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30 INDONESIA FIRMS TO WATCH

COVER STORY FEATURES BRIEFS 20 16 providers (ALSPs) 40 3 40 Under 40 Hong Kong strong become significant Fast 10 The Briefing In its fifth annual list, If the past summer of competitors Boutique law ALB brings you 40 upheaval has shown within the legal firms in China are 6 outstanding legal us anything, it is that market, clients are experiencing rapid Deals professionals in the Hong Kong is a truly increasingly viewing growth. ALB picks 10 region who are under resilient city. This has them as a serious of the fastest growing 8 the age of 40. These been reflected in the standalone option, ones in the Middle Appointments lawyers have worked city’s legal market, occasionally in place Kingdom. on some of the most which has seen a of traditional law Plus: significant deals and steady flow of work firms. 42 - OJK re-regulates disputes in the past despite not just the The road to the top regulation year and have earned protests, but also the 30 While law firms concerning accolades from their trade war, as well Indonesia Firms To are becoming increase of capital peers, superiors and as industry-specific Watch 2019 increasingly diverse without rights issue clients. factors like changing Southeast Asia’s in terms of gender, to protect minority By Ranajit Dam client demands. In largest economy there is one area shareholders this feature, leaders has been seeing the where progress - Formulating Plus: of four firms in the city rise of some quality is faltering – exit strategies - FM proposes an talk about how the smaller law firms leadership. However, in situations increase in the past year has been, that are punching female lawyers in of economic minimum public and what 2020 holds. well above their leadership positions slowdown shareholding weight in terms of believe that the requirement 28 work handled and problem is solvable. 14 Going mainstream services delivered. It’s just going to take League Tables As alternative Here’s a list of 10 a more proactive legal service firms to watch approach.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 1 The future of this

industry lies in the HEAD OF LEGAL MEDIA BUSINESS, ASIA & EMERGING MARKETS hands of the ambitious. Amantha Chia [email protected] The ALB Asia 40 Under 40 has become one of our most popular annual features ever since we launched it three MANAGING EDITOR Ranajit Dam years ago. And this year can be described as a record- [email protected] setting one, as we attracted more than 350 entries. This is no average list, either: the 40 Under 40 offers JOURNALIST Elizabeth Beattie a glimpse into the future of Asia’s legal industry and [email protected] underscores the role that younger lawyers will play going forward. EDITORIAL ASSISTANT This is particularly true as the legal Aparna Sai [email protected] industry moves into a future that lacks the certainties of its stable, prosperous COPY & WEB EDITOR past. With the rise of innovative thinking, Rowena Muniz [email protected] courageous entrepreneurship, and fast- evolving technology, the market is being SENIOR DESIGNER disrupted like never before. John Agra [email protected] of the future will be an internet native – far more at ease with the ins and outs TRAFFIC/CIRCULATION MANAGER of technology than previous generations Rozidah Jambari [email protected] ever were – and will be able to harness the forces of disruption much better than SALES MANAGERS many firms are able to right now. So, the Amy Sim Senior Sales Manager gloomy cloud hovering over the industry (65) 6870 3348 will no doubt lift, and it is the younger [email protected] lawyers who will shine the light. Felix Cheng What can law firms do now to future- Sales Manager proof themselves? For starters, they will (852) 2843 6943 [email protected] need to acknowledge and act on the fact Krupa Dalal that the new generation is likely to think Sales Manager RANAJIT DAM and work differently. And accordingly, the traditional (91) 22 6189 7087 Managing Editor, ways of firms may not apply to them for much longer. [email protected] Asian Legal Business As such, flexibility is paramount, and firms also need Jeremy Lim Thomson Reuters to go the extra mile to help create more inclusive, more Sales Executive (65) 6870 3789 engaging workplaces that allow lawyers to balance [email protected] their family and career as well as their passions and Sardor Yangibayev pursuits. But most importantly, they need to encourage Sales Manager an environment that cultivates new ideas and fearless (65) 6870 3190 risk-taking, rewarding those who can stick their neck [email protected] out for what they believe in. The future, eventually, will Steven Zhao belong to the bold. Account Manager (86) 10 6627 1360 [email protected] Yvonne Cheung Account Director (852) 2847 2003 [email protected]

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2 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM THE BRIEFING: YOUR MONTHLY NEED-TO-KNOW COMPANIES ARE AT RISK FROM Proportion of legal marketing and business development professionals in Canada, the U.S. and UK who feel that stress in the CLIMATE CHANGE legal industry affects legal marketing and related fields. This was the result of the A surge in new climate change- Legal Marketing Wellness Survey for 2019, related laws worldwide means conducted by research firm fSquared. companies face risks in terms $55 MLN - Approximate damages at stake of fines and lawsuits, as well as in an ongoing copyright lawsuit against reputational damage, according to QUOTE UNQUOTE Led Zeppelin’s 1971 song “Stairway to a new report from Heaven.” The case was filed in 2014 by Freehills. The report, titled ‘Climate the estate of a guitarist, Randy California, who passed away in 1997. Change: Succeed in a Low-Carbon His comment Future,’ states that by mid-2019, ‘all this sex is more than 1,600 laws and policies relating to climate change had been beginning to get IN THE NEWS created across 164 jurisdictions. This me horny’ was was a 25-fold increase since 1997. inappropriate and Additionally, 884 climate change cases had been filed in 25 countries inimical to the is in the year 2017. dignity of collaborating with Harbour Litigation Funding to offer proceedings clients direct access to third- GERMANY, IRELAND AMONG Sir Maurice Kay, judge of the Court of party funding. The partnership TOP HQ CANDIDATES Appeal in England, criticises former which will help clients access POST-BREXIT Bermuda judge Carlisle Greaves for non-recourse litigation funding using colourful language during a and risk solutions for standalone murder trial. However, the appeal judge Large companies are likely to choose “did not believe that it damaged the claims and portfolios of cases. Germany, Ireland, or Switzerland defence or had the potential to for their European headquarters undermine the safety of the conviction.” following Brexit rather than the UK, according to research from U.S. law firm Quinn Emanuel Gowling WLG. The law firm surveyed Urquhart & Sullivan has launched more than 650 executives at large a dedicated #MeToo practice. businesses across Europe, the Middle Known officially as the firm’s East, Asia and the Americas. It found Amount pledged by law firms, including Sexual Harassment & Employment that 41 percent of respondents would Orrick Herrington & Sutcliffe, Goodwin Discrimination Practice Group, not consider the UK following the Procter, Eversheds Sutherland and Stoel Rives, to the Move the Needle coalition, the practice focuses solely on country’s withdrawal from the EU which seeks to fund research and ideas representing victims of workplace – and 92 percent who are currently that address the issues of inclusion and harassment and discrimination. there are considering a move. diversity in the legal profession.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 3 BRIEFS

FORUM The Singapore Ministry of Law (MinLaw) is considering whether to introduce conditional fee agreements, a form of payment agreement whereby lawyers are only paid if their client’s claim is successful. As MinLaw continues to seek public feedback, lawyers in the city-state welcome the move, saying it will give claimants a great deal NO WIN, NO FEE of peace of mind.

What are your thoughts on the proposed Conditional Fee Agreements, and what impact might this have?

Bazul Ashhab the idea of a “cooling off period” during which the managing partner and head of dispute resolution, clients may, by written notice, terminate the agree- Oon & Bazul ment. I would also suggest a cap on the uplift which The discussion on whether conditional fee arrange- a lawyer can charge. I would also consider disclosing ments (CFAs) should be permitted in Singapore and such fee arrangements during costs submissions. if so, to what extent, is long overdue. The prohibi- tions on such agree- Arvin Lee “Regulations ments stem from the AsHHAB partner, Wee Swee Teow need to be public policy consider- CFAs are to be welcomed, although further thinking ations which proscribe has to go into ensuring (i) that disputes lawyers are worked out to maintenance and cham- not now in a race-to-the-bottom to undercut and (ii) safeguard the perty, to protect vulner- that there is clarity as to the conception of “success” interests of able litigants, and to underpinning the policy for CFAs (even though of clients. I support guard against potential course parties are able to agree on detailed scenarios misconduct and conflict which constitute success in their individual cases), the idea of a of interest for lawyers. which can be nebulous at the margins. Regarding the ‘cooling off However, other common LEE first concern, it is a good feature that the framework period’ during law jurisdictions like under consultation contemplates that orders for costs which the clients the United Kingdom, (party-and-party costs) shall not include any part , Canada had of the success or uplift may terminate already begun to depart fee which the successful the agreement.” “This is from the old system party may have to pay his one reason - Bazul Ashhab nearly 20 years ago. counsel under the CFA. For an impecunious Most clients want arbitration is claimant, CFAs provide access to justice. However, to recover as much as preferred to CFAs do not have to be limited to use by impecu- ALDER they can from their litigation by nious litigants. Many companies today are chal- opponents if they (these commercial lenging hourly-rate remunerations for lawyers. These clients) prevail, rather companies want their lawyers to have more skin in the than be out of pocket parties; if they game and will prefer lawyers sharing the proceeds of for that. Indeed, this is win they are victory. The sophisticated commercial clients who are one reason arbitration likely to get familiar to CFAs in other jurisdictions will embrace is preferred to litigation 100 percent (or the proposed changes. Even those entities which are by commercial parties; not familiar with CFAs will be delighted to move away if they win they are likely close) of their from hourly rates. This also deals with the miscon- to get 100 percent (or legal fees back.” ception that some minority may have lawyers that close) of their legal fees - Arvin Lee are not motivated enough to explore settlement to back, rather than under bring an end to the dispute quickly. a standard (or even indemnity) basis in litigation. As The proposed changes to introduce CFAs will such, the lawyer has leverage to insist on at least cement singapore’s position as a hub for dispute charges that reasonably reflect time costs expended. resolution. However, regulations need to be worked For that reason, the need for a legislative cap on the out to safeguard the interests of clients. I support percentage of uplift that can be agreed between

4 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM BRIEFS parties is hence not as urgent, because on the client- side, there is strong incentive to keep that percentage down, to minimise the legal fees it is eventually out JAPANESE-THAI MERGERS COULD SEE of pocket for should it prevail. Further refinement on the costs order proposal is necessary though. MORE ASIAN LAW FIRMS IN KINGDOM To the extent that there is a policy rationale behind the CFA proposal, policy-makers should In August this year, Japan’s largest firm, Nishimura & strive to have a more granular understanding of what Asahi, acquired Thailand’s SCL Law Group. The new firm, “success” means, and the extent to which CFAs are which will be launched in October under the name SCL to apply to different conceptions of “success.” Nishimura, is the second major Japanese acquisition of a Thai law firm since Mori Hamada & Matsumoto took over Edward Alder Chandler & Thong-Ek in 2016. SCL Nishimura will comprise and arbitrator of more than 100 lawyers and professional staff providing In 2017, Hong Kong and Singapore permitted third- legal and business advisory services. party funding for arbitration. In both jurisdictions Nishimura first opened a Bangkok office in 2013. “We this permitted the funders to share in the recovery have done Thailand-related work for many years, and we produced by the case, thus both conditional fees were the first Japanese law firm to establish and maintain (CFAs) and full contingency fee arrangements were a permanent presence in many of the key Southeast Asian legalised. In both, conditional fees, third-party jurisdictions,” says, Masaki Hosaka, managing partner of funding and contingency the Japanese firm. “To some extent, fees remain impermis- He says that the market has been positive on the news these reforms sible in litigation. of the merger, and expects further expansion from Japanese Singapore now firms in the future: “There has been extensive media coverage are therefore proposes to go further, of the deal, and also much attention and friendly curiosity a “catch-up” with a consultation from law firms and lawyers throughout the region, as the initiative. paper seeking views on merger is being seen as a great sign of confidence in the Hong Kong allowing CFAs for certain strength and prospects of the market for legal services in court proceedings. It is Thailand. Japan is the largest investing country in Thailand, practitioners proposed that CFAs may and Thailand is a market and jurisdiction that both the Thai will be hoping be on a simple “no win, and the Japanese know better than anyone else, and this Hong Kong is no fee” basis or include merger is a further indication of things to come.” swift to extend an “uplift” for success. Panuwat Chalongkuamdee, partner at Weerawong, Contingency fees are not Chinnavat & Partners, Thailand’s largest law firm, says that its regime in a within the proposals. the latest movements by the Japanese firms come as no similar way.” The proposed reform surprise – after all, they have been attempting to penetrate - Edward Alder extends to arbitration the Thailand market for the past few years. related court proceed- “Japanese firms have maintained a small presence in ings and certain proceedings in the Singapore the market for a while now, mostly with four or five lawyer International Commercial Court (SICC), including operations. However, there have also been some medium mediations arising connected with such proceedings. sized firms entering the market, for example most recently The idea is to align the prospective CFA framework Nishimura Asahi integrated with SCL Law Group, and two with the third-party funding framework. As to arbitra- years ago Mori Hamada integrated with Chandler. Both tion, this will allow third-party funding for proceed- of them are medium sized firms offering a broad range of ings arising out of arbitration, for example enforce- services,” Panuwat says. ment or setting aside. As to the SICC, this may well He adds It’s definitely a positive sign that the legal market much enhance the attractiveness of the court to inter- here is picking up some competition, because before the national parties. Japanese firms came in, we saw a number of The U.S. has long permitted full contingency firms leaving the market,” says Panuawat. He adds that he fees. In the UK, following evolving reform starting expects Korean firms to make similar plays soon. in 1990, a wealth of experience has been gained in But just how attractive Thailand will be for Asian firms, permitting both conditional and subsequently contin- particularly from Japan and Korea, hinges on the success gency fees in litigation and arbitration in controlled of these mergers. In the case of Chandler MHM, partner circumstances. To some extent, these reforms are a Satoshi Kawai says the outcome had been positive. The firm “catch up” initiative. Hong Kong practitioners will be has since doubled in size over three years, and subsequently hoping Hong Kong is swift to extend its regime in a expects to move into new offices in 2020 to accommodate similar way. its new joiners.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 5 BRIEFS MYANMAR’S KBZ BANK HIRES U.S. LIT FIRM FOLLOWING DAMNING UN REPORT

Kanbawza Bank (KBZ), one of military-led crackdown in August 2017 Myanmar’s most lucrative private banks, that the UN and Western countries has tapped U.S. litigation firm Williams have said included mass killings and & Connolly to represent it after a recent gang-rapes. United Nations (UN) report suggested According to Reuters, the report that its holding company was involved noted that KBZ’s holding company in the funding of a “genocidal” campaign donated $2.5 million for the construc- against the Rohingya minority. tion of a border fence that has prevented According to CNBC, Williams & Rohingya Muslims from returning Connolly was hired in case U.S. or other to Myanmar since the crackdown, sanctions arise following the publica- the army, which controls vast swathes “knowing that it would contribute to tion of the report. of Myanmar’s economy through the suffering and anguish associated In the report, UN investigators urged holding firms and their subsidiaries, with preventing the displaced Rohingya world leaders to impose targeted finan- and is accused by the UN of executing population from returning to their cial sanctions on companies linked to the a campaign with “genocidal intent” homes and land.” military in Myanmar, and said foreign against the Rohingya minority, Reuters CNBC reported that the law firms doing business with them could added. firm sent a letter to the bank’s CEO, be complicit in international crimes, More than 730,000 Rohingya, Michael DeNoma, earlier this month according to Reuters. members of a persecuted Muslim that describes the agreement between A panel of human rights experts minority, fled Myanmar’s Rakhine state the two parties, including a $250,000 identified scores of companies tied to into neighbouring Bangladesh amid a retainer.

DEALS

$36.6 BLN $5 BLN $3.3 BLN $2 BLN Hong Kong Exchanges and Budweiser Brewing Co. Recruit Holdings’ secondary ONGC and ONGC Videsh’s Clearing’s bid for London APAC’s planned Hong Kong offering MTN programme Stock Exchange Group IPO Deal Type: ECM Deal Type: DCM Deal Type: M&A Deal Type: IPO Firms: Anderson Mori & Firms: J. Sagar Associates; Firms: Firms: ; Tomotsune; Mori Hamada & ; ZBA Cravath; Swaine & Moore Freshfields Bruckhaus Matsumoto; Skadden, Arps, Jurisdictions: India; Singapore Jurisdictions: Hong Kong, UK Deringer; Sullivan & Cromwell Slate, Meagher & Flom; Jurisdictions: Belgium, Hong Sullivan & Cromwell Kong Jurisdiction: Japan

$1.8 BLN $983 MLN $454 MLN $400 MLN Shagang’s acquisition of China Mengniu Dairy’s CITIC’s acquisition of Shanghai Henlius Biotech’s additional stake in proposed acquisition of additional stake in Hong Kong IPO Global Switch Bellamy’s Ivanhoe Mines Deal Type: IPO Deal Type: M&A Deal Type: M&A Deal Type: M&A Firms: Freshfields; Jia Yuan Firms: Allen & Overy; Ashurst; Firms: Allens; Norton Rose Firms: Baker McKenzie; Law Offices; Llinks Law Jincheng Tongda & Neal Fulbright Fasken Martineau DuMoulin; Offices; Meridian Attorneys- Jurisdictions: China, UK Jurisdictions: Australia, Stikeman Elliott at-Law; Sidley Austin China, Hong Kong Jurisdictions: Canada, China Jurisdictions: China, Hong Kong, Taiwan

6 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM C

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APPOINTMENTS

PAYMENTS INDUSTRY TO RECEIVE EASIER ACCESS BENJAMIN CHOI LINDSAY GAO JONATHAN LIM HON KIAT LEAVING LEAVING LEAVING Mayer Brown Sidley Austin Koh Dipendra Jeremiah Law TO LEGAL ADVICE UNDER JOINING JOINING JOINING Deacons Tian Yuan Law Firm Zaid Ibrahim & Co PRACTICE PRACTICE PRACTICE NEW SG PLAN Intellectual Property Capital Markets Fintech LOCATION LOCATION LOCATION Companies in the payments Hong Kong Hong Kong Kuala Lumpur industry in Singapore will receive easier access to legal advice under a new programme unveiled by two bodies in the city-state. Under the Payments Regulatory Evaluation Programme (PREP), estab- lished by the Monetary Authority of Singapore (MAS) and the Singapore Academy of Law (SAL), the payments industry will find it easier to gain access to legal service providers specialising TEJASWI NIMMAGADDA MATTHEW O’CALLAGHAN ALVIN SO in the relevant regulations. LEAVING LEAVING LEAVING MAS and SAL will officially launch King & Wood Mallesons Goldman Sachs So Lawyers PREP in November at the Singapore JOINING JOINING JOINING Tiang & Partners Freshfields Bruckhaus Deringer Nixon Peabody CWL FinTech Festival. All law firms in PRACTICE PRACTICE PRACTICE Singapore are eligible to participate. Asset Finance Financial Services Corporate The firms currently participating LOCATION LOCATION LOCATION are AEI Legal, Allen & Gledhill, Hong Kong Hong Kong Hong Kong Allen & Overy, Altum Law, Amica Law, Arielle Law Corporation, Baker McKenzie Wong & Leow, Bird & Bird ATMD, Covenant Chambers, Clifford Chance, Collyer Law, Rodyk, Drew & Napier, Eng & Co., Eversheds Harry Elias, Focus Law Asia, Foxwood Corporate Services, Gateway Law Corporation, Joseph Tan Jude Benny, Lexcompass, Linklaters, Loo & Partners, Lyn Boxall, OrionW, JAMES WEBB DANIEL YONG JEAN YU PWC, Resource Law, RHTLaw Taylor LEAVING LEAVING LEAVING Wessing, Sabara Law, Simmons & Walkers Morgan Lewis Stamford Clifford Chance Simmons, Taylor Vinters Via, Tito JOINING JOINING JOINING Issac & Co, TSMP, Tzedek Law, Withers Carey Olsen Withers KhattarWong Tian Yuan Law Firm PRACTICE PRACTICE PRACTICE Khattarwong, WMH Law Corporation, Corporate Private Funds Capital Markets WongPartnership, Xavier & Associates LOCATION LOCATION LOCATION and Yeo-Leong & Peh. Hong Kong Singapore Hong Kong

8 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM BRIEFS EXTRADITION FROM HK TO CHINA WOULD HELP FIGHT MONEY LAUNDERING: FATF

(Reuters) The lack of a mechanism in mainland China, citing among other Etelka Bogardi, a partner at Norton Hong Kong to extradite suspects to reasons a previous FATF report noting Rose Fulbright in Hong Kong, said that mainland China is an obstacle to tack- the absence of such a mechanism. while the report was generally posi- ling money laundering and terrorism Mass protests against the bill have tive about large financial institutions financing, a watchdog has said after pushed Hong Kong to the edge of in Hong Kong it raised concerns about Hong Kong withdrew an extradition bill anarchy and left the city of seven million supervision of smaller players like money that sparked mass protests. people deeply divided. The bill was later lenders, money service operators and The Financial Action Task Force withdrawn. trust and company service providers. “I (FATF), an international body that The potential for money laundering think we might see more scrutiny of them assesses money-laundering standards, is a concern in Hong Kong, an interna- in the future,” she said. said in a report that Hong Kong should tional hub for finance, trade and trans- Hong Kong amended its anti-money “look at ways to improve its ability to port with strong links to mainland China. laundering legislation in March 2018 cooperate with other parts of China The Hong Kong Monetary Authority to require trust and company service through formal means”. (HKMA), Hong Kong’s central bank, has providers - the 6,000 of which in Hong While there were legal impediments made anti-money laundering and meas- Kong help with the formation of compa- to such cooperation, informal co-opera- ures to counter terrorism financing prior- nies - to meet higher anti-money laun- tion was robust and “partially mitigates ities for each year since 2016. dering requirements ahead of the FATF the legal shortcomings”, it added. Overall, FATF found that Hong Kong review. In February the Hong Kong govern- had a “sound regime to fight money The FATF report said Hong Kong ment proposed a law that would allow laundering and terrorist financing that should continue to prioritize implemen- people to be extradited from the city to is delivering good results”. tation of the new regime.

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WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 9 BROUGHT TO YOU BY ARMAND YAPSUNTO MUHARAMSYAH & PARTNERS OJK Re-regulates Regulation concerning Increase of Capital without Rights Issue to Protect Minority Shareholders

The Indonesia Financial Services Authority vote of ½ of all shareholders with valid voting rights (Otoritas Jasa Keuangan – “OJK”) enacted OJK who attend the GMS. Regulation No. 14/POJK.04/2019 (“POJK 14/2019”) concerning Amendment to OJK Regulation No. 32/ 2. Maximum Percentage POJK.04/2015 concerning Capital Increase of Public The maximum percentage for Non-Rights Issue Companies with Pre-Emptive Rights. Interestingly, other than to improve financial position is still 10% POJK 14/2019 regulates the provisions regarding of the issued capital. But POJK 14/2019 now regu- public company’s increase of capital without rights Benny Handoko Bryan Sonny Wisaksono lates that dilution to minority shareholders shall be issue (“Non-Rights Issue”) that previously governed Partner Associate as minimum as possible. It means OJK might limit under OJK Regulation No. 38/POJK.04/2014 E: [email protected] E: bryan@ aymp.law the amount a public company expects to raise in concerning Capital Increase of Public Companies Non-Rights Issue for purposes other than to improve without Pre-Emptive Rights and also revokes such and Conflict of Interest Transaction (“Rule IX.E.1”), financial position to the actual needs of the public regulation. As a result, rules on increase of capital, they are shareholders who do not have conflict of company. whether with rights issue or Non-Rights Issue, are interest with the proposed Non-Rights Issue. The now regulated under POJK 14/2019. abovementioned GMS may validly adopt resolution In addition to the above, POJK 14/2019 also reaffirms if the agenda is approved by more than ½ of the that Non-Rights Issue which constitutes conflict of The main consideration of OJK to enact POJK 14/2019 said independent and non-affiliated shareholders. interest transaction, shall comply with the provisions is to protect the interest of minority shareholders, Quorum for the second GMS (if the quorum of first under Rule IX.E.1, inter alia to announce the descrip- particularly in the Non-Rights Issue for purposes GMS is not reached) remains the same, but second tion of conflict of interest transaction (including the other than to improve financial position of public GMS may validly adopt resolution if more than ½ of nature of conflict of interest between the parties in the company. Therefore, OJK inserts the following new the independent and non-affiliated shareholders Non-Rights Issue) and summary of fairness opinion provisions into POJK 14/2019: who attended the GMS cast their vote. Quorum for report simultaneously with the announcement of the third GMS (if the quorum of second GMS is not GMS to public. If the independent shareholders do not 1. General Meeting of Shareholders (“GMS”) reached) will be set by OJK and it may validly adopt approve the Non-Rights Issue, the public company The GMS with regards to Non-Rights Issue other than resolution if more than 50% of the independent and shall not resubmit the agenda to the GMS within 12 to improve financial position may be held if the GMS is non-affiliated shareholders who attended the GMS months as of the date of disapproval of the GMS. attended by more than ½ of all shares owned by inde- cast their vote. pendent shareholders and shareholders which are not Armand Yapsunto Muharamsyah & Partners affiliated with the relevant public company, members On the other hand, GMS for Non-Rights Issue to Generali Tower, Penthouse Floor, Gran Rubina of directors or board of commissioners, principal improve financial position shall be held in line with Business Park at Rasuna Epicentrum, Jl. HR shareholders or controller. POJK 14/2019 does not the rules under the OJK’s regulation regarding GMS Rasuna Said, Jakarta 12940, Indonesia define who independent shareholders are, but based of public company, namely the quorum is ½ of all T: +62 21 8370 7777 on the Rule IX.E.1 on Affiliated Party Transaction shareholders with valid voting rights and affirmative W: www.aymp.law

EXPLAINER CANNABIS LEGISLATION SETS STAGE FOR BUDDING NEW INDUSTRY IN THAILAND

Last year, Thailand made head- restrictions potential players will need and Drug Administration, told lines after becoming the first Southeast to work around. reporters last month. Asian country to legalise cannabis for Alan Adcock, a partner at medical use and research. And more Tilleke & Gibbins specialising in recently, after amending the 1979 WHY IS THE CHANGE OF intellectual property and regula- Narcotics Act, the newly elected Thai LAW SIGNIFICANT? tory affairs, says that the market government declared that developing While hemp was already was developments are compel- a medical cannabis industry was a top approved for use in the industry, ling for several reasons. “With policy objective. in September this year, Thailand the amendment providing for a “The study and technological officially removed cannabis and Thai FDA registration pathway development of marijuana, hemp, and hemp extracts from its narcotics for medicinal cannabis, Thailand other medicinal herbs should be sped list in a bid to promote greater became the first Asia-Pacific up for the medical industry to create medical development opportu- country to legalise medicinal economic opportunity and income for nities domestically. cannabis. This was largely unex- the people,” Reuters quoted a policy “The intention is to allow pected and caught the cannabis document as saying. With manufac- extracts to be used in medi- industry by surprise, but it has turing opportunities on the rise, lawyers cine, cosmetics and food and been welcomed and is already are looking forward to the legal work support hemp as a cash crop,” presenting new investment and the industry will generate, although Tares Krassanairawiwong, secre- R&D collaboration opportunities they caution that there are several tary-general of the Thai Food in the country,” he says.

10 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM BROUGHT TO YOU BY VERTICES PARTNERS

Formulating exit strategies in situations of economic slowdown

Given that the global economy has entered exit options. The cost benefit analysis for the into a slowdown mode in recent times, we are potential growth of a business, in case the witnessing a sentiment of uncertainty having economy resuscitates, will need to be eval- permeated the Indian economy with distress uated commercially vis-à-vis the potential signals emanating from across the trade and economic value of the assets on a short term industry spectrum. With the economy navi- and long-term basis. gating troubled waters, there is a decline in A viable exit option from an investor’s exits by private equity (PE) investors and inves- perspective could be a secondary sale of its tors are exploring alternate exit routes. shares to a third-party investor, who is keen Such downturns are generally sympto- Archana Khosla Sohini Mandal on investing in the same sector for consolida- matic of fundamental problems. The preva- Founder Partner Associate Partner tion or other purposes. A core challenge here lent situation calls for greater investor vigi- would be to find the right match, especially lance, readiness and discretion. Right at the the talent pool is acquired by key players in when market sentiments are muted. inception of entering into investment agree- the same or adjacent markets. This could be In order to maximise value and cope ments, PE investors may formulate exit strate- in consideration for a broader package deal with the growing level of macro uncertainty, gies factoring in negative scenarios. This may comprising joining bonus, stock options or what needs to be considered is that down- help in minimizing losses during economic shares in the acquiring entity. However, in such turns sometimes create real opportunities slowdowns. Diverse exit strategies could be transactions, the non-compete or non-solicit resulting in lower valuations. The readiness key to determining the preferred outcome from obligations will need to be carefully negoti- to cope with, bounce back and pivot quickly a particular business. This could vary from ated. It makes prudent sense to take note of when such a situation arises might be the key selling the business as a whole or accessing the fact that the acquisition could be experi- differentiator for the stakeholders involved. the public markets. With consolidations mental for market entry strategies and could becoming more prevalent during economic come with its set of inherent risks. In such situ- Vertices Partners downturns, factoring in leeway for sale to ations, exit benefits for investors would need Mittal Court, A Wing, 6th Floor, 62/63A, competitors in the investment documents to be evaluated and negotiated with a poten- Nariman Point, Mumbai 400021, India could be a helpful measure. tial acquirer. T: (91) 22 4007 8000 A feasible exit option for founders could During market downturns, distress E: [email protected] be acqui-hires or management buyouts where buyouts and asset sales become prevalent W: www.verticespartners.com

According to Adcock, personnel, facilities, or other WHAT ROLES ARE further regulatory notifications necessities for production or LAWYERS PLAYING? and guidelines to guide how research. The second approach The landscape is evolving rapidly. companies and other providers is to establish domestic manu- In September, for example, can operate under the changed facturing facilities to produce Thailand proposed a draft law legislation are expected in the cannabis and cannabinoid prod- that would allow citizens to grow future. ucts. The third approach is to a limited amount of cannabis at use Thailand as a headquarters home. With the industry ready WHAT DOES IT MEAN for expansion into other Asia- to take off, and more regulatory FOR BUSINESSES Pacific regions, as we expect a changes on the horizon, lawyers OPPORTUNITIES IN number of other countries to are playing a critical part. THAILAND? follow Thailand’s lead in legal- “While the amendments While in the past, foreign partic- ising medical cannabis,” he create the foundation for a ipation in Thailand’s cannabis outlines. cannabis industry in Thailand, industry has been restricted in Medical facilities and busi- the true viability and future of several ways, Adcock advises ness are already eyeing the the Thai cannabis industry lies in the current regulatory envi- possibilities. Ishaan Shah of in its regulation by both the Thai ronment, there are three basic the billionaire Shah family, FDA and the Narcotics Control approaches a foreign entity which own pharmaceutical body Board,” Adcock says. He notes looking to enter the Thai Megalife Sciences, told Reuters firms such as his are staying “on cannabis industry might take. last month that cannabidiol top of all these developments” “The first approach is to extraction would be a priority for and continuing to advise both import materials into Thailand, the group. Meanwhile, analyst foreign and domestic investors such as finished products ready firm Prohibition Partners expect and entrepreneurs about how for distribution or materials Thailand’s cannabis market to they can get involved and pursue like seeds, plants, supplies, reach $660 million by 2024. these new opportunities.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 11 BRIEFS

the economic substance test, if appli- cable. Legal analysis will very likely be required by relevant entities to clarify these questions and they should contact their Cayman Islands legal counsel for the appropriate advice,” they explain. Additionally, Parrott and Manraj add that careful consideration should also be given to the reporting cycle, noting that relevant entities that existed before Jan. 1 this year, and that were carrying on relevant activities on that date must comply with the economic substance test from July 1. They break down the timeline further: “Relevant entities established after 1 January 2019 must comply with the requirements from the date on which they start carrying on the relevant activity. From January 2020, all entities regis- tered or formed in the Cayman Islands will be required to include a statement in the annual return that is filed by their registered office service provider as to whether they are carrying on relevant CAYMAN ‘ECONOMIC SUBSTANCE’ CRACKDOWN activity. As such, entities must get clas- sified with the help of their Cayman Islands legal counsel in order for them IMPACTING HK HEDGE FUNDS to know whether they are in scope or out of scope of the economic substance The Cayman Islands’ new And while the law wasn’t created to regime and assuming they are in scope, Economic Substance Law, which targets target hedge funds specifically, Caymans whether they need to report to the local multinational using strategically placed investment managers that work with competent authority,” they note. subsidies to lessen taxation, is impacting Hong Kong clients will have to be careful While Parrott and Manraj make the Hong Kong hedge funds, according to moving forward. “In short, the new ES distinction that investment funds “are lawyers The legislation, which came legislation will impact on the fund neither relevant entities nor carrying on into force in this year after concerns industry in Hong Kong to the extent any relevant activity. Accordingly, there is were expressed by the European Union, offshore entities are utilised. All relevant unlikely to be any impact on hedge funds targets large companies that move their entities will need to undertake internal themselves”, they note that “Hong Kong IP to subsidiaries located in low-tax juris- review to analyse whether compliance hedge fund managers that have inter- dictions. with ES requirements is applicable and posed a Cayman Islands management The new law will affect various busi- how they would demonstrate substance company between their Cayman Islands ness entities differently depending on in Cayman,” Chan says. domiciled fund and their SFC-licensed registration, activities and structure. Marc Parrott, partner, and Mirza Hong Kong management company will Hong Kong hedge funds specifically Manraj, counsel at Harneys’ Hong Kong need to consider whether they wish to have become tangled up in the new law office, say that lawyers will need to work keep that Cayman Islands management as a result of using Cayman investment with clients to determine the classifi- company in the structure.” managers, which tend to be less popular cation of companies or other vehicles “If so, there might be options to with European fund managers. incorporated or registered in the Cayman restructure that management company “Most offshore funds utilised in Asia Islands. in certain ways to minimize the impact are registered in the Cayman Islands,” “It is necessary to identify each rele- of the economic substance regime. As says Fiona Chan, a Hong Kong-based vant entity, and to determine whether such, it is very important that entities partner at Appleby. “As a result, the such entity is conducting a relevant obtain appropriate advice from Cayman Cayman ES legislation is attracting activity, whether the relevant entity is Islands legal counsel with specific exper- much interest and queries from the funds tax resident overseas and/or what steps tise in investment fund structuring,” they industry.” the relevant entity needs to take to meet add.

12 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM BRIEFS

Q&A ALB: What will be some of your key priorities in your new role? How are you shaping the legal function at Airwallex? Chan: My first key priority is to build a strong ‘I WOULD LIKE TO BUILD ONE OF THE in-house legal and compliance team. The current team is small, and as Airwallex expands globally, it is important to hire lawyers and BEST LEGAL TEAMS IN FINTECH’ compliance officers in the new jurisdictions in which we will operate, to ensure we have the Jeanette Chan, a former China practice managing partner at right legal and compliance frameworks wher- Paul, Weiss, Rifkind, Wharton & Garrison, recently left the ever we may be. And as we grow the team, it goes without saying that they must work well firm after three decades to join fintech startup Airwallex as its together as an integrated unit. The strength chief compliance officer and general counsel. Chan speaks to of the legal and compliance team comes from ALB about the change, and what she hopes to accomplish in unity and all members working as one, sharing her new role. information and contributing to the growth of the company. The other key priority is to gain the trust ALB: After more than three decades at Paul, of the regulators. Not only do we need to Weiss, what prompted you to leave such a well- ensure our products are sound and secure, established firm, and move not just in-house, but we also need to demonstrate to regulators but to a start-up like Airwallex? that Airwallex’s legal and compliance team is Jeanette Chan: Many people have asked me committed to ensuring laws and regulations are this question. As you mentioned, I was with complied with, to establish ourselves as a trusted Paul, Weiss for more than 30 years and during partner. Fintech is a highly regulated industry my wonderfully long and fulfilling career with thus compliance with the law is of utmost impor- them, was fortunate to have worked with many tance. We must always be vigilant in ensuring great lawyers and entrusted to lead the firm’s compliance and not cross any redlines. Having a successful China practice. I was good working relationship with very blessed and will be eter- regulators is key to the success nally grateful to Paul, Weiss of our business. for many unforgettable expe- As our business team inno- riences. But I had reached vates new products and new a point in my life and career ways to support our clients in where I felt it was time to allow the digital payment sector, the others to lead the China prac- legal team has to be able to tice. This, coupled with the fact keep up with these new devel- “Not only do we that I was ready for something opments, both in the law and different, something completely in technology. The team must need to ensure new and challenging, prompted be able to adapt quickly and our products are my decision to look at other JEANETTE CHAN be ready to take on and resolve sound and secure, opportunities. new and ever-evolving issues. but we also need I got to know about Airwallex via several We have to be innovative and creative in our to demonstrate to different sources, but it was what I heard workings with the business team on resolving regulators that from their investors and other companies in issues and in launching new products. the digital-payment space that inspired me Airwallex’s legal to have deeper discussions with the founders. ALB: How would you like to see the rest of your and compliance It was clear to me that Airwallex had built a legal career play out? team is committed great business in a short period, with the trust Chan: I do not have a crystal ball, but I would to ensuring laws of its investors and clients, and the envy of like to build one of the best legal and compli- and regulations its competitors. I am excited to be a part of ance teams in the fintech sector. A team that is are complied with, Airwallex’s senior management team to lead smart, creative, and innovative as well as highly the legal and compliance functions as we ethical and compliant. A team that works well to establish prepare to expand globally and become one with and has the trust of the government and ourselves as a of the strongest digital payment companies regulators in the markets we are in. That would trusted partner.” in the world. be a great way to cap my career.

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

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 - Freshfields Bruckhaus Deringer No. 1 - Morgan Stanley

56,217.9 Value ($MLN) 85,713.5 Value ($MLN) Deals: 24 / Market Share: 9.7 Deals: 64 / Market Share: 14.8

Value Market Value Market Rank Legal Advisor ($MLN) Deals Share Rank Legal Advisor ($MLN) Deals Share 2 Slaughter and May 44,364.7 12 7.6 2 Goldman Sachs & Co 71,339.5 44 12.3 3 40,997.3 16 7.1 3 HSBC Holdings PLC 53,053.3 25 9.1 4 King & Wood Mallesons 30,390.5 47 5.2 4 JP Morgan 52,525.4 28 9.1 5 Nishimura & Asahi 26,933.4 88 4.6 5 UBS 49,705.3 21 8.6 6 Baker Mckenzie 25,749.4 29 4.4 6 Barclays 40,879.4 12 7.0 7 Mori Hamada & Matsumoto 21,234.8 79 3.7 7 Moelis & Co 40,815.2 10 7.0 8 Kim & Chang 20,152.6 111 3.5 8 CITIC 39,123.3 63 6.7 9 Allen & Overy 18,875.8 28 3.3 9 Robey Warshaw LLP 37,259.2 1 6.4 10 Davis Polk & Wardwell 17,714.5 19 3.1 10 Nomura 30,800.5 70 5.3

(*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 - Kirkland & Ellis No. 1 - Morgan Stanley

21,752.0 Value ($MLN) 37,496.2 Value ($MLN) Deals: 12 / Market Share: 12.1 Deals: 26 / Market Share: 20.9

Value Market Value Market Rank Legal Advisor ($MLN) Deals Share Rank Legal Advisor ($MLN) Deals Share 2 Davis Polk & Wardwell 20,100.9 8 11.2 2 JP Morgan 33,019.0 9 18.4 3 AZB & Partners 19,746.1 102 11.0 3 Bank of America Merrill Lynch 31,123.2 16 17.3 4 Simpson Thacher & Bartlett 19,287.4 6 10.8 4 Citi 26,301.1 25 14.7 5 Allen & Gledhill 17,728.5 30 9.9 5 Goldman Sachs & Co 25,200.0 11 14.0 6 Cyril Amarchand Mangaldas 14,440.9 53 8.1 6 Barclays 21,131.1 10 11.8 7 WongPartnership LLP 11,501.8 20 6.4 7* Wells Fargo & Co 18,700.0 1 10.4 8 Shardul Amarchand Mangaldas & Co 11,310.7 60 6.3 7* Deutsche Bank 18,700.0 1 10.4 9 Minter Ellison 8,461.3 4 4.7 9 Credit Suisse 12,184.2 16 6.8 10 Drew & Napier 8,073.4 3 4.5 10 Rothschild & Co 9,635.8 16 5.4

(*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)

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

Series1 Series2 440 387.3 5,000 Transactions of No. 355.9 332.0 340 4,000 269.3 284.9 283.9 254.9 245.1 257.7 246.6 254.8 216.9248.8 219.9 230.0 224.0 3,000 240 201.5 193.9 190.3 169.4 174.1 142.8 149.7143.1 159.0 2,000 114.7 131.9 114.7123.1 140 95.6 93.5 1,000

Rank Value US$ Billion 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 3Q 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 7 October 2019.

14 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM Ken Adams Drafting Clearer Contracts 12 November 2019 - Tokyo / 9.00am to 5.00pm

Asian Legal Business (ALB) is proud to present internationally renowned Special offer: FREE BOOK contracts expert Ken Adams for one day only in Singapore and Hong Kong. Participants will receive a copy of Ken Adams’s book, A Manual of Style This hands-on seminar explores how to draft contracts that express deal for Contract Drafting. The seminar explores issues addressed in this book terms clearly and effectively, saving you time and money, enhancing your that has become a valued resource for the legal profession. competitiveness, and mitigating risk. Rather than simply lecturing, Ken uses interactive exercises, encouraging participation and addressing practical Pricing* considerations related to the drafting process. This seminar is valuable Standard Rate: USD1,500 for both junior and senior legal professionals, with tips that apply to all contracts drafted in English, whatever the governing law. Group price: SAVE AN ADDITIONAL 20% Register five participants from your organisation and the 5th person attends for free. Who should attend • Lawyers *Price includes the seminar, luncheon, course materials, and a complimentary • In-house counsel copy of Ken Adams’s book, A Manual of Style for Contract Drafting. • and managers in law firms and corporations • Contract managers Register • Anyone who drafts, negotiates, or reviews contracts www.regonline.com/kenadams2019_JP

Benefits of attending Website • Practical skills from a global industry leader www.legalbusinessonline.com/kenadams2019_JP • The problem with traditional contract language • How efficient contract drafting can benefit your business For more information, please contact • The basics of rigorous contract language and layout Jessica Mak - (65) 6870 3504 / [email protected] • Why revising your contract process can improve contract language Julian O’Hara - (65) 6870 3575 / julianfrancis.o’[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 Dame Law School. For more information about Ken and his activities, go to www.adamsdrafting.com. MP ROUNDTABLE

ALB: What has the past year been like for your office in Hong Kong? What were some of your achievements, and what challenges or obstacles did you face? Padarin: 2019 has been a very exciting year for Carey Olsen. Our Hong Kong office was founded in 2016 with a litiga- tion and restructuring department. This HONG KONG year we launched new corporate, funds and finance departments to comple- ment our existing corporate offering out of our Singapore office. I joined the Hong Kong office as head of corporate and funds, and partner James Webb joined as head of banking and finance. We further expanded our Hong Kong corporate and litigation practices through the relocation to Hong Kong of two Bermudian lawyers. Carey Olsen is now able to offer a full range of Bermuda, BVI, Cayman, Jersey and Guernsey advice directly from its Asian offices. We are looking forward to continuing our growth trajec- tory, building our book of business and demonstrating Carey Olsen’s reputation If the past summer of upheaval has shown us anything, and commitment to excellence. This year there have been well-publi- STRONGit is that Hong Kong is a truly resilient city. This has cised regional economic and socio-polit- been reflected in the city’s legal market, which has seen ical issues, which market participants a steady flow of work despite not just the protests, may view as obstacles. For example, the U.S.-China trade war has impacted on but also the trade war, as well as industry-specific M&A deal volume in China, but we have factors like changing client demands. In this feature, seen a corresponding increase in deals leaders of four firms in the city talk about how the being done in Southeast Asia and India. We are optimistic that client demand for past year has been, and what 2020 holds. high quality offshore legal advice will remain strong, especially during more turbulent times. BY ELIZABETH BEATTIE AND RANAJIT DAM Lai: Overall, last year has been a very busy year for us. Both our capital markets practice and our private wealth practice were booming, and we achieved one of our best financial results ever. However, things have since slowed down (I think) driven by the combination of trade war and the recent Hong Kong disturbances. With the increase in activities, we also MICHAEL PADARIN JAMES WEBB VOON KEAT LAI ROSSANA CHU CLIFFORD NG saw a lot of staff movements. Hiring and

Partner and head of Partner and head of Managing partner, Co-managing partner, Co-managing partner, retention became an issue. We also saw corporate practice, banking and finance Greater China, LC Lawyers Hong Kong, more and more PRC law firms coming to Hong Kong, practice, Hong Kong, Zhong Lun Law Firm Carey Olsen Carey Olsen Hong Kong, many of whom claimed to be able to offer a “one-stop” shop solution.

16 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM MP ROUNDTABLE

A lot of new entrants including law firms In addition, we have been involved reason is need of in-house legal teams linked to the Big Four. We sense, but in a number of high-profile restruc- to catch up with the technology advance- cannot confirm, that some of the U.S. turing transactions over the past year, ment in the business units in their corpo- law firms are retreating from Hong Kong. and have also seen a significant increase rations, and such need also calls for law Chu: In the past year, we have added in commercial litigation arising out of firms to move ahead with legal tech for more partners (Kareena Teh, Bonnie family disputes and succession issues. the benefit of the law firms and their Yung and Jason Wang). Thus, we can Lai: It has been a market-driven by clients. However, I think it will take some further strengthen our M&A and corpo- fixed-fee and price under-cutting. Until time for legal tech to be utilised on a rate finance practices, and develop the recently, there had been a huge amount larger scale in such a traditional industry. regulatory investigation and compliance of capital markets deals but a lack of Another trend is that several corpora- practice. Our lawyers continue to work on tions are undergoing restructuring to notable transactions. Further, with the re-assign their business strategies given strong collaboration of other member “In this market, there will the trade talks between the larger econ- firms of the global EY network, our firm omies. That brought about more legal is advising an even more diverse range always be certain market work for our firm in the past 12 months of clients. segments and types of and we often undertook such work with Ng: This was a year of transition for deals where cost, not other service lines of EY such as tax and us with some old faces departing to advisory services. making room for new ones. The office quality, is the primary Ng: We are seeing the rise of suprana- was honoured to have been recognised driver. However, with tional extra-jurisdiction laws (GDPR and by ALB as the “PRC Firm, Hong Kong increased regulation and other OECD and EU initiatives as exam- Office of the Year” again this year and ples). Is this the dawn of the new global was recognised as the “Tax and Trusts varied market conditions, trade and technology order? Hong Kong Law Firm of the Year” in 2018. Firms, we are seeing more of has always been very open to foreign especially in Hong Kong, always suffer a flight to quality, with firms. It will be fascinating to see how from FOMO and the move of more firms these trends will affect the market. out of Central and how to work more effi- clients placing higher ciently are issues we are grappling with. value on those individual ALB: What are some of the key trends offshore lawyers who you’ve witnessed in how your relationships ALB: What are some of the notable trends with clients in Hong Kong are evolving? you have witnessed in Hong Kong’s legal are genuinely experts Webb: In this market, there will always industry in the past 12 months in terms across a range of products be certain market segments and types of the quantity and type of work? What and situations and can, of deals where cost, not quality, is the have you been doing more of, and what primary driver. However, with increased have you seen a drop in? therefore, deal with regulation and varied market conditions, Webb: 2019 has seen a downturn in IPO complex queries quickly, we are seeing more of a flight to quality, activity and mainstream “new money” knowledgeably and with clients placing higher value on those debt deals. There have also been fewer individual offshore lawyers who are genu- high-profile acquisitions or leveraged commercially.“ inely experts across a range of products finance transactions than in the previous — James Webb, Carey Olsen and situations and can, therefore, deal year. There are several reasons for this, with complex queries quickly, knowl- including market conditions and also PE edgeably and commercially. The key for fund lifecycles. substantive M&A deals. Last year, all our us is to develop Carey Olsen’s brand repu- On the other hand, there has been practice areas saw growth. Most notably tation for expertise and continue to build an uptick in credit and secondary fund in capital markets, regulatory and inves- strong relationships where we are viewed activity and several strategic acquisitions tigation, and private wealth. However, as trusted advisors. and disposals. There is new economic there appear to be a drop in M&As, public Lai: The importance of Hong Kong as the substance legislation which presents takeovers and bond issuances. gateway between China and the rest of opportunities for us to assist clients with Chu: In the past 12 months, the legal the world (whether inbound or outbound) regulatory and structuring queries. Our industry has been putting more attention appears to be diminishing. Fixed fees are trusts, litigation and restructuring teams to legal technologies. One reason is the becoming the norm in non-contentious also see a regular flow of enquiries. push for “doing more for less.” Another work. There is a proliferation of smaller

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 17

MP ROUNDTABLE For more information, please visit www.zhonglun.com.hk

firms splintered from larger international providing quality advice and best in class one of the keys to succeeding in the Hong firms. And there is increasing competi- service. Kong market is to grasp a comprehensive tion from these firms – they tend to be The offshore jurisdictions are deeply understanding of the clients in terms of more price elastic. embedded in the Hong Kong industry and their business needs, the environment We are investing a lot in developing can add value and stability in all market in which they operate, the growth and our people (whether legal or non-legal) conditions. We look forward to working risk factors, etc. Only with such under- to be adaptable and agile. It is hard to closely with clients to help them drive standing can a law firm be able to come predict how the legal industry will evolve their businesses forward in the region. up with a business solution and combine in future, but history has shown that Lai: Our strategy involves staff reten- it with technologies. those who survive are not necessarily tion and development, and improving Ng: Hong Kong has to find its place in the largest or strongest, but those who efficiency through re-looking at our the Greater Bay Area (GBA) within China, are most adaptable to change. processes. In respect of expansion, we and firms have to find our place. We are Chu: Quite some clients are feeling pres- have sought to grow organically by well placed with the GBA initiative as sure given the uncertainty brought about building from our core strengths. one of the larger PRC firms in town with by the continuing trade tension between big offices in Guangzhou and Shenzhen. China and the U.S. and worries about the global economic slowdown. They tend to “This market is ALB: What are the keys to succeeding in be more careful with investments and the Hong Kong market for a firm of your borrowings. To most of our existing and notoriously out of whack size and scope? China's Leading Business Law Firm potential clients, the law firm’s ability to with reality with many Lai: We need to build an adaptable, busi- Over 310 partners and 2,100 professionals foresee problems and provide solutions foreign firms subsidising ness-centric and client-centric work- is much more important than the ability force. The legal profession is part of the across 16 offices in China and around the world to implement the client’s designated Asian and China service industry. Like all those in the route. Our firm adopts an approach to experiments. New firms service industries, technical expertise stay close to the external environment come and go with every is merely the entry-ticket. Often, what and the clients in order to offer legal distinguishes a lawyer from another is services proactively. cycle. The economics here that lawyer’s ability to connect with and Ng: Clients want direct contact with expe- with the high rent can be understand the client. In a law firm of rienced senior lawyers who can make a brutal but the economics our size, clients often come to us, not call. Lawyers can decide whether they because we are the biggest or the best, want to provide that level of service or here work the same as but because they know that we will do PRC Firm, Hong Kong Office of the Year (ALB Hong Kong Law Awards 2019) not. I think there will be a great segmen- everywhere else. Firms too our best for them. The charge-out fees for Best Overall Law Firm- PRC Firm (China Business Law Awards 2019) tation among lawyers on how they work, often have big dreams and transactional matters have not changed and what they want to do (and how much for years. Yet, law firms have managed Law Firm of the Year- Beijing (China Business Law Awards 2019) they are paid). It gives more flexibility to short memories.“ to make profit year-on-year. In my view, lawyers, and firms will have to adjust. — Clifford Ng, Zhong Lun Law Firm this is mostly due to productivity improve- Beijing Law Firm of the Year (ALB China Law Awards 2019) ments based on technological advance- ALB: How would you describe your ments and innovation. We need to keep 9 practice areas 27 partners are ranked (Chambers Global Guide 2019) strategy for the Hong Kong market in Chu: Our strategy is to build a stronger abreast with new technologies and use the near-term? What are some of the big cooperation relationship with EY and relevant ones to our advantage and our Tax and Trusts Law Firm of the Year (ALB Hong Kong Law Awards 2018) plans you’ve put in place for business other players in the market such as invest- workforce will need to be increasingly growth for the coming years? ment banks and consultancy companies. more agile and adaptable. Asia's Top 50 Largest Law Firm (ALB 2018) Padarin: Carey Olsen is very bullish on Through such cooperation, we hope to Ng: The key to succeeding is to grow continuing growth in Asia, and we are offer clients more integrated business sustainably. This market is notoriously PRC Firm, Hong Kong Office of the Year (ALB Hong Kong Law Awards 2017) making a serious long-term investment solutions rather than mere legal techni- out of whack with reality with many in Hong Kong and the wider region. We calities. Such a strategy can be extended foreign firms subsidising Asian and are expanding our physical footprint to promotion of legal technologies to the China experiments. New firms come and will be moving into a larger office Hong Kong clients, where our legal advi- and go with every cycle. The economics space in early 2020 to accommodate our sory services may be offered in conjunc- here with the high rent can be brutal but growing team. Our focus is on building a tion with the legal managed services the economics here work the same as Beijing • Shanghai • Shenzhen • Guangzhou • Chengdu • Wuhan • Chongqing • Qingdao team of excellent, well-rounded lawyers offered by Riverview and/or Pangea3 as everywhere else. Firms too often have and differentiating ourselves through members of the global EY network. I think big dreams and short memories. Hangzhou • Nanjing • Hong Kong • Tokyo • London • New York • Los Angeles • San Francisco

For more information, please visit www.zhonglun.com.hk 18 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM

ForFor more more information, information, please please visit visit www.zhonglun.com.hk www.zhonglun.com.hk

C China'shina's Leading Leading Business Business Law Law Firm Firm Over Over 310 310 partners partners and and 2,100 2,100 professionals professionals across across 16 16 offices offices in inChina China and and around around the the world world

PRCPRC Firm, Firm, Hong Hong Kong Kong Office Office of of the the Year Year (ALB (ALB Hong Hong Kong Kong Law Law Awards Awards 2019 2019) )

BestBest Overall Overall Law Law Firm Firm- PRC- PRC Firm Firm (China (China Business Business Law Law Awards Awards 2019) 2019)

LawLaw Firm Firm of of the the Year Year- Beijing- Beijing (China (China Business Business Law Law Awards Awards 2019) 2019)

BeijingBeijing Law Law Firm Firm of of the the Year Year (ALB (ALB China China Law Law Awards Awards 2019) 2019)

9 practice9 practice areas areas 27 27 partners partners are are ranked ranked (Cha (Chambersmbers Global Global Guide Guide 2019) 2019)

TaxTax and and Trust Trusts Laws Law Firm Firm of of the the Year Year (ALB (ALB Hong Hong Kong Kong Law Law Awards Awards 2018) 2018)

Asia'sAsia's Top Top 50 50 Largest Largest Law Law Firm Firm (A (LBALB 201 2018)8 )

PRCPRC Firm, Firm, Hong Hong Kong Kong Office Office of of the the Year Year (ALB (ALB Hong Hong Kong Kong Law Law Awards Awards 2017 2017) )

BeijingBeijing • Shanghai • Shanghai • Shenzhen • Shenzhen • Guangzhou • Guangzhou • Chengdu • Chengdu • Wuhan • Wuhan • Chongqing • Chongqing • Qingdao • Qingdao HangzhouHangzhou • Nanjing • Nanjing • Hong • Hong Kong Kong • Tokyo • Tokyo • London • London • New • New York York • Los • Los Angeles Angeles • San • San Francisco Francisco

ForFor more more information, information, please please visit visit www.zhonglun.com.hk www.zhonglun.com.hk COVER STORY

and BNP Paribas. “Rituparno has the in corporate and capital markets trans- KAT BERKELEY, 39 unique and invaluable, ability to steer actions, banking and asset finance, and Partner, Ropes & Gray, Hong Kong his clients when laws and regulations are private client and trusts and founda- not as clear as they could be and to back tions. His clients include Bermuda, BVI 40Berkeley has experience advising clientsUNDER his advice with a sound understanding of and Cayman Islands entities, as well as 40 in relation to court-driven and out-of- local market practice. In addition to his private companies, banks, financial insti- court restructuring, distressed M&A, technical abilities, Rituparno has great tutions, asset management firms, high secondary debt trading, loan portfolio interpersonal skills, which makes dealing net worth individuals, family offices and sales, debt recovery and security enforce- with him more enjoyable,” says a client. trustees. In the past year, Chan has led ment, and formal insolvency procedures. and acted as BVI counsel to Shenwan Key work has included advising Chinese Hongyuan Group, China’s oldest securi- real estate company Kaisa Group on the NOAH CARR, 38 ties brokerage, on its $1.16 billion listing restructuring of more than $3 billion its Partner, Latham & Watkins, Japan on the Hong Kong Stock Exchange, the offshore liabilities through schemes of largest Hong Kong IPO at that point in arrangement in Hong Kong and the Corporate lawyer Carr has led on multiple the year. Cayman Islands, and Chapter 15 recog- growth equity and joint venture trans- nition in the U.S; and advising Berlian actions for Japanese technology inves- Laju Tanker, Indonesia’s largest oil and tors, including SoftBank’s investments DEBBIE CHAU, 38 gas shipping firm, in connection with in Grab, OYO, Ola Cabs, and Snapdeal. Compliance Director – Asia Pacific, its $1.85 billion second-round consen- For example, he led the structuring of McDonald’s Corporation, Singapore sual restructuring with its senior secured SoftBank’s $7.7 billion combined primary lenders. and secondary investment into Uber. Chau was appointed general counsel of “Noah is one of our go-to counsel in McDonald’s Hong Kong at the age of 32, Asia because he understands our goals leading the legal and compliance func- RITUPARNO BHATTACHARYA, 38 and our process. It sounds simple, but tions for the Hong Kong business opera- Partner, Talwar Thakore & Associates, India it isn’t. He can tailor his messaging to tion of the restaurant brand. During her talk to anyone at any level, and he’s time in Hong Kong, she played a key role A banking and always available. So, his involvement in one of the most significant franchising finance specialist, helps take pressure off the whole team,” transactions in McDonald’s history - to Bhattacharya helped says a client. franchise all restaurants in mainland TT&A establish its China and Hong Kong to a consortium banking and finance including CITIC and Carlyle Group in 2017. practice, and currently VINCENT CHAN, 36 That year, she was named as compliance boasts a client list that includes Credit Counsel, Appleby, Hong Kong director for the Asia-Pacific region, and Suisse, Deutsche Bank, JP Morgan, today she also covers the Middle East Standard Chartered Bank, ANZ Bank, Chan is an offshore lawyer with experience and Africa region.

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

In its fifth annual list, ALB brings you 40 outstanding legal professionals in the region who are under the age of 40. These lawyers have worked on some of the most significant deals and disputes in the past year and have earned accolades from their peers, superiors and clients. The list is in alphabetical order.

BY ASIAN LEGAL BUSINESS

of legal strategies and options. He is earlier this year, lies in banking and DANIEL CHIA, 39 very tempered and comprehensive in finance. Notable work has included Partner, Morgan Lewis Stamford, Singapore his approach and discussions of the advising DBS Bank, ING Bank, Oversea- factual merits of the case,” according Chinese Banking Corporation, Standard 40 UNDER 40A dispute resolution practitioner who to a client. Chartered Bank, and Sumitomo Mitsui appears in both and arbitration, Banking Corporation on the refinancing Chia has a number of landmark cases to of a loan to Pan Asia Majestic Eagle, and his name. These include Aamna Taseer v. TRINUCH CHUENCHOMLADA, 35 advising HSBC and a syndicate of banks Shaan Taseer & Ors, in which he success- Senior Associate, on a $1.8 billion loan to Wii. Fong has fully represented the widow of the former Weerawong, Chinnavat & Partners, Thailand “good communication skills and is a very governor of Punjab who was assassinated personable individual. Lishi is able to by militant Islamist) and set a prece- A capital markets provide strong practical advice to client dent case that beneficiaries of an estate lawyer, Trinuch is on transactions,” says a client. had no specific right to a property of the currently representing estate. “Many consider him one of the Asset World Corp, most impressive litigators in his gener- the property arm of DAISUKE FUKAMIZU, 38 ation. He has strong client traction and billionaire Charoen Partner, Nagashima Ohno & Tsunematsu, will continue to develop and grow his Sirivadhanabhakdi, on its planned IPO, Japan practice,” says a colleague. which aims to raise up to $1.5 billion; this would make it the country’s biggest A white-collar crime and compliance new listing this year. In 2017, she repre- expert, Fukamizu led the NO&T team JON ANTON DARYL Y. CHUA, 36 sented TOA Paint (Thailand), the coun- representing Japanese steelmaker Kobe Partner, Cruz Marcelo & Tenefrancia, try’s largest paint producer, on its IPO Steel on its global strategy for handling Philippines that raised $367 million. “She cares for, the various legal and regulatory issues and understands, the needs of clients arising from a series of data falsifications Chua, a litigator, became a partner and takes good care of them. She can and/or fabrications in inspection results, at Cruz Marcelo & Tenefrancia at age explain difficult things easily, enabling a case which received a lot of attention 34 after less than eight years in prac- clients to understand both the law and in Japan and beyond. The firm coordi- tice. Notable cases he has appeared in business perspectives,” says a client. nating the company’s global investiga- include one before the Supreme Court, tions and regulatory responses, focusing questioning the retail competition and on the historical background and root open access policy implemented by the LISHI FONG, 36 cause of the series of data falsifica- Department of Energy and the Energy Partner, Harneys, Singapore tions and/or fabrications. A client calls Regulatory Commission. Chua “is one of Fukamizu “one of the best lawyers in the most diligent and thorough lawyers I The expertise of Fong, who moved to the fields of white-collar crime and crisis have ever collaborated with in the review Harneys from management.”

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 21 COVER STORY

We know that when Amita is on job, we GUNADARMA, 33 VAIBHAV KAKKAR, 36 are getting the best legal advice in the Partner, AYMP Atelier of Law, Indonesia Partner, L&L Partners, India country,” says a client.

At age 29, transactional lawyer Kakkar, who became the youngest Gunadarma was appointed partner at partner in L&L’s history in 2013, now ARCHANA KHOSLA, 38 AYMP, making him one of the youngest co-heads the general corporate and Founder Partner, Vertices Partners, India partners in an Indonesian law firm. regulatory practice team at the firm. Notable recent work has included acting Notable work has included representing As one of the founders as Indonesian legal counsel to Bangkok the Tata group in two major deals – its of up-and-coming Bank on the loan of $902 million to an coffee retail JV with Starbucks, and the Vertices Partners, Indonesian conglomerate for purchasing recent military aerospace JV with Boeing. Khosla heads the shares in one of the biggest mining busi- Kakkar works with the government and venture capital prac- nesses in Indonesia. “Gunadarma has regulatory authorities on policy issues, tice of the firm. She consistently provided us with compre- and is also an expert on gaming and also heads the human resources divi- hensive, accurate and reliable opin- sports laws in India. A client says that “his sion, and is currently building a broad- ions, as well as legal review, which has commitment towards the client is exem- based technology system for the firm definitely had a significant impact on plary, not to mention his skill, knowl- to streamline the knowledge manage- our daily works. We do appreciate his edge, and legal acumen.” ment aspects of the three-year-old firm continued support,” says a client. specialising in private equity and venture capital, which has won numerous acco- KUNAL KAPOOR, 39 lades in India and abroad. “Archana has KOHE HASAN, 39 Partner, Dentons Rodyk, Singapore been an instrumental member in setting Partner, Reed Smith, Singapore the Firm and building the practices. The An energy expert, Kapoor has acted on success of the firm today, has seen her A former partner at Oon & Bazul – the first floating regasification project in play an integral part in it,” says Vinayak and head of that firm’s Indonesia and Asia - Nusantara regasification, repre- Burman, Vertices’ managing partner. Indochina practice groups – Hasan was sented the Asian Development Bank the first female partner in the Singapore on the first combined heat and power office of Reed Smith. She was instru- project in Mongolia (CHP5), and advised MERYL KOH, 36 mental in setting up the latter firm’s more than $15 billion worth of oil and Director, Drew & Napier, Singapore Formal Law Alliance firm Resource Law. gas offtakes, and structure finance/ An energy expert, Hasan has a thriving refinancing transactions as lead lawyer Koh’s practice spans IP and dispute reso- practice across Southeast Asia. “She for commodity traders. Kapoor “can lution. Notable recent work has included is our go-to lawyer on almost all our be relied on blindly, because he works representing IIa Technologies, a company matters, be it dispute or transactional… in-depth on the project and rarely misses specialising in grown diamond tech- With Kohe on your side, you can be sure to a point, which is very helpful in critical nology, in a patent infringement suit; have an ace up your sleeve,” says a client. business deals like the ones we worked and successfully representing TWG on together,” says a client. Tea in a domain name dispute with a former officeholder. “Meryl is simply KATE HODSON, 38 first-rate. She makes it a point to acquire Partner, Ogier, Hong Kong AMITA KATRAGADDA, 36 complete mastery of the case, including Partner, Cyril Amarchand Mangaldas, India the evidence, arguments and the law, no In 2015, Hodson became the first female matter how complex the matter is. That partner in Ogier’s Hong Kong office and Katragadda’s practice spans corporate, and her boundless energy and enthu- the youngest partner in the firm. A PE governance and disputes. She was the siasm point to a very bright future for specialist, she is one of a handful of offshore lead counsel for the $12.9 billion sale her in advocacy,” says Davinder Singh lawyers with a significant Japan practice, of Essar Oil to a Rosneft, Trafigura and SC, Singapore’s most celebrated litigator. advising Japanese managers on estab- United Capital Partners, which was lishing Cayman Islands unit trust fund India’s largest FDI transaction at the structures and GP/LP closed-ended fund time. In 2017, she advised the Indian SAYO KONDO TAKIZAWA, 37 structures. She “is one of the best lawyers government on ONGC’s acquisition of Senior Vice President, I have ever worked with. Kate translates HPCL, and is currently the lead counsel The Blackstone Group, Japan ‘legal language’ into ‘commercial business on the strategic disinvestment of Air language’ very well. This has helped me a India. “Amita delivers real-time insights A former M&A lawyer with Simpson lot over the years,” says a client. which enable us to make better decisions. Thacher & Bartlett and Shearman &

22 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM BROUGHT TO YOU BY TT&A FM proposes an increase in the minimum public shareholding requirement

1. Background: In view of the Government’s goal 5. Divestment options: We expect all currently to achieve a US$ 5 trillion economy, the Finance available offloading options to continue but SEBI Minister proposed a number of reforms to invig- is likely to suggest some new mechanisms as orate the Indian economy as part of the Union well. SEBI may also implement a series of stag- Budget 2019-2020 including a request to SEBI to gered increases in the forthcoming years in order consider increasing the minimum public share- to enable companies to reach the 35% MPS level. holding (“MPS”) thresholds for listed entities from 25% to 35%. 6. Negative impact: The 2008 DEA discussion paper had cautioned that a very high public As expected, this announcement has led to a lot Shruti Zota Rebha Dakshini float could discourage closely held well-run of speculation in the market as to the manner Partner Senior Associate profit making companies from going public or in which this change will be introduced and the even promote delisting. Press articles already timelines within which the companies will be 3. Regulatory regime: The requirement for every indicate that several listed MNC’s will be consid- required to achieve this. SEBI is examining the listed company to continuously maintain ering delisting if the proposed MPS norms are proposal and is likely to issue a discussion paper 25% public shareholding is set out under the brought into effect. which will be followed by detailed regulations for Securities Contracts (Regulation) Rules, 1957 this transition. News reports suggest that SEBI (“SCRR”) and the SEBI (Listing Obligations and 7. Way forward: Given previous interaction between is in favour of deferring this until more research Disclosure Requirements) Regulations, 2015 the Government and regulatory agencies, it and impact analysis can be done. (“LODR”). Accordingly, both these legislations seems likely that if the Government is serious need to be amended to increase the MPS require- about this change, the same will be imple- 2. Rationale: At the time of increasing the MPS ment to 35%. mented, with the real debate being limited to threshold from 10% to 25%, the Department of the method and timeline for implementing the Economic Affairs (“DEA”) had issued a discus- 4. Implementation steps and timelines: SEBI change. The substantial pushback anticipated sion paper explaining that a larger public float ought to give sufficient time to promoters to meet may ensure more creative methods of increasing reduces the scope for price manipulation, leads the MPS requirements. When the MPS threshold the MPS, or a significant period for implementing to better price discovery and is an effective tool was increased to 25%, the process took many the change. for redistribution of wealth in India. We expect years with the DEA issuing a discussion paper a similar rationale to be provided for the further in 2008 and the SCRR and listing agreement TT&A increase to 35%. Globally, there is no prece- actually being amended in 2010. Listed entities T: (91) 22 6613 6900 (Mumbai) dent for a 35% minimum public float. It typi- (other than PSUs) were given a period of 3 years (91) 11 4629 9999 (Delhi) cally ranges from 15%-25% in most countries. to comply with the revised norms. W: www.tta.in

Sterling, Kondo Takizawa currently where monopoly was the norm. He effec- development project in West Java. Luky advises on legal and compliance matters tively helped several countries break up Walalangi, managing partner of the firm, on private equity and real estate trans- LNG importer monopoly and, through the calls him “one of the most talented young actions in Japan as well as other juris- open use terminal framework, provided corporate lawyers I ever worked with.” dictions in Asia, apart from advising open access to LNG terminals. “Nick is a on general regulatory and compli- star and a valuable player in our team… ance matters for the Japan business. he has intimate industry knowledge of YONGMIN LEE, 37 Notable deals have included Blackstone’s the LNG sector and is disciplined and Partner, Yulchon, Korea acquisition of Ayumi Pharmaceutical thorough in his work,” says a colleague. Corporation, its first control private equity Lee is an intellectual property practi- investment in Japan, from Unison Capital tioner whose practice spans a range of and M3. “Sayo has been very helpful HANS ADIPUTRA KURNIAWAN, 31 areas - patents, designs, trademarks, in assessing the legal and regulatory Senior Associate, Walalangi & Partners, copyrights, software, trade secret, unfair issues in our transactions in Japan and Indonesia competition, entertainment, sports, IP the region,” says a colleague. risk management, IP licensing and trans- Kurniawan was a key lawyer assisting actions, IP compliance, digital evidence in the integration of HSBC’s Jakarta analysis and more. His client roster is NICK KOUVARITAKIS, 34 branch with Bank Ekonomi, in particular equally impressive, including names LNG Practice Leader (Asia), leading the seamless transition of more like Amgen, POSCO, Netflix, Samsung Mayer Brown, Singapore than 300 transaction documents. He Group, SK Group, LG Group, Lotte Group, has also been counsel to Nippon Steel, Hanwha Group, Hyundai Autron, Mirae Kouvaritakis heads the LNG practice in Sumitomo Metal Corporation and Osaka Corporation and more. “Mr. Lee is always Mayer Brown’s Singapore office. He has Steel Corporation in their investment of prepared. Mr. Lee is always prepared to helped spur the evolution of multi-user more than $500 million in Indonesia, and answer our question and provide the terminal use agreements, which provide counsel to Mitsubishi Corporation in its most desirable solution for our legal open access to gas customers in countries $350 million Vasanta InnoPark urban problems,” says a client.

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

Capital and Caixin Global, financings for JOSEPH ANTHONY LOPEZ, 39 Reignwood Group, loan for acquisition NGUYEN ANH HAO, 39 Partner, Villaraza & Angangco, Philippines of HG Storage International, financing Partner, VILAF, Vietnam for privatisation of CWT by HNA, $1.2 A dispute resolution practitioner, Lopez billion senior secured notes and HK$233 A corporate lawyer, Nguyen has acted has handled several newsworthy cases million Super-senior revolving credit on a variety of deals, including advising in the Philippines. He is currently the facility for Studio City Macau, and an Mondelez International in its acquisi- partner-in-charge representing China aggregate $24.15 billion of financings tion of Kinh Do Corporation; advising Telecommunications Corporation in a for Alibaba Group Holding. CapitaLand, Jen Capital and Keppel dispute before the Philippine Supreme Land in acquiring real estate projects Court related to the selection process of in Vietnam; advising KrisEnergy, a the New Major Player in the Philippine JASON NELMS, 39 regional upstream oil and gas company telecommunications industry. Lopez Partner, Morrison & Foerster, Singapore with Vietnam petroleum assets on its was also the partner-in-charge in a suit IPO and listing on SGX; and advising filed against BDO Unibank involving its Nelms focuses on advising Asia-based Dragon Capital in an investment in a “Jose Velarde” Account, the opening and U.S. sponsors and investors in the mining project. “He has an immense of which initiated the impeachment structuring, formation, and offering of understanding of the Vietnamese legal proceedings against former Philippine private investment funds, including and regulatory environment, which is President Joseph Estrada for being an private equity funds, real estate funds, very helpful to in-house counsel outside alias account of the former President. hedge funds, co-investment vehicles, of Vietnam,” says a client. “Atty. Lopez is a darn amazing litigation and other alternative investment prod- lawyer,” says a client. ucts. Notable work has included repre- senting Global Logistic Properties, in the JIHO PARK, 38 establishment of the largest-ever Japan- Partner, Yoon & Yang, Korea KARTICK MAHESHWARI, 38 focused logistics private real estate fund, Partner, Khaitan & Co., India and advising IndoSpace on the forma- Park’s practice spans capital markets tion of IndoSpace Logistics Parks III, its and financial regulations, among others. A corporate/M&A partner at Khaitan $580 million India-focused industrial Since last year, lawyers in Korea have since 2014, Maheshwari is member of real estate fund. “I regard Jason as an been playing an increasing role in dealing the firm’s insolvency group that has A+ player in the industry. Jason’s work is with capital market sanctions proce- advised stakeholders in more than 20 extremely thorough and detailed,” says dures, and Park has made a name for cases. He leads the firm’s China Desk, a client. himself in this field, appearing in multiple and regularly gives feedback to regu- sanctions cases. He has also advised lators on policy matters. Notable work a major cryptocurrency company, and has included acting for Vedanta on its VINCENT NG, 38 successfully defended the management $7 billion acquisition of Cairn India, General Counsel, Klook, Hong Kong of a company in a dispute over corpo- and advising the Metrod Group on its rate control. Park “possesses the passion acquisition of the Hotel Leela Goa – a Formerly with Magic Circle firm and drive of an in-house lawyer and his complex distressed buyout transaction. Freshfields, Deutsche Bank and responses are swift and quick-witted in “Kartick is hands-on, has an elephan- Hyatt, Ng was the first lawyer hired by counter-arguments and negotiations tine memory, and quick on the uptake… e-commerce website Klook, and estab- with opposing parties,” says a client. he would be our counsel of first choice,” lished its legal and compliance function. says a client. Now the 10-member Klook provides legal support in all aspects of the company’s GANESH RAO, 36 affairs, encompassing all areas including Partner, Trilegal, India EUGENE MAN, 39 cybersecurity, data privacy, corporate Partner, White & Case, Hong Kong finance, partnership, consumer protec- Rao, who was tion, intellectual property, payment, tax, previously with Apart from heading White & Case’s employment and regulatory compliance. Cyril Amarchand banking and restructuring practice “Klook takes pride in providing the best Mangaldas, and for the Asia-Pacific, Man also acts as experiences to its customers, and in this AZB & Partners, has executive partner for the Hong Kong endeavour, we are very proud to have focused on asset office. Notable work has included a growth-driven and solution-oriented management and funds his entire career. MGM China’s debut $1.5 billion senior legal team led by Vincent to provide the Since joining Trilegal in August last year, notes offering, financing for acquisi- vital support we need,” says the compa- he has built a standalone practice, which tion of Euromoney’s GMID by CITIC ny’s CEO. currently has one other partner, four

24 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM COVER STORY senior lawyers and four associates. The JP Morgan Asian Total Return Bond in Indonesia are highly regulated verti- team as advised over $6 billion worth Fund with the CSRC for public offering cals, and Joel’s knowledge is unparal- of commitments (either as GP or LP in Mainland China under the Hong Kong leled,” says a client. counsel) to funds investing in and around and Mainland China Mutual Recognition India. “His knowledge of the regulations of Funds scheme. coupled with his clear, practical, solu- VERONICA SITUMORANG, 37 tion-oriented advice has stood out and Managing Partner, Situmorang & Partners, ensured that we keep giving him more JOEL SHEN, 39 Indonesia work,” says a client. Foreign counsel, Christian Teo & Partners, Indonesia In her six years with her current firm, Situmorang has grown it to become CINDY SHEK, 37 Shen, who is currently on secondment to one of the top mid-sized law firms in Partner, King & Wood Mallesons, Hong Kong Christian Teo & Partners from Stephenson Indonesia; it was named as one of ALB’s Harwood in Singapore, heads the tech- Indonesia Firms to Watch (see Page 30). Shek is a dedicated funds specialist on nology and growth capital practice Notable work as a lawyer has included the full spectrum of funds, including group at the Indonesian firm, a prac- advising Mitsui Chemicals Agro on ETFs, SFC authorised funds, approved tice that he built almost from the ground acquiring an Indonesia target company, pooled investment funds, private equity up. Notable recent work has included advising the subsidiary of Pegasus Global funds, property funds, cross-border acting as lead counsel for Indonesian Express on its merger with a Japanese- funds, Segregated Portfolio Company e-commerce unicorn Tokopedia in its invested investment company, and (SPCs), and hedge funds. She also regu- acquisition of online marketplaces advising state-owned company Wijaya larly advices on compliance, regulatory Bridestory and Parentstory. “We would Karya about Jakarta–Bandung high- and licensing issues. Among other work, consider him one of the leading fintech speed rail project. “She not only under- she advised JP Morgan in 2015 on the lawyers in Indonesia today. The financial stands the law, but also the business first batch approval of the public fund services and financial technology sectors aspects,” says a client.

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

This new PPP law will be a main tool insolvency resolution process, corpo- JIRAPONG SRIWAT, 38 for the Thai government to signifi- rate debt restructuring and strategic debt Partner, Nishimura & Asahi, Thailand cantly improve infrastructural develop- restructuring. He has also been involved ment throughout the country, including in key M&A, private equity and struc- Jirapong is a founding infrastructure projects like airports, tured finance deals, such as the issu- member of the high-speed railway, ports, public hospi- ance of listed non-convertible deben- Bangkok office of tals and schools. He was additionally tures by Hindustan Power Group to the Nishimura & Asahi, engaged by the government on the tune of $120 million to Bank of America having helped the development of six backbone infra- and Farallon; private equity investment of Japanese Big Four structure projects for Thailand’s Eastern $250 million in Moser Baer’s photovoltaic firm set up its branch in the Thai Economic Corridor (EEC). In developing cell manufacturing business in a series of capital in 2013. He has led the firm’s these six mega projects (comprising high- two investments, and the raising of $500 Thai practice since then. His practice speed railway connecting three airports, million by DLF in a series of structured spans corporate/M&A, private equity, U-tapao airport, Laemchabang port, finance deals with Lehman Brothers. capital markets, banking, finance regu- Maptaphut port, Digital Park Thailand lations, natural resources and energy. and MRO Centre Project, the EEC has Additionally, Jirapong gives lectures and undertaken PPPs, and Weerawong has WONYOUNG (KARYN) YOO, 38 seminars on company law, M&A, joint been entrusted to lead all six mega Attorney, Kim & Chang, Korea ventures and finance-related matters projects including drafting and negoti- to law students, as well as the busi- ating concession agreements for these Yoo specialises in international arbitra- ness community. He also supports law projects. These projects will combine to tion and cross-border litigation. Notable students of Thammasat University who develop the country’s economy under cases of hers include being the lead asso- face financial difficulties. the Thailand 4.0 initiative. “Jirapat is ciate in a dispute representing a Korean one of the few lawyers that I can trust in shipbuilding company in a London- handling mega infrastructure projects. seated ad hoc arbitration in a dispute BENJAMIN TAY, 37 He always strives to improve the PPP arising out of ten shipbuilding contracts. Partner, Rajah & Tann, Singapore standard in Thailand,” says a client. The dispute involved complex questions of law and fact, including English laws Tay has been involved in some of the most on frustration and Korean insolvency significant commercial and industrial real YUWADEE THEAN-NGARM, 38 laws. According to a client, Yoo “defi- estate transactions in Singapore. This Director, Tilleke & Gibbins, Myanmar nitely highlights the next generation of year, he acted for Gaw Capital Partners arbitration in Korea. She is bright and in the S$1.6 billion ($1.15 billion) acqui- Yuwadee moved to Tilleke’s Bangkok diligent. She… is always ready to go the sition by a consortium comprising Gaw office to Yangon in 2013. Under her extra mile to win,” says a colleague. Capital Partners and Allianz Real Estate leadership, the firm’s Myanmar pres- of Ophir-Rochor Commercial, the owner ence has grown from a small branch of Duo Tower. Last year, he acted for office into a full-service law firm with ANDREW ZAW, 39 Facebook’s acquisition of a S$1.4 billion 11 fee-earners. For the last three years, Local Principal, data centre in Singapore, its first in Asia. she has served as the secretary-general Baker McKenzie Wong & Leow, Singapore Tay is “a bright star and future leader of the Thai Business Association of in Singapore real estate. He is a highly Myanmar. Notable clients of Yuwadee Zaw’s main areas of practice are in the intelligent and meticulous individual,” include Myanmar Information Highway, project financing of oil and gas, power, says a colleague. a joint venture between a major Thai mining and infrastructure projects. telecommunications conglomerate and Notable recent work has included local Myanmar companies, which has advising Vena Energy (formerly known JIRAPAT THAMMAVARANUCUPT, 32 retained her in a range of corporate as Equis) in relation to a 60 MW Tolo Senior Associate, matters relating to their telecommuni- Wind Farm Project in Jenepoto, South Weerawong, Chinnavat & Partners, Thailand cations operations in Myanmar and the Sulawesi, Indonesia, including negoti- expansion of a fibre-optic network. ating the $120 million financing arranged A projects specialist, by Asian Development Bank, and repre- Jirapat was entrusted senting the same client in relation to the by the Thai govern- ABHISHEK NATH TRIPATHI, 37 $55 million financing by ADB of the 4 ment as a key drafter Managing Partner, solar power projects located in Sulawesi of the new PPP law, Sarthak Advocates & , India and Lombok, Indonesia. A colleague which was enacted praises Zaw’s “strong technical skills by parliament on March 10 this year. Tripathi has been advising on the and commercial savvy.”

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

Combining local expertise with international standards of excellence, we help our clients develop business opportunities worldwide.

Top tier firm in Thailand Awarded Awarded Creative, practical Deal of the Year Employer of Choice solutions in local for 7 consecutive years for 6 consecutive years and international transactions

“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 WWW.LEGALBUSINESSONLINE.COMTel: +662 264 8000 Fax: +662 657 2222 Email: [email protected] LEGAL www.weerawongcp.com BUSINESS – OCTOBER 2019 27 ALSP

value chain, having taken a “substantial market share in litigation and investiga- tion support”, as well as harnessing tech- nology and delivering market insights. Now ALSPs have introduced them- selves and clients are comfortable with their services, they are no longer just an alternative option, with clients choosing to work with these providers based on their own merits, rather than just to fill in the gaps.

WORKING SMARTER Lesley Hobbs, a NewLaw veteran and director of law company Elevate, tells Asian Legal Business that clients are vocally appreciative of her firm’s global coverage, understanding of needs, and technology investment and expertise. But while ALSPs and law companies emphasise their innovation, there are still areas where traditional approaches cause niggles. Corporate law depart- ments express frustration, Hobbs says, about certain areas of service delivery by their external legal services providers, “in particular, the continuing practice by GOING MAINSTREAM some law firms and ALSPs/law compa- nies to bill by the hour,” despite there As alternative legal service providers (ALSPs) become being “well documented financial and resourcing inefficiencies of this practice,” significant competitors within the legal market, clients she adds. This is something Elevate does are increasingly viewing them as a serious standalone not do, instead preferring to offer fixed- option, occasionally in place of traditional law firms. fee or per-transaction arrangements with customers, Hobbs says, adding “this has helped us differentiate ourselves from BY ELIZABETH BEATTIE other providers.” Having the tools to ensure smart and cost-effective problem solving, is an The year 2019 has no doubt been a corporate legal departments, turning important part of the package in 2019, challenging one for traditional law firms. to them. and a capability that is only becoming With options for clients growing, lawyers A report published this year by more important over time as businesses are acutely aware of the challenges they Thomson Reuters called “Alternative and law firms across every jurisdiction face in Asia’s increasingly hyper-compet- Legal Service Providers 2019: Fast are tasked with doing more with less. itive legal market. And as the year draws Growth, Expanding Use and Increasing Given these expectations, technology to an end, legal professionals are no Opportunity,” found that law firms and AI use is a necessity and a compet- doubt reflecting on just how rapidly the and corporate legal departments have itive advantage. But innovation doesn’t services landscape continues to change. increased and expanded their use of just enable increased productivity, it can But while lawyers expect consol- ALSPs, exceeding initial predictions. also help its users gain nuanced insights idation and further specialisation in According to the data, 74 percent of corpo- and develop strategies and services at the future, one model of operation that rations surveyed said they use ALSPs in the same time. Because of this, ALSPs seems to be thriving is the alternative at least one service category, up from are investing heavily in technology. legal service provider (ALSP). These 60 percent of corporations as reported “Our multi-disciplinary capabilities providers are expanding across Asia two years ago. The report also found that range from strategy and legal operations and hoovering up talent, with a broad ALSPs are offering more sophisticated and tech consulting, to providing effi- range of clients, including law firms and services to customers, and moving up the cient managed services and experienced

28 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM ALSP lawyer resourcing, to enterprise matter Yolanda Chan, the general manager and real-time subject matter expertise management and contract management of Axiom, says there are several ways needs. And those experts are not fixed technology,” explains Hobbs, who notes ALSPs, including Axiom, support general costs – they can flex up or down as work that through these tools “customers have counsel to “reimagine how to build their volume evolves or as business require- been able to gain insights into the latest teams to address their organisation’s ments dictate,” Chan says. global best practices of similarly situ- evolving legal needs.” The effect of this, Another very important offering that ated corporate law departments around Chan says, is that the legal department clients may seek from ALSPs — and one the world.” is then able to become “a real strategic that not all traditional law firms can boast Elevate has made several acqui- partner and business enabler to the — is an understating of “the business of sitions during Q12 2018 and Q1 2019 broader organisation”. law, and the business of business,’ says across e-discovery, AI, contract lifecycle As well as trading on a broad global Chan, whose background includes a stint management, and the flexible lawyering team of consultants and experts, key as vice president and general manager space, which indicates how competi- among ALSPs offerings is flexibility. of Fitbit APAC. tively important such offerings are, while “The modern legal department For ALSPs, many of which were enabling the firm to strengthen its global needs - and should demand – more founded by independent entrepre- position “as the only true end-to-end flexibility. Working with Axiom enables neurs, this comes naturally. “They are legal services provider,” adds Hobbs. our clients to wrap a flexible layer of consultants who understand the stra- on-demand consultants around their tegic imperatives and risk profiles of our THINKING DIFFERENT core teams. What does that mean to our clients, in addition to the legal issues. Additional services are part of what clients? It means they can build an effi- That not only allows them to seamlessly makes ALSPs or law companies attrac- cient legal team that can scale to better integrate within the core legal depart- tive, but they also trade on another repu- address changing business require- ment, it allows them to help that depart- tation too — as an operation that values ments and market needs. In other words, ment be a better business enabler and agility and understands the entrepre- with Axiom, clients have access to the partner to the broader organisation,” neurial mindset. consultants that best fit their precise Chan says.

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WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 29 INDONESIA

ADCO LAW Established: 2008 / Partners: 2

“OUR COMMITMENT IS REVEALED IN OUR UNDERSTANDING OF CLIENTS’ OBJECTIVES, EFFICIENCY IN WORKFLOW ARRANGEMENTS, AND OUR STRAIGHTFORWARD APPROACH TO ANY LEGAL ISSUES.”

Adisuryo Dwinanto & Co (ADCO Law) has been estab- lished since 2008 as a boutique law firm in Jakarta. It is DENDI ADISURYO led by two partners, Dendi Adisuryo and Rizky Dwinanto, to provide full legal services from corporate formation, acquisition and share divest- ment to company dissolution. The practice areas the ADCO Law covers every field from mining law to construction law, oil and gas, real estate, labour and employment, mari- time, banking and financing, and so forth. But its strength lies in corpo- rate and commercial, and natural resources, as well as litigation and dispute resolutions. Adisuryo focuses on natural resources, mining, oil and gas, and other industries and has represented clients at home and abroad in every

ANC Attorneys at Law

Founded in 2017 by Aurora Nia Pratiwi, ANC Attorneys at Practice Areas Law now has an ever-growing international team, ready to Practice Areas provide legal services to both foreign and domestic clients.

Litigation on Criminal Law Litigation on Private Law & Tax We pride ourselves in quickly and precisely understanding 刑事事件 民法訴訟・税務訴訟 Capital Land Acuisition Corporate each of our clients' needs and wishes, offering tailored Investment and Real Estate Practice solutions to accomplish their goals. HR & Labor Law / Industrial Relations Bankruptcy & Suspension of Debt. Payment 人事労務関連~就業規則・雇用契約 破産・ 債務返済義務の延期

Focusing on the needs and priorities of clients, ANC Expatriate Licenses (Visa, Work & Stay Permit) Business Transaction Banking, Information 外国人就労・滞在許可、訪問ビザ、等 商取引、契約作成・交渉 Labor and ensures that it will continue to increase integrity, knowledge Categories: Finance Technology • Rising Law Firm of the Year Employement and professionalism in order to maintain quality of services • Labor and Employment Law Firm of the Year Establishment & Corporate Documentation Research & Investigation and Insurance & e - Commerce • Real Estate and Construction Law Firm of the Year 会社設立・会社関連法務 新規事業、その他市場調査

Construction Licenses Sworn Translation for Legal Documentation 建設事業関連許可 各種契約書、法規、労働協約などの翻訳 Menara Astra, 36th Floor, 30 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM EightyEight @ Kota Kasablanka Office Tower, Jl. Jend. Sudirman No. Kav 5-6, +62 813 - 8595 - 1229 [email protected] www.ancattorneys.com Tel : +62-21-2963-8035 / +62-21-2128-2554 | Fax : + 62-21-2963-80-88 11th Floor Jakarta Pusat, Indonesia 10250 Mail : [email protected] | Web : www.hdra-law.com Jl. Casablanca Raya Kav. 88, Jakarta 12870, Indonesia INDONESIA

Southeast Asia’s largest economy has been seeing the rise of some quality smaller law firms that are punching well above their weight. For this reason, ALB is spotlighting a list of firms to watch for Indonesia. These are firms that are small but are already making waves and challenging much larger law firms for their share of the work. BY ASIAN LEGAL BUSINESS

Practice Areas

Litigation on Criminal Law Litigation on Private Law & Tax 刑事事件 民法訴訟・税務訴訟

HR & Labor Law / Industrial Relations Bankruptcy & Suspension of Debt. Payment 人事労務関連~就業規則・雇用契約 破産・ 債務返済義務の延期

Expatriate Licenses (Visa, Work & Stay Permit) Business Transaction 外国人就労・滞在許可、訪問ビザ、等 Categories: 商取引、契約作成・交渉 • Rising Law Firm of the Year • Labor and Employment Law Firm of the Year Establishment & Corporate Documentation Research & Investigation • Real Estate and Construction Law Firm of the Year 会社設立・会社関連法務 新規事業、その他市場調査

Construction Licenses Sworn Translation for Legal Documentation 建設事業関連許可 各種契約書、法規、労働協約などの翻訳

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESSEightyEight – @ OCTOBER Kota Kasablan 2019ka Office 31Tower, Tel : +62-21-2963-8035 / +62-21-2128-2554 | Fax : + 62-21-2963-80-88 11th Floor Mail : [email protected] | Web : www.hdra-law.com Jl. Casablanca Raya Kav. 88, Jakarta 12870, Indonesia INDONESIA stage of operations, while Dwinanto is dedication to meeting their clients’ a quick and precise understanding of strong in corporate commercial litiga- needs. “Our commitment is revealed in our clients’ needs and offer customised tion, especially bankruptcy, suspension our understanding of clients’ objectives, solutions to accomplish their goals,” of debt payments, insolvency, liquida- efficiency in workflow arrangements, and says ANC. tion, manpower and industrial matters, our straightforward approach to any Today, ANC has grown into a tort, breach of contract, corporate and legal issues,” the law firm says. boutique law firm that has one partner, banking matters, criminal case, and four associates and two supporting trademark. staffers. It also opened a branch on the “Our professional legal practitioners island of Bali in Central Indonesia this have wide range experience in assisting ANC ATTORNEYS AT LAW year, thanks to the tech boom in the many local and international clients, Established: 2017 / Partners: 1 country. they practice trustworthy work ethics Despite its vow to provide legal and deliver excellent legal services,” “WE ARE A YOUNG FIRM WITH service to the tech industry, the law firm ADCO Law says. A COLLEGIAL AND INFORMAL has further diversified its specialist prac- The law firm is also known for its ENVIRONMENT. WE PROVIDE A QUICK tice areas. In mid-2018, ANC undertook strong litigation team, which is made AND PRECISE UNDERSTANDING several land and property acquisition up of pure litigation lawyers and litiga- OF OUR CLIENTS’ NEEDS AND projects. This has resulted in a focus on tion lawyers who are trained and experi- OFFER CUSTOMISED SOLUTIONS TO financial technology and land acquisi- enced in corporate and commercial law. ACCOMPLISH THEIR GOALS.” tion for the ANC lawyers. “This combination will benefit the As well as the preceding areas, clients not only to achieve the expected ANC Attorneys at ANC is also engaged in a wide range of results but also to easily monitor cases Law stands out in projects relating to capital investment, with ‘commercial sense’ approaches Indonesia’s legal real estate, banking, finance and insur- of our litigation practice,” the law firm scene by dedi- ance, corporate practice, information adds. cating itself to the technology & e-commerce, and labour ADCO Law is widely recognised in technology sector, and employment. They advise on matters Indonesia’s legal industry. It was named AURORA NIA PRATIWI an area that its ranging from company establishment to as one of the notable law firms in the founder Aurora Nia Pratiwi believed real estate law and compliance. Indonesian M&A Rankings 2019 and as that legal professionals in the Southeast “We are dedicated to delivering,” one of top 10 rising stars in Indonesia Asian country had overlooked. With a says ANC. With this determination by Asian Legal Business, and as one of career background in technology and in mind, the young law firm has been the Mid-Sized Recognized Indonesian e-commerce, Aurora decided to estab- hired for several projects this year. It Corporate Law Firms 2019 by hukumon- lish the tech-focused ANC in 2017. represented a financial technology line.com. “We are a young firm with a collegial company in applying for a change These awards reflect the lawyers’ and informal environment. We provide of ownership and business license

32 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM INDONESIA with the financial regulators, and Partners is also shortlisted for both the and cyber law. But recent changes have worked on corporate restructuring for Dispute Resolution Boutique Law Firm made the firm focus on the construction a Singaporean company. It has repre- of the Year and the Rising Law Firm sector more. sented a peer-to-peer lending company of the Year at the Asia Legal Business “As we understand, the number in closing its series A financing round, Indonesia Law Awards 2019. of construction projects in Indonesia advised an insurance tech company on The recognition comes soon after is on the rise. Therefore, we have been structuring its business and company the law firm scaled up to cope with the entrusted to handle several construc- establishment, and assisted a major increasing demand for legal services tion project disputes,” says Anggraeni bank in the country with investing in in the fast-growing country. In just one and Partners. financial technology. Its clients are not year, Anggraeni and Partners has grown The law firm represented a client just Indonesian, ANC has also advised from an eight-lawyer law firm to one with in an engineering procurement and another Singaporean company, this 14 lawyers. construction dispute regarding the time a venture capital firm, on their local “We believe growth is a by-product construction of an ammonia plant in investments, for example. of diligence and hard work. Therefore, Indonesia involving around $220 million. our growth will heavily rely on our Another similar case is the dispute people. We focus our strategy in devel- between a multinational company and oping our people to be competitive its contractor regarding the construc- ANGGRAENI AND PARTNERS enough to answer the demand from the tion of an oil and gas field in the country, Established: 2012 / Partners: 1 global market and to have an Indonesian which amounted to around $85 million. sense of service excellence,” says the law They are examples of major commer- “WE EMPHASIZE THE VALUE OF firm, stressing teamwork is essential for cial arbitration cases that Anggraeni and EACH ROLE IN OUR ORGANISATION. producing good work. Partners has undertaken this year. THE LEGAL SERVICE TEAM AND “We emphasize the value of each Last year, the law firm also assisted THE OPERATIONAL SERVICE TEAM role in our organisation. The legal service a telecommunication company in negoti- COMPLEMENT EACH OTHER TO ENSURE team and the operational service team ating a contract for providing a telecom- THAT WE ARE PROVIDING EXCELLENT complement each other to ensure that munication network service for the 18th SERVICE TO OUR CLIENTS.” we are providing excellent service to our Asian Games in Jakarta. The contract clients,” it adds. amounted to Rp200 billion. After being named Since its establishment in 2012, Looking forward, Anggraeni and one of the recog- Anggraeni and Partners has special- Partners is pursuing more partner- nised mid-sized ised in areas such as maritime law, ships at a time when technology brings Indonesian corpo- international and domestic arbitration, constant changes and borderless oper- rate law firms this criminal litigation, construction litiga- ations. It is to “enhance service quality year, the budding tion and arbitration, corporate transac- to clients and enable growth”, the law SETYAWATI FITRIANGGRAENI Anggraeni and tions, domestic commercial litigation firm says.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 33 INDONESIA

AZP has accumulated a great deal AZP LEGAL CONSULTANTS of experience and expertise from their HDRA & PARTNERS Established: 2004 / Partners: 5 involvement in corporate and litigation Established: 2016 / Partners: 2 legal matters with both foreign and “WE AIM TO ASSIST OUR domestic clients. “AS A SERVICE PROVIDER, WE ALWAYS CLIENTS THROUGH A HOLISTIC “We aim to assist our clients through STRIVE TO PROVIDE SERVICES APPROACH OF OUR IN-DEPTH a holistic approach of our in-depth legal THOROUGHLY FROM UPSTREAM LEGAL KNOWLEDGE AND EFFICIENT knowledge and efficient legal research TO DOWNSTREAM. PROVIDING LEGAL RESEARCH CAPABILITIES AS capabilities as well as our vast experi- ONE-STOP SOLUTIONS IS OUR WELL AS OUR VAST EXPERIENCE AND ence and qualified expertise,” says AZP, MISSION TO DELIVER COMPLIANCE, QUALIFIED EXPERTISE.” which also stresses commercial acumen CONFIDENTIALITY AND CONVENIENCE and the human touch. The law firm also FOR OUR CLIENTS.” Riding on the oppor- initiates integrated cooperation with tunities arising from other professionals such as financial With a strong foot- the 1997 Asian finan- advisors, appraisers and accountants hold in Indonesia, cial crisis, AZP Legal to come up with the comprehensive and the business- Consultants entered cost-efficient legal solutions needed by focused HDRA & the legal industry in the clients. Partners has had ARY ZULFIKAR Indonesia in 2004 to AZP was involved in a few notable its eye on the global provide comprehensive legal services, cases this year. It advised two state- HERVAN D MERUKH market, especially especially to state-owned enterprises. owned enterprises in re-operating that of Japan, since The law firm is recognised in the pres- another state-owned enterprise that its establishment tigious financial and corporate law was already insolvent. It also advised in 2016. Lawyers at rankings. a state-owned bank on bringing claims the law firm lever- Led by five partners, AZP has a team for a maritime lien derived from the age their Bahasa of 19 lawyers who specialise in a wide sale proceeds of vessels in Dubai, and Indonesia, English spectrum of areas, including corporate another one on filing a bankruptcy peti- RANGGA AFIANTO and Japanese lan- and commercial, capital market, banking tion against a local company. guage skills to commit to serving for- & finance, merger & acquisitions and joint Subsidiaries of the state-owned eign direct investment companies in the venture, litigation and alternative dispute enterprises also reached out to AZP for Southeast Asian country that have a spe- resolution, restructuring, insolvency and their legal advice. The law firm assisted cial interest in the Japanese market. asset resolution, property and real estate, one in filing a bankruptcy petition Likewise, HDRA also serves infrastructure, intellectual property, as against a local company, and another Japanese companies that do business well as labour and employment. It caters in the liquidation process of its debtor in Indonesia, with expertise in manpower to both conventional and Islamic markets. this year. law matters, litigation for criminal and

SIAHAAN IRDAMIS ANDARUMI & REKAN (SIAR) Situmorang & Partners specializes is currently a boutique legal firm offering comprehensive in M&A, Banking Finance, Capital Markets, legal services covering capital markets, merger & acquisition, banking &finance, investment and Commercial Litigation and Family Law, general corporate matters. as well as providing wide range of legal advisory SIAR aims to provide its clients with practical legal advice services for your business needs which are sound and commercially viable for its clients in achieving their business objectives. SIAR delivers results oriented solutions and offers customized services Proprietary Thinking tailored to clients’ needs. SIAR also specializes in Satrio Tower 12th Floor, Jl. Prof. DR. Satrio Kav. C4 transactional matters that are time sensitive in nature, and Legal solutions tailored for you Jakarta 12950, Indonesia require a high-level personal attention and Menara BTPN, 33rd Floor Jl. Dr. Ide Anak Agung Gde Agung Phone : +62 21 22513689 sophisticated approach. Zona E. Lot. 5.5 - 5.6. Kawasan Mega Kuningan, Jakarta 12950 34 ASIAN LEGAL EmaBUSINESSil : [email protected] – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM Phone : +62 21 2522 045 | +6221 2522 044 | +6221 2522 038 Web: www.siarlegal.com Fax : +6221 3005 3600 Email : [email protected] INDONESIA

private law, as well as mergers & acqui- media and telecommunications, infra- sitions for company restructuring. IABF structure, transport and logistics, and “Nowadays, the Indonesian gov- Established: 2003 / Partners: 6 even litigation court practices. ernment focuses more on infrastructure “Our lawyers are selected from a development, and Japanese technology “THE BREADTH OF EXPERIENCE AND range of diverse career backgrounds, is heavily involved. We act as the legal SECTOR KNOWLEDGE CONTAINED including multi-national corporations, counsel for the Japanese companies in WITHIN OUR TEAM GUARANTEES national and international law firms, many cooperation projects,” says HDRA. THAT WE GUIDE OUR CLIENTS TO financial institutions, government bodies “Local counsel, globally connected” THE BEST COMMERCIAL BUSINESS and university academia. This breadth is the law firm’s philosophy. “It serves OUTCOME AVAILABLE.” of experience and sector knowledge as a benchmark to show the multina- contained within our team guarantees tional legal industry that we are the It has been 16 years that we guide our clients to the best lawyers who know Indonesia,” says the since Ivan Almaida commercial business outcome avail- law firm, which houses 10 young legal Baely & Firmansyah able,” says IABF. professionals. Law Firm (IABF) The law firm engaged in several The firm was founded by two law- began to provide cases that have grabbed industry atten- yers, Hervan Dewantara Merukh and legal services to tion this year. It assisted a state-owned Rangga Afianto. Merukh specialises IVAN BAELY the Indonesian bank in its $531 million loan facility to in litigation case, both for criminal and businesses after its establishment in its borrower, a state-owned planta- private law, while Afianto has extensive September 2003. Today, it has grown tion group of companies in their $357 experience in working with the Japanese. into a sizable law firm in the country with million debt restructuring, and another HDRA’s core practices areas cover a 32 lawyers. state-owned financing company in the wide range of fields: litigation and cor- IABF is led by its two founders, Ivan financing of a power plant loan. porate services, manpower and indus- Baely and Almaida Askandar. Equity It also undertook cross-border cases, trial relations, real estate and construc- partner Tjahyono Firmansyah joined the such as assisting an Indonesian company tion, corporate commercial and foreign law firm in 2012, and Erwin Purba who as the investor in a joint venture trans- investment, anti-trust and competition came aboard in 2017. The law firm’s core action with a Dubai company, as well law, as well as business transactions. business covers a broad range of areas, as acting as co-counsel for a Japanese It specialises in assisting foreign com- spanning from general corporate and construction company to handle multiple panies navigate Indonesia’s complex company law, mergers and acquisitions, disputes filed by an Indonesian company. employment laws. banking and finance, capital markets Meanwhile, it also provided services to The law firm also offers services such and securities, direct and indirect foreign numerous fintech Indonesian companies as private investigation, sworn transla- investments to labour, employment and and foreign companies in joint venture tionand business matching to promote immigration, energy and resources, transactions and the procurement of business development in Indonesia. real estate and hospitality, technology, licenses related to peer-to-peer lending.

Situmorang & Partners specializes in M&A, Banking Finance, Capital Markets, Commercial Litigation and Family Law, as well as providing wide range of legal advisory services for your business needs Proprietary Thinking Legal solutions tailored for you Menara BTPN, 33rd Floor Jl. Dr. Ide Anak Agung Gde Agung Zona E. Lot. 5.5 - 5.6. Kawasan Mega Kuningan, Jakarta 12950 Phone : +62WWW.LEGALBUSINESSONLINE.COM 21 2522 045 | +6221 2522 044 | +6221 2522 038 ASIAN LEGAL BUSINESS – OCTOBER 2019 35 Fax : +6221 3005 3600 Email : [email protected] INDONESIA

corporations and state-owned enter- from the first instance to the highest KUDRI & DJAMARIS prises, as well as governmental agen- appellate court for national and multi- Established: 2014 / Partners: 2 cies and institutions,” says the law firm. national corporate clients. They handle But Kudri & Djamaris is more widely a variety of cases at various levels. “WHAT SETS US APART IS THAT recognised as a dispute specialist. It was “Our corporate and commercial AS A BOUTIQUE LAW FIRM, the winner of the Dispute Resolution lawyers regularly work together with ALL CLIENTS WILL BE SERVED Boutique Law Firm of the year in 2018, litigation lawyers in handling litigation DIRECTLY BY THE PARTNERS WITH awarded by Asian Legal Business. matters to advantage the expertise of THE ASSISTANCE OF A CLOSE-KNIT “What sets us apart is that as a the corporate and commercial lawyers in TEAM OF EXPERIENCED LAWYERS.” boutique law firm, all clients will be the details of the disputed transactions,” served directly by the partners with assis- says Kudri & Djamaris. “Similarly, our Kudri & Djamaris tance of a close-knit team of experienced litigation lawyers will also be involved was founded by lawyers,” says Kudri & Djamaris. in corporate and commercial works of several veteran Kudri & Djamaris’ core practice areas the firm to bring the benefits of their lawyers in 2014, all are extensive. In particular, its corporate expertise in the implications of issues of whom have been and commercial team offers comprehen- that may potentially become a dispute practicing for over 15 sive legal services on corporate advisory, in the future.” DEFRIZAL DJAMARIS years in Indonesia. investment and formation of business Such extensive work has kept Led by two partners, the 10-lawyer law entity, merger and acquisition, banking the lawyers busy this year, they have firm offers advice and assistance to and finance, real estate, contracts, engaged in cases in the areas of the clients on corporate and commercial capital market as well as employment litigation and arbitration for oil and matters as well as litigation practices. and industrial relations. gas, investment dispute and tax litiga- “Our team is positioned to tackle Meanwhile, its litigation lawyers tion at the Supreme Court, as well as the legal needs of individuals, private appear before courts and tribunals in all foreign investment and general corpo- and public companies, multinational types of disputes and at all levels of court rate matters.

PRACTICE AREAS

Corporate Commercial Natural Resources A Trusted Mining Disputes Mergers and Acquisitions Oil and Gas Labor and Employment Lawrm Arbitration General Corporate and Commercial Law Construction and Major Projects Banking and Finance in Indonesia Forestry and Plantation Corporate Debt Restruction Litigation and Dispute Resolution Bankruptcy and Suspension of Debt Payment

Adisuryo Dwinanto & Co O­ce: Setiabudi Building 2, 2 nd Floor, Suite 205 C Jl. H.R. Rasuna Said Kav. 62 Karet Kuningan - Jakarta Selatan 12920 P: +6221 52903034 F: +6221 52903035

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36 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM INDONESIA

need help with. It positions itself as a involved in many high-profile transac- SIAHAAN IRDAMIS boutique legal firm that offers compre- tions in the capital market, banking and ANDARUMI & REKAN (SIAR) hensive legal services by ensuring close finance and mergers & acquisitions. Established: 2015 / Partners: 3 collaboration among its practice groups And the year of 2019 has been a to give multidisciplinary legal advice. stellar one for the law firm. SIAR has “OUR PRINCIPLE IS TO PROVIDE OUR “Our principle is to provide our represented PT JTD Jaya Pratama, an CLIENTS WITH PRACTICAL LEGAL clients with practical legal advice that is appointed toll road operator, in loan ADVICE THAT IS LEGALLY SOUND AND legally sound and commercially viable in syndication of 30 banks handling the COMMERCIALLY VIABLE IN ACHIEVING achieving their business and investment Jakarta Inner Ring Road that amounted THEIR BUSINESS AND INVESTMENT objectives. We deliver results-oriented to Rp 14 trillion. It also represented PT OBJECTIVES. WE DELIVER RESULTS- solutions and offer customised services Krakatau Steel Tbk in a debt restruc- ORIENTED SOLUTIONS AND OFFER tailored to clients’ needs,” says SIAR. turing with various lenders that was CUSTOMISED SERVICES TAILORED TO Established in the capital city of valued at Rp28 trillion and the project CLIENTS’ NEEDS.” Jakarta in 2015, the story of the young is still ongoing. PT Bank QNB Indonesia law firm goes way back to the 90s. SIAR Tbk was also a client for the settlement Siahaan Irdamis was founded by three lawyers, David of non-performing loans amounting to Andarumi & Rekan Siahaan, Kuntum Apriella Irdam and $70 million. (SIAR) is a four- Laksmita Andarumi. The trio met at Melli To get to where it is now, SIAR has year-old law firm Darsa & Co., where they served as part- stuck to a few core principles. Its lawyers that specialises in ners, and they have since been working are required to handle every client and capital markets, together for over 20 years. every file in the same fashion, to work DAVID SIAHAAN merger & acquisi- In its four years of operation, the with the clients as efficiently as possible tions, banking & finance, investment and young law firm has flourished and now to stay cost-competitive, and to provide general corporate matters, essentially has 12 associates and three partners. a timely and reliable service that caters any legal matters that businesspeople The partners, in particular, have been to the clients’ specific needs.

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WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 37 INDONESIA

advised Nusantara Elang Sejahtera (Tix. tailored specifically to our valued client SITUMORANG & PARTNERS ID), which is a part of the Alibaba Group; to protect their interests. We also have a Established: 2013 / Partners: 4 advised Keppel Land Group; represented non-exclusive alliance with a Japanese an iron and steel supplier from Korea in firm that has a strong presence in “WE BELIEVE THAT TO ENSURE an arbitration before the SIAC; advised Southeast Asia, and that helps us find ALL REGULATIONS ARE PROPERLY an Indonesian state-owned enterprise business prospects. We are also open to COMPLIED TO BY THE COMPANIES involved in construction on a high-speed more alliances with foreign firms.” AS WELL AS THE GOVERNMENT, railway and toll-road project; advised Apart from being actively involved WE ARE HERE TO BECOME ONE-STOP Mitsui Chemicals Agro on its $40 billion in alliance activity, Situmorang & LEGAL SOLUTION PROVIDING acquisition of an Indonesian target; and Partners is a member of multiple asso- EXTENSIVE LEGAL SERVICES advised on the establishment of a $9.2 ciations. The firm also delivers presen- FOR BUSINESS NEEDS.” million solar power plant in Sumba, tations to chambers of commerce and Nusa Tenggara Timur. business associations on numerous The past year has The firm says that one of the key legal subjects. The firm says that in seen Situmorang & factors that have assisted in its growth this digital age, the trend is towards Partners extremely is that the Indonesian government is digital business – either through more busy. The firm, actively seeking both domestic and traditional businesses adding robust headed by managing foreign investors in the market. “We digital platforms or fully online busi- partner Veronica believe that to ensure all regulations nesses. “Our firm is a co-founder of a VERONICA SITUMORANG Situmorang, has are properly complied to by the compa- start-up online legal service provider advised the government of the city of nies as well as the government, we are for simpler, routine processes,” it adds. Jakarta on the preparation of regulations here to become one-stop legal solu- “We are also investing heavily in other related to its waste-to-energy project; tion providing extensive legal services legal technology that can help stream- advised Crane Worldwide Group on for business needs,” says the firm. “We line our project-based work for our larger company restructuring and disputes; offer business-oriented legal solutions clients.”

38 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM INDONESIA

publication. Asian Legal Business also issuance, employment, general corpo- WALALANGI & PARTNERS named Walalangi & Partners as a “Tier rate, TMT, energy and natural resources, Established: 2017 / Partners: 2 2” law firm in M&A, a huge leap from a and construction. “notable firm” last year. Trusted by companies at home and “ALL OUR LAWYERS ARE Its success lies in “a strong commit- abroad, the law firm has been involved KEY MEMBERS. THEY ALL HAVE A ment and total dedication in assisting in various major cases. Some of the STRONG, VIBRANT, AND DEDICATED clients to achieve their corporate and larger ones this year include repre- TEAM THAT DRIVES FOR EXCELLENCE commercial goals and maintaining the senting Mitsubishi Corporation in its AND IS EXPERIENCED IN HANDLING trust of existing clients,” the law firm superblock urban development project CROSS-BORDER TRANSACTIONS.” says. of more than $350 million, advising Walalangi & Partners has doubled Mitsui Co. Ltd. in its strategic investment Walalangi & Partners in size in one year, from 13 lawyers last in Aisan telecom giant Axiata’s digital was founded by year to 25 this year, plus over 20 non- business, representing Tokyo Tatemono Luky Walalangi as a legal staffers. “All our lawyers are key Co Ltd & Tokyo Tatemono Asia Pte Ltd. corporate law firm in members. They all have a strong, vibrant, in their proposed urban development 2017. In its two years and dedicated team that drives for excel- projects in Indonesia worth more than of operation, the law lence and is experienced in handling $300 million. LUKY WALALANGI firm has taken home cross-border transactions,” the law firm But to steer growth, the law firm various titles and awards in the legal says. focuses on its strength in M&A, banking sector. It was named by a well-known Now led by two partners, the team & financing and is slowly expanding to legal publication as the Best New Law covers a wide range of practice areas, other areas such as employment and Firm 2019 and Real Estate Firm 2019, including M&A, banking and finance, capital market. “We would expect to and as a recommended firm of 2019 real property, foreign direct invest- steadily grow our firm to a mid-sized and a recognised firm in banking and ment, antitrust, debt and corporate law firm to 30-40 fee earners,” says M&A for 2019 in another well-known restructuring, capital market and bond Walalangi & Partners.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 39 CHINA

Among the many boutique law “To address the increasing needs of firms in China, some stand out for our clients, we have added family affairs their rapid growth or unique develop- and private wealth management to the ment strategies. Among the ones that range of services we provide,” says Zhu of stand out are the 10 firms included in the firm’s recent business development. this year’s ALB China Fast 10 list of the Another rapidly growing firm is country’s fastest-growing firms ranking. Tahota Law Firm, first established in Each of these standout firms is unique in 2000. Tahota Law has grown into a their way but they all share a common firm that provides a full range of legal emphasis on quality services and sustain- solutions to clients around the world. able growth. The firm’s key strengths lie in sectors such as real estate and construction, NEW BUSINESS AREAS banking and financing, corporate affairs Shanghai CM Law Firm is already known and dispute resolution but has also for its excellent services in the civil litiga- adjusted its offerings to keep up with tion field, but over the last 12 months, the the development of Chinese companies, firm has added domestic and overseas as well as the laws and regulations. The capital markets, private equity invest- fast-growing firm has added corporate ment and merger and acquisition (M&A) compliance, Internet finance, antitrust, practices to its basket of expertise. non-performing asset disposal, asset After a reorganisation in 2018, CM securitisation, family wealth manage- Law welcomed its non-litigation busi- ment, and blockchain to the mix. ness team, which includes lawyers with As Jun Liu, senior partner at Tahota, rich experience in private investment and points out: “Countries have been contin- financing, domestic and overseas capital uously strengthening supervision over markets as well as M&A. The team of compliance. Innovative methods of lawyers is familiar with the difficulties supervision, risk aversion and compli- associated with corporate financing and ance management have become the compliance, the pain points of complex theme of global corporate development.” transactions and the governance struc- He also notes that with the promo- ture used by large enterprises, says tion of the Belt and Road Initiative (BRI), partner Qin Li. China has built a new pattern of opening “After the reorganisation, the firm up that is becoming deeply integrated is committed to providing customers into the global economic system. The with all-round commercial legal services, proportion and scale of overseas invest- covering the verticals and the horizontals. ments by Chinese companies have risen Choosing to include these new business rapidly. Against this backdrop, compli- areas will enable us to provide better- Boutique law firms in ance management is key to the smooth targeted legal solutions for our clients,” implementation and promotion of the says Qin Li. China are experiencing overseas investment strategies of these Tian Yuan Law Firm is a comprehen- rapid growth, powered by companies. sive law firm that operates in a range of the breakneck speed of One important vehicle for growth areas including capital markets, complex for boutique firms is pushing into new commercial transactions and dispute implementation of new areas of business. This approach has resolution. laws and regulations, served Shaanxi Jiaxuan Law Firm well. Steven Zhu, managing partner incremental wealth “Venturing into new business areas of Tian Yuan, said the firm has grown is another approach by Jiaxuan, based over the past year mainly on the basis growth and higher levels on the principle of staying specialised,” of an increase in core areas of busi- of investment along with says Jiaxuan’s director and senior partner ness, including the implementation of a marked increase in Gang Lu. “It is also a market-oriented a new regime by the Hong Kong Stock choice.” Exchange, the overall growth of the the need for dispute Jiaxuan has started providing legal A-share market, the hot investment resolution services. services in tax law and wealth planning, market in education and healthcare, and bankruptcy reorganisation and liqui- an increase in commercial disputes in the dation, compliance and anti-corrup- investment and financing space. BY ASIAN LEGAL BUSINESS tion, hotel tourism development and

40 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM CHINA management, natural resources, and years, which compliments the traditional new blood flows within the core team of environmental protection. litigation business,” says Qin Li. the firm and that it has a gradient struc- Lu explains that the evolution of “At the beginning of 2019, we intro- ture inclusive of partners from different tax legislation combined with greater duced several industry elites to the firm age groups.” emphasis on wealth management have including multiple star lawyers in Hong Nurturing new legal talents is also made it necessary for the law firm to Kong’s capital market and a former of the utmost importance for Jiaxuan, investigate new areas. Huawei legal executive,” says Zhu of a law firm that bases its growth on The State-owned Assets Supervision Tian Yuan. “We hope that the addition of passing down and sharing knowledge and Administration Commission, the new partners can make up for our short- and information. China Banking Regulatory Commission, comings in certain fields, or enhance our In 2019, Jiaxuan formed a collab- and the State Administration for Industry strength in other fields, so we can serve oration with the Northwest University and Commerce have issued a series of our clients more comprehensively and of Political Science and Law to carry notices and requirements on the supply- finely, which contrib- out hands-on training side reforms and the handling of “zombie utes to the commercial courses for college enterprises”, said Lu. These develop- success of the clients THE LIST students who are inter- ments have created more opportunities and the long-term devel- ested in becoming a for lawyers engaged in bankruptcy liqui- opment of the firm.” lawyer. “This will add dation and restructuring. Qingyu Li, a senior ANLI PARTNERS to their professional “Tertiary industries such as tourism partner of Tahota, says capabilities through and hotel management are also gaining recruiting new partners BEIJING DHH LAW FIRM systematic legal skills momentum, which is another area of is a crucial part of the CM LAW FIRM learning,” says Lu. “At great potential,” Lu told ALB China. development of a law the same time, it adds Ultimately, the increasing complexity firm and can fuel the FENXUN PARTNERS to the talent reserve of China’s legal system and economy rapid development of of Jiaxuan to promote have seen the emergence of more the law firm. HUI YE LAW FIRM further development.” firms and more practitioners. For the “We value the char- For its part, Tahota best firms, however, this evolution also acteristics and profes- LONG AN LAW FIRM launched in 2018 a requires caution. sional competence of knowledge-sharing Qin Li, of CM Law, says that it is the partners. At the SHAANXI JIAXUAN LAW FIRM platform Taiyun College important to choose the right partners same time, we need to TAHOTA LAW FIRM for product R&D and to bring on board. They have to take on reach a consensus on the releases. The learning the responsibility to build and nurture development philosophy TIAN YUAN LAW FIRM centre not only provides teams and provide high-quality services of the firm, they need to training to all Tahota to clients. agree with our system, ZHAO SHENG LAW FIRM lawyers, but also serves “With the development of the internal collaboration as a scout for talented Chinese economy, we’re starting to see and income distribu- young lawyers. perfect competition in the legal service tion mechanism,” says Qingyu Li. “Only “The firm needs to ensure that all market, and it is at a vigorous stage,” says then can a partner become the back- partners and lawyers are always at the Qin Li. “This is a very good opportunity for bone of the firm.” forefront of their field, maintaining a high capable new boutique law firms, which degree of sensitivity to the market and is where we’re positioning ourselves at SUSTAINABLE GROWTH customer needs,” says Jun Liu. the moment. We will not deliberately While all these firms stand out for their Understanding the client’s changing pursue rapid expansion.” fast growth, they are all exploring ways legal needs is also vital to the sustain- to ensure their growth is sustainable. able development of a law firm. NEW BLOOD “[Sustainable growth is built on] the Jiaxuan, for example, has been Before its reorganisation, CM Law used premise of talent,” says Zhu from Tian exploring the vertical needs of its existing to be a traditional, litigation-focused Yuan. “On the one hand, we focus on clients, most of which are large enter- firm. Now, it has refined business the training of young lawyers; on the prises in the energy sector. The Shaanxi- management through online system- other hand, we bring in industry elites based firm also closely monitors the feed- atic management. to build the strong core of Tian Yuan’s back from clients to ensure the quality of “Since the newly joined non-litiga- professional capabilities.” their legal services is not compromised. tion team has rich experience in private “The key to sustainable development “We not only focus on improving the investment and financing, capital is talent,” says Jun Liu from Tahota. “Our service quality for the traditional busi- markets, and M&A, they have devel- firm has created a sound tiered promo- ness areas of our clients, but the explo- oped a deep understanding of the TMT, tion mechanism and has been using it for ration of opportunities in their newer finance, and consumer sectors over the years…this mechanism makes sure that businesses,” says Lu.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – OCTOBER 2019 41 WOMEN IN LAW

While law firms around the world are becoming While in the past, this gap may have THE ROAD TO THEbeen put down toTOP women leaving the increasingly diverse in terms of gender, there is one area workforce to raise children, attitudes where progress is faltering – leadership; when it comes and family dynamics are changing, and to more senior positions, men continue to dominate. increasingly companies are looking at how they have support women in the However, female lawyers in leadership positions believe workforce more generally. But it’s far that the problem is solvable. It’s just going to take a from one-size-fits-all. Each region may face unique chal- more proactive approach. BY ELIZABETH BEATTIE lenges, and with this to consider, law firms are increasingly looking inward First, the good news: Female McKinsey’s 2018 report into women to tackle these problems. Over the past lawyers are increasingly represented in in leadership across industries mean- few years, firms in Asia have introduced the industry. Now, the not-so-good news: while found a stark gap between the new programmes and initiatives to help Significantly fewer women progress into number of women working as entry- stimulate change internally, while also a position of leadership. According to a level professionals and those serving taking a top-down approach. 2017 report by management consulting in senior management positions and firm McKinsey & Company on law firms on boards. South Korea, Japan, China STANDING OUT in North America, post-associate levels and Vietnam were found to have Shirin Tang was recently named representation of women decreased “extremely high” levels of inequality managing partner of Morrison & rapidly – only 19 percent of equity part- when it came to women in leadership Foerster’s Singapore office. She says that ners surveyed were women, while only 25 positions, while Singapore, Australia when she was offered the role, she knew it percent of executive leadership positions and New Zealand fared only slightly would be “a big step” in her career. After were occupied by women. better, ranking “high.” starting at Drew & Napier in Singapore,

42 ASIAN LEGAL BUSINESS – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM WOMEN IN LAW

Tang moved to Shearman & Sterling, to elevate women to the next levels of effectiveness of internal programmes working across New York and Singapore their careers.” and initiatives, law firms are increasingly before she eventually joined Morrison Much like Tai, Tang also is an advo- looking to develop custom procedures to & Foerster as a partner. While in this cate for the benefits of professional support better gender equality internally. role, she began to manage increasingly sponsorship. She credits this in playing Morrison & Foerster supports its hires larger teams of lawyers on key client a significant role in her career, citing her through policies designed to help reten- assignments. success to “sponsorship and support at tion and the development and promotion Although a management position home.” of women lawyers, says Tang. “We are may have felt like a major change, Tang “The sponsorship I have received a founding signatory of the Mansfield says she was encouraged by “the support throughout my career has helped me Rule Initiative that requires at least 30 and sponsorship of my firm’s senior get to where I am today. While I have percent of candidates considered for key management.” The role ended up being been fortunate to have had both great leadership roles are women, attorneys of a natural next step for Tang, who has mentors and sponsors, sponsorship colour, and LGBTQ+,” Tang says. always been enthusiastic about “helping “In January, when we promoted to influence positive outcomes, build our partner class of 2019, 50 percent teams and empower team members were women.” While the firm takes a to achieve their maximum potential,” proactive approach, Tang says to enable but she is also candid about the various more female leadership across the board challenges she has faced throughout “The sponsorship I have mechanisms such as “encouraging spon- her career. received throughout sorship of high potential females” can “At the start of my career in an inter- my career has helped me make a significant difference. national firm, it was about learning to “Supporting talented women to fulfil navigate different cultural and gender get to where I am today. their potential matters because diverse dynamics. I had gone from being a junior While I have been teams are stronger teams. They can bring associate in a Singaporean firm, at a fortunate to have had fresh perspectives to client engagements. time when one was expected to show This applies not just to gender diver- deference and respect to seniority, to a both great mentors and sity, but all forms of diversity,” she says, New York firm where even junior asso- sponsors, sponsorship is adding that firms also need to think not ciates were encouraged to contribute,” different from mentorship. only about gender diversity but about she says, noting that she quickly learnt sexual orientation, background, race how to stand out for the right reasons. In our industry, a sponsor culture and more. “The most memorable constructive is frequently a partner To improve the number of women criticism I received in the early years of who actively advances reaching partnership, Norton Rose my career was: ‘You’re really smart, but Fulbright focuses on a range of gender nobody knows it’. I had to overcome the the career of an associate diversity and inclusion initiatives deference I was accustomed to showing or junior partner within including addressing and reducing and speaking up even if I was the most the firm.“ unconscious bias in decision-making junior person in the room,” she says. processes through training, parental — Shirin Tang, Morrison & Foerster leave coaching programmes, targeted SUPPORTING THE STAFF leadership development for women, Psyche Tai joined Norton Rose Fulbright sponsorship and networking, Tai says. – then Norton Rose – in 2003. She was The success of these programmes is made a partner of the firm in the following then subsequently measured by the firm’s year. In 2017, she was appointed as the is different from mentorship. In our retention, development and promotion of Hong Kong office head. industry, a sponsor is frequently a partner female talent and recruitment of female When it comes to improving gender who actively advances the career of an employees and partners. equality in law firms generally, Tai says associate or junior partner within the But there is another side to these that all firms must adopt a more proac- firm,” Tang says. “It is about someone efforts too, and one that goes beyond tive approach to ensure “gender diver- of seniority believing in you and being measured internal improvements. Tai sity flows right to the top.” Among the willing to take a bet on you, offer you notes that a diverse workforce can also practical measures, she suggests are stretch assignments and advocate for give law firms an edge and enable them “setting targets to increase the number you when you are not in the room. to “better understand and advise our of women in senior positions, develop- clients on their business needs.” ment of leadership programmes that DRIVING CHANGE “The attraction, selection and reten- nurture and propel female lawyers on Given the challenges women in leader- tion of diverse talent is therefore critical track for partnership, and sponsorship ship face in the legal market, and the to our success,” she adds.

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

who answers the phones at your office? on “soft touch” skills — The person This may seem like a trivial concern, collecting your bills represents you. IMPROVING YOUR but, who answers your phone and how How will how they do their job impact they do it is central to determining what your clients’ perception of your busi- marketers would call your “conversion ness? In today’s world, bad reviews RESOURCE MANAGEMENT rate” — the number of potential clients travel fast and at scale. Bad client calling in who actually end up hiring you experience with your firm’s AR staff COMPETENCY and ultimately writing you a check. could cause a serious hit on your The person answering the phone has reputation. BY MARK HADDAD to be able to: • Actually collect the money — It might seem obvious, but if you can’t collect • Communicate your expertise — This the money you’re owed, you won’t Running a law firm means owning helps a potential client understand stay in business for long. Think objec- and running a business. That, in turn, why they would want to meet with tively about how well you understand means effectively managing the resources you or hire you. If this isn’t commu- your AR cycle time. If your collec- you need to keep your business running nicated effectively, you could end up tions process is inefficient, you’ll lose — not just the ones you need to help you missing an opportunity for work. money and possibly more than that. practice law. Everyday work like managing • “Qualify” the person on the other • Most of your business is repeat or your calendar and client contacts, end of the phone — You need to know referral business — Our research handling client intake, bookkeeping, how serious the caller is about seeking shows that small law firms rely on and collecting accounts receivable (AR) legal help, whether their issues are repeat and referral business as a key all require attention and resources. This those that you can competently source of new work. How you treat could be your time and energy, that of handle, or how likely the caller is to your client today determines whether a member of your staff, or maybe staff meet with you and sign on. Without they will give you more business in you contract for the job. But these tasks that information, you could end up the future. must be done, and you, as the owner- wasting your time with a “prospec- operator of the firm, need to deploy the tive client” that never really met that So why talk about such seemingly right resources in the right way to opti- definition. tactical considerations when we’re mise how they are done. • Articulate the value and brand of discussing strategic planning around Many small law firm partners are your business — There should be resource management? reluctant business owner-operators. It’s something about who you are and Because these resources — you, your a feeling I can understand, as I remember how you practice that makes you time, your staff, and their time — are the how little my prepared unique and gives you a competi- most valuable resources you have to me to run a business. Yet, if you’ve hung tive advantage in the eyes of poten- manage. Mismanagement of even seem- out a shingle or are running a small law tial clients. It’s more than just your ingly mundane work can cause a ripple of firm, you wear both hats — that of a prac- expertise; it’s the benefit the client inefficiency throughout your firm. ticing attorney, as well as that of a busi- will get from working with you that To address these challenges, begin by ness manager. they can’t get anywhere else. It’s your looking at who is doing these things today. Managing your law firm means brand and value proposition. If your Can they handle the tasks mentioned? more than just deciding how you allo- potential clients don’t get a sense Less time spent on administrative tasks cate billable work to your timekeepers. that working with you will be better leaves more time to serve your clients, Administrative tasks are those pesky because of what you offer, they may earn a living, or find some work/life things most law firms don’t spend enough keep shopping. balance. time planning for, but they’re necessary evils. We could write volumes covering Let’s look at another example of a seem- Mark Haddad is General Manager of the myriad functions involved in making ingly tactical thing that can have a much Thomson Reuters Legal’s $600 million a modern law firm run and all the various broader impact: how your firm handles Small Law Firm business. iterations of roles that can handle these collecting your accounts receivable (AR). tasks. But that’s overwhelming. Here again, there are very particular skills A version of this piece was Instead, let’s focus on a couple, that must be managed. published by the Thomson Reuters narrower examples. For a starter, how Legal Executive Institute much time do you spend thinking about • Provide good service by focusing (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 – OCTOBER 2019 WWW.LEGALBUSINESSONLINE.COM Japan IP Conference 2019 19 NOVEMBER 2019 - TOKYO

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