Microsoft and not “whether firms will be the victim of damage, firm’s information security plan consulting firm Frost & Sullivan focusing a cyber-attack, but a question of when should “incorporate specific training on APAC revealed that a large organiza- and to what extent.” When firms do and security policies to help ensure tion operating in the region could incur succumb to attacks, they face serious lawyers and staff are a strong line of a potential economic loss of $30 million consequences including loss of billable defence, and not an easy access point as a result of cyber incidents – but the hours, loss of information, the need to for cybercriminals.”

18 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM CYBERSECURITY

MANY CONSEQUENCES weigh up firms’ cybersecurity savviness arise out of technical decisions”, but When a data breach does take place, as an important part of their decision- while there are technical components there are many consequences firms must making process. “Clients are increas- in breaches, he adds that there are many grapple with. “If a hacker successfully ingly asking to see the formal cyber- other aspects to consider including penetrates the confidential client data security plans of their law firms, and public relations, internal communica- that is held by the firm, prospects, clients many will only do business with firms tion, legal issues, business decisions. and employees may second guess the that can demonstrate their cybersecurity. While Moore concedes the odds are management and operations of the If firms can’t immediately provide this “high” that a law firm will experience a firm,” Moore says of the ramifications. information, a client will likely question cybersecurity breach at some point, how And once data breaches are made their reputation for best practices and firms respond to this, can make a signif- public, either by the media or by other operational excellence from the onset,” icant difference. “Don’t panic – employ means, the firm will be viewed differ- Moore says. the firm’s existing process for breach ently. “Even if a firm quickly remedies Preparation is essential in order to response and business continuity,” she the situation, the reputational damage prepare for cyberattacks, with experts says. may be long-lasting,” Moore says, as advising that every firm should have Moore adds that firms should follow coverage and company reviews can an action plan in place, regularly audit “pre-planned” steps, which include continue to haunt firms’ reputations and assess their security processes, and “notification procedures for affected and continue to show up when clients invest in IT support. But a truly effective parties and the authorities activation research the firm. In severe cases, should response isn’t simply technical. of the crisis communications (PR) plan, stolen data compromise clients’ repu- Coughanour says in addition to and securing systems, taking steps to tations, “the overall damage to the law being prepared with an incident response disconnect online connections such firm involved may be fatal. The continued plan, firms should also involve their as the internet and remote access.” viability of the firm may not be possible,” general counsels, as “once an incident Communicating proactively and trans- Moore adds. has developed into a full-blown breach, parently with stakeholders is also Clients too are also beginning to there is a myriad of legal risks that can important, she says.

OUR LEGAL NETWORK PROTECTS YOUR DATA. As the premier global legal network, Meritas firms must meet high quality measures. Now they are even higher, with the new Meritas Cybersecurity Standards—an industry benchmark for securing client data against cyber risks and attacks. Work seamlessly and confidently across 92 countries, knowing your legal data is safe- guarded by your Meritas member firm. Visit Meritas.org for information on how to ensure your law firm is cybersecure.

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WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 19 COVER STORY

ASIA’S BEST LAW FIRMS TO WORK FOR

The ALB Employer of Choice Rankings were compiled talking into account responses from more than 2,500 private practice lawyers across Asia, ranging from managing partners to paralegals, as well as our own market knowledge. The survey was open in the months of February and March, and law firms have been ranked on the basis of job satisfaction, remuneration, work-life balance, career prospects, mentorship, job security and other aspects, with respondents being asked to submit their inputs anonymously. Law firms in each jurisdiction have been listed in alphabetical order.

BY ASIAN LEGAL BUSINESS

Times have been tough for law firms us. A great honour to be part of the and how. This is in addition to internal in Asia, what with the twin forces of rising team.” And a partner at a law firm in team recognition, which helps build competition and an increasingly savvy India adds: “Given the established brand confidence.” clientele. This has resulted in a slight and clientele, there is a regular inflow Similarly, when it comes to opportu- decline in the number of responses from of interesting work. As a harmonious nities for training or professional devel- last year, as lawyers are more likely to partnership across offices, collaboration opment, more than 90 percent are recommend their firm when they are across practice sectors makes my firm a appreciative of what is available. The happy to be working there. That makes truly pan-India firm and allows attorneys firm offers a variety for young associ- the responses we received even more to work on interesting matters across ates the opportunity to get involved in meaningful, and highlights the stellar jurisdictions. The culture here stresses big projects and enhances the coaching work that the ranked law firms have been on a work-life balance to ensure that and mentoring to develop new gener- doing. attorneys have an overall development ation. In addition, the firms also pays Despite the dampening of enthu- of not only their work life but also time attention to organise internal seminars siasm, the job satisfaction numbers for their personal passions.” focusing on a specific topic, which aims remain high. More than 93 percent of For all but 11 percent of the respond- at exchanging knowledge and experi- lawyers across Asia have expressed ents, remuneration appears to be at least ence between working teams,” says an satisfaction with their jobs in this year’s at the market standard; and almost 46 employee at a local law firm in Vietnam. survey, with almost half of the respond- percent believe it to be above that. “The The path to partnership is, however, ents calling themselves extremely firm functions on the principle that the a bit of a sticking point – almost 46 satisfied. “No micro-management, in revenue and the growth of the firm is percent of those surveyed feel that the control of my work both when I was an largely attributable to the team and its path is “somewhat transparent” or not associate and now as a partner, friendly contribution and this is clearly visible transparent at all. That said, a whopping environment, easy-going, work long from the manner in which the team is 86 percent rate their firm as “very collab- hours when there is a need, freedom to compensated and appraised at every orative.” And around 40 percent feel only work short hours when things are not level,” says a respondent in India. And “somewhat valued” at the firm, or not busy, many social meaningful events more than 62 percent say that their valued at all. But job security is high at organized by firm,” says a partner at feel your contributions to the firm and 77 percent. Overall, though, the signs a local law firm in Hong Kong. For an its success are frequently recognised. are good. When asked if they saw them- associate with an international law firm “Contributions in transactions, cases etc selves in the same firm in five years’ in Hong Kong, there are “a lot of learning are frequently circulated internally by time, more than half answered “defi- opportunities. Super good supervisor, emails,” says another respondent from nitely” while almost a third answered easy-going and providing us guidance India. “These emails mention the contri- “probably.” And 68 percent said they whenever necessary, always there for bution of every member who contributed would recommend the firm to a friend.

20 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM COVER STORY

Mayer Brown Oldham Li & Nie Stephenson Harwood

Job satisfaction is at 93 percent in Hong Kong, but remuneration could be better, with more than two-thirds (69 percent) believing it to be at market standard. Opportunities to receive mentoring are well-received by about 71 percent, but less than a fifth believe the path to partnership is “very transparent.” More than 76 percent find their firm “very collabora- STEPHENSON HARWOOD tive,” while more than half say that they feel their contributions are frequently recognised. Work-life balance is good At Mayer Brown, a lawyer says Danny Cohen, chief operating officer, or better for more than 90 percent, and “colleagues are all collaborative and Asia, at Stephenson Harwood, says that the majority (51 percent) feels “extremely friendly. Great working atmosphere.” the firm places central importance on its valued” or not valued at all. Job security An respondent at Oldham Li & Nie says people, and has made this a core facet is fairly high, and nearly 60 percent “the firm offers great flexibility for me of its strategy. “The aim is to foster an would wholeheartedly recommend the to handle cases and the atmosphere environment where ambition thrives, firm to a friend. between colleagues is good.” potential is developed and talent is

“We pride ourselves on creating a working environment where our people flourish and reach their potential, where talent is fostered and where entrepreneurialism is embraced. Being recognised as one of Asian Legal Business’ ‘Employers of Choice’ is testament to this.” Danny Cohen, chief operating officer, Asia

www.shlegal.com

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 21 COVER STORY rewarded. This approach is taken across more transparent (it is “somewhat trans- meetings and other tasks,” says an the business – irrespective of geographic parent” for 43 percent) but 85 percent associate at Ali Budiarjo, Nugroho, location or seniority,” he says. find their team “very collaborative” and Reksodiputro. A lawyer at Soewito Cohen adds the firm places real work-life balance is “excellent” for more Suhardiman Eddymurthy Kardono value on learning and development and than a quarter. Almost 63 percent feel says: “I am satisfied with the work in has an experienced and capable team “extremely valued, and job security is at my Firm and I love my colleagues.” And running its L&D programmes both in a healthy level (71 percent say they feel for a lawyer at Tilleke & Gibbins, “this Europe and in Asia. “The firm also “very secure”). firm is based on family values and yet is values on-the-job learning, workshops, “Good working culture, surrounded very professional. So it feels like we are seminars and retreats, as well as second- by good colleagues and seniors,” says working not only with very professional ments – whether that be to a different a lawyer about Dhaval Vussonji & colleagues, but also family and friends.” office in the firm’s network, or to a client,” Associates. “At Ikigai Law we are not he notes. concerned with fitting in the mould but “The firm has an award-winning breaking it and creating solutions for our global career progression programme, client,” says an associate at that firm. to which all mid- and senior-level asso- “We often go out of our way to ensure Bae, Kim & Lee ciates are invited, as well as a six-month that not only is our Client’s interest Kim & Chang ‘high potential’ programme for those protected but they are well informed.” Shin & Kim senior lawyers who aspire to become A lawyer at Khaitan & Co says: “I feel I Yulchon partners. Each of the development am part of a family, and I am treated just opportunities has been designed – with like a family member, which improves input from partners and clients – to be my performance.” A lawyer at TLC Legal As in previous years, South Korea had practical, relevant and commercially recounts: “I joined the firm after a two- the largest number of responses to focused,” says Cohen. “The firm spends year-long maternity leave. They are all the survey this year, with hundreds of time and effort promoting a positive and always very considerate and accom- lawyers submitting enthusiastically. inclusive workplace culture.” modating towards my needs and prior- And the enthusiasm was not unfounded: Cohen says that the firm caters to ities as a new mother.” And an associate almost 65 percent declared them- the needs of junior lawyers in a variety at Veritas Legal says: “The firm has a selves “extremely satisfied” with their of different ways, including experience fantastic work culture, there is good jobs. Remuneration is “well above” the of client work, development of technical team work and support from all team market standard for almost 42 percent, skills, involvement in forums and initia- members including partners.” and more than 59 percent said opportu- tives, feedback and career development, nities for training and professional devel- experience with technology and innova- opment was of the highest quality. The tion, business development and inter- path to partnership is “very transparent,” office work and secondments. according to 53 percent, and nearly 81 percent praise their team for being Ali Budiarjo, Nugroho, Reksodiputro highly collaborative. Work-life balance is Soewito Suhardiman excellent for 46 percent, and a whopping Eddymurthy Kardono 64 percent feel “extremely valued.” No Tilleke & Gibbins wonder job security is at 74 percent, and Dhaval Vussonji & Associates almost 75 percent would “wholeheart- Ikigai Law Job satisfaction is upwards of 94 percent edly” recommend it to a friend. Khaitan & Co. in Indonesia, and salary levels are also Bae, Kim & Lee is praised for its TLC Legal generally high, with 91 percent praising “high salary, sufficient vacation days and Veritas Legal opportunities for guidance and mentor- satisfactory work-life balance.” At Kim & ship. Work-life balance is passable for Chang, an attorney lauds the “top-notch India notches up a job satisfaction rate of about 65 percent, and a majority (53 work, substantial responsibility and 92 percent this year, slightly down from percent) feels extremely valued; with respectful, collegial working environ- last year, but still quite high. Salaries almost two-thirds feeling secure in ment.” A lawyer at Shin & Kim notes that broadly trend towards the higher end of their jobs. Some 46 percent definitely “the relationship between colleagues the scale among those surveyed, while see themselves in the same firm in five is very friendly. Lawyers provide great more than 85 percent appreciate the years’ time, while 62 percent would support to their colleagues.” And at opportunities for training and profes- wholeheartedly recommend the firm to Yulchon, “Our firm provides me with sional development, and 89 percent a friend. a great opportunity to develop my like the mentoring they receive at their “I have the freedom to handle my expertise and network with clients,” says firm. The path to partnership could be own files, and flexibility to arrange a respondent.

22 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM COVER STORY

carry out high-end dispute work which percent appreciate the opportunities for can either define or change the existing training and professional development laws.” An associate at Wong & Partners that their firm provides, while 80 percent Raja, Darryl & Loh lauds “great exposure to international like the opportunities to receive mentor- Skrine deals and a steep learning curve.” And ship. The path to partnership is very Wong & Partners a respondent at Zul Rafique & Partners transparent for just under a quarter of Zul Rafique & Partners says: “I have the freedom to express respondents, while more than two-thirds my professional creativity and the firm think their firm is “very collaborative.” While job satisfaction is at just under encourages me to do my best by giving With work-life balance acceptable at the 85 percent, the proportion of lawyers all the facilities needed.” least for 85 percent, and job security for who are “extremely satisfied” is rela- nearly three-quarters, 77 percent would tively high, coming in at 55 percent. “wholeheartedly” recommend the firm About 52 percent also feel that they are to a friend. paid above the market standard, and A respondent from DivinaLaw for 83 percent, work-life balance is at praises its “near-perfect work environ- DivinaLaw the least acceptable, while more than ment. It is populated by people who Puyat Jacinto & Santos 52 percent feel “extremely valued” in are team players. Every lawyer is driven Quisumbing Torres the firm. An impressive 61 percent defi- and always eager to contribute to the Romulo Mabanta Buenaventura nitely see themselves in the same firm betterment of the firm.” At Puyat Jacinto Sayoc & de los Angeles in five years’ time. & Santos, a lawyer says: “The partners An associate at Raja, Darryl & Loh are easy to talk to and very approach- says the firm provides “good guidance, The Philippines has a job satisfaction able, the work and subject matter are supportive supervising partners and rate of 91 percent, and salaries are above exciting, the firm is forward-looking and excellent support staff.” A lawyer at the market standard for more than two- always looking for ways to modernize Skrine praises the firm’s “ability to thirds of the respondents. More than 88 and innovate.”

www.divinalaw.com www.facebook.com/divinalawph www.twitter.com/divinalawph www.instagram.com/divinalawph www.linkedin.com/company/divinalaw

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 23 COVER STORY

QUISUMBING TORRES

Says another lawyer: “I am given a skills at a much quicker pace than our to undergo during their first year with the variety of challenging and interesting peers. The firm has equipped us with firm. “This allows each lawyer to experi- work. Although I am already quite senior, both the tools, and the practice needed ence each practice area and to learn from the Firm encourages me to further grow to perform at a higher level.” the lawyers from each practice group” and spread my wings. For instance, I am Quisumbing Torres provides its says Calimon. “The firm also organizes allowed to pursue my other advocacies lawyers with a training program that various trainings that provide its lawyers with the full support of the firm.” ensures their development at every stage not only substantive knowledge but also And a third respondent from of their career, says Donemark Calimon, help them improve their practical skills. DivinaLaw sums it up: “Work-life partner and head of the firm’s dispute These include training firm lawyers to balance, generous pay, great boss.” resolution practice group. “The training provide legal advice in a commercial Meanwhile, an associate at Romulo program of Quisumbing Torres tracks the manner that clients can easily under- Mabanta Buenaventura Sayoc & de los development of its lawyers in terms of their stand, deepen their knowledge not only Angeles says: “the firm calls out achieve- personal qualities and certain key perfor- of their practice areas but also of the ments that are noteworthy and promotes mance areas,” he notes. “These personal industries of their clients, and contribute continuing professional development qualities include intellect, dedication and to the firm’s CSR awareness and pro through activities within the firm and humanity and the key performance areas bono programs (such as diversity and other endeavours outside of it.” include business development, client inclusion and environmental issues), Says another: “The firm handles service, legal knowledge and expertise, continuing legal education program, groundbreaking and difficult transac- matter and people management.” involvement in relevant organizations.” tions, which has required us to hone There is a rotation program that new The firm’s lawyers are guided by our skills and develop our structuring hires at Quisumbing Torres are required a developmental framework that sets

Understanding our client’s business through the lens of the industry in which it operates is key to providing legal solutions that work. We organize our lawyers into industry groups that keep track of market trends, regulatory developments and legal updates in each sector: 2019 ALB EMPLOYER OF CHOICE - - Consumer Goods & Retail - Energy, Mining & Infrastructure PHILIPPINES - Financial Institutions Asian Legal Business - Healthcare - Industrials, Manufacturing & Transportation - Technology, Media & Telecommunications

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Ad_INT128763.indd 2 3/28/2019 4:06:43 PM COVER STORY out performance expectations for all learn about business development and our lawyers at all levels based on their maintain a good work-life balance,” says key performance areas and personal an associate at Eversheds Harry Elias. Drew & Napier qualities that the firm have identified Meanwhile, at Stephenson Harwood, a Eversheds Harry Elias as key contributors to high performance. respondent says: “There is a good level Stephenson Harwood Calimon points out that Quisumbing of cooperation and teamwork amongst Torres provides a collaborative environ- colleagues.” ment, both structurally and socially. Singapore’s job satisfaction comes in at Foo Yuet Min, director at Drew “While our lawyers are basically struc- around 83 percent, still a fair achieve- & Napier, says that young lawyers tured by practice groups (banking a ment for a market that has seen work always seek growth and development. finance, corporate & commercial, dispute being sluggish of late. Remuneration “Maintaining a nurturing environ- resolution, employment, immigration, remains stable, and the path to partner- ment where ideas can flow freely and intellectual property and tax), they also ship is at least somewhat transparent for constructively is vital to the development specialize from the perspective of indus- 92 percent. Teams are generally collab- and retention of our talent,” she notes. tries,” he says. “Each practice group is orative, and lawyers also feel that their “Our mentorship structures and culture represented in each industry group like work-life balance is decent (87 percent). of training mean that any junior lawyer consumer goods and retail; energy, With nearly half the respondents feeling is able to approach a senior lawyer mining and infrastructure; financial “extremely valued” and 64 percent for guidance and encouragement. A institutions; healthcare; industrials, feeling secure about their jobs, more progressive culture focused on continual manufacturing and transportation; and than 31 percent “definitely” expect to training and ethics ensures our lawyers technology, media and telecommuni- see themselves in the same firm in five are constantly hungry to improve.” cations. The structure encourages very years’ time. Foo adds that the nature of the firm’s close coordination among the firm’s “Partners are willing to teach work is very demanding and it recog- lawyers and helps builds camaraderie and allow us some independence in nises the importance of work-life balance and teamwork.” our cases. They also encourage us to to avoid burn out. “The firm adopts a

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 25 COVER STORY

Tilleke & Gibbins Weerawong, Chinnavat & Partners

While job satisfaction is at just under 84 percent, the proportion of lawyers who are “extremely satisfied” is relatively high, coming in at 53 percent. About 55 percent also feel that they are paid above the market standard, and for 82 percent, work-life balance is at the least acceptable, while more than 55 percent feel “extremely valued” in the firm. An DREW & NAPIER impressive 64 percent definitely see themselves in the same firm in five years’ time. At Tilleke & Gibbins, a respondent flexible work approach allowing lawyers says. “To provide our lawyers and staff praises the “good salary, good boss and to work from home or take time off, on with ample opportunities, the firm works ability to do a job that I love.” top of 30 days of annual leave,” she says. with several organisations and initiatives Weerawong Chittmittrapap, senior Despite their packed schedules, such as the Law Society’s Criminal Legal partner at Weerawong, Chinnavat & Drew’s lawyers also seek opportuni- Aid Scheme, Community Legal Clinics, Partners, says that last year, the firm ties to give back to society, notes Foo. Legal Aid Bureau and various charities implemented its “Be the CEO of your “It is simply the right thing to do,” she for children.” career” program, including individual

26 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM W EER AW O N G , C H INN AV A T & P A R T NERS L T D .

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“Excellent, not only in the legal part, but also in terms of the commercial and negotiation aspects as well.”

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 COVER STORY

WEERAWONG, CHINNAVAT & PARTNERS reward and development plans. “Every a great team spirit – we work hard and that learning and development is one lawyer may decide how much he or she play hard together.” of the core values that defines it who wants to earn and how fast they want is as a law firm. “We are committed to to grow,” he notes. “Competencies are providing our lawyers with a variety of mapped to our WCP Academy eLearning growth and development opportuni- platform, and we provide ongoing multi- ties, from organising internal training media professional development in legal sessions on legal expertise as well as LNT & Partners knowledge and skills to be developed for soft skills, to informing them of external Phuoc & Partners our signature legal services. For junior courses and events which they might find RHTLaw Taylor Wessing Vietnam lawyers, we have an associate pool useful, encouraging them to attend and Tilleke & Gibbins program which allows them to work in supporting them financially if they do,” VILAF multiple areas of law before they choose the firm says. “For younger lawyers, we an area of specialization.” aim to involve them in client matters from Weerawong adds that lawyers prior- A job satisfaction rate of upwards of day one as we believe early exposure to itize career development combined with 94 percent, above-market remuner- real cases is one of the best ways to help work-life balance. “We encourage our ation for more than 54 percent of the them learn and grow professionally.” lawyers to define their goals and then respondents, and adequate opportuni- In 2018, LNT started taking lawyers plan and adopt their work and routine ties to receive training and professional who had been at the firm for at least accordingly to create a ‘well-designed development mean that it’s not a bad three years on overseas training trips. life,’” he says. “To support this, we imple- time to be a corporate lawyer in Vietnam. “This was very well received and is mented new technology systems so that Work-life balance is “excellent” for 41 something that we aim to keep up. We lawyers may work from anywhere at any percent and “good” for 49 percent more, have also been sending our associates time and we have designed the office and almost 65 percent feel “extremely out to client secondments and second- with the facilities to meet their needs and valued.” Job security is at 81 percent. ments at leading regional law firms. wishes in a comfortable work environ- A lawyer at Phuoc & Partners says Secondment opportunities are there to ment. We also installed an on-site gym.” that the “working environment is profes- help our lawyers improve their business He notes that the firm cares about its sional and comfortable. I can improve acumen and understanding of the people; its philosophy is that the firm is a myself by knowledge and soft skills.” market,” says the firm. “We also make platform to support all lawyers’ advance- At RHTLaw Taylor Wessing Vietnam, sure that all of our lawyers are aware ment in the profession and achievement a consultant says: “I feel respected at of their career map and the promotion of their potential. “At the same time, work. My colleagues are nice and coop- opportunities available at LNT. Talented we emphasize a culture of collabora- erative. The salary is acceptable.” At associates are spotted, coached and tion – a politic free, transparent work Tilleke & Gibbins, the firm creates “good promoted to become the next gener- environment without plays for power, conditions for employees to work and the ation of partners. We believe that this which keeps lawyers motivated in terms working environment at the company is transparency is important and incenti- of assignments, rewards and career very friendly,” says a respondent. And vising to our lawyers.” path,” says Weerawong. “Often, lawyers at VILAF, a lawyer praises the “good LNT & Partners says that its lawyers from different practice groups work as working environment, high salary, fair have voiced that one of their professional a team to advise and provide solutions performance evaluation and great priorities is to learn as much on the job for clients’ multi-faceted transactions. support from colleagues.” as possible. “In addition to delivering the Regular informal activities have fostered At LNT & Partners, the firm says opportunities mentioned above, we as

28 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM COVER STORY the firm’s partners take it as one of our key priorities to mentor each and every member of the team we are responsible for,” says the firm. “One of the things we constantly aim to bring home to our trainees and associates is that profes- sionalism should always be at the core of their work ethics: being professional not only to our clients but also their workmates. This has become one of the core values that LNT lawyers truly uphold.” It adds that the lawyers, especially the more junior ones, find it important to constantly challenge themselves and LNT & PARTNERS step out of their comfort zone. “To this end, we regularly take on challenging and complex landmark cases from top of office life. “Underpinning the positivity “Furthermore, we have always been tier clients who are market leaders in in our offices is the fact that our lawyers of the view that each and every member their respective sector, thereby giving and support staff, regardless of seniority, of the firm has the right to voice their our lawyers an opportunity to challenge respect and support each other,” says the opinion about their workplace and the themselves and think outside the box,” firm. “Each partner also organises group firm’s leadership, and that the leader- the firm says. outing for their team and as a firm we go ship has the responsibility to take into Teamwork is a key part of LNT’s on company trip(s) every year so that all account these opinions in running the identity and important to every aspect members can get to know each other.” firm,” says the firm.

Lead the market with Nurtured Talents

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WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 29 LITIGATION

construction and improvement of infrastructure. He has also noticed the “ever- growing” use of Hong Kong by mainland parties as an arbitration and litigation STARRING ROLE hub. “In the Hong Kong courts, In February, China released its plan to develop a “Greater meanwhile, we see cutting edge litigation brought by mainland parties, often Bay Area” (GBA) around the Pearl River Delta, in a bid against one another (a feature which to spur growth in Guangdong province and the cities of just a few years ago would rarely have Hong Kong and Macau. With its developed legal system, occurred, mainland parties preferring to settle without litigation),” Starr says. strong presence of practitioners and impartial disputes But Starr also thinks this will grow bodies, lawyers feel that Hong Kong is set to become the as the GBA becomes more established. He predicts the region will transition into legal hub for the GBA. BY ELIZABETH BEATTIE “a lifestyle centre of choice”, with new malls, theatres, sports complexes and theme parks cropping up in the region, China’s cabinet unveiled in modern services industries, the cabinet and with such projects will come a February a blueprint to develop a said. demand for legal support and market “Greater Bay Area” (GBA) around While connectivity is the plan’s expertise. the Pearl River Delta, that involves greatest selling point, the legal aspects, “For many of those projects, Hong Kong, Macau and nine cities particularly where and how disputes will contracting parties will select arbitra- in Guangdong Province, namely be adjudicated, remain unaddressed is tion (rather than litigation) as the dispute Guangzhou, Shenzhen, Zhuhai, Foshan, where it starts to get a little complicated. resolution machinery of choice. I expect Dongguan, Zhongshan, Jiangmen, Hong Kong and Macau’s legal systems, to see a massive increase in the use of the Huizhou and Zhaoqing. According to modelled on the UK and Portuguese various arbitration institutions situated Reuters, the area is home to some 68 legal systems, respectively, are in each GBA city, especially in million people and has a combined markedly different from that Hong Kong and Shenzhen,” gross domestic product of about $1.5 of mainland China’s, and the Starr says, but adds that liti- trillion, roughly equivalent to that of potential challenges which may gation cases will also arise in Australia or South Korea. The develop- arise as a result of this are not similar such projects where ment plans will “further enhance and explicitly addressed in the plan. parties have not contracted for support a leading role of Guangdong- However practitioners in Hong arbitration. Hong Kong-Macau Greater Bay Area Kong say that Hong Kong is the in national economic development obvious choice for a legal hub. SURGE IN INFRASTRUCTURE and opening up,” Reuters quoted the Paul Starr, coordinator Thomas So, partner at Mayer State Council, or cabinet, as saying in of King & Wood Mallesons’ Brown says that following the guidelines. It added that the overall worldwide arbitration practice, the plan’s release, similarly plan, which includes long-term goals sees a range of litigation work in expects “a surge” in infrastruc- through 2035, is to turn the GBA into Hong Kong, directly stemming ture projects and M&A activ- a global technology innovation centre from the GBA plan — partic- ities. “It is likely that there and build advanced manufacturing and ularly given its emphasis on will be disputes arising out of

A general view of the Hong Kong-Zhuhai-Macau bridge after its opening ceremony 30 ASIAN LEGAL BUSINESS – APRIL 2019 inin Zhuhai,Zhuhai,WWW.LEGALBUSINESSONLINE.COM ChinaChina OctoberOctober 23,23, 2018.2018. REUTERREUTERS/Aly Song LITIGATION these projects and transactions and it especially for resolving Greater Bay and city has other arbitration advantages that is expected that many of these disputes Belt and Road disputes,” Starr observes. make it a worthy disputes destination. will generate arbitration work for Hong While So agrees that the finance hub “Importantly, we know that Hong Kong,” So says. already has a reputation “for its robust Kong-based awards have a strong So adds that, in recent years, he legal system and rule of law”, he says in enforcement rate in the PRC by virtue has watched commercial arbitration light of the GBA plan, now is the time to of the Arrangement on the Mutual grow across Greater China and the rest focus on connectivity with other regions. Enforcement of Arbitral Awards between of Asia. “As clients sign more commer- “Hong Kong probably needs to improve the Mainland and Hong Kong, a feature cial contracts with cross-border element, in having more judicial cooperation with which is unique to Hong Kong and the most disputes are resolved via arbitra- the other ten cities in the GBA to facilitate Mainland (and not enjoyed by other New tion rather than through court litiga- legal and judicial services to the public York Convention countries),” he says. tion. In Hong Kong, court litigations as well as foreign investors in the GBA While Hong Kong’s position as a are predominantly human rights and region,” he says, noting that another area legal hub in Asia is well established, in judicial review cases because of the local for improvement is the city’s legal and order to make the best of the situation political climate,” he explains. judicial system, which needs to “embrace in regards to the GBA, lawyers will also Hong Kong may already have a more technological changes to take their need to shift their mindsets, Starr says, sturdy legal reputation, but it’s no time level of services to another level.” noting the scheme will require lawyers for the city to rest on its laurels. Starr While it might be time to update operating in the region to provide a says there are additional steps the city aspects of the way its legal system seamless link to their clients – just as can take in order to further enhance functions, there are unique advantages the GBA is planned to provide a seamless and reinforce its position. For starters, that Hong Kong possesses. In February link across the cities included within the better education about the city’s advan- this year, the city implemented supporting region, “given the GBA’s multi-jurisdic- tages as a disputes hub is important as laws for third-party funding of arbitra- tional nature. Hong Kong law firms will “parties are still unaware of the addition, bringing it in line with competitor want to think carefully about provide that tional benefits which Hong Kong has, Singapore. But, as Starr points out, the seamless full service.”

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HONG KONG TOP IN-HOUSE TEAMS 2019 In-house teams’ roles today are becoming increasingly International, explains that as financial institutions and the regulatory demands complex – caused by shrinking resources, regulatory of such institutions grow more sophis- complications and growing demands from the business ticated, legal resources are simultane- – and for those in Hong Kong, there is no exception. ously highly valued, and under pressure. But in their line of work, Khor says, there However, in spite of these challenges, the best ones are is an acknowledgement that the whole not cowed, and instead find innovative ways to not just business must manage risk together. survive, but also thrive. The ALB Hong Kong Top In-house “In an environment where financial institutions are facing increasing regula- Teams 2019 list celebrates the city’s crème de la crème. tory scrutiny worldwide, coupled with an increased emphasis on accountability, LIST BY ASIAN LEGAL BUSINESS, TEXT BY BY ELIZABETH BEATTIE we have observed that the tendency for business units to simply look to in-house teams to address legal risk appears to be As the legal industry grows increas- excellence in legal talent is one of the waning - such matters are increasingly ingly and adapts to constant change and reasons it remains a cut above other the collective responsibility of all indi- new market disruption, so are expecta- would-be competitors. viduals of the firm and not solely for the tions placed on in-house counsel. But legal team to address,” Khor explains. rather than sit back passively, teams are TIME OF CHANGE But, while this approach becomes redefining their positions, and changing Today’s in-house counsel are not siloed more unified across the legal depart- how they approach work. Those in away, waiting to clean up an inevitable ment, the responsibilities and scope Hong Kong have long been saying this mess. Instead, they are regularly at the of work expected to be undertaken by approach is essential in order to get the forefront, driving the business onward internal legal counsel has continued to best out of the unique market. and steering it with smart decision- grow “as internal divisional boundaries Hong Kong is a tough market. Not making and the ability to weigh risk and between legal risk management and the only does plenty of cross-jurisdictional gauge challenges before they appear. management of regulatory/compliance, work take in and around the city, but Although the role has grown more reputational and operational risk are the newly released Greater Bay Area demanding, the position, for many is increasingly blurring,” Khor says. plan hints at further complexity on the more empowering than it has ever been. Although some of these specifics horizon as the benefits of working across Being nimble, thinking strategically and may appear somewhat unique to the Macau, Hong Kong and mainland China providing advice and support for the finance industry, there are also general is increasingly promoted to interna- direction of the businesses, talented attitude shifts that the whole industry is tional businesses. Doubtlessly, in-house in-house counsels have never been more adopting – namely, the changing role of counsels have their work cut out for valuable. in-house counsel and the reliance upon them. But while Hong Kong has a chal- Han Wai Khor, managing direc- them for leadership. lenging future ahead, its reputation for tor and general counsel at ICBC Khor says that as in-house teams are

32 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM IN-HOUSE

“increasingly expected to take a more “The role of in-house counsel has their obvious value, are shrinking as holistic view of risk management within moved beyond simply performing the many firms prune their businesses for institutions” and the scope of areas function of advising on legal and compli- the sake of cost, in Chan’s experience, where their advice is sought grows, the ance matters and has now become a her team’s ability to prove its worth team’s perspective and advice is also ‘trusted advisor’ to the organization, has also led to the business investing “frequently sought on issues that are participating in formulating strategy, more heavily in its legal resources. As not of a strictly legal nature”. decision-making and devising solutions in-house counsel grow more involved As in-house counsels slowly shed for cross-functional issues,” Coutts says. in businesses operation, “the company their reputation as “no” people, and But, she explains, the “real value” is is willing to invest more in development instead are being viewed as experts who added when the in-house team deeply of the legal team,” Chan explains. “Take can explain how to smartly approach understands “the business, its objectives Emperor Group as an example, we are new markets and pre-empt challenges, and risk appetite,” and then, with this in now a department of 60 staff coving the position, skills and expectations mind are able to provide tailored advice, both legal and company secretarial placed on the in-house legal team have while also being able to “weigh in on functions,” she adds. also drastically changed. important strategic matters and organ- With greater resource support, isational decision-making, particularly the team’s ability to deliver has also MATURING POSITION when ‘bet the farm’ or expanded. In order Valda Chan, group general counsel reputational matters to get the best out of at diversified collective of companies, are at stake.” these resources, the Emperor Group, agrees that as the THE LIST legal team has been position has matured, as has the MORE EFFICIENT, divided into two levels, pressure placed on teams. Chan notes MORE EFFECTIVE Ant Financial Chan explains. This that while in-house counsels have in But not all change has COSCO Shipping Ports has led to a “group the past played a reactive role “dutifully been simply down to level and business unit DBS Bank following instructions and protecting business expectations. level”; the group level companies from risks,” they have grown Internally, in-house Emperor Group legal team provides to possess a “prominent presence in the counsel are also driving Gammon Construction legal support and company over time”. the need to innovate supervision while the Understanding the value of in-house and function more Goldman Sachs business level teams legal resources, and the team’s demon- efficiently and more Hang Lung Group primary focus on legal stration as a strong contributor to effectively. matters that arise from the business, has led to an attitude For Coutts’ team, Hewlett Packard Enterprise day-to-day operation of shift towards in-house counsel more this has been a winning HSBC the respective business generally, and greater prominence being mindset. “As the units. ICBC International placed on the position, Chan says, noting business — and the “Accordingly, the “The legal department is being recog- environment it operates Manulife (International) legal department nized as an important function of the in — evolves, the organ- Morgan Stanley is able to develop a company.” ization’s legal depart- more inclusive under- “The business units turn to in-house ment must also seek to Nord Anglia Education standing of the counsels not only to review/prepare anticipate change and Shanghai Real Estate dynamics and needs of documentation for business plans, but adjust accordingly,” she (Commercial) Holdings the business units and also for advice on directional strate- says. foster better communi- Walmart gies, structuring of cooperate deals and “We are in a cation and trust- that negotiating for key terms with business fast-growing, high- WSP helps in-house counsel partners,” Chan explains, adding that performing business; get buy-in from the rest this has led to greater appreciation to perform our role of the business because for the legal department, and a better properly we need to anticipate the we are not simply reacting, but rather be understanding of how legal resources changing needs of the business and its involved in the conversation,” Chan says can help to “drive business to reduce objectives and adjust our role accord- of the team’s structure cost hence increase profit”. ingly. This is done ideally by identifying She adds: “In-house legal depart- Jodie Coutts, the chief legal officer and measuring ourselves against objec- ment now functions like an internal of Nord Anglia Education, a Hong Kong- tives that can demonstrate the value that law firm supporting the company with headquartered provider of international we add. It also means continual profes- an unparalleled understanding of the schools, has also seen the role transi- sional development and change is a company’s culture and business strate- tion to incorporate important advisory given,” she says. gies, the business reality and key issues elements. While many in-house teams, despite faced by the business units.”

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 33 BROUGHT TO YOU BY GLOBAL LAW OFFICE

China’s New Foreign Investment Law and its Impacts on Existing FIEs

On March 15, 2019, the PRC National (2018) (the “Negative List”), which sets People’s Congress promulgated the forth a list of industries for which the People’s Republic of China (“PRC” or foreign investment is either “prohibited” “China”) Foreign Investment Law (the or “restricted”. If the foreign investment “Foreign Investment Law”), which will falls into the scope of the Negative List, become effective as of January 1, 2020. it shall be subject to certain restrictions Upon its implementation, the Foreign and government approval requirements Investment Law will supersede and under the Negative List. If the foreign replace the existing PRC Sino-foreign investment does not fall into the scope Equity Joint Venture Law (the “EJV Law”), David Fu of the Negative List, the treatment to PRC Sino-foreign Cooperative Enterprise Law Partner such foreign investment shall be no less (the “CJV Law”) and PRC Wholly-foreign T: (86) 21 2310 8298 favorable than that granted to domestic Owned Enterprise Law (collectively, the “FIE E: [email protected] investors and their investments. In addition Laws”), which have been governing foreign to the Negative List management system, investment in China for several decades. and structure of a newly established FIE other modernized systems such as infor- This article addresses (i) the key high- will conform to and comply with the PRC mation reporting system have been also lights of the Foreign Investment Law, (ii) a Company Law (the “Company Law”) or adopted. Meanwhile, the existing regu- summary of significant changes to the FIE the PRC Partnership Enterprise Law, as lations applicable to mergers and acqui- Laws raised by the Foreign Investment Law the case may be. An FIE already estab- sitions by Foreign Investors such as the and (iii) an analysis of potential impacts of lished prior to the implementation of the merger control review and national security the Foreign Investment Law on the existing Foreign Investment Law may retain its review systems remain to be applicable. foreign-invested enterprises (“FIEs”) in current organization form and structure Furthermore, protective measures China, including the Sino-foreign equity for a maximum period of five (5) years such as compensation for expropriation, joint ventures (“EJVs”), the Sino-foreign following the effective date of the Foreign protection of IP rights and trade secrets, cooperative joint ventures (“CJVs”) and Investment Law (the “Five-year Grace as well as establishment of complaints the wholly-foreign owned enterprises Period”). Accordingly, all of the existing mechanism have been introduced to (“WFOEs”). FIEs will have the Five-year Grace Period protect the legitimate rights and interests to modify and change its current organiza- of Foreign Investors. I. Key Highlights of the Foreign tion form and structure to comply with the Investment Law relevant provisions of the Company Law. II. Significant Changes to FIE Laws The Foreign Investment Law applies to The supervision and regulation of Upon the implementation of the Foreign investment activities conducted directly “investment in domestic enterprises Investment Law, the FIE Laws will be or indirectly within the territory of China through contracts, trusts and other agree- abolished. Accordingly, the organization by foreign natural persons, enterpris- ments by Foreign Investors” (especially form and structure of all existing FIEs are es or other organizations (collectively, foreign investment structured through required to conform to and comply with the “Foreign Investors”), including the a variable interest entity or “VIE”) have the Company Law, subject to the Five-year following: been removed from the final version of Grace Period. As a result, an existing FIE the Foreign Investment Law. However, will have to face certain significant legal 1. establishing an FIE in China, either we cannot rule out the possibility that changes and challenges such as the alone or together with any other “foreign investment through contractual following: investor; control” may fall into the scope of foreign 2. acquiring shares, equity interests, investment subject to the regulation of the 1. Corporate Governance: property shares or any other similar Foreign Investment Law under the “catch- Under the existing FIE Laws, an EJV/CJV rights and interests of an enterprise all” clause as discussed above. It remains currently does not have a shareholders’ in China; to be seen how the Foreign Investment Law meeting. The board of directors of an EJV (or 3. investing in a new project in China, and its forthcoming implementation rules the board of directors or joint management either alone or together with any other would regulate the VIE investments. committee of a CJV) is the highest authority investor; and The Foreign Investment Law has of the company. The powers of the board of 4. investing in any other way as provided set out general principles in terms of directors include the review and approval by applicable laws or regulations or promotion and protection of foreign invest- of all major matters of the company, such rules of the State Council. ment. National treatment has been intro- as amendment of the articles of associa- duced by reinforcing China’s implementation, termination and dissolution of the When the Foreign Investment Law tion of the Special Administrative Measures company, increase or reduction of the becomes effective, the organization form (Negative List) for Foreign Investment Access company’s registered capital, and merger

34 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM BROUGHT TO YOU BY GLOBAL LAW OFFICE

or division of the company (collectively, Under the Foreign Investment Law, tion over corporate governance terms and the “Major Matters”), which are subject the shareholders of an FIE may, in accord- other related terms for the joint venture. to unanimous approval by all directors ance with the relevant provisions of the Foreign Investors will be well advised to get present at a duly convened board meeting. Company Law, reach an agreement on a prepared before they discuss with their joint Under the Foreign Investment Law, percentage and method for the payment of venture partners any intended revisions subject to the Five-year Grace Period, an FIE profits which may vary from their respective to the corporate governance terms and is required to have a shareholders’ meeting contributions to the registered capital of operating rules of the joint ventures. as the highest authority of the company the company. For an existing WFOE, a Foreign in accordance with the Company Law. Investor will also need to review the current The powers of the shareholders’ meeting 4. Allocation of After-tax Fund: articles of association of the WFOE to include the review and approval of all major Under the existing FIE Laws, an EJV/CJV determine if any revisions are necessary matters of the company such as the Major may contribute to the reserve fund, the to fully comply with the corporate govern- Matters, which are subject to the approval employee bonus and welfare fund and the ance provisions under the Company Law. by shareholders representing more than enterprise development fund in accordance Furthermore, matters previously two-thirds of the company’s voting rights. with the percentage decided and approved required under EJV Law or CJV Law to be As a result, those Major Matters which by the board of directors. stipulated in the joint venture contract previously require unanimous approval Under the Foreign Investment Law, or cooperation agreement, such as the of all directors present at a duly convened an FIE will be required to contribute 10% purchase of raw materials, the sale and board meeting under the FIE Laws will now of the after-tax profit to its statutory distribution of products, the introduc- only require super-majority approval by surplus reserve in accordance with the tion of technology and the use of land, shareholders (representing more than Company Law until the aggregate sum of are no longer required to be specified in two-thirds of the company’s voting rights) the statutory surplus reserve reaches more the joint venture contract or cooperation under the Company Law. Accordingly, if a than 50% of its registered capital. agreement under the Foreign Investment Foreign Investor has less than one third Law. Accordingly, in connection with the of the equity interests in an EJV/CJV, such III. Implications to Foreign Investors amendments to the joint venture contract Foreign Investor would no longer enjoy the Based on the above analysis, upon the (or cooperation agreement) and articles veto right with respect to the Major Matters implementation of the Foreign Investment of association of the relevant EJV/CJV, a which it used to enjoy under the FIE Laws. Law, within the permitted Five-year Grace Foreign Investor may also consider whether Period, each of the existing FIEs (including to make revisions to the relevant provisions 2. Transfer of Equity Interests: EJVs, CJVs and WFOEs) established prior regarding the above matters. Under the existing FIE Laws, if one party to the Foreign Investment Law will be to an EJV/CJV intends to assign its equity required to amend its organization form Conclusion interest to a third party, the transferring and structure in compliance with the Upon its implementation, the Foreign party is required to obtain the consent from Company Law. For an existing EJV/CJV, Investment Law will replace and unify the the other party. In the case of an EJV, the a Foreign Investor will need to consider FIE Laws to regulate foreign investment non-transferring party also has the right starting to negotiate with its Chinese joint and FIEs in China. We expect that as the of first refusal to purchase such equity venture partner in a timely manner to (i) Foreign Investment Law becomes effective interest to be transferred. make revisions to the existing joint venture as of January 1, 2020, relevant implemen- Under the Foreign Investment Law, an contract (or cooperation agreement) and tation regulations will be promulgated FIE is required to comply with the relevant articles of association of the relevant EJV/ accordingly to provide further clarity and provisions regarding the equity transfer CJV; and (ii) submit the amendments to guidance for Foreign Investors and FIEs to under the Company Law. A shareholder competent governmental authorities for comply with the new law. proposing to transfer its equity interests approval or filing, as the case may be. The to a non-shareholder is required to obtain revisions would include, at a minimum, This publication was prepared for the general the consent of more than half of the other adding or amending the relevant provi- information of our clients and other inter- shareholders. If more than half of the sions regarding the corporate governance ested persons. It should not be regarded as other shareholders do not consent to the of the company, such as the shareholders’ legal advice. We would be pleased to provide proposed transfer, the non-consenting meeting and the board of directors. additional details or legal advice regarding shareholders are required to purchase The mismatch between the original specific situations if desired. such equity interests, failing which they corporate governance terms of a joint will be deemed to have consented to the venture established prior to the Foreign David Fu has more than 25 years legal proposed transfer. Investment Law and the corporate govern- experience in foreign direct investment, ance provisions under the PRC Company mergers and acquisitions, private equity 3. Distribution of Profits: Law will certainly become the subject of investment and restructuring of foreign- Under the existing FIE Laws, an EJV is intensive negotiation between a Foreign invested enterprises in China. required to pay the profits to its share- Investor and its Chinese joint venture holders in proportion to their respective partner over the next few years prior to GLOBAL LAW OFFICE contributions to the registered capital of the expiry of the Five-year Grace Period. BEIJING | SHANGHAI | SHENZHEN the company. This would potentially reopen the negotia- www.glo.com.cn

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 35 ALB INDIA COVERAGE: FIRMS TO WATCH INDIA FIRMS TO Beruar & Beruar C&C Advisors Clasis Law Year established: 2018 Year established: 2017 Year established: 2010 Office locations: New Delhi, Mumbai, Ranchi Office location: Mumbai Office locations: New Delhi, Mumbai Number of partners: 4 Number of partners: 2 Number of partners: 4

IP boutique Beruar & Beruar was estab- C&C Advisors specializes in environment, Known for a number of years as Clyde lished in New Delhi in January last year energy and resources law, probably the & Co’s Indian “best friend,” Clasis Law’s with two partners and four associates; first practice of its kind in India, and a formal relationship with the UK firm since then, it has added two more rarity even globally. The firm advises ended in 2018, and it presently has partners, and offices in Mumbai and NGOs, companies, international funding four partners, led by managing partner Ranchi. The fee-earner count currently agencies, governments and universities Vineet Aneja. In the past year, the firm stands at 11. The firm already has a on matters including water, biodiver- has hired eight lawyers across its Delhi wide client base in industries such as sity, renewable energy and clean-tech, and Mumbai offices, but Clasis is also education and publishing, media and oceans conservation and regulation expanding in different ways: It recently entertainment, automotive and auto of global value chains. It also aims to started a start-up and emerging components, leisure, travel and hospi- act as a bridge between the govern- company practice with the intention tality, pharmaceuticals, energy & power ment and the private sector, as well as of having a one-stop shop to assist generation, agriculture, manufacturing, between Europe and India on specific start-ups in ensuring that their business fashion and luxury goods and biotech- deals. Started in May 2017 by Ipshita is undertaken in a legally compliant nology. Among key team members, Chaturvedi with the aim of focusing on manner and that they are investment the firm names co-founder Nidhi Jain, sustainable development and helping ready. Clasis has also developed a focus a seasoned litigator with over 13 years entities mainstream environmentally on data privacy laws in light of the EU of experience in civil and commercial sound laws and business behaviour, GDPR and the proposed Personal litigation as well as arbitration, who the firm has hired three consultants in Data Protection Bill, 2018. “We have “has seamlessly laid the foundation of the last year for its biodiversity, oceans a dedicated team analysing foreign our dispute resolution practice, repre- and pharma supply chain projects. And legislations, as applicable to Indian senting clients in varied contentious client interest is also picking up; since businesses and the upcoming bill on matters before various for a throughout December 2018, C&C landed two more the subject to develop expertise in this the country.” The firm says it is working retainerships and is now plugging into practice area,” says Clasis. Finally, it on expanding scope of services offered. much bigger projects. “My vision for C&C is looking to expand its handling of “We aim to grow our design and patent is to develop an India-specific environ- white-collar crimes, including advising vertical, bringing it to the same footing as ment and clean energy legal practice that clients on compliance issues, ring the other verticals and are in the process encompasses all aspects of the sector, fencing under the anti-corruption laws of acquiring experienced attorneys in this so that future lawyers who want to work and handling matters of employee field. Additionally, with the rapid devel- in conservation and sustainability can misconduct, terminations and litiga- opment of data protection framework in do so while getting paid a decent salary tion involving corporate corruption. India, the firm further plans to build an and without having to choose between White-collar crimes and data privacy extensive privacy law and data protec- a career in advocacy and litigation or will continue to be a key focus in the tion practice,” says Beruar & Beruar. commercial law,” says Chaturvedi. next 12 months.

36 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM ALB INDIA COVERAGE: FIRMS TO WATCH

As companies look to cope with a sluggish economy, one of the ways they are cutting legal costs is by moving away from bigger firms and turning instead to smaller, nimbler outfits. Luckily, India has seen the rise of some quality smaller outfits that are punching well above their weight in terms of work handled and services delivered. This inaugural list features 10 of the best. WATCH BY ASIAN LEGAL BUSINESS Dhaval Vussonji & Associates Gaggar & Partners Halder & Associates Year established: 2013 Year established: 2005 Year established: 2017 Office locations: Mumbai, New Delhi, Bangalore Office location: New Delhi Office location: New Delhi Number of partners: 3 Number of partners: 4 Number of partners: 2

One of the unique things about Established in 2005 by Vaibhav Gaggar, The eight-lawyer Halder & Associates the 39-lawyer Dhaval Vussonji & Gaggar & Partners had a good year last was set up by Ajoy Halder, who has Associates, is that with the exception of year, seeing an increase in revenue of worked with firms in India and abroad, co-managing partner Dhaval Vussonji about 25 to 30 percent and adding including the legacy Amarchand himself, all the other partners -including five lawyers to its team. The firm also Mangaldas, Trilegal, DSK and HSA associate partners – are women. This entered into a unique joint venture with Advocates, where he was a partner. In is not an accident. “Much has been Anand and Anand, India’s leading intel- between, he spent nearly five years in said about lack of women representa- lectual property firm to work together Singapore with Pinsent Masons. “Ajoy tion across various platforms. We at on competition-law related issues that has a very good relationship with law our firm, have women at the helm of have an IP and technology overlap. The firms and companies in Singapore, most of our affairs. We encourage and Special Purpose Vehicle is called Anand which helps the firm from generating create an eco-system that supports Anand and Gaggar, and has Vaibhav work from international clients,” said and allows for women to perform the Gaggar and Pravin Anand, managing the firm. “He has substantial interna- role they are best suited for – multi- partner of Anand and Anand, as its tional experience which helps us deliver tasking!” It adds: “Our biggest driver for partners. Apart from expertise in new work in line with the expectation of our growth has been the extremely capable economy verticals such as antitrust/ international clients.” In the past year, women partners, Prachi Dave and Minal competition law, corporate fraud and key practice areas have been renewable Sampat, along with our four women money laundering, gaming/sports energy, infrastructure and TMT. “We associate partners, leading teams and law and cyber laws, Gaggar is also primarily advise inbound (international) taking deals/matters to closure and engaged as an advisor and counsel by infrastructure and energy companies ensuring growth of our lawyers.” The the Competition Commission of India on projects in India,” said Halder & firm is expanding rapidly – it added (CCI) and the Telecom Regulatory Associates. Key work in the past few 18 lawyers in 2018 – and key work in Authority of India. In one significant case years has included advising IFC on the the past year has included matters in last year, firm represented the CCI in $1.4 billion Clark Airport PPP Project, the area of insolvency and bankruptcy, the cement cartelization case wherein ADB on the $500 million financing of banking and finance and real estate. penalty was imposed by NCLAT for multiple solar projects, CPI on a renewal “We are a firm that is extremely focused allegedly creating a cartel. Gaggar was energy project, Alstom on a solar project, on growing our insolvency and bank- also appointed by the CCI to defend the an Indian infrastructure company on an ruptcy practice, given the novelty of constitutional validity of the antitrust ongoing acquisition of a port, an inter- the law in India and the uncertainty body and its existence itself. “The CCI national renewal energy company on around it for our clients. We enjoy a was fighting against 14 car companies the ongoing acquisition of three solar first mover advantage, given we have who in turn were represented by every projects, an international oil and gas solid commercial and litigation teams law firm in the antitrust domain in company on an ongoing LNG project, at the firm.” India,” said the firm. and more.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 37 ALB INDIA COVERAGE: FIRMS TO WATCH

Ikigai Law practices. Key work has included repre- certain sectors and organisations for Year established: 2018 senting Punj Lloyd Limited against other specialised areas in the indirect Office location: New Delhi Sirte Oil Company of Libya in an inter- tax space. With increasing legal costs Number of partners: 1 national arbitration under the ICC rules in organisations, we have been able where the claim was approximately 200 to position ourselves as the next best Ikigai Law was set up by Anirudh Rastogi, million euro ($225 million; representing alternative to the top indirect tax firms a former associate with Nishith Desai Punj Lloyd Limited in a domestic arbi- providing professional, economic and Associates and O’Melveny and Myers, tration against ONGC; representing effective team of experts and retained by who had earlier established another Ramachandra Venkatramanan, leading MNCs.” In the coming months, boutique law firm, TRA Law, in 2012. managing trustee of Tata Trusts in the firm’s strategy is to consolidate and The firm is already making waves as criminal defamation cases against strengthen its presence in northern counsel to innovative businesses. For Cyrus Mistry and his companies; repre- India. example, Ikigai is the lead counsel firm senting Essar Shipping in an arbitra- to three of India’s leading cryptocurrency tion execution proceeding for an award exchanges and a newly setup exchange SAIL; advising Tata Trusts on its strategic ZBA in their writ petition before the Supreme collaboration with Atletico Madrid in Year established: 2017 Court of India in challenging the Indian India; advised Tata Trust on its strategic Office location: Mumbai central bank’s directive to terminate the collaboration with Mars Incorporation Number of partners: 2 crypto-exchanges’ access to banking Ltd in India; representing Technimont and other financial services. Ikigai feels Pvt Ltd in a cybercrime case wherein the In September 2017, Mumbai-based the main drivers behind its growth have company was defrauded to the tune of ZBA hired Niloufer Lam as a parntner been two-fold. “First, we are constantly $18 million; representing the ex-sales from Cyril Amarchand Mangaldas. She able to develop deep, market-leading head of Airbus India in an massive graft opened up new segments for the firm, Asian Legal Business is the leading legal magazine in Asia. Each issue is packed with news, practices around niche, forward –looking case; and more. “We have witnessed an including banking and corporate finance, hard-hitting analysis and investigative journalism. Regional editors provide up-to-the-minute technology verticals, such as unmanned upward shift in matters of dispute resolu- debt capital markets, insolvency, M&A legal and regulatory updates, while a team of dedicated journalists provide in depth analysis of aviation, data privacy, financial-tech- tion, fraud and criminal investigation of and restructuring. Since then, the firm all the issues facing lawyers and in-house counsel throughout the region. nology, and so on. We move very quickly large corporations and insolvency and has acted as Indian legal advisers to to seize these opportunities and corner a bankruptcy,” the firm said. Axis Bank Limited Singapore branch, significant portion of the market before Citigroup Global Markets Singapore, The ALB India E-magazine is published and disseminated electronically on a bi-monthly basis. other firms are able to conceive a strategy HSBC, and Standard Chartered Bank on With a focus on India, the e-magazine will carry analytical feature pieces on the latest legal around these practice areas,” said Ikigai. Nitya Tax Associates the recent $5 billion Rule 144A medium- developments and trends in the Indian market; news and updates related to appointments, deals, “Secondly, we have developed a reputa- Year established: 2015 term note programme for Axis Bank office openings and more; as well as contributions from industry experts. It is distributed to legal tion for our ability to assist businesses Office locations: New Delhi, Bengaluru, Gurgaon Limited; acting for Shriram Transport professionals in both private practice and in-house, as well as C-suite executives, in India and beyond. navigate fluid and often ambiguous Number of partners: 3 Finance Company Limited (STFC) the regulatory frameworks and are able to largest vehicle leasing company in India charge steep premium for such mission- Tax boutique Nitya is expanding rapidly. and a listed entity, the selling share- Yes! I would like to start my subscription to Asian Legal Business E-magazine and critical advice while building deep rela- It opened its new office in Bengaluru in holder in the sale of a majority stake of ALB India E-magazine immediately. tionships with clients.” The firm is keen March, and is also growing its network of 51 percent equity shares of its wholly to develop its fintech and healthtech associate firms across India. Apart from owned subsidiary Shriram Automall TO SUBSCRIBE, PLEASE CONTACT practices in the near future. this, it deepened its GST practice and India Limited (SAMIL) to CarTrade/ has also ventured into legal metrology MXC Solutions Private Limited (MXC); Karice Choo Rozidah Jambari laws with a dedicated team to service its and representing the owners of LPG T: (65) 6870 3898 T: (65) 6870 3313 MZM Legal increasing clientele. The firm now offers carrier BW Maple that collided with E: [email protected] E: [email protected] Year established: 2005 advisory, compliance and health checks Dawn Kanchipuram at Ennore leading to Office locations: New Delhi, Mumbai under the Legal Metrology Act (LMA) pollution damage and claims. “As a new PRIVACY POLICY: Protecting your privacy is important to Thomson Reuters. By purchasing or using our products or services, accessing this website and/or registering or Number of partners: 8 and allied laws. “GST indeed turned out firm, albeit with experienced partners in creating an ALB account, you consent to your personal information being collected, used and maintained as described in our Privacy Policy. Please find our Privacy Policy at www.legalbusinessonline.com/privacy-policy. We encourage you to review this because by ensuring that you are aware of and understand our Privacy Policy, we will be able to to be a huge boon for large consumer their respective fields, our strategy for provide you with the best service we can, whilst also protecting your privacy. Led by managing partner Zulfiquar goods companies in 2017. Since all of growth is focused on serving mid-cap Memon, criminal law-focused Mumbai them were GST compliant, they saw size corporates both domestically and firm MZM Legal had a banner year last growth at the expense of their regional internationally giving them highly To advertise on Asian Legal Business, please contact any of our sales representative below: year, growing from 10 fee-earners to 25, and unorganised counterparts who had specialised advice and greater partner Amantha Chia, Head of Legal Media Business, ASEAN and North Asia (65) 6870 3917 (65) 9642 9895 [email protected] and opening a new office in the capital always given them tough competition,” time at a fraction of the cost vis-à-vis Amy Sim, Senior Sales Manager (65) 6870 3348 (65) 9825 7951 [email protected] New Delhi along with associate offices said Nitya. “With our dedicated team of larger firms,” said ZBA. In the past year, Jeremy Lim, Sales Executive (65) 6870 3789 (65) 9151 2654 [email protected] in Kolkata, Bangalore and Hyderabad. advisors on GST related issues, we have it has added two associates, and seen a Krupa Dalal, Sales Manager It also launched international arbitra- been able to cater to a growing clientele. 50 percent revenue increase. (91) 22 6189 7087 (91) 87 7967 7503 [email protected] tion, banking and finance, and taxation It has also helped us create inroads in Sardor Yangibayev, Senior Sales Executive (65) 6870 3190 (65) 9176 8850 [email protected] Steven Zhao, Account Manager (86) 10 6627 1360 (86) 186 1004 8891 [email protected] 38 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM Yvonne Cheung, Account Director (852) 2847 2003 (86) 131 4394 3617 [email protected] Asian Legal Business is the leading legal magazine in Asia. Each issue is packed with news, hard-hitting analysis and investigative journalism. 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To advertise on Asian Legal Business, please contact any of our sales representative below: Amantha Chia, Head of Legal Media Business, ASEAN and North Asia (65) 6870 3917 (65) 9642 9895 [email protected] Amy Sim, Senior Sales Manager (65) 6870 3348 (65) 9825 7951 [email protected] Jeremy Lim, Sales Executive (65) 6870 3789 (65) 9151 2654 [email protected] Krupa Dalal, Sales Manager (91) 22 6189 7087 (91) 87 7967 7503 [email protected] Sardor Yangibayev, Senior Sales Executive (65) 6870 3190 (65) 9176 8850 [email protected] Steven Zhao, Account Manager (86) 10 6627 1360 (86) 186 1004 8891 [email protected] Yvonne Cheung, Account Director (852) 2847 2003 (86) 131 4394 3617 [email protected] ALB INDIA COVERAGE: INDIA LAW AWARDS

Asian Legal Business completed its entry into the Indian market with the triumphant staging of its first-ever Law Awards in that country, which saw more than 200 in-house counsel, private practice lawyers and corporate executives attend. Held at the Grand Hyatt Mumbai on Feb. 27, the event witnessed awards being given out in a total of 34 categories, and many of these were won by the Indian legal market’s biggest names. Shardul Amarchand Mangaldas & Co, INDIA LAW FIRM OF THE YEAR for example, picked up the coveted India Shardul Amarchand Mangaldas & Co Law Firm of the Year title, to go with its Dispute Resolution Law Firm of the Year award. It also won in two individual categories: Dispute Resolution Lawyer of the Year (for Misha) and Young Lawyer of the ALB’S INAUGURAL INDIA LAW AWARDS Year - Law Firm (for Natashaa Shroff). Meanwhile, Cyril Amarchand Mangaldas picked up Managing Partner of the Year (for Cyril Shroff). A RESOUNDING SUCCESS “It’s an honour to receive the award at the first ALB India Law Awards. I also congratulate ALB for putting together a successful event,” Shroff said. The firm also won the Banking and Financial Services Law Firm of the Year title. L. Viswanathan, partner and chair of the banking and finance practice, said: “We are delighted to receive this award. We would like to thank ALB on behalf of the entire practice.” Among other awards, Khaitan & Co won Dealmaker of the Year (for Haigreve Khaitan) and Deal Firm of the Year. “We are truly delighted to be recognised as the Deal Firm of the Year MANAGING PARTNER OF THE YEAR DEALMAKER OF THE YEAR by ALB India Law Awards 2019. It is a Cyril Shroff - Cyril Amarchand Mangaldas Haigreve Khaitan - Khaitan & Co vindication of the demanding, intricate and relentless work that we have put in throughout the past year to be able to get our deals through and deliver the high standards expected of us from our clients. We continuously strive to be business focused in our approach while advising on deals and we see this award as a recognition of our efforts thus far. It will definitely act as a moti- vation for us to do more in the years to come,” the firm said. “We are also very honoured at having our partner, Haigreve Khaitan, recognised as the INDIA IN-HOUSE TEAM OF THE YEAR Deal Maker of the Year. The past year Mahindra and Mahindra was challenging and exciting for us as

40 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM ALB INDIA COVERAGE: INDIA LAW AWARDS

Q&A IKIGAI LAW

ALB: What do you feel sets you apart from • Immersed across the new-technology your peers? ecosystem Ikigai Law: • Demonstrated ability to assist businesses ALB: What are some notable example of navigate fluid and often ambiguous work that you have done in the past year? regulatory frameworks. Ikigai Law: • Deep capability in representing niche, • We advised on the deployment of the emerging technology businesses and Whatsapp factchecking program for startups – aerospace, blockchain, research on misinformation and fake unmanned aviation, tele-medicine – that news during the Indian elections other law firms typically do not possess. • We represent four of India’s largest BOUTIQUE LAW FIRM OF THE YEAR • At the forefront of regulatory and cryptocurrency exchanges before the Ikigai Law commercial developments and first- Supreme Court of India, challenging of-its-kind TMT matters – first private the ban on cryptocurrency by the Indian • Ikigai Law assisted Dvara Research, moon mission, first cryptocurrency central bank, which is possibly, the most an eminent thinktank, in developing a exchange, one of the first ICOs, advised important litigation in the digital assets Draft Data Protection Bill, 2018 for India. on unmanned aviation policy; obtained industry globally. This was also circulated to the Justice court order for delivery of court summons • We were named as “pioneers” by Srikrishna Committee, constituted through Whatsapp. The Economic Times, India’s leading by India’s Ministry of Electronics and • Working with disruptive, agile businesses financial daily for our assistance in Information Technology to propose a – Hyperloop India, Udacity, Pixxel operationalizing the drones regulations framework for India’s forthcoming data (manufacturer of nano-satellites) in India. protection law.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 41 ALB INDIA COVERAGE: INDIA LAW AWARDS

DISPUTE RESOLUTION LAW FIRM OF THE YEAR INTERNATIONAL LAW FIRM OF THE YEAR Shardul Amarchand Mangaldas & Co Baker McKenzie

TONY KINNEAR RISING LAW FIRM OF THE YEAR Managing Director, Asia & IN-HOUSE LAWYER OF THE YEAR – INDIA Singularity Legal Emerging Markets, Thomson Reuters Gopal Naik - Aditya Birla Retail

we had the opportunity to work on some HSA Advocates won the Energy and form of Boutique Law Firm of the Year of the most marquee deals in India and Resources Law Firm of the Year title. inspires us to do more,” said Anirudh we are delighted that his contribution Anjan Dasgupta, senior partner said: Rastogi, founder of Ikigai. to deal making in India was acknowl- “We at HSA Advocates are delighted to MZM Legal was named Criminal edged. The teams he worked with also be awarded the Energy and Resources Law Firm of the Year. Zulfiquar deserve credit as they worked tirelessly Law Firm of the Year in the inaugural Memon, Managing Partner said: “We throughout the year and ensured that Asian Legal Business India Law Awards are delighted and extremely excited we gave our clients our best.” 2019. We sincerely thank ALB, our clients with this honour and recognition. We Meanwhile, AZB & Partners and the HSA team for this success. Our are grateful to ALB and the jury. Over snapped up Woman Lawyer of the Year – pre-eminent position in the Energy, the last few years, we have witnessed Law Firm (for Zia Mody) and Technology, Infrastructure and Resources legal healthy competition in the area of white Media and Telecommunications Law market in India is well established. This collar crime defence and business Firm of the Year. “AZB & Partners is award is another fitting testament to the crimes. However, we have successfully honoured to receive both the ALB India firm’s reputation in the market and our maintained our position as market Law Awards for Woman Lawyer of the high standards of client deliverables.” leaders and hopefully, we will continue Year – Law Firm and Technology, Media But it wasn’t just the big names to maintain this consistency in the and Telecommunications Law Firm of that shone; many of the winners were future.” the Year. These awards are important fast-growing smaller firms or those Singularity Legal won Rising Law as they validate the hard work we have with niche practices. The Boutique Law Firm of the Year. Prateek Bagaria, been doing in this space. And having me Firm of the Year award went to Ikigai partner, said: “It’s a pleasure to be receive the prestigious Woman Lawyer Law. “The last few quarters have been recognised as the Rising Law Firm of the of the Year award further enhances my spectacular for us. We are working on Year within 18 months of our existence. I ability to serve as a role model to young some of the most exciting technology am truly grateful to our referees, clients, women and inspire them to stay the law and policy mandates at present for my team and ALB.” course,” Mody, founder and managing some of the largest global technology On the in-house side, the compe- partner said. companies, and this recognition in the tition was no less intense. While

42 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM ALB INDIA COVERAGE: INDIA LAW AWARDS

YOUNG LAWYER OF THE YEAR – LAW FIRM INDIA PRACTICE, Natashaa Shroff - Shardul Amarchand ASIAN LAW FIRM OF THE YEAR WOMAN LAWYER OF THE YEAR – LAW FIRM Mangaldas & Co Drew & Napier Zia Mody - AZB & Partners

CRIMINAL LAW FIRM OF THE YEAR DEAL FIRM OF THE YEAR MZM Legal Khaitan & Co

Mahindra and Mahindra won the big it to next level. I once again sincerely Principal Compliance Officer said “I am prize – India In-House Team of the Year thank ALB, juries, its knowledge exhilarated to know that ICICI Lombard – to go with the Young Lawyer of the partners, while dedicating award to has been bestowed with the prestigious Year - In-House award (for Hoshedar my team and my family,” Juvle said. Asian Legal Business India Law Award Havewala), Aditya Birla Retail had two Commenting on the event, he added, for being the most Innovative in-house important wins: In-House Lawyer of the “The awards function was unique. It legal team. We at ICICI Lombard have Year – India (for Gopal Naik) and Retail was convened and conducted like an always believed that innovation is not a and Manufacturing In-House Team of international event. The awards distri- single event but a sustained process of the Year. bution ceremony portion was fabulous identifying ideas and converting them in Atul Juvle of Schindler won - equivalent to movie/theatre awards services that create value for all stake- the In-House Lawyer of the Year – functions. One of the memorable holders. With this recognition, our faith International award. “It was a pleasant evening of my life. Most important of being on the right path is reinforced surprise to me, as other nominations part, the selection of nominees as well and we reiterate our commitment to in the category, were also strong as complete process of review & finali- strive for making the legal ecosystem contenders. This was the inaugural ALB sation was independent, un-biased and more and more robust to usher in the era India Law Awards and it was certainly a professional.” of digital revolution in the coming time. big accomplishment. The award brought Meanwhile, the Innovative In-House We accept this award with a deep sense lots of happiness, professional status Team of the Year – India title went to of gratitude and realize our enhanced along with a lot of responsibility to ICICI Lombard General Insurance. responsibility to spearhead upcoming maintain the Status awarded and taking Lokanath Prasad Kar, Chief Legal and innovations.”

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WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – APRIL 2019 43 THE BACK PAGE

LESSONS FROM THE OUTSIDE: WHAT DISCOUNTS SAY ABOUT YOUR BUSINESS BY BILL JOSTEN

At the 26th Annual Marketing command a premium price is a key the final bill, law firms are billing them Partner Forum event held in late- component to their market position. at a lower rate, offering a discount the January, I had a chance encounter If their prices suddenly dropped below client didn’t ask for. with an executive from a major golf their competitors, customers may Just as the golf company is careful equipment brand. It was a fascinating wonder why the brand no longer feels to ensure that discounts not hurt their conversation. She and I discussed the their product is worth as much as the potential market position, law firms competition within the golf industry, competition. Moreover, consumers need to be conscious of the message how her company stakes out their have consistently demonstrated that their discounts send to their clients. If position, and how pricing plays a vital they will pay the asking price. So, why the firm isn’t going to bill the client at role in their brand image. depart? the rate the client agreed to pay, why Now you may find yourself asking, The legal market is slightly different agree upon that rate in the first place? why a discussion of the golf industry on — discounts are pretty much the cost of What was it about the work performed a legal blog? Well as I mentioned in an doing business. Nearly all legal clients that the firm felt didn’t merit the agreed- earlier post, I don’t believe expect some sort of discount upon price? Yes, law firms want their that lawyers need to look from their outside counsel client to feel they are getting good value only within the legal industry before they will engage the and that clients are paying a price they to find business practices work. But that doesn’t mean are comfortable with. However, firms they can cite as precedent for that law firms do not need don’t want to give the client the impres- how they run their practices. to be conscious of what their sion that they’re receiving something And the conversation I had discounts communicate to less than they originally anticipated. with this exec provided some the client. There may well be cases where really interesting food for It is to be expected that additional discounts are warranted, of thought for law firm leaders. price negotiations will be course. They may even be somewhat There are relatively few part of the business devel- frequent. But discounts beyond agreed- truly premium golf brands. opment and engagement upon pricing should not be something In introducing the Dynamic process for lawyers. Yet data undertaken without a reason. Market Model in this year’s shows that law firms often As discussed in the last Lessons State of the Legal Market give discounts even on their from the Outside post, 75 percent of report, Jim Jones, a senior agreed-upon rates before partners report simply looking for a fellow at the Center on Ethics and the client even has a chance to push price they think will work for the client the Legal Profession at Georgetown back. For the past several years, our when arriving at a final cost for an University Law and the report’s lead research has shown that the biggest hit invoice. This kind of behaviour does author, made the argument that, within to law firm realization rates comes not nothing to protect or improve the law the legal industry, there is a relatively from client pushback, but from internal firm’s brand, and maybe ultimately hurt small pool of truly premium legal work. behaviour within the law firm. future pricing power. Whether positioning as a premium The difference between billed reali- brand or pricing premium work, price zation — the percentage of the standard sensitivity tends to be less of a concern rate billed to the client — and collected Bill Josten is Strategic Content Manager at the top end. realization consistently sits at about for the Thomson Reuters Legal But even at the top of the spectrum, three percentage points. This is the Executive Institute. Bill consults with providers must be conscious of the point in the billing process where the law firms nationally on issues related to message their price conveys. As this client has a chance to push back on the law firm profitability, pricing, and exec shared with me, her company is amount billed. cost recovery. very protective of their pricing, going But the difference between agreed so far as to tell retailers that they will rates and billed rates has continued A version of this piece was not work with them if they won’t abide to widen. This means that even after published by the Thomson Reuters by pricing guidelines. clients have agreed to pay a certain rate Legal Executive Institute As they see it, the ability to and before they have a chance to see (www.legalexecutiveinstitute.com).

Asian Legal Business is seeking thought-provoking opinion pieces from readers on subjects ranging from Asia’s legal industry to law firm management, technology and others. Email [email protected] for submission guidelines.

44 ASIAN LEGAL BUSINESS – APRIL 2019 WWW.LEGALBUSINESSONLINE.COM DATE* DAY* EVENT NAME CITY 27 February Wednesday INDIA IN-HOUSE LEGAL SUMMIT Mumbai 27 February Wednesday INDIA LAW AWARDS Mumbai 14 March Thursday JAPAN IN-HOUSE LEGAL SUMMIT Tokyo 21 March Thursday ASIA CROSS-BORDER FORUM 亚洲跨境论坛 Shanghai 21 March Tuesday THAILAND IN-HOUSE LEGAL SUMMIT Bangkok 26 March Tuesday HONG KONG ANTI-CORRUPTION FORUM Hong Kong 28 March Thursday MALAYSIA LAW AWARDS Kuala Lumpur 11 April Thursday SE ASIA LAW AWARDS Singapore 18 April Thursday CHINA LAW AWARDS 中国法律大奖 Beijing 25-27 April Thursday-Saturday IPBA 2019 SINGAPORE Singapore 9 May Thursday KOREA ANTI-CORRUPTION FORUM Seoul 15 May Wednesday PHILIPPINE IN-HOUSE LEGAL SUMMIT Manila 29 May Wednesday SE ASIA IN-HOUSE LEGAL SUMMIT Singapore 13 June Wednesday JAPAN LAW AWARDS Tokyo 19 June Wednesday ASIA M&A FORUM Hong Kong 20 June Thursday SHANGHAI IN-HOUSE LEGAL SUMMIT 上海企业法务顾问峰会 Shanghai 26 June Wednesday VIETNAM IN-HOUSE LEGAL SUMMIT Ho Chi Minh 7 August Wednesday PHILIPPINE CORPORATE COMPLIANCE FORUM Manila 15 August Thursday SYDNEY IN-HOUSE LEGAL SUMMIT Sydney 20 August Tuesday SE ASIA ANTI-CORRUPTION FORUM Singapore 21 August Wednesday CHINA M&A FORUM 中国并购论坛 Beijing 22 August Thursday MALAYSIA IN-HOUSE LEGAL SUMMIT Kuala Lumpur 5 September Thursday SHENZHEN IN-HOUSE LEGAL SUMMIT 深圳企业法律顾问峰会 Shenzhen 6 September Friday THE MACALLAN ALB HONG KONG LAW AWARDS Hong Kong 12 September Thursday HONG KONG IN-HOUSE LEGAL SUMMIT Hong Kong 19 September Thursday JAPAN LEGAL TECHNOLOGY FORUM Tokyo Mid-October TBC MIDDLE EAST LAW AWARDS Dubai 9 October Wednesday INDONESIA IN-HOUSE LEGAL SUMMIT Jakarta 10 October Thursday INDONESIA LAW AWARDS Jakarta 17 October Thursday THE FUTURE OF LAW FORUM Singapore 21 October Monday DUBAI IN-HOUSE LEGAL SUMMIT Dubai 23 October Wednesday JAPAN CORPORATE COMPLIANCE FORUM Tokyo 25 October Friday PHILIPPINE LAW AWARDS Manila 6 November Wednesday ASIA COMPETITION FORUM Hong Kong 13 November Wednesday KOREA IN-HOUSE LEGAL SUMMIT Seoul 14 November Thursday KOREA LAW AWARDS Seoul 21 November Thursday BEIJING IN-HOUSE LEGAL SUMMIT 北京企业法律顾问峰会 Beijing 21 November Thursday WOMEN IN LAW FORUM Singapore * Please note that this schedule is subject to change.

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