MCI (P) 041/02/2021 issn 0219 – 6875 KDN PPS 1867/10/2015(025605)

Indonesia’s Competition law We analyse the most noteworthy developments UK-SG Free Trade young lawyers in Thailand Agreement

CONTENTS 34 Competition in the crosshairs

and overcome the firm networks 30 begun to step up their COVER STORY numerous challenges are assisting GCs Indonesia enforcement against to complete the deals. in making their Rising Stars 2021 misconduct. And last 22 By Asian Legal organisations more Young lawyers in year saw the efforts ALB Asia’s Top 15 Business, with agile and effective. the Indonesian legal cranked up a notch. M&A Lawyers 2021 additional reporting community are Mergers & from Reuters 28 making their mark Plus: acquisitions (M&A) Rebuilding in the market. In its - Chandler MHM plays an instrumental Plus: relationships third annual list of role in shaping the - HHP Law Firm With Brexit finally the ALB Indonesia economy. Over the - Walalangi & done, the UK and Rising Stars, Asian BRIEFS years, M&A deals Partners Singapore recently Legal Business has have expanded both signed a free trade listed 24 lawyers 3 in scale, frequency, agreement to who are achieving The Briefing and complexity. FEATURES establish post-Brexit results for their Given the COVID-19 arrangements. The clients and setting 4 pandemic’s impact 20 UKSFTA, which high standards in Forum on deals execution, Showing the way offers certainty the Indonesian legal the economic In today’s world, around trading space. The list is in 6 uncertainty, coupled general counsel face arrangements alphabetical order Explainer with strengthened an ever-increasing between the UK and certain lawyers antitrust laws across demand to manage and Singapore and have been profiled. 7 jurisdictions, M&A exponentially more tariff elimination, Deals lawyers will have to risks, involving has been welcomed 34 leverage their skills greater complexity, as an important Competition in 10 to navigate these in much shorter development the crosshairs Appointments testing times. In this time frames and that will lay the Since Thai merger inaugural ranking, with more potential groundwork for more control regulations 13 we celebrate the impact on business to come. came into force in Q&A top M&A lawyers performance. As December 2018, the who demonstrate expectations upon Plus: country’s competition 17 practical experience them evolve, law - PDLegal LLP authorities have League Tables

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – MARCH 2021 1 HEAD OF LEGAL MEDIA BUSINESS, Introducing a new perspective on India. ASIA & EMERGING MARKETS I am enormously excited to introduce a new product Amantha Chia that we at ALB are launching. Focused on India, [email protected] the ALB India Brief is a first-of-its-kind product in the India legal market, a weekly newsletter sent to MANAGING EDITOR paying subscribers. This ad-free premium newsletter Ranajit Dam combines analysis of business news and trends from [email protected] a legal perspective, news, and updates from the legal industry around the world and links to stimulating JOURNALIST articles on legal practice and law firm management. Elizabeth Beattie [email protected] Our aim for the ALB India Brief is to offer useful information and food for thought for a variety of EDITORIAL ASSISTANT people either within, or otherwise Aparna Sai interested in, India’s legal market – [email protected] from lawyers and in-house counsel, to business leaders and even law COPY & WEB EDITOR students. Intrigued? The subscription Rowena Muniz link is at https://www.gevme.com/ [email protected] alb-india-brief. The first four free trial issues may have already gone out, but SENIOR DESIGNER if you want to be sent a taster, please John Agra [email protected] email minyi.ong@thomsonreuters. com. And of course, if you have any TRAFFIC/CIRCULATION MANAGER comments or feedback on the news- Rozidah Jambari letter and its content, feel free to reach [email protected] out to my team and me at our email addresses on the right. SALES MANAGERS But back to this issue, and I’m Felix Cheng pleased to say we are featuring our Sales Manager (852) 3462 7799 inaugural ALB Asia’s Top 15 M&A [email protected] Lawyers list, feting the best deal- Krupa Dalal makers in the region. Congratulations to all the Sales Manager lawyers who made the list, and stay tuned for further (91) 22 6189 7087 [email protected] rankings going forward. Romulus Tham Delegate Sales Executive (65) 6870 3035 [email protected] Steven Zhao Account Manager (86) 10 6627 1360 [email protected]

RANAJIT DAM Yvonne Cheung Managing Editor, Sales Director, Key Accounts and South China (852) 2847 2003 Asian Legal Business [email protected] Thomson Reuters SENIOR EVENTS MANAGER Julian Chiew [email protected]

Asian Legal Business is available by subscription. Please visit www.legalbusinessonline.com for details. Asian Legal Business has an audited average circulation of 11,402 as of 30 September 2016.Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as Asian Legal Business AWARDS MANAGER can accept no responsibility for loss. Caryl Aquino MCI (P) 041/02/2021 [email protected] issn 0219 – 6875 KDN PPS 1867/10/2015(025605)

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2 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM THE BRIEFING: YOUR MONTHLY NEED-TO-KNOW

IN THE NEWS ALSP MARKET BECOMING

U.S. legal services startup Legal LESS ‘ALTERNATIVE’ Innovators is piloting a programme The market for alternative legal with Orrick, Herrington & Sutcliffe service providers (ALSPs) has involving five diverse lawyers become an important and growing who have recently joined Orrick. part of the legal landscape, The programme focuses on boosting according to a report from Thomson lawyers’ analytical, writing and Reuters in partnership with business development skills. Georgetown Law and the Saïd Business School at the University of Oxford. The report found that clients are increasingly relying on ALSPs for Percentage of corporate legal professionals QUOTE UNQUOTE a wider swath of work types, which who classified their company’s response to has enabled in-house departments COVID-19 as a success, according to the 2021 Corporate In-Housing Survey “THE NEWS REPORTS ARE NUMEROUS and law firms alike to work more conducted by eDiscovery firm Logikcull. cost-efficiently and transform the AND IMPOSSIBLE TO IGNORE. way that the legal industry thinks AN INDEPENDENT LEGAL PROFESSION, about the practice of law. But ALSPs FREE FROM GOVERNMENTAL are moving from a simple cost- saving proposition to a true partner JONES DAY, GOODWIN PROCTER INTERFERENCE, IS ESSENTIAL.” than can be counted on for expertise, tech-enabled solutions, and new FALL VICTIM TO DATA BREACH IBA President Sternford Moyo rejects the ways of doing business, especially recommendation of a UN-commissioned Jones Day recently became the during the ongoing pandemic crisis, report that suggests lawyers should be second law firm to disclose that the report added. regulated by the government. hackers had stolen confidential client data after breaching a third-party vendor file-sharing IN THE NEWS platform. The ransomware group responsible for the breach said it exfiltrated the data directly from the law firm’s server, but Jones Day denied the claims, saying that Simpson Thacher & Bartlett is the data leak originated from set to open an office in Brussels a third-party data breach, this summer, becoming the latest specifically, Accellion, which provides major firm to set up a presence in file transfer services for several mainland Europe in the wake of Total global revenue for Hogan Lovells in law firms. In early February, 2020-21, an increase of 2.8 percent over Brexit. The new office will focus on 2019-20. Equity partner profits were up Goodwin Procter disclosed a various European regulatory and by 30 percent, while revenue per lawyer data breach associated with the legal issues. rose by 4 percent. Accellion file transfer platform.

WWW.LEGALBUWWW.LEGALBUSINESSONLINE.COMSINESSONLINE.COM ASIANASIAN LEGAL BUSINESSBUSINESS – MARCH 2021 3 BRIEFS

FORUM BIG NAME, SMALL FIRM For many, the COVID-19 pandemic served as something of a reset when it came to professional priorities. As flexible working grows increasingly normalised, and some firms begin to make employee wellness a top priority, lawyers are also reconsidering their options moving forward. Recruiters and other industry watchers feel that this could be a time for established lawyers to consider lesser-known firms to call home.

WHY ARE EMERGING LAW FIRMS IN PRIME POSITION TO ATTRACT EXPERIENCED PRACTITIONERS DURING THE PANDEMIC?

CHRIS TANG, managing director, Star Anise change. The focus has shifted to foster close-knit people-to- The coronavirus pandemic has brought about revolutionary people relationships, put greater emphasis on changing the changes to working practices around the world, even to the erstwhile lopsided work-life balance, and enhance the level of conservative legal industry. And with remote working becoming attention to nurture expertise and offer delivery of proficient a standard working practice, lawyers have had more time to legal services. In the current scenario, experienced practi- consider what they really, really want in their career. Both tioners are increasingly choosing to join boutique law firms flexibility and autonomy come high on the list of lawyers’ wish spearheaded by like-minded individuals in pursuit of well- lists, and these qualities are often more likely to be found in meaning value creation for all stakeholders. The positivity and smaller law firms than the very largest. Working in a smaller the personal touch associated with emerging full-service law law firm gives the lawyer control as to who they can target as firms such as ours have heralded the provision of well-suited prospect clients as well as the flexibility of expanding their solutions to a complex clientele and a favourable workplace specialisations, or even gradually pivoting into a different area environment for senior partners, associates and juniors. With altogether, provided the revenues can sustain that change. our eclectic mix of senior practitioners having a remarkable To be more effective at smaller law firms, lawyers have to be repository of proven competence, we collectively endeavour versatile in the areas of work that they cover, and that can be to integrate integrity and ethics while exhibiting professional a very attractive draw for someone who may be looking at IPO excellence in every step of the way. We look forward to the prospectuses day-in-day-out, year after year. In addition, such continuation of this positive trend and aspire to reinforce the firms are more likely to provide time for lawyers to develop their credibility and trustworthiness of this honourable profession practice and build out their client base, a precious commodity with our honest efforts. that large firms are less likely to provide. KATHERINE FAN, managing director, NILESH TRIBHUVANN, founder and managing partner, Hughes-Castell Hong Kong White & Brief COVID-19 has undoubtedly brought dramatic short-term and The exceptional state of affairs owing to the pandemic has permanent changes in the law firm workplace that push firms been instrumental in bringing about an unparalleled shift in to shift their recruitment strategies. Given the challenges faced perspective towards the way we choose to live our lives. Being by BigLaw firms, smaller law firms have seized the chances the reflection and the indispensable underlying support to the given by these circumstances to be in a more favourable posi- society, the world of law is also experiencing an unprecedented tion to attract legal talent.

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— Smaller firms tend to have less complex approval processes outbreak of COVID-19 and the containment measures and so greater flexibility to recruit in a timely manner deployed by governments have dealt a massive blow to has helped them secure talent. Many law firms imposed cross-border transactions and globalization. Transactional hiring freezes and suspended expansion plans, resulting areas most at risk are those exposed to clients facing the in a slow lateral recruitment market in the first half of biggest challenges such as airlines, hotels and storefront 2020. Several global law firms also opted to downsize retail. By contrast, some local law-focused practices such their Asian operations, particularly in China and Hong as disputes, employment, insurance, and bankruptcy or Kong (e.g., Vinson & Elkins closed its Beijing and Hong restructuring actually experienced increases in demand, Kong offices, while Baker Botts, Stephenson Harwood causing them to seek to grow in those areas. and Bryan Cave Leighton Paisner shuttered their Beijing — Lower billing requirements also make smaller firms more offices. and Orrick Herrington & Sutcliffe and Osborne attractive than bigger firms to senior practitioners during Clarke closed in Hong Kong). Smaller law firms tend to the pandemic. The pandemic has exacerbated stress for have a little bit more flexibility to make decisions locally bigger law firm partners who have found it difficult to as opposed to BigLaw firms, who might have to toe the meet high billing requirements in this economic down- global line, and seek recruitment approval from several turn. Also, some partners at bigger law firms may want parties outside of Asia. to use increased flexibility in their lives in a positive way, — Despite reports that Biglaw firms are weathering the spending additional time with family for example. So, as pandemic well, with some firms expecting revenue growth big firms are pressuring their partners to drive revenue on practices such as disputes, employment, insurance in this difficult time, smaller firms may be able to offer and restructuring, numerous firms have cut back staff them a less demanding scenario as their book-of-business hours and paid for cost-saving. From a practical perspec- requirements could be lower. tive, however, lawyers still often ended up working the — Partners in smaller firms may have more control over same amount of time to serve clients’ needs, even if they their practices. Larger firms, to a certain degree, will have were on “reduced hours” under the revised regime. This particular areas of specialisation within the general prac- ultimately meant that the lawyers ended up working just tice areas of corporate, finance, real estate and dispute as much, but were paid less. Associates or partners that resolution. Some firms will attempt to cover and excel in have had their compensation cut or at firms that seem all niche areas as well (for example, IP, technology, ship- financially unstable are especially receptive to moving. ping/transport), others will leave those to recognised Smaller law firms saw this as an opportunity to recruit specialist firms rather than dilute their offering and brand unsatisfied senior lawyers to build for the future during recognition. Niche practices at larger firms can often be these challenging times. Examples include Chinese law sidelined by more dominant practice groups with larger firms, specifically Global Law Office, Llinks, Han Kun, revenue streams and more partners, and dictated to as Merits & Tree, and East & Concord Partners, which have support practices. Smaller firms, especially those looking been aggressively hiring since 2020. Another example to establish themselves in a new market, may often turn is Hong Kong-based boutique firm MB Kemp, which to less mainstream areas rather than compete directly made a few significant hires from Stephenson Harwood with the “big boys,” giving partners in those areas more in September 2020. free reign, more of an influence in firmwide management — BigLaw firms are often engaged heavily in cross-border and strategy decisions, and more autonomy in running activities and acting for global conglomerates. The global and staffing their practices.

Ben McQuhae, a former partner investors, entrepreneurs and startups on at Jones Day, has set up a boutique firm transactions and initiatives in climate, FORMER JONES DAY called Ben McQuhae & Co in Hong Kong biodiversity, and innovation. Apart from that focuses on ESG and technology. McQuhae himself, the firm has two asso- PARTNER LAUNCHES McQuhae was most recently a partner ciates - Sean Soo and Jessica Ha. at GPS McQuhae, a firm he co-founded in McQuhae is also a founder of Angel SUSTAINABILITY-FOCUSED 2018 after leaving Jones Day. Following Attorneys, a programme providing his departure, GPS McQuhae will be legal support to early-stage tech start- FIRM IN HONG KONG known as Georgiou Payne Stewien. ups, and the Hong Kong Green Finance McQuhae’s new firm will provide Association. He earlier worked with legal advice to multinational compa- Dentons and the legacy Fulbright & nies, small and medium enterprises, Jaworski.

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EXPLAINER MYANMAR AT THE CROSSROADS, ONCE AGAIN Less than a decade after it came with less direct ties, it may be a case as well as around its economic poli- in from the cold, Myanmar is once of “wait and see.” cies as while continuity has been more facing the freeze. Since the mili- Every business is “watching announced, some key economic tary forcefully seized power on Feb. 1 the situation closely,” according technocrats have been removed over unhappiness with the country’s to comments provided to ALB by and a strict cybersecurity law that elections, huge crowds of anti-coup Herbert Smith Freehills, noting that would impact digital connectivity, protesters have taken to the streets daily. for companies with a presence in proposed,” Caillaud says. The crackdown seems to be intensifying, the market, the immediate priority With “EU sanctions expected with police opening fire on protesters would be securing the safety of, and shortly,” HSF says other govern- and threatening further violence. reliable communications with, their ments and global institutions “are As a result, the governments of people. watching closely before deciding on countries like the U.S., UK, Canada and However, Romain Caillaud, an appropriate diplomatic and/or New Zealand have already announced principal at Tokyo-based advisory economic response”. sanctions against the generals who led firm SIPA Partners and an asso- “International businesses the coup, and military-linked companies. ciate fellow in the Myanmar Studies with operations or investments in For Myanmar, the escalating crisis Programme at Singapore thinktank Myanmar need to be aware of the places precious foreign direct invest- ISEAS-Yusof Ishak Institute, says potential for sanctions or other ment at risk. Before the coup, invest- that business confidence has taken measures to be implemented at ment in Myanmar was on the up. The a knock in Myanmar. short notice and consider how their World Bank reported a 33 percent “Business confidence has been business may be impacted and the jump in total foreign direct invest- impacted negatively as there are steps that may be required to ensure ment commitments in Myanmar to questions around the new regime’s compliance,” the firm adds. $5.5 billion in fiscal year 2019/2020, stability in the context of protests, Still, Caillaud notes that sanc- according to Reuters. Meanwhile, total tions are likely to continue targeting trade in goods between the U.S. and “specific individuals in the military Myanmar reached nearly $1.3 billion in regime, as there is a shared willing- the first 11 months of 2020, up from $1.2 ness to prevent negative shocks on billion in all of 2019, according to U.S. the Myanmar economy and popu- Census Bureau data. lation”.

HOW HAVE THE EVENTS COULD WE SEE BUSINESSES SO FAR AFFECTED PULL OUT OF MYANMAR BUSINESS CONFIDENCE AS A RESULT? IN THE COUNTRY? While the situation continues to Following the escalations in evolve, many businesses are waiting Myanmar, Japan’s Kirin announced before they make any firm decisions. that it would be abandoning “It depends on how the situ- its partnership with a Myanmar ation evolves. What is likely in the brewery, which is owned in part by short term is that there are few military generals who overthrew the new entrants in the market. If the elected government. The company political situation deteriorates due has said it is not leaving Myanmar, to protests, violence, and sanc- but instead is looking for a local tions, we could see exits. Countries non-military partner. for relocation depend on industries After earlier pressure from but Thailand and Vietnam seem Demonstrators protest against the military coup in human rights groups to sever ties Yangon, Myanmar, February 18, 2021. REUTERS/Stringer particularly well placed to benefit,” with its Myanmar business opera- Caillaud says. tions, the coup was enough to make HSF says that while many have Kirin act, but for other businesses paused investments or operations

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for now, and a small number of economy in the second half of this Caillaud notes that lawyers on investors claim to have stopped year; it is too early to estimate the ground will be trying to navi- plans for future investment or have whether that forecast should be gate the new climate and the issues withdrawn from existing invest- altered,” the firm adds. this presents. “Currently there are a ments, “it’s far too early to say.” number of operational issues associ- “Still, the majority of the inves- HOW ARE LAWYERS ated with the protests — labour issues tors we see in the market have a CURRENTLY ASSISTING as to whether employees can join the longstanding presence and under- CLIENTS? civil disobedience movement, or tax standing of the country, and might While businesses may be weighing issues as some employees refuse to be prepared to navigate this period up the situation as they plot a course pay income tax to the new regime of uncertainty without committing ahead, for lawyers it’s a time for they see as illegitimate,” he says, to closure or withdrawal at this early action, with a number of the devel- noting that “longer term there will be stage. We had anticipated a post- opments requiring legal counsel compliance reviews of local partners COVID rebound for the Myanmar and remedies. and suppliers as sanctions kick in.”

DEALS

$2 BLN $1.3 BLN $675 MLN $531 MLN New Horizon Health’s Manulife Partners Combination of Singlife Yidu Tech’s Hong Kong IPO and Gaw Capital’s and Aviva’s Singapore Hong Kong IPO Deal Type: IPO acquisition of businesses Deal Type: IPO Firms: Davis Polk & Cityplaza One Deal Type: M&A Firms: Haiwen & Wardwell; JunHe; Deal Type: M&A Firm: Nishimura & Asahi Partners; Han Kun Law Fangda Partners Firms: Baker McKenzie; Jurisdiction: Singapore Offices; Skadden Arps Jurisdictions: China, Paul Hastings; Walkers Slate Meagher & Flom; Hong Kong Jurisdictions: Canada, Slaughter and May Hong Kong Jurisdictions: China, Hong Kong

$528 MLN $420 MLN $300 MLN $281 MLN Clay Holdings’ GIC’s acquisition of ARA LOGOS Logistics SciClone Pharma’s proposed acquisition stake in AC Energy Trust Management’s Hong Kong IPO of Soilbuild Business Philippines proposed acquisition Deal Type: IPO Space REIT Deal Type: M&A of logistics properties Firms: Clifford Chance; Deal Type: M&A Firm: Latham & Watkins in Australia JunHe; Maples and Firm: Rajah & Tann Jurisdiction: Philippines Deal Type: M&A Calder; Paul Hastings; Jurisdictions: Firm: Allen & Gledhill Tian Yuan Law Firm Singapore, U.S. Jurisdictions: Australia, Jurisdictions: China, Singapore Hong Kong

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – MARCH 2021 7 BRIEFS FT ARTICLE ON HONG KONG ARBITRATION RAISES HACKLES IN CITY

“With extensive experience in handling international trades, Hong Kong’s legal professionals provide exten- sive and professional services, from due diligence to contract negotiations,” he says. “Hong Kong arbitral awards are enforceable in over 160 signatory coun- tries of the New York Convention. The city is also the first and only jurisdiction outside the Mainland where, as a seat of arbitration, parties to arbitral proceed- ings administered by eligible arbitral institutions are able to apply to the Mainland courts for interim measures,” the spokesman adds. Paul Starr, an arbitration partner with King & Wood Mallesons, says that Hong Kong continues to play an impor- tant role in arbitration involving parties within the region. “I would say that it is absolutely vital and a must for parties doing business with PRC entities to select Hong Kong arbitration in their dispute resolution clause over any other country. This is Officials and members of Hong Hong Kong remains one of the world’s because of the unique advance asset Kong’s legal profession have been leading international legal hubs for deal- protection remedy afforded to parties vexed by a recent Financial Times that making and dispute resolution services,” who nominate arbitration by one of reported that international corporations the Justice Secretary added. Hong Kong’s six qualifying institutions working on deals in Asia – or entering Hong Kong’s Department of Justice — including HKIAC, CIETAC and ICC,” into joint ventures with Chinese and is aggressively marketing Hong Kong as Starr says. other Asian counterparties – were an arbitration hub, with unique abilities “An agreement made last year considering excluding Hong Kong from and a flourishing, mature legal industry. between the mainland and Hong Kong governing law and arbitration clauses The city is currently developing an e-arbi- governments now allow parties to start in legal contracts over concerns about tration and mediation platform with a qualifying Hong Kong arbitration, and the erosion of Hong Kong’s autonomy. multiple language capabilities called apply to local courts in the mainland or For officials in Hong Kong, eager eBRAM. Hong Kong for the preservation of assets to paint a rosy picture of stability and In comments provided to ALB, a in aid of (and in advance of) that arbitra- a return to normality following the spokesman for the Law Society of Hong tion,” notes Starr. implementation of the Beijing-backed Kong, the city’s primary association of To offer an example, Starr recounts National Security Law (NSL), the piece legal practitioners, says that Hong Kong how his team, working with Beijing was poorly received. has been, and remains one of the most and Shanghai disputes colleagues, Justice Secretary Teresa Cheng popular seats for international arbitra- was the first to obtain a freezing of issued a statement that said the article tion, boasting world-class legal profes- $360 million worth of assets from the “unfortunately illustrates an incomplete sionals, well-established international Shanghai Financial Court, only a few picture of Hong Kong,” but she did not arbitration institutions, and user-friendly weeks after starting a qualifying HK elaborate on what the complete picture arbitration law. arbitration. was. “We continuously strive to improve and meet market demands to ensure

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“You just wouldn’t get that protec- tion had you opted for non-Hong Kong arbitration,” Starr says. He recommends that when selecting arbitration in a particular forum, parties should always think about the court system, as sometimes they need help from the courts to assist or appeal against the arbitration process. “Businesspeople should ask them- selves how efficient and independent A logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, are the courts of some of the countries in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song mentioned in the FT article, as compared with Hong Kong. It is a no-brainer, espe- cially when bearing in mind that our ulti- mate tribunal, the Court of Final Appeal, is one of the greatest courts in the world, ANT GROUP REACHES DEAL WITH CHINA boasting a dazzling array of common- wealth judges, some of them even former chief justices from their jurisdictions,” REGULATORS ON RESTRUCTURING Starr says. The Law Society spokesman concurs (Reuters) Ant Group Co has agreed a restructuring plan with Chinese that rule of law is one of Hong Kong’s regulators under which the fintech giant will become a financial holding key strengths. company, a person with direct knowledge of the matter said, potentially “International recognition of Hong easing founder Jack Ma’s regulatory woes. Kong’s respect for the rule of law has The plan calls for putting all of Ant’s businesses into the holding earned the city a global reputation as company, including its payment processing and technology offerings in a leading financial centre and business areas like blockchain and food delivery, the person said, declining to be hub, which offers a fair, just and trans- named due to confidentiality constraints. parent business environment for inter- Bloomberg News first reported Ant had reached an agreement with national investors to engage in business Chinese regulators about the proposed restructuring. transactions,” the he notes. An agreement on the restructuring of Ant, an affiliate of e-commerce But this reputation has been giant Alibaba Group, would ease investor concerns about a regulatory somewhat under the magnifying glass. crackdown on billionaire Ma’s business empire. Members of Hong Kong’s legal frater- The catalyst for Ma’s current woes was an Oct. 24 speech in which he nity took part in marches back in 2019, blasted China’s regulatory system, leading to the suspension of Ant’s $37 during the height of the city’s protest billion initial public offering just days before its dual listing in Hong Kong movement. The following year, judges and Shanghai. expressed concerns to Reuters about Regulators have since launched an anti-trust probe into the tech sector China meddling “in the appointment of with Alibaba taking much of the heat, besides pushing Ant to revamp its new judges”. business structure to bring it under tighter regulatory supervision. And this year, British lawyer David Ma, who is not known for shying away from the limelight, subsequently Perry QC stepped down as lead pros- disappeared from the public eye for about three months, triggering fren- ecutor in a trial against anti-establish- zied speculation about his whereabouts. He re-emerged with a 50-second ment media mogul Jimmy Lai after a video appearance. widespread outcry in the UK about the Despite the agreement with the regulator on revamping Ant, whose ethics of his appearance. businesses include consumer lending and insurance products distribution, When asked if the NSL has affected the anti-trust probe into Alibaba would continue to cloud the outlook for the legal landscape in the city, the Law Ma’s empire. Society spokesman calls it “an important Bloomberg’s report said that Ant was still exploring opportunities to piece of legislation in Hong Kong.” revive its stock market listing, citing one person familiar with the matter. It “Law firms have to familiarise them- said it was unclear how long authorities would need to sign off on a listing. selves with its provisions in order to Ant’s financial holding structure is expected to weigh on its valuation, advise their clients of it to ensure compli- as the fintech firm was valued as a technology firm in its previous fund- ance,” the spokesperson says, without raising rounds. Typically, valuations are much higher on technology firms offering further comment. than on financial companies.

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APPOINTMENTS BANKING, FUNDS, TECH COMPANY COUNSEL TOP LIST OF HIGHEST-PAID IN-HOUSE LAWYERS IN SG

Legal counsel in the banking, funds and technology sectors are among the highest-paid in-house JAMES FORD JANICE YAU GARTON MOCHAMAD KASMALI lawyers in Singapore, according to LEAVING LEAVING LEAVING O’Melveny & Myers DLA Piper Soemadipradja & Taher Robert Walters’ Annual Salary Survey JOINING JOINING JOINING 2021. Allen & Overy Stephenson Harwood Hogan Lovells DNFP Lawyers in the banking sector PRACTICE PRACTICE PRACTICE with one to three years of post-quali- Funds & Asset Management Real Estate Corporate& Finance fication experience (PQE) were paid in LOCATION LOCATION LOCATION the range of S$70,000 ($53,000) and Hong Kong Hong Kong Jakarta S$130,000 in 2020, with the range going up to S$140,000-S$220,000 and S$180,000-S$400,000 for 4-7 PQE and 8-12 PQE, respectively. Meanwhile, legal counsel in the 8-12 PQE band in the fund/ asset management space earned S$150,000-S$350,000 last year. In comparison, lawyers in the 8-12 PQE band in the pharma and retail sectors earned salaries in the DAN PERERA MANOJ PURUSHOTHAMAN SIMON SPELLS range of S$140,000-S$250,000 and LEAVING LEAVING LEAVING S$130,000-S$220,000, respectively. Reed Smith Bryan Cave Leighton Paisner Bryan Cave Leighton Paisner JOINING JOINING JOINING HFW Reed Smith Reed Smith PRACTICE PRACTICE PRACTICE Energy & Resources Cross Border M&A Transport & Asset Finance LOCATION LOCATION LOCATION FORMER DORSEY PARTNER Singapore Singapore Singapore LAUNCHES HK BOUTIQUE

David Cameron, a former partner at the U.S. law firm Dorsey & Whitney, has set up a boutique firm in Hong Kong called David Cameron Law Office. The boutique firm will advise on corporate matters and financial trans- actions across Asia. It will focus on prac- tice areas such as general corporate NICK STERN MARIUS TOIME RAYMOND TONG services, capital raising, contract law LEAVING LEAVING LEAVING and structuring transactions. Freshfields Bruckhaus Deringer Bryan Cave Leighton Paisner Clifford Chance Cameron was most recently a solic- JOINING JOINING JOINING itor at Hong Kong’s Candy Pang & Co. Maples Group K&L Gates Rajah & Tann PRACTICE PRACTICE PRACTICE He joined Dorsey in 2018 as a partner Dispute Resolution & Insolvency Corporate Corporate from Allen & Overy, where he was a LOCATION LOCATION LOCATION counsel. Hong Kong Singapore Singapore

10 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM 16 COLLYER QUAY, #26-02, INCOME@RAFFLES, SINGAPORE 049318 T: 6206 1488, E: [email protected]

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(In alphabetical order of first names)

Alfred Lim Edmund Eng Tham Wei Chern T: +65 6206 1487 T: +65 6206 1480 T: +65 6206 7941 E: [email protected] E: [email protected] E: [email protected] BRIEFS

depicting an individual in a sexual act or conduct, said the rules, a draft copy of which was reported by Reuters. IT minister Prasad also told reporters the rules would oblige the companies to reveal the originator of a message or post when legally ordered. Facebook said it welcomed rules that prescribe ways to address chal- lenges on the web. “The details of rules like these matter, and we will carefully study the new rules,” it said in a state- ment. Facebook-owned WhatsApp declined to comment. A Twitter spokesman said the company would study the guidelines and looked forward to continued engagement with the Indian govern- ment. “We believe that regulation is beneficial when it safeguards citizen’s fundamental rights and reinforces online freedoms,” he said in a statement. Tech firms are coming under tighter REUTERS/Dado Ruvic/Illustration scrutiny worldwide. Facebook faced a backlash recently from some publishers and politicians after it blocked news feeds in Australia in a dispute with the government over revenue-sharing. INDIA TIGHTENS REGULATORY GRIP ON That prompted last-ditch changes by Australia in a law passed to ensure Alphabet Inc’s Google and Facebook pay FACEBOOK, WHATSAPP WITH NEW RULES media companies for content, a step that nations such as Britain and Canada want (Reuters) India has announced new rules They will require big social media to follow. to regulate content on social media, companies to set up a grievance India’s rules will also require video- making Facebook, WhatsApp and others redressal mechanism and within three streaming platforms like Netflix and more accountable to legal requests months appoint new executives to coor- Amazon’s Prime Video to classify content for swift removal of posts and sharing dinate with law enforcement. into five categories based on users’ age, details on the originators of messages. Social media firms should be the government said. The rules — part of an effort by “more responsible and accountable,” Online news media will also be Prime Minister Narendra Modi’s nation- Ravi Shankar Prasad, the minister for regulated as part of the new rules, with alist government to tighten the leash on information technology, told reporters the ministry of information and broad- Big Tech — come after Twitter recently in outlining the rules. casting creating an oversight system, ignored government orders to drop Big social media firms will be the government added. content related to farmers’ protests. obliged to remove content within Apar Gupta, the executive India is the largest market by users 36 hours of receiving a legal order, director at advocacy Internet Freedom for both Facebook and its messenger according to the rules. Foundation, said the new rules for service WhatsApp. The government also said compa- digital news media portals and video- The new rules issued by the govern- nies need to assist in probes or other streaming platforms posed risks to ment, called the Intermediary Guidelines cyber security-related incidents within freedom of speech. and Digital Media Ethics Code, will be 72 hours of receiving a request. They “To fix the problems in these legally enforceable. must also disable within a day any post sectors the government has adopted an approach which carries the risks of political control and censorship,” he said.

12 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM BRIEFS

Q&A Four to make this decision and we will continue to lead this trend.

ALB: On the subject of diversity, increasing the number of women in ‘WE ARE NOW OPENING OUR the workplace is a point of focus for many firms in Japan at present. What is your firm’s approach to achieving greater gender inclusion? DOORS TO FOREIGN LAWYERS’ MAEDA: Yes, it is an important issue for our firm as well. In Japan where the Anderson Mori & Tomotsune recently broke ground as the first gender equality gap widens despite Japan Big Four law firm to allow foreign lawyers to become global trends proves it challenging to attain the same equality ratio as our equity partners. Atsutoshi Maeda, partner at the firm, recently international counterparts. We are spoke to ALB about why adaptability is critical for law firms in currently engaging and encouraging the country, and more broadly in the region. more diversity and inclusion of people from all backgrounds. The percentage of female partners and newly quali- ALB: Anderson Mori & Tomotsune fied female lawyers joining us has been was recently recognised as the first increasing in the past few years. Japan Big Four firm to allow foreign In 2019, 28 percent of the newly lawyers to become equity partners recruited associates were women and after launching a foreign law joint this figure grew to 42 percent (16 out enterprise. I’m curious to know what of 38) in 2020. We consistently work led to this decision, and whether this towards attaining a legal workforce might encourage other Japanese firms comprised of 30 percent women and to consider a similar arrangement? above. We offer shorter working hours MAEDA: AMT has always been the most and childcare and domestic help subsidy internationalised Japanese law firm to allow more parents to retain their with quite a number of foreign lawyers. professional career while taking care With the close and embedded coopera- “We hope this will of their family. We also expanded our tion between our Japanese and foreign encourage our foreign Knowledge Management team, which lawyers we have strived to establish a allows us to retain many lawyers who unique position in the Japanese legal lawyers as well as any are unable to perform the usual time- market. With this Foreign Law Joint other non-Japanese lawyers demanding legal work due to personal Enterprise scheme, we intend to hire outside our firm who are issues but are interested to put their more skilled and experienced non-Japa- willing to commit to the expertise to good use. nese lawyers at all levels, from partners, Japanese legal market counsel to associates who are focusing to build their professional ALB: In 2021 what are your priorities on M&A, banking, and arbitration. In for the business? order to attract these talents, we need career with us” MAEDA: Despite the unprecedented to be able to offer partner positions to difficulty we all are facing, our firm is non-Japanese lawyers despite the fact on growth track in terms of number that Japanese law firms are under strin- of lawyers, revenue and geographical gent restrictions of the Lawyer’s Act and expansion. We now have formal asso- Foreign Lawyer’s Act. One of the routes opening our doors to foreign lawyers too. ciations with an Indonesian local firm in to do so is to register as a Foreign Law I believe it will be sensible for our rivals Jakarta, H&A Partners in Hong Kong, and Joint Enterprise. As of January 2021, four to consider this route as more and more a formal alliance with a Singapore law of our senior foreign lawyer members Japanese companies are looking into firm, DOP Law Corporation. We continue were made partners and we hope this will globalising which will, in turn, increase to grow and expand as before. The partic- encourage our foreign lawyers as well as the number of cross-border transactions. ular practice areas we are pouring our any other non-Japanese lawyers outside They will require a Japanese law firm efforts on this year in conjunction with the our firm who are willing to commit to with high-level capability of handling Foreign Law Joint Enterprise are cross- the Japanese legal market to build their cross-border transaction like us. We are border M&A, International project finance professional career with us. We are now proud to be the first firm out of the Big and International Arbitration this year.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – MARCH 2021 13 BRIEFS

notification laws. “So if you have a big data incident, it becomes mandatory to report this incident, and places like New Zealand, Singapore, China, and others have that,” Bigg says, adding these laws “are definitely coming”. While the pandemic maybe in part to blame, given wielding such large fines and harsh penalties around data privacy management is relatively new territory in Asia, regulators are likely operating from a place of caution. “I think probably the pandemic is holding it up slightly, I do think it’s also the regulators finding their feet as well,” she says. Generally, the prioritisation of data privacy has moved rather quickly in Asia, with pandemic placing something of a magnifying glass over the handling and managing of data by businesses. AS ASIA DATA PRIVACY LAWS GET TEETH, Last year there was the initial question of “how do you deal with data related to the pandemic, whether that’s LARGER FINES ARE EXPECTED employee travel histories and whether its remote working,” says Bigg. This subse- Since Europe’s GDPR came into these sorts of levels of fine. But we see quently evolved with the pandemic, force more than two years ago, data more experienced regulators, like New which prompted uncharted territory privacy and protection have become Zealand and Singapore and Australia, around disclosing employee data, and priorities for regulators and businesses with these levels of fines.” whether business can ask employees across the Asian region. Between 2019 Still, authorities are moving quite about matters such as travel history, and 2020, a flurry of data privacy laws slowly when it comes to implementing health data, close contact “and now was developed, with China, Singapore, the fines. While Singapore has pressed vaccinations,” she says. Sri Lanka, Thailand, India, Japan and forward with a new data privacy regu- “That’s really required businesses to Hong Kong among those offering new lations, the “higher level of fines” will have a multidisciplinary focus on data, guidelines and requirements. And still not come into force until 2022 “at the so its been everybody from operational more are expected, now bringing with earliest,” Bigg says, adding that the [staff], to HR, compliance, and all the them the prospect off larger fines than reasoning behind this was somewhat way up to the board as well,” she notes, before. unclear. adding this has been a localised effort, Carolyn Bigg, head of privacy for While the pandemic and the poten- with every different country having Asia at DLA Piper, says the handing out tial impact on businesses may make up different rules around this. of big fines will mark the next front in the part of the reason, she suggests that this More broadly, as businesses increas- war to protect data. maybe by design. ingly work online, data privacy has sailed “So there’s there’s been certain “When the Singapore regulator first up the priorities list, demanding the places around Asia that have had new introduced the PDPA back in 2014, they attention of more senior staff. laws in the past few years, that maybe were very good at taking a measured “I have seen an increased focus up have provided for this high level of fine, approach to education first and then over to board level on these issues. I think but actually in reality there hasn’t been a period a time-shifted the focus from in Asia five years ago, you’d have had enforcement action, or they haven’t had education to more active enforcement. I very few minutes of a board’s time spent the resources within the regulator to wonder if that’s what they’re doing now,” discussing cyber and data,” says Bigg, actually start enforcing them,” Bigg says. she muses. adding, “Nowadays, my understanding Across the region, there are some A consistent market trend is the is for most boards its a regular agenda laws that “look more like GDPR than move to introduce mandatory breach item. We’ve had a lot of the industry others,” she notes. “Places like Thailand regulators have really been pushing for and the Philippines, they’re at too early this to become a board-level responsi- a stage to really be near implementing bility”.

14 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM VIRTUAL MASTERCLASS Ken Adams Drafting Clearer Contracts (Mar 2021)

2-Part Webinar Part 1: 29 March 2021, Monday 9am to 12pm (Singapore / Hong Kong / Beijing / Shanghai time) GMT +8 Part 2: 30 March 2021, Tuesday 9am to 12pm (Singapore / Hong Kong / Beijing / Shanghai time) GMT +8 6 Public CPD points (3 Public CPD Points Per Day) ALB is pleased to present internationally renowned contracts expert Ken Adams for a Practice Area: Corporate / Commercial 2-Part Virtual Masterclass. This hands-on masterclass explores how to draft contracts Training Level: General that express deal terms clearly and effectively, saving you time and money, enhancing SILE Attendance Guidelines: Participants who wish to obtain CPD Points are reminded that your competitiveness, and mitigating risk. Rather than simply lecturing, Ken uses they must comply strictly with the Attendance Policy set out in interactive exercises, encouraging participation and addressing practical considerations the CPD Guidelines. For this activity, this includes logging in at the start of the webinar and logging out at the conclusion of the related to the drafting process. This masterclass is valuable for both junior and senior webinar on each day of the activity, and not being away from any part of the webinar for more than 15 minutes on each day of legal professionals, with tips that apply to all contracts drafted in English, whatever the activity. Participants who do not comply with the Attendance Policy on any particular day of the activity will not be able to the governing law. obtain CPD Points for that day of the activity. Please refer to http://www.sileCPDcentre.sg for more information.

WHAT YOU’LL LEARN WHO SHOULD ATTEND SPECIAL OFFER • Practical skills from a global industry • Lawyers Special Discount For The Book leader • In-house counsel “A Manual of Style for Contract Drafting” • The problem with traditional contract • Paralegals and managers in law Each participant can purchase a copy of language firms and corporations the latest edition of Ken Adams’s book, • How efficient contract drafting can • Contract managers A Manual of Style for Contract Drafting benefit your business • Anyone who drafts, negotiates, or at a 30% discount. The seminar explores • The basics of rigorous contract reviews contracts issues addressed in detail in this one-of- language and layout a-kind book that has become a valued • Why revising your contract resource for the legal profession. process can improve contract language

THIS TWO-PART VIRTUAL MASTERCLASS COVERS: The state of contract drafting Layout Select Usages • Costs and causes of deficient • How to present sections, • Problematic words and phrases drafting subsections, and enumerated • Clearer alternatives • Goals for the program clauses Drafting as Writing • Using Adams’s enumeration The Front and Back of the • Some general principles of scheme Contract good writing that apply to • Issues of typography • Title and introductory clause contract drafting • Function and layout of recitals Using Defined Terms Bringing It All Together • Traditional recital of • Two kinds of definitions • Redrafting sample provisions consideration • Role of the definition section • Concluding clause • Using an index of defined Effecting Change • Role of exhibits and schedules terms • The individual • The organization Categories of Contract Language Ambiguity and Vagueness • Different categories of contract • Different kinds of ambiguity language and their function • How to avoid them • How to distinguish between • How to use vagueness categories • Why does it matter? BRIEFS CHINESE BANKS TIPTOE INTO ASIAN OIL FINANCE VOID (Reuters) Chinese national banks and Chinese banks like BOC and ICBC Australia’s Macquarie Group are quietly Standard have each extended hundreds filling some of the multi-billion-dollar of millions of dollars in credit to help hole in Asian oil financing after the with- fill the financing void, purchasing and drawal of traditional European lenders, finance directors at three Chinese inde- hurt by a raft of defaults and fraud alle- pendent refiners said. gations. “We used to prefer European banks Established financiers still taking as they were quicker in approving lines on oil transactions, such as France’s and offered flexible terms,” said a An oil tanker is pictured in the waters off Tuas BNP Paribas and Singapore’s OCBC, in Singapore July 15, 2019. REUTERS/Edgar Su Shandong-based refinery official, who have raised compliance standards and asked not to be named due to company are shying away from higher-risk small expand commodity credit in Asia and has policy. “Chinese credits were typically traders and refiners, according to inter- grabbed market share left by retreating more costly.” views with over a dozen trading and European rivals, oil executives said. Previously treated as a back-up banking executives. But the cutbacks have left lower-tier source of financing, Chinese lines now Beijing-controlled Bank of China, players - small traders and refiners that provided about a third of his company’s ICBC Standard and Agricultural Bank are critical links in Asia’s fragmented and annual credit needs of about $1.5 billion, of China are among the few institutions opaque oil markets – starved of credit added the official. that are expanding credit in the sector, just as hopes rise that vaccine rollouts Two senior Chinese banking offi- mostly as customers activate dormant will revive global fuel demand. cials said customers that pass internal lending facilities set up previously but “Many banks are going through risk assessments are receiving credit. left unused as they were viewed as too internal restructuring or taking a wait- The business is “expanding as others expensive or restrictive. and-see stance, or being a lot more retreat,” one added. Long-time commodity financiers selective in borrowers and their coun- But banks remain on alert for “risky” like the Netherlands’ ABN Amro and terparties,” said Eric Chen, director of commodities clients, such as small ING Group, France’s Natixis and Societe business development at trade-focused refiners and smelters in China’s eastern Generale, and regional players DBS fintech firm GUUD. industrial province of Shandong, where and CIMB have all slashed commodity “And corporate governance has tangled cross-ownership guarantees lending in Asia after last year’s coro- become a top focal point.” between businesses are common and navirus-led oil price crash triggered a Even Macquarie’s oil finance team, pose a risk of default contagion if any string of defaults that rattled the global which executives said contains 10 single entity fails. To overcome lender oil trading community. seasoned former traders, is “doubling wariness, scores of small traders in Australia’s Macquarie, largely the time spent on due diligence on Singapore have been forced to reduce unscathed by the default turmoil, is each client and each transaction,” said the scale of their activities or put up tens one of the few established players to a source close to the bank. of millions of dollars as collateral.

be applying to the Legal Services Regulatory Authority for a foreign legal practice (FLP) CAM OPENS FIRST OVERSEAS license in due course. “The Singapore [office] will help in increasing accessibility and connectivity OFFICE IN SINGAPORE between CAM and its global clientele, and will enhance its network amongst Singapore and Cyril Amarchand Mangaldas (CAM), India’s regional clients,” the firm said in a statement. largest law firm, has opened a representative CAM becomes the latest Indian law firm office in Singapore. to open a representative office in the city-state. According to a statement from the firm, the Firms such as Kochhar & Co, Nishith Desai office will be led by a senior CAM alumnus, who Associates and private equity boutique Lexygen will be based full-time in Singapore. The firm will currently maintain offices in Singapore.

16 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM BRIEFS

NORTH ASIA AND SOUTHEAST ASIA/SOUTH ASIA LEAGUE TABLES

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

Value Market Value Market Rank Legal Advisor ($MLN) Deals Share Rank Legal Advisor ($MLN) Deals Share 1 Jia Yuan Law Offices 19,206.7 7 15.4 1 CITIC 18,900.3 17 15.2

2 Linklaters 7,940.3 3 6.4 2 CCIC Finance Ltd 18,458.0 4 14.8 3 Nagashima Ohno & Tsunematsu 7,568.1 9 6.1 3 Citi 8,148.3 6 6.6 4 Covington & Burling 5,675.8 2 4.6 4 JP Morgan 7,940.3 2 6.4 5 Baker Mckenzie 4,444.1 3 3.6 5 Nomura 7,838.6 19 6.3 6 Anderson Mori & Tomotsune 3,205.5 4 2.6 6 Morgan Stanley 7,392.5 10 5.9 7 Sullivan & Cromwell 2,594.1 2 2.1 7 Qatalyst Partners 5,675.8 1 4.6 8 Simpson Thacher & Bartlett 2,491.8 2 2.0 8 Goldman Sachs & Co 4,422.4 6 3.6 9 Fangda Partners 2,255.4 13 1.8 9 Daiwa Securities Group Inc 3,148.0 9 2.5 10 Davis Polk & Wardwell 1,916.7 2 1.5 10 Sumitomo Mitsui Finl Grp Inc 3,114.9 20 2.5

(*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 440 405.6 5,000 Transactions of No. 373.7 353.4 324.2 340 4,000 268.4 279.7 280.3 276.0 277.8 252.9 243.9 256.1 243.5 254.8 248.7 218.7 229.6 219.6 197.7 3,000 240 200.6 191.5 168.0 173.8 161.8174.8 164.8 149.5142.8 137.9 2,000 115.2122.8 124.4 140 93.5 1,000

Rank Value US$ Billion 40 0 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 1Q 20 3Q 20 1Q 21

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

Value Market Value Market Rank Legal Advisor ($MLN) Deals Share Rank Legal Advisor ($MLN) Deals Share 1 Skadden 8,309.0 3 27.5 1 Goldman Sachs & Co 10,073.9 4 33.4

2 Khaitan & Co 5,142.3 9 17.0 2 Morgan Stanley 6,259.0 2 20.7 3 Latham & Watkins 3,784.0 3 12.5 3 Credit Suisse 6,195.9 3 20.5 4 Cyril Amarchand Mangaldas 3,745.9 10 12.4 4 JP Morgan 5,360.0 4 17.8 5* Cleary Gottlieb Steen & Hamilton 3,584.0 1 11.9 5 BofA Securities Inc 4,070.8 3 13.5 5* Nishith Desai Associates 3,584.0 1 11.9 6 Citi 3,741.4 3 12.4 5* Davis Polk & Wardwell 3,584.0 1 11.9 7 Jefferies LLC 2,753.0 3 9.1 8* Vinson & Elkins LLP 3,094.9 1 10.3 8* Sullivan & Cromwell 3,094.9 1 10.3 8 Connaught St Michaels Ltd 2,675.0 1 8.9 10* Squire Patton Boggs LLP 2,675.0 1 8.9 9 Barclays 2,096.3 7 6.9 10* Arnold & Porter 2,675.0 1 8.9 10 Centerview Partners LLC 2,050.0 1 6.8

(*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 Southeast Asia / South Asia Involvement Announced M&A Activity - Quarterly Trend*

Series1 Series2

210 1,600 of Transactions No. 178.8 1,400 160 1,200 118.1 1,000 110 85.0 85.6 800 77.3 79.9 74.5 75.1 82.2 74.7 64.0 65.9 68.3 73.6 70.1 72.9 73.7 66.4 70.8 74.1 600 52.7 53.5 61.8 60 39.0 44.2 47.5 42.1 46.7 41.8 48.3 44.6 47.3 400 26.0 200

Rank Value US$ Billion 10 0 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 1Q 20 3Q 20 1Q 21

*League tables, quarterly trends, and deal lists 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: China, Hong Kong, Japan, South Korea, Taiwan; SOUTHEAST ASIA: Singapore, Malaysia, Philippines, Thailand, Vietnam, Brunei, Cambodia, Indonesia, Laos, Myanmar, Timor-Leste; SOUTH ASIA: India, Afganistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan, Sri Lanka. Data accurate as of 3 March 2021.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – MARCH 2021 17 INTRODUCING: The ALB India Brief The ALB India Brief is a first-of-its-kind product in the India legal market, a weekly newsletter sent to paying subscribers. This ad-free premium newsletter combines analysis of business news and trends from a legal perspective, news and updates from the legal industry around the world and links to stimulating articles on legal practice and law firm management. Below is a sample article from one of the trial issues. The trial period might have already ended, but if you would like to request a more recent issue for free, please email [email protected].

Musk or no Musk, India’s crypto hopes appear headed for heartbreak

(By Elizabeth Beattie) Cryptocurrency, and in particular Anirudh Rastogi, founder and managing partner of bitcoin, is having quite the moment. On Tuesday, it vaulted Ikigai Law, says the market has been affected by this ambi- above $50,000 for the first time, continuing a rally that guity, with bitcoin prices in India falling by “seven to eight has seen it rise nearly 900 percent since March 2020. percent in the first week of February.” Reuters reported that most of the gains coming after elec- “The only thing which is officially confirmed right tric carmaker Tesla, owned by the outspoken entrepreneur now is that the government is expected to introduce the Elon Musk, said it had bought $1.5 billion in bitcoin. bill in the second part of the ongoing Budget Session. Tesla also said it would accept bitcoin as payment, Exactly when this bill will be tabled in Parliament, what Reuters added, noting that it was just the latest in a string does its text look like, what is the exact scope of the ban of large investments into the cryptocurrency “that have imposed — none of these details are currently available,” vaulted bitcoin from the fringes of finance to company Rastogi says. balance sheets and Wall Street, with U.S. firms and tradi- “The market has been trying to engage productively tional money managers starting to buy the coin.” with the government on the issue of banning cryptocur- The crypto craze has not left India untouched. A report rency. Industry members have repeatedly made requests in the Business Standard last week found that WazirX, one to the government to hold a consultation process before of the country’s leading cryptocurrency exchanges, had passing a law imposing a blanket ban on cryptocurrency,” seen daily trading volumes in bitcoin double to 2,000- Rastogi adds. 2,500 from 1,000-1,250 a fortnight previously. And there’s This is not the first time India has looked to clamp down interest from overseas: For example, rapper Jay-Z has on private cryptocurrencies. Back in 2018, a government launched a bitcoin development fund with Twitter founder panel recommended such a ban, but this was subsequently Jack Dorsey that will focus on cryptocurrency adoption in challenged in the Supreme Court by several exchanges India and Africa. Reuters reported the duo will invest 500 and traders, and the court ruled in their favour. bitcoin, currently worth around $24.5 million, in the project. Rastogi says that many “progressive jurisdictions” However, that party might come to an end soon if the have regulated cryptocurrency instead of banning it, Cryptocurrency and Regulation of Official Digital Currency including Singapore, the UK, the Netherlands, and Japan. Bill, 2021, gets passed. The bill threatens to ban private But when it comes to legality, Rastogi says India cryptocurrencies in India, although at this moment there appears to be “following China’s legal position on cryp- are few details around scope for investors to go on. We tocurrency, to the extent that it wants to ban private cryp- know that it outlines the introduction of an “official digital tocurrency trading and only have a central bank digital currency” for India, to be issued by the central bank. And currency.” the agenda, published online, says the legislation seeks to But China has not banned cryptocurrency completely, “prohibit all private cryptocurrencies in India,” while at the as it allows users to own cryptocurrency, he adds. “If imple- same time, allowing for exceptions to promote the under- mented, India’s proposed ban would go beyond China’s lying technology of cryptocurrency (blockchain) and its uses. legal position,” Rastogi notes.

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each country and jurisdiction where their companies operate or plan to expand to,” he notes. “WLG carefully selects members in each jurisdiction in which we operate, and our members are well- established regional firms that can help GCs navigate the local legal and political system. And, our members know each other well and have developed a level of trust with each other that is unmatched, and not common in mega-firms. We’ve always called ourselves a “best-friends network” and believe the relationships our lawyers have built over the years has tremendously helped us better serve clients on a global scale.” Then, there is technology. “Even pre-pandemic, technology and the related privacy, data and cyber security issues were big concerns for general counsel,” says Traichel. “Now, with so many companies managing remote and hybrid workforces, there is a whole new piece to the puzzle. With the implemen- tation of GDPR in 2018 and the global ripple effect, WLG’s Privacy & Data Protection Group has been a great resource for members to discuss how to comply and what the future may hold for jurisdictions outside of the EU.” Another area is employment and HR. “Working with Human Resources to navigate employment issues including furloughs and layoffs, managing teams SHOWING THE WAY that are remote or hybrid, and preparing In today’s world, general counsel face an ever-increasing demand for bringing employees back to the office to manage exponentially more risks, involving greater complexity, safely,” says Traichel. “As an example, our Human Resources Law Group in much shorter time frames and with more potential impact on recently collaborated on an Employer business performance. As expectations upon them evolve, law firm COVID-19 Vaccination policies Q&A, networks are assisting GCs in making their organisations more in which our firms discuss whether or agile and effective. BY RANAJIT DAM not employers can require a vaccine for employees to return to work, and if employees could refuse. As vaccines roll Even before the COVID-19 are beginning to realise this, and as a out, we’ll be updating this Q&A. pandemic impacted corporations the result, rolling out tools and initiatives Finally, Traichel highlights ESG world over, general counsel were finding to help general counsel in making their and corporate social responsibility. “In their roles becoming increasingly chal- organisations more agile and effective. consequence of a fast-changing social, lenging, moving from simply providing Traichel talks about a few aspects political and legal environment, ESG is legal advice to making strategic deci- of the GC’s role that WLG’s initiatives are becoming an important part of corpo- sions and helping to manage risk. “To targeting. First up is globalisation. “As rations’ long-term strategic plans and say their plates are full right now is an cross-border and multi-national matters reporting obligations, and general understatement,” says Christian Traichel, become more commonplace, GCs must counsel are a key change agent for this, a partner at Taylor Wessing in Germany understand – or have boots on the which includes requiring their service and president of World Law Group ground to help them understand – the providers to do the same,” he notes. (WLG). Law firm networks such as WLG political and cultural environment within “In-house counsel are now faced with

20 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM LEGAL NETWORKS considering not only financial and legal positive natural impact on CSR,” says who are reaping the benefits of the issues, but also what is right in terms of Traichel. “However, one of the main goals network, but all lawyers and profes- the environmental and societal impact of the current WLG Board of Directors is a sionals within our member firms… and on decision-making.” network-wide CSR initiative, in which we their clients,” Traichel notes. “We’ve not proactively do more. We launched a CSR just focused on internal offerings and PANDEMIC PUSH Forum to allow member firms to discuss trainings for member firm lawyers and Traichel points out that while general and share best practices with each other professionals, but also webinars, publi- counsel have certainly dealt with many and plan for a WLG network-wide initia- cations and other resources that firms’ of these issues pre-pandemic, COVID-19 tive. Of course, when we can meet again clients can directly benefit from as well.” has most definitely exacerbated the in-person, CSR will play a role in how we Traichel believes that by better challenges they previously faced. “In organise our in-person events.” educating WLG’s member firms about addition to the initiatives I discussed According to Traichel, WLG’s 16 best practices from their global peers, earlier, WLG has taken a number of steps practice and industry groups are a key they are better positioned to help to help our member firms assist GCs in tool for its members to share knowledge their clients adapt. “While this is new navigating these challenges,” he notes. and discuss important legal changes for everyone, different countries are “Similar to the vaccine Q&A, we’re plan- that will affect cross-border clients. handling the situation differently and ning to do more of these quick global He adds that the WLG Board all are at various stages in the process Q&As that member firms can share with of Directors, Group and Committee of controlling this pandemic and moving their clients. One we currently have in Leaders, and Staff Team are constantly beyond it,” he says. “Firms are also the works will address employment and reviewing our programs, communica- discussing the lessons learned and new compensation issues that companies tions, and outreach to member firms. initiatives put in place to manage the facing insolvency will likely deal with.” “We’ve taken a dig-deep approach challenges thrown at them this year and He highlights the CSR issue as an within our member firms over this past what aspects of those new processes interesting one. “I suppose by the nature year to make sure it’s not just our Key they may opt to keep in place post- of remote work, there has been quite a Relationship Managers within the firms pandemic due to their success.”

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WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – MARCH 2021 21 COVER STORY

Mergers & acquisitions (M&A) plays an instrumental role in shaping the economy. Over the years, M&A deals have expanded both in scale, frequency, and complexity. Given the COVID-19 pandemic’s impact on deals execution, the economic uncertainty, coupled with strengthened antitrust laws across jurisdictions, M&A lawyers will have to leverage their skills to navigate these testing times. In this inaugural ranking, we celebrate the top M&A lawyers who demonstrate practical experience and overcome the numerous challenges to complete the deals.

BY ASIAN LEGAL BUSINESS, WITH ADDITIONAL REPORTING FROM REUTERS

22 ASIANASIAN LEGAL BUSINESSBUSINESS – MARCH 2021 WWW.LEGALBUWWW.LEGALBUSINESSONLINE.COMSINESSONLINE.COM COVER STORY

As vaccinations occur globally and “COVID has dramatically acceler- the threat of the COVID-19 pandemic ated digitalisation, e-commerce and recedes, dealmakers are beginning to fintech,” Jung Min, co-head of merger feel more optimistic about M&A in the “We work closely and acquisitions (M&A) at Goldman Asia-Pacific region in 2021. According with clients not only Sachs in Asia, excluding Japan, was to Reuters, coronavirus-spurred growth quoted as saying in the Reuters report. in the technology sector will help drive to ensure that they “Companies that have benefited M&A activity in the Asia-Pacific this act prudently, but are now suddenly much larger in size year, citing predictions from bankers and financial scale, creating signifi- and lawyers, with the potential easing also to help them cantly more potential to make stra- of Sino-U.S. tensions likely to revive navigate through these tegic investments,” he added. “Industry Chinese outbound investment. disruption, change and transformation Deals involving Asia Pacific firms challenges. Since will continue and drive the larger trans- totalled $1.2 trillion in 2020, up 12 meetings in person actions.” percent from 2019, reports Reuters are not convenient, all In the latest such move, Qatar’s Seven of the year’s 10 largest trans- telecoms company Ooredoo and Hong actions were announced in the third parties concerned need Kong conglomerate CK Hutchison quarter, which in total accounted to rely on technologies Holdings are exploring a deal to merge for 40 percent of the year’s deals by their units in Indonesia, the world’s value. High technology and telecom- and virtual meetings.” fourth most populous country, Reuters munications companies surged to a 23 — Weerawong Chittmittrapap, said. Samson Lo, UBS’ head of Asia percent share of deal value, up from Weerawong, Chinnavat & Partners M&A, was quoted as saying that the 14 percent last year, while retail and outlook for China outbound deals was consumer products and services firms positive, despite persistent regulatory also reported growth, Reuters added. pushback from many countries. “There

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WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – MARCH 2021 23 COVER STORY

continues to be an appetite for good M&A deals in 2020, followed by quality assets in Europe,” he said. Goldman Sachs and CICC. ROBERT ASHWORTH In a report published in January, Freshfields Bruckhaus Deringer law firm Allen & Overy flagged the JURISDICTIONAL TRENDS potential return of Chinese healthcare Luky I. Walalangi, founder and sector investors to the U.S. market managing partner of Indonesia’s JACQUELINE CHAN for the first time in many months on Walalangi & Partners, was named as Milbank easing trade tensions, Reuters noted. one of ALB’s Asia Top 15 Lawyers. When Antagonism between Washington asked about the trends he saw in his WEERAWONG CHITTMITTRAPAP and Beijing over the past year under home jurisdiction in the past year, he Weerawong, Chinnavat & Partners outgoing President Donald Trump has said it was a “mix of (i) inbound invest- hampered deals. Investors say the Biden ments, focusing on project development administration may not mean an instant of real property, TODs and energy (ii) SANDY FOO thaw in relations, but will likely provide few foreign divestment from leasing and Rajah & Tann Singapore a more predictable policy approach. multi-finance companies (iii) internal Dealmakers are also counting restructuring of various group compa- ERWANDI HENDARTA on a steady pipeline of cross-border nies to maximise the synergy effects Hadiputranto, Hadinoto & Partners deals involving Asian companies’ stra- within the groups and to optimise their tegic investments as well as divest- positions in the markets and (iv) signifi- ments of multinational companies in cant increase of interests on smart IAN HO the region, said Reuters. “We expect urban facilities development and utili- Simpson Thacher & Bartlett cross-border activity to be a promi- sation of artificial intelligence.” nent feature, although it’s unlikely to However, there were notable chal- HAIGREVE KHAITAN be China outbound driven like in years lenges. “Lack of face- to face meetings Khaitan & Co. past,” Richard Wong, Morgan Stanley’s during the pandemic causes negotia- Asia Pacific head of M&A, was quoted tion between the parties longer time to as saying. “We expect it to feature Asian complete; particularly because online JOON KIM sellers of overseas assets ... or highly meeting poses its own challenges Kim & Chang selective strategic acquisitions over- for parties to convey their messages seas.” across,” said Walalangi. “To overcome China and Japan led Asia’s M&A these challenges and to help the parties RAGHUBIR MENON growth in 2020, against a 5.5 percent to achieve their goals, we excitingly and Shardul Amarchand Mangaldas & Co. decline globally. China, the world’s happily expand our roles not only as second-largest economy, recovered ‘legal counsels’ of the clients, which YO OTA strongly from the earliest coronavirus was a typical role before the pandemic, Nishimura & Asahi outbreak with a 28 percent increase in but now to also serve as a ‘bridge’ of deals from 2019, said Reuters. Japan communications between our clients contributed half of the region’s mega and the counterparties and to help ASHWATH RAU deals worth $5 billion or more, including them accomplish their commercial AZB & Partners Nippon Telegraph and Telephone Corp’s deals. We do expect this to continue $40 billion tender offer for NTT Docomo. in the future.” JONATHAN B. STONE Private equity-backed deals in the Meanwhile, in Thailand, in most Skadden, Arps, Slate, region reached a record high of $129 industries other than hospitality and Meagher & Flom billion, up 51 percent year-on-year, real estate, M&A was at the same Reuters noted, adding that despite level as the previous year, according the deal bonanza, M&A fees dropped to Weerawong Chittmittrapap, senior TRAN TUAN PHONG to a five-year low of $4.2 billion as partner at Weerawong, Chinnavat & VILAF fewer transactions were completed Partners, and another of ALB’s Asia this year compared to 2019, Refinitiv Top 15 Lawyers. “However, there were LUKY I. WALALANGI data showed. not many M&A deals in the hospitality Walalangi & Partners Dealmakers have also cautioned and real estate sectors, which were hit that China’s latest anti-trust crack- hardest by the COVID-19 pandemic, down on its tech companies could be as many may have expected,” he says. GRACE C.G. YEOH deterrents in future M&A, Reuters said, “This was due in part to the belief that Shearn Delamore noting that Morgan Stanley topped the the situation in these sectors, which region’s league table for announced rely heavily on tourism and people’s

24 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM BROUGHT TO YOU BY WALALANGI & PARTNERS In conversation with Luky I. Walalangi – One of ALB’s Top 15 M&A Lawyers in Asia

Can you tell us about some of your notable work Before COVID-19, due to heavy traffic in Jakarta, we in the past year? could manage to attend only maximum 3 meet- ings a day and now we able to complete up to 6 • Counsel to Mitbana Pte Ltd, a joint venture meetings a day through online. We continuously company of Mitsubishi Corporation (MC) and upgrade and invest in cutting-edge safe tech- Surbana Jurong (SJ), in the biggest and first- nology system to allow our lawyers and clients to of-its-kind integrated smart and sustainable discuss and share documents impeccably without Transit-Oriented Developments (TODs) in BSD interruption. City, where the Project transform hundreds of hectares of greenfield land into TODs, including Clients today have higher requirements when railways and public transport nodes, which Luky I. Walalangi it comes to the services they receive from their expand BSD’s population of 200,000 residents. Founder and Managing Partner lawyers. Can you provide an example or two of • Counsel to Tokyo Gas Asia Pte. Ltd in the acqui- E: [email protected] how you went the extra mile for your clients? sition of PT Super Energy Tbk (SE), a publicly- listed Indonesian company, PT Energy Mina Walalangi & Partners We develop and invest in long-term relationships Abadi and PT Gasuma Federal Indonesia and (in association with Nishimura & Asahi) as we fully recognize that our clients’ success crit- PT Bahtera Abadi Gas. SE Group’s plans to Pacific Century Place, 19th Floor ically corresponds to our future growth. When pursue reductions of CO2 emissions in the Jalan Jenderal Sudirman Kav. 52-53, providing the services, not only that we advise country are consistent with Tokyo Gas Group’s SCBD Lot. 10, Jakarta 12190, Indonesia our clients of the rules, but we always take it management strong vision of “Compass 2030”, T: (62) 21 5080 8600 further by applying our exceptional knowledge which envisages the expansion and diversifi- F: (62) 21 5080 8601 and expertise to offer strategic, comprehensive cation of its global businesses and the realiza- W: www.wplaws.com legal solutions in each relevant area of practice tion of a net zero CO2 emission society. that advance our clients’ business goals. In an • Counsel to Nippon Steel & Sumitomo Metal independent legal directory, one of our clients Corporation in their joint acquisition with How did COVID-19 impact your practice? How was quoted “ Extremely responsive and always ArcelorMittal SA of Essar Steel India Limited, did you look to adapt to these changes? offer highly competent advice and commercial, which owns PT Essar Indonesia, which involves exactly what you would expect from a highly the payment of a total of US$5.73 billion Surprisingly, working from home for almost a year regarded practice and more. The quality of legal towards Essar Steel’s debt and additional now allows us to be more productive, in the sense service and support is better than what you can investment of US$ 1,1 billion for Essar Steel’s that we now able to complete meetings with clients probably get from larger Indonesian firms with a operations and profitability. more in a day compared to prior COVID-19 period. longer track record”.

confidence in the country’s economic strategic advice as a trusted advisor situation, will significantly improve after to our clients, with in-depth under- people in Thailand and elsewhere have standing of their business and the risks easy access to COVID-19 vaccines.” involved, mindful of the economic and Weerawong also reports chal- “We excitingly and financial context.” lenges to dealmaking in the past year. happily expand our Weerawong says that after intro- “Investors are more concerned with risk roles not only as ducing a work-from-home policy for management, so often more robust dili- lawyers and staff, the firm was able gence is required and more factors are ‘legal counsels’ of to continue with business as usual. considered in valuations,” he notes. the clients, but now “Virtual meetings have been widely “We work closely with clients not only accepted and welcomed by our clients to ensure that they act prudently, but to serve as a ‘bridge’ and this is expected to continue because also to help them navigate their way of communications the major advantage of this technology through these challenges. Since meet- between our clients is the elimination of transportation ings in person are not as convenient as time,” he says. before, all parties concerned need to and the counterparties rely on technologies and virtual meet- and to help them KEY ATTRIBUTES ings to maintain communications.” What would be important attributes He feels that the pandemic has accomplish their of successful transactional lawyers caused clients relationships to evolve. commercial deals.” in the Asia-Pacific region today? “Our relationships with clients have Erwandi Hendarta, senior partner at been enhanced as we have been able — Luky Walalangi, Hadiputranto, Hadinoto & Partners, and to advise them on the opportunities and Walalangi & Partners also one of ALB’s Asia Top 15 Lawyers, challenges presented by the unprec- says a diverse mix of skills is necessary. edented events of the past year,” says “The world is more complex today with Weerawong. “We continue to provide the intersections of many things, he

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – MARCH 2021 25 COVER STORY

says. “I was fortunate because I spent and find the right balance between the the formative years of my career outside opposite interests,” he notes. METHODOLOGY law. I trained and worked in the central For Weerawong, to be successful, Evaluation Process bank of Indonesia (Bank Indonesia) lawyers need to step into the shoes After research and the verification of facts and as an investment banker with of the client to see things from their in the nomination forms, all documents will be sent to an independent internal judging Schroders. Also, I benefitted greatly perspective. “The main components of panel for evaluation. from getting the MBA and LL.M. educa- a transaction can be learned through tion in the United States. By having workshops and seminars, but the right Evaluation Criteria 1. Significant deals handled in entire that background, I learned, appreci- mindset and practical experience are career ated and got to enjoy the interlocking required to understand the finer points 2. Significant deals handled in the last of regulatory, business and law. For me, and nuances required for a successful 18 months (from July 1, 2019 to Dec. 31, 2020) the ability to synthesize different yet closing,” he says. 3. Key clients and New clients intertwined aspects of a transaction is The right law firms can also help 4. Significant accolades / third-party hone these skills. “The firm has courses award or recognition 5. Client recommendations and and events so our lawyers are exposed comments to the different aspects of a transac- 6. Comments from managing partner or tion,” says Hendarta. “And the firm colleague being a member firm of Baker McKenzie The evaluation is based on the “A lawyer is only naturally gives us considerable global following factors: exposure.” • Magnitude (Deal size): The value of a frame maker. each deal-size, calculated in USD; Walalangi says that at W&P, • Complexity and breadth: The degree The businesspeople are lawyers are “continuously honing these to which the work required the crucial the painters. A lawyer skills, either through internal train- exercise of legal expertise, business ings and, depending on his/her levels, acumen, or innovative solutions. The can be an excellent breadth means the degree to which through direct involvement in various the work involved numerous jurisdic- frame maker but aspects and stages of transactions.” tions, legal practice areas, parties and In terms of advice to aspiring young industries; without understanding • Diversity of M&A experience: The transactional lawyers starting out, diverse natures/categories across the the painting, the frame Walalangi says that he believes that deals that you have represented. For example, major takeover, public M&A, that you put around everyone has his/her unique career privatisation, major spin-off, VC fund- path. “Nonetheless, one should use all raisings, JV establishment, etc.; the painting will not circumstances and experience to learn • Significance: The degree to which industry players or the region may be achieve its purpose, and to grow, because as Brian Herbert affected by the deal; which is to show the said, while the capacity and ability to • Clients experience: Clients’ recom- learn is a gift and a skill, yet the will- mendations about the candidate will beauty of the painting.” be reviewed and scored based on the ingness to learn is always a choice,” he says. following criteria of the candidate: — Erwandi Hendarta, — Response rate and efficiency Meanwhile, Weerawong says that — Understanding of client’s busi- Hadiputranto, Hadinoto & Partners ness strategic goals in each deal; lawyers should read about a wide variety Personalisation of deal strategies of business topics and develop their tailored to the client active listening and other soft skills. — Ability to give sound commercial recommendations “Set goals and be focused and deter- — In-depth knowledge, cross-practice mined in meeting them,” he advises. expertise a key attribute, more so in the world now And Hendarta draws an analogy. — Anticipation and management of risks for clients; where so many aspects converge. Also, “A lawyer is only a frame maker,” he • Sustainable Values: The degree to having lived abroad I enjoy interacting says. “The businesspeople are the which the deals take into account with diverse foreign clients.” painters. A lawyer can be an excellent environmental, social and governance (ESG) factors or to create long-term Walalangi feels that while legal frame maker but without understanding sustainable values; skills are important, they make up just the painting, the frame that you put • Innovation: The degree to which the one of the various elements. “Another around the painting will not achieve its work involved applying creative solu- tions to tackle the current impacts of aspect that is equally crucial is the purpose, which is to show the beauty of Covid-19 pandemic or to transform the ability to carefully listen as to really the painting. So, aspire to know the law organisational capabilities. It can also grasp the real intention of the parties, at its fullest, but at the same time be a include using technology, or analytics to uncover opportunities and risks in which may not always be immaculately curious person wanting to understand each deal. expressed, and subsequently deliver it other aspects of the clients’ businesses across to the other side and negotiate as well.”

26 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM BROUGHT TO YOU BY HHP LAW FIRM

In conversation with Erwandi Hendarta – One of ALB’s Top 15 M&A Lawyers in Asia

What have been some of the big trends so I have been training and equipping you have witnessed in the M&A space my team to own responsibilities and to – either in Indonesia or regionally – in have a certain level of autonomy to react the past year? How did these impact accordingly in the “battleground”. This your practice? proves very fruitful when you do not have the usual supervision visibility. It is not surprising that the brightest silver lining has been the increase of Paradoxically, during this pandemic we digitilization. It opens up many possibil- find that we have more time to do many ities from doing fintechs to data centers. transactions because we did not spend The impact is that it requires lawyers to Erwandi Hendarta time in traffic jams. Since the pandemic be more sophisticated and to have the Senior Partner started in February last year we have ability to synthesize things, to see things E: [email protected] handled and closed many M&A trans- as interlinked and in holistic ways. actions. Virtual meetings are great for HHP Law Firm big transactions. In the recent merger Tell us about some of your notable Pacific Century Place, Level 35 of three banks to become Bank Syariah deals from the past 12 months. Can you Sudirman Central Business District, Indonesia Tbk., we had many virtual talk in detail about one or two inter- Lot 10, Jl. Jendral Sudirman Kav 52-53 calls, on one occasion with 110 attendees. esting ones, and the role you played Jakarta 12190, Indonesia Even with many attendees, virtual meet- in them? T: (62) 21 2960 8888 ings started and ended punctually. F: (62) 21 2960 8999 The twin but separate transactions of the W: www.bakermckenzie.com Clients today have higher require- sale of Bank Permata Tbk. by Standard ments when it comes to the services Chartered Bank and Astra International of the pandemic, from the start until the they receive from their lawyers. Can Tbk. to Bangkok Bank are perfect exam- completion of the transaction, which you provide an example or two of how ples. This USD 2.14 billion deal was a increased the executional efficiency, you went the extra mile for your clients? complex cross-border M&A transaction taking only around six months. involving parties from the UK, Thailand I was an investment banker so I was a and Indonesia. I was trusted as the In doing complex M&A transactions, I felt client of lawyers. In fact, I still maintain a lead partner to represent both SCB and that my unique background and wide- “client mentality” even though I am the Astra (a big Indonesian conglomerate). ranging experience as an ex-regulator, lawyer now. After all, we are all a client I proactively guided all parties through an investment banker and now a lawyer, of somebody. We are in the service busi- complex regulatory issues and was able as well as the combination of MBA and ness and service is not transactional, but to structure the sale of the 89.12% shares LL.M. education, enabled me to provide it relies on a mutual trusting relation- through a one-step sale. cross-disciplinary, commercial, and stra- ship. It naturally becomes like a friend- tegic approaches that are greatly valued ship, so you do not feel that you are going Immediately after the completion of the by clients. the extra mile when you do your best for sale, I was appointed to do the complex the clients. business transfers from Bangkok Bank’s What challenges did COVID-19 bring to branches to Bank Permata Tbk. I was your work? How did you look to over- What motto do you live by? appointed because this transaction come these challenges? followed the path of HSBC - Bank Always try to treat others as you want to Ekonomi (the first business integration The greatest challenge is that you no be treated. I find this motto is liberating ever done) which I led in 2017. From a longer have the luxury to be in the same because it is proactive and not reactive. business point of view, a full business space as your team in leading multiple You are the one that is in control. Being integration is a merger, but legally it transactions. This is when you realize the in the service business, the motto means cannot use a merger framework because utmost importance of investing in good once you are being appointed, you just a branch cannot merge into a subsidiary. training and building trust-based rela- strive to give the best service because This is also the first transaction at this tionship in your team. I have always been you expect the same from your service scale that was done fully virtual because a big believer of “distributed leadership”, providers.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – MARCH 2021 27 SHIPPING REBUILDING RELATIONSHIPS With Brexit finally done, the UK and Singapore recently signed a free trade agreement to establish post-Brexit arrangements. Lawyers say the UKSFTA is an important development that will lay the groundwork for more to come. BY ELIZABETH BEATTIE

Given that the two countries have important historical and trade ties, strengthening the UK-Singapore rela- tionship was always going to be a priority post-Brexit. Singapore has long served as the UK’s gateway to Southeast Asia, and with both sides hoping to deepen economic relations, the UK-Singapore Free Trade Agreement (UKSFTA), signed late last year, was the first step forward. Peter Doraisamy, managing partner of Singapore law firm PDLegal, says the post-Brexit UKSFTA agreement mirrors the terms of the European Union-Singapore Free Trade Agreement uptick in trade between Singapore and disruptions (if any) in customs and (EUSFTA), signed in October 2018, the UK,” Doraisamy predicts. cargo operations arising from Brexit,” but Brexit will change relationship “This would mean more tonnage Alexander and Chua note. dynamics. being transited through Singapore, The lawyers observe that Singapore “It is anticipated that with the further cementing Singapore’s position places significant importance on current post-Brexit tariffs between the as a regional trading hub in Southeast ensuring continuity in its trades, espe- EU and UK, and the harsh reality of a Asia and the West. With the currently cially during the COVID-19 pandemic. post-Brexit trade deal with the EU, there unstable geopolitical climate between And with the UK one of Singapore’s top will be significant degree of import by the West and China, it is possible for trading partners in Europe, the UKSFTA the UK from sources outside of the Singapore to further develop its role “is particularly important in maintaining EU, for example, through Singapore,” as the Asian middle-man, transacting the trade relations between the two Doraisamy says, noting under the goods sourced in China, but made in nations.”‑“For example, the UKSFTA UKSFTA, Asian food products made in Singapore for the UK market,” Doraisamy will do away with unnecessary tech- Singapore continue to be able to enter adds. nical barriers to trade for Singapore and the UK tariff-free, up to a combined Leon Alexander, partner, and UK exporters,” Alexander and Chua say, annual quota, and under the flexible Hannah Chua, senior associate, at Clyde noting the flexible, liberal rules of orig- rules of origin, “there is no need that the & Co Clasis say the UKSFTA is a sign of inal will provide “entry of key exports to ingredients used are grown or produced progress. each other’s markets.” in Singapore, merely that the products “The UKSFTA rates well in terms of “In addition, the UK will also grant are made in Singapore.” recognising the evolving global trading Singapore enhanced access to city- With non-tariff barriers reduced environment and facilitating documen- level and municipal-level government across major key sectors such as elec- tary and cargo clearance for shipments. procurement opportunities. This means tronics, motor vehicles and vehicle parts, For example, the UK and Singapore will that companies in Singapore may bid pharmaceutical products, and “given move towards recognising each other’s for more government projects in the Singapore’s status as a stable country authorised economic operator (AEO) UK, an opportunity that will no doubt with an outward-looking and laissez- schemes within two years. These meas- be welcomed by companies in transport faire attitude toward trade, it is antic- ures help to give the shipping industry and logistics industries,” Alexander and ipated that there will be a significant assurance that there will be minimal Chua add.

28 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM BROUGHT TO YOU BY PDLEGAL LLC ADVOCATES & SOLICITORS

The Asian Commodities Watergate; A Code for Transparency

Following the collapse of commodities giants is sufficient transparency and control in respect of the Agritrade International Pte Ltd (“Agritrade”) and financed transactions, goods and receivables. Hin Leong Trading (“Hin Leong”), the fragility of the Industry Collaboration: It is envisaged that there will commodities market became painfully clear, with finan- be collaboration initiatives in the Singapore commodity ciers, banks and traders alike scrambling to secure cargo finance sector from time-to-time which Lenders are amounting to millions in trade financing. expected to participate, where relevant, including initia- In the aftermath of the fall-out amidst crim- tives to enhance risk identification and mitigation. inal charges being contemplated and made against key personnel in both Agritrade and Hin Leong, the Commentary: It is arguable that the Code reflects the trade finance sector issued a Code of Best Practices – commodity trading sector’s determination to clean up Commodity Financing (the “Code”)1 to articulate key the industry, and to ensure that Lenders trade pre-domi- principles governing prudent commodity trade financing nantly with traders who are willing to be transparent practices that financial institutions regulated by MAS Peter Doraisamy about their trading practices. should be guided by. Managing Director The thrust of the best practices, in essence, is for The Code seeks to reign in errant lending, uphold the E: [email protected] Lenders to get to know their client better. integrity of the commodity trading sector and promote It is hoped that with better transparency in accountability amongst Lenders, and covers best prac- Josiah Fong commodity trading, there is greater knowledge of the tices in five main areas, summarized as follows: Associate risks involved in dealing with multiple counterparts, E: [email protected] especially with the increased internationalization of Corporate Governance: Good corporate governance trade and opacity in off-shore companies whom might facilitates appropriate management and conduct of the PDLegal LLC Advocates & Solicitors appear to be less than legitimate. business and affairs of Traders and will better achieve 1 Coleman Street #08-02 One potential problem which Lenders may face accountability and transparency. Lenders should consider The Adelphi Singapore 179803 is that with the speed at which international trade is Traders’ corporate governance policies and practices for T: (65) 6220 0325 conducted at, front-office relationship managers may credit risk assessments. F: (65) 6220 0392 be pressured into approving trades without conducting Risk Management: Risk management serves to ensure E: [email protected] proper checks and due diligence. that appropriate policies and controls are adopted to effec- W: www.pdlegal.com.sg With the implementation of the Code, and with tively manage identified risks. Lenders should consider potential legislation or MAS regulations, it is hoped that Traders’ risk management policies and practices for credit if properly implemented, the Code will have a significant risk assessments. aspects relating to commodity trade financing for credit impact on transparency of trade financing in Singapore. Business Due Diligence: Lenders should conduct regular risk assessment and mitigation purposes. business due diligence to obtain comprehensive infor- Transparency and Control: On a transactional level, 1 https://abs.org.sg/docs/library/code-of-best-prac- mation on Traders’ operations, business and relevant Lenders should put in place measures to ensure that there tices-commodity-financing.pdf

DO THE RESEARCH to the rest of ASEAN and the wider may benefit most from the UKSFTA, as While the agreement offers scope for region.” well as assisting in compliance with the strengthened relations, companies will “More than 5,000 businesses relevant rules and regulations in place.” need to do their research to understand from the UK are already operating in While Doraisamy suggests that the changing relationships. Singapore and we could see this number Singapore will offer a gateway to greater “To benefit from the agreement, we go up, as more UK-based companies Southeast Asia — but longer term, this anticipate that companies, both in the look to take advantage of this bilateral strategy may evolve. shipping and manufacturing sectors, agreement,” Alexander and Chua say. “As the UK leaves the EU for good, would need to adapt and pivot, to But as clients look to get the best we can see that the UK has, to date, develop its processes to account for the out of the arrangements, lawyers will focused on developing relationships with increased openness of the UK market,” be tasked with helping them ensure they Singapore for the purposes of engaging Doraisamy says. get the best out of the agreement. Southeast Asia,” he says. “In the shipping sector, increased Doraisamy says clients in the manu- “This may change in the future, as routes to assist in the flow of goods from facturing sector are likely to be concerned the UK may look to other countries in Asia to the West would require re-opti- with complying with the Rules of Origin Southeast Asia, which may be able to misation of processes, and may see more and Product Specific rules, to ensure they produce cheaper goods (for example, the shipping companies opening offices, or are able to maintain preferential rates recent FTA that the UK has entered into basing themselves in Singapore. These and benefit from the UKSFTA. with Vietnam). However, given Singapore’s companies would capitalise on the “Clients in the shipping sector presence in Southeast Asia as a major increased traffic between Singapore and would similarly be concerned with trading hub, and the ability of Singapore the UK,” he adds. ensuring that their set-ups in Singapore companies to pivot quickly to address and Alexander and Chua say through comply with Singapore laws,to benefit fill gaps in the supply chain, it is anticipated the UKSFTA, UK businesses are also from the anticipated increase in ship- that as agreements with other Southeast at an advantage as they will be able to ping traffic between Singapore and the Asian markets develop, Singapore will “better utilise Singapore’s capacity as UK,” he notes, adding, “On both fronts, gradually be able to move into trading a financial and trading hub to expand we provide advice on how companies higher-value goods,” Doraisamy adds.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – MARCH 2021 29 INDONESIA

ARYO BASKORO ARMA Law

ELSIE HAKIM ABNR Counsellors at Law

DINASTI BRIAN HARAHAP NWP Retail

DIANYNDRA K HARDY Suhardi Somomoeljono & Associates

TURANGGA HARLIN MacalloHarlin Mendrofa (MHM) Advocates

ERLINE HERRMANN Adnan Kelana Haryanto & Hermanto

NARADA KUMARA Budidjaja International Lawyers

NATHANIEL O.L. MANGUNSONG Adrem Law Firm

TIUR HENNY MONICA MIP Law Firm

HERU MUZAKI LHBM Counsel Young lawyers in the Indonesian legal community are making their mark in the market. In its third annual list of the MARTIN PATRICK NAGEL ALB Indonesia Rising Stars, Asian Legal Business has listed FKNK 24 lawyers who are achieving results for their clients and setting high standards in the Indonesian legal space. The list is in alphabetical order and certain lawyers have been profiled. THERESIA HESTI OKTAVIANI Situmorang & Partners LIST BY ASIAN LEGAL BUSINESS, TEXT BY APARNA SAI

30 ASIANASIAN LEGAL BUSINESSBUSINESS – MARCH 2021 WWW.LEGALBUWWW.LEGALBUSINESSONLINE.COMSINESSONLINE.COM INDONESIA

DENIA ISETIANTI PERMATA Soemadipradja & Taher

KEN PRASADTYO HHP Law Firm

DEWI SAVITRI RENI DINASTI BRIAN ERLINE SSEK Legal Consultants

HARAHAP HERRMANN CINDY RISWANTYO 37, associate director/head of legal, M&A, 39, partner, Ginting & Reksodiputro NWP Retail Adnan Kelana Haryanto & Hermanto in Association with Allen & Overy

Harahap joined NWP Retail, a joint With 15 years of experience in legal venture between Warburg Pincus (a practice, Herrmann is well versed in MUHAMMAD RIZA global private equity firm) and PT City corporate M&A, banking and finance, BRAVA & RIZA Advocates Retail Development Tbk (NIRO – a and commercial laws. She joined publicly listed Indonesian company), as Adnan Kelana Haryanto & Hermanto a senior legal counsel. Within a year he (AKHH) as counsel in 2018 after almost was promoted to head of legal, M&A, a decade of practice in international SITI SORAYA ROSVITASARI PT Asuransi Jiwa Manulife Indonesia mirroring the company’s DNA and its firms outside Indonesia, including a goal to rapidly develop, acquire, own and seven-year period in Singapore and manage institutional quality commercial over a year in London. She was made assets while contributing to the growth of partner in January 2021. ANGEL BS RUMONDOR the local community’s each asset serves. Herrmann regularly represents JIFO Law Firm Harahap leads an internal team clients across a broad range of corporate of M&A legal professionals and has and financing transactions, including been instrumental in the company’s foreign investment into Indonesia, and accelerated expansion from four seed has been involved in several notable FAJAR RIDUAN SIAHAAN assets in 2015 to nearly 50 assets today, Indonesian M&A and financing trans- Nurjadin Sumono Mulyadi & Partners including complex equity and debt actions over the past decade. Prior to transactions. Following a successful joining AKHH, she was a key member of $200 million equity fundraising from the team advising on Bumi plc’s acquisi- DEBBY SULAIMAN international institutional investors in tion of and subsequent separation from Hiswara Bunjamin & Tandjung early 2019 (one of the largest fundraises PT Bumi Resources Tbk following an ever for a private real estate company infamous boardroom fallout; the sale in Indonesia), Harahap successfully led of PT Multi Daerah Bersaing’s interest various external counsels in multiple in PT Newmont Nusa Tenggara to PT ANTONIUS ALEXANDER TIGOR jurisdictions and the in-house team in Amman Mineral Indonesia; and PT Telkomsel securing NWP Retail’s first structured Bumi Resources Tbk’s successful $4.5 financing from a syndicate of interna- billion cross-border debt restructuring. tional banks. Recently, she has acted for clients on IYARMAN WARUWU Most recently, Harahap successfully a number of public and private M&A Waruwu & Partners led the acquisition of five simultaneous transactions and infrastructure projects, shopping malls from Lippo Group, which including the development of the Jawa adding to the complexity, was supported Satu Power project, Indonesia’s first gas- by relevant financings which was all to-power project and the first project INDIRA YUSTIKANIA done in-house between the in-house finance-based gas-to-power project in Assegaf Hamzah & Partners and lenders team. Asia.

WWW.LEGALBUWWW.LEGALBUSINESSONLINE.COMSINESSONLINE.COM ASIANASIAN LEGAL BUSINESSBUSINESS – MARCH 2021 31 INDONESIA

group general counsel at Gojek, a senior associate at Ginting & Reksodiputro, legal manager at Carrefour, and an associate at Hadiputranto, Hadinoto & Partners. Gojek had earlier launched a popular mobile application, which offered different services from trans- port and logistics to lifestyle and Mangunsong was integral to the plan- ning and launch of the application, facil- itating the signing of documents and NATHANIEL O. L. managing the legal processes relating MARTIN PATRICK to financing. Meanwhile, Mangunsong, who MANGUNSONG joined Adrem Law Firm in 2020, has NAGEL 39, managing partner, been a part of numerous deals. As 37, managing partner, Adrem Law Firm a general counsel of Ruangguru, an FKNK Law Firm online education platform in Indonesia, Mangunsong, who is an expert in corpo- Mangunsong advised the founders in Nagel, who has been in the legal space rate and commercial matters including a $150 million Series C funding led for over 12 years, has been with FKNK fundraising, VC and PE investments, by General Atlantic, a leading global Law Firm for more than a decade. He mergers and acquisitions, start-up growth equity firm, and GGV Capital, a is well versed in commercial transac- growth, restructuring, foreign invest- preeminent global venture capital firm. tion and dispute, bankruptcy and debt ment, joint ventures, and corporate EV Growth, UOB Venture Management restructuring, and alternative dispute governance, has over 16 years of legal and several new investors also partici- resolution. experience. He is also well versed in pated in the round. This was one of He has been a part of numerous financial services and general regula- the largest fundraisings for an educa- noteworthy deals. Some of these tory, employment, anti-monopoly and tion technology company in Southeast included his appointment as an competition, and data privacy & tech- Asia. The investment also helped solidify administrator in the postponement of nology. Ruangguru’s position as a market leader debt payment obligation of Koperasi Prior to joining Adrem Law Firm, in education technology and will aid in Simpan Pinjam Indosurya Cipta, which Mangunsong was a general counsel expanding its product offering across is a saving and loan financial institu- at Ruangguru. Before which, he was a Indonesia and Vietnam. tion. He had successfully administered,

32 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM WEWORK REVENUE TOWER 23RD FLOOR, JL. JEND. SUDIRMAN NO. 52-53, SCBD, SENAYAN, KEBAYORAN BARU, JAKARTA SELATAN 12190 PHONE: 0811-8123-092 WWW.ADREM.ID INDONESIA

supervised, and managed the debt on the capital loan agreement with restructuring process with the result claims totalling over 500 billion rupiah. that the majority of unsecured credi- He also assisted PT Adhiguna tors had approved the composition plan Keruktama, Indonesia’s largest dredging for debt restructuring amounting to 13.8 company, in the project of Tangguh LNG trillion rupiah. of BP Berau, worth about 100 billion Nagel also represented PT Patra rupiah as well as successfully defended Jasa as plaintiff in a lawsuit against PT the interest of PT Mufidah Medika Patra Indonesia and PT Indobuildco in Sawangan (member of Permata Mufidah Central Jakarta District Court. The case Hospital Group) as the employer/owner was a lease of land and buildings (assets) from a district court to the Supreme belonging to PT Patra Jasa used by PT Court concerning the construction Patra Indonesia. MUHAMMAD disputes with claims totalling over than Additionally, he assisted a local 30 billion rupiah. private company and Indonesian In addition, he successfully advised Army Directorate of Transportation in RIZA PT Samudera Atlantis International in a providing legal analysis for procurement 35, co-founder and managing partner, contract negotiation for design and build of integrated broadband communica- Brava & Riza Advocates dredging of Turning Basin and Channel, tion system development, with the total Port of Benoa, Bali. transaction amounting to 749 billion A specialist in arbitration and dispute Some of Riza’s clients include rupiah. resolution, commercial litigation, Javanegra Group, Permata Keluarha “As a highly experienced attorney, construction litigation, employment liti- Husada Hospital Group, PT Samudra Mr. Martin Patrick Nagel’s expertise, gation, hospitality litigation, insurance Atlantis Indonesia, PT Zurich Insurance professionalism and competence is litigation, insurance recovery, merger Indonesia and UPL Group Company. exceptional. He has been consistently and acquisition litigation, general corpo- A client of Riza’s says, “I have known responsive throughout the process of rate, and white-collar criminal defence, Mr. Riza for more than 10 years. During handling our company’s cases since Riza has been in the legal industry for that period, I have known him as a legal 2015 to date,” a client says. “His ability more than 10 years. expert who has extensive knowledge and in the cross area of practices is always an He has handled projects and cases experience in the field of law. Mr. Riza is advantage to narrowing down the issues and has a high success rate. Riza success- very cooperative, he tries to hear what and able to leverage his understanding fully defended his client PT Danamon his clients complain about. He does his of complex dispute settlement to achieve International against PT Bank Danamon job with all his passion and treats his the best solution. He will always be Indonesia from the district court till the clients as partners in solving the cases people’s best attorney.” Supreme Court concerning the default at hand.”

Banking & Finance www.fknk.co.id Capital Market Construction & Real Estate Debt Restructuring & Insolvency Dispute Resolution Employment Energy & Natural Resources Merger & Acquisition

[email protected] Kemang Point Building, FKNK Law Firm Lantai 1, Unit 104-105. WWW.LEGALBUSINESSONLINE.COM fASIANknklawfirm LEGAL BUSINESSJalan Kem a–n gMARCH Raya No. 32021, 33 WEWORK REVENUE TOWER 23RD FLOOR, JL. JEND. SUDIRMAN NO. 52-53, SCBD, SENAYAN, Jakarta Selatan 12730 Indonesia KEBAYORAN BARU, JAKARTA SELATAN 12190 PHONE: 0811-8123-092 WWW.ADREM.ID THAILAND

including a large energy drink manu- facturer, modern trade businesses, and a car supplier. As a result, the regula- tions are very much in the public eye,” Kobkit adds. For businesses, the latest develop- COMPETITION IN ments are a lot to digest, and lawyers say it’s important to understand what regulations mean for individual opera- tions, as well as the market as a whole. “As the abuse of market domi- nance provision applies to businesses with annual revenue of THB 1 billion, and THE CROSSHAIRS the merger control obligations only have Since Thai merger control regulations came into force in December 2018, the country’s competition authorities have begun to be considered in the event of a merger or acquisition transaction, many market to step up their enforcement against misconduct. And last year operators feel the that the developments saw the efforts cranked up a notch. BY ELIZABETH BEATTIE don’t really affect them,” Kobkit says. But he feels it is important to under the picture in full. The year 2020 was an eventful “General business operators should year for competition law in Thailand: be aware that the unfair trade practices four public hearings took place, three provision has the potential to impact all industry-specific regulations focused market operators and govern several on unfair practices were delivered, different types of conduct and arrange- and after the publishing of a merger ments with trade partners and compet- control manual, two pre-closing merger itors,” Kobkit adds. approvals were handed out, resulting in one landmark case leading to remedies. GUIDELINES INTRODUCED Weighing up the year just past, Additionally, the Trade Competition Pranat Laohapairoj and Jutharat Commission (TCC) has launched four Anuktanakul, partners at Chandler MHM industry-specific guidelines, covering say it was nothing short of “impactful.” modern trade, franchise businesses, “2020 was a good year because the fruit trading, and—most recently— food Office of Trade Competition Commission delivery, and these are guidelines that (OTCC) released many case precedents, operators will need to acquaint them- many of which are useful for practitioners selves with. as they narrow down many formerly “Operators in those industries unclear fields into more manageable should actively conduct compliance schemes,” Pranat and Jutharat say. checks by reviewing their agreements, This will have an impact “on many terms and conditions, trade practices, operators,” the lawyers add, noting that number of merger control filings, Kobkit promotion schemes and marketing some conduct previously considered says. Meanwhile, the surge in enforce- campaigns, and other activities. Those in questionable are now considered safer ment against misconduct has “put many other industries should pay close atten- to undertake, “while others that were businesses on high alert.” tion to other industry-specific guidelines previously thought to be in the safe zone “The Office of Trade Competition as they emerge, as more are very likely are now more questionable.” Commission published 21 cases deter- to follow,” Kobkit says. Kobkit Thienpreecha, partner and mined by the commission in 2019 and Pranat and Jutharat of Chandler director of Tilleke & Gibbins’ corporate 2020, most of which relate to abuse of MHM agree that businesses need to stay- and commercial group, notes that there market dominance and unfair trade prac- up-to-date with the latest developments. are active developments in a range of tices (although none have yet been ruled “Operators need to constantly different areas of competition law to be cartel arrangements). Although monitor new supplementary regula- that will continue to have an impact there were only a few cases in which tions and case releases in order to ensure throughout 2021. penalties were imposed, the compa- nothing that they currently do will skirt These include the publication of nies that received fines or cease-and- the current interpretation of the law,” new regulations and an increase in the desist orders were household names, the lawyers say.

34 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM BROUGHT TO YOU BY CHANDLER MHM ‘National Telecom’ of Thailand

A first in the market Challenges Following the Cabinet’s approval on 14 January This was not a straight-forward process and 2020, a new state enterprise, National Telecom required assistance and co-operation being Public Company Limited or “NT”, was formed provided at the policy level from various govern- on 7 January 2021 by a merger of CAT Telecom mental authorities. Some of the challenges arose Public Company Limited (“CAT”) and TOT Public from differences in cultural work practices and Company Limited (“TOT”). NT has assets worth policies and redundancy of business operations. over THB300 billion in value including over It was uncertain throughout its implementation 25,000 telecommunication towers nationwide, process if the merger would be successful due spectrum usages, under water cables, radio to various factors including legal and regula- frequency, underground conduits, fiber optic Arkrapol Pichedvanichok tory matters, overlapping business units, issues cables, 13 data centres across the nation and Senior Partner with the new organization chart, HR related international telecommunications infrastructure, E: [email protected] matters and, last but not least, the unprece- with more than 17,000 employees. dented COVID-19 situation. Chandler MHM The merger was implemented through an 36th Floor, Sathorn Square Office Tower The most challenging legal issues included, amalgamation under Section 146 of the Public 98 North Sathorn Road, Silom, Bangrak among other things, our dealing with a cred- Companies Act of Thailand as a result of which Bangkok 10500, Thailand itor objecting to the amalgamation through the NT has succeeded and assumed all rights, obli- T: (66) 2009 5000 court process, the succession of various spec- gations and liabilities of both CAT and TOT by the F: (66) 2009 5080 trum usages and telecommunications licenses operation of law. NT remains to be 100% owned W: www.chandlermhm.com as well as harmonization of different procure- by the Finance Ministry, under the control of the ment and other internal rules. Digital Economy and Society Ministry. While NT’s management decisions are made by its board after several attempts initiated about 18 years Objectives as in the private sector, except that there are ago. This being a first in the market, the size The main objectives of the merger are believed government policies and directions that NT and nature of the enterprises, tight timeline, to be a survival plan for the previous two state must observe. special regulatory regime applicable to state enterprises. The amalgamation should result in enterprises, resistance from labour unions and long-term improvements, operational efficien- This is the first amalgamation of two privat- level of political support made this a very chal- cies, employee welfare and enterprise benefit ized state-owned enterprises in Thailand, lenging transaction. safeguards.

Of course, lawyers are also playing by several leading market players to FURTHER DEVELOPMENTS an important role during this time, advise on the TCC’s recent guidelines EXPECTED helping clients to navigate the chal- on franchise operators and food delivery On the regulatory side of things, further lenges, and assisting with additional services,” Kobkit adds. developments are expected ahead to requirements. Pranat and Jutharat meanwhile call provide more clarity and consistency. “In addition to representing clients on lawyers to step up and be proactive. “We expect additional supple- on filing merger control applications “Due to these supplementary ments to be issued for specific indus- and notifications with the OTCC, and regulations and case releases, practi- tries that have been brought into ques- in other TCA hearings, lawyers have a tioners must morph from ones of passive tion,” Pranat and Jutharat say, noting responsibility to help educate the public, onlookers to active assistants who “the main regulation itself can be gener- encourage compliance, and contribute provide constant warning and updates ically applied towards any industry”. to the development of the law at public to their clients, regardless of the clients’ Kobkit agrees that further guide- consultations,” says Kobkit of Tilleke. request for legal update,” they say. lines are likely to focus on specific “With the Trade Competition Act While 2020 was a year of devel- industries. still relatively new in Thailand, having opments, the lawyers say that a large “The TCC continues to put forward come into effect in 2017, our expert anti- part of these guidelines were intended stimulus initiatives for SMEs and oper- trust and competition lawyers have been to provide greater clarity for the market. ators in the agricultural sector—two helping to educate business operators “Besides usual enforcement against cornerstones of Thailand’s economy— and enhance their compliance by distrib- misconduct, the focus of the law and both to provide COVID-19 relief and uting articles, client alerts on new regu- authority for 2020 seemed to be for to protect from unfair trade practices lations and guidelines, public seminars, clarification, and we expect this trend of large firms with superior bargaining private workshops and training, etc., and to continue, as there are still many areas power. Pending draft guidelines on credit by actively contributing to draft regula- and provisions that are less than clear terms for SMEs aim to shield them from tions and guidelines. With market insight on paper and the OTCC understands unfair credit-trading conditions and and clientele in the retail and technology the needs to clarify these,” Pranat and prolonged credit terms imposed by the industries, our team was also retained Jutharat say. large corporations,” he suggests.

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – MARCH 2021 35 CHINA REPORT BOOM TIME FOR BUSTS The successive defaults of large companies such as Boashang Bank, Yongmei Group, Huachen Automotive and Tsinghua Unigroup recently sent shockwaves across the market. Restructuring lawyers discuss the defaults, how they feel the Chinese government will ensure orderly bankruptcy proceedings in the future, and how they are preparing for more cases in the coming year. BY HU YANGXIAOXIAO

At the start of 2020, bankruptcy the backbone of their industries, but the REGULATORY GUIDANCE and restructuring experts had predicted promising numbers and large operations As more bankruptcy filings come faster, more bond defaults in China. A series of could not hide their poor cash flow. At what policies and laws have the Chinese surprising events eventually confirmed the same time, some companies accu- regulators implemented to better handle the prophecy. Data showed that in 2020, mulated their debts, which increased such cases in the future? there were around 33,700 bankruptcy the risk of defaults even the loans did Xu tells ALB that the bond defaults investigations in China, up nearly one- not seem big,” he adds. by SOEs such as Yongmei, Huachen half compared to 2019. There were also Although a series of bond defaults and Tsinghua Unigroup touched on the around 83,600 bankruptcy cases, double by large companies shocked the market nerves of the bond market. of that in 2019. and received negative media coverage, “Therefore, on November 21, 2020, Xing Lixin, senior partner and head Zhou Jie, partner at DeHeng law Offices, Vice Premier Liu He convened the 43rd of insolvency and restructuring of Hai does not see the rise in bankruptcy filings meeting with the Financial Committee Run Law Firm, notes the characteris- as a bad thing. He says the negative to look into regulating the bond market tics of the insolvency and restructuring views show that efforts are still needed development and stabilizing the bond cases over the past year. “The year 2020 to remove the stigma associated with market,” he says. reversed many of our inherent under- bankruptcy and restructuring. The meeting not only analysed the standing,” she says. “First, the insolvent “Since the Enterprise Bankruptcy reason behind the rise of bond defaults, companies were state-owned enter- Law took effect in 2007, we have not but also proposed in-depth solutions, prises, not limited to private compa- paid enough attention to the bankruptcy which concern reforming the SOEs and nies. In the second half of the year, system or used it enough, so the number enhancing operational efficiency. bond defaults concentrated in SOEs, of bankruptcy filings has been far too low Besides guidance from the country’s breaking the norm of rigid payment. in China. When companies encounter top financial leader, Zhou tells ALB that Second, these companies came from operational issues, they should undergo regulators have been “constantly rolling various sectors, ranging from banking, bankruptcy proceedings earlier. Only out more laws, regulations and adminis- finance, energy, automobile, technology, when bankruptcy proceedings and trative measures regarding bankruptcy to real estate, catering, and services, restructuring are carried out earlier can during the past six months.“ as if no sector was an exception. Third, repayment rates be improved to protect “First is the newly-launched Civil more listed companies underwent bank- the creditors’ interests, which would be Code and the many judicial interpreta- ruptcy, doubled to 13 in 2020 from six an ideal outcome under the Enterprise tions, which include the judicial inter- in 2019.” Bankruptcy Law,” he says. pretations of the parts about guar- Xu Yu, partner at Hylands Law Firm, “Fortunately, regulators as well as antee under the Civil Code, as well as shares the same observations. “One participants in the market economy, the revisions of the judicial interpreta- thing to note is that companies that such as the banks, creditors, debtors tions of the Enterprise Bankruptcy Law recently defaulted on their bonds had a and lawyers, are coming to realise this and the reply of the Supreme People’s high credit score before and they were over the past two years,” he points out. Court on whether the right to use allotted

36 ASIANASIAN LEGAL BUSINESSBUSINESS – MARCH 2021 WWW.LEGALBUWWW.LEGALBUSINESSONLINE.COMSINESSONLINE.COM CHINA REPORT state-owned land of a bankrupt enter- bonds and non-financial institutions’ experiences maintain their competitive prise shall be classified as insolvent financings. On January 20, 2021, a edge. “Bankruptcy cases are not some- property,” he explains. financial court was announced to be thing that lawyers can handle by only “The message here is that the bank- established in Beijing to dedicate to understanding the laws. They need to ruptcy system will be better incorporated preventing financial risks. “These are look into all the legal aspects to satisfy into the general civil and commercial all strong signals from the national regu- the creditors, investors and the courts, legal system. Take guarantee as an lators,” Xing says. which requires a wealth of experience example. In the past, the law did not Meanwhile, in the light of frequent to balance the concerns of all parties. A clearly stipulate whether the interest will bond defaults, Xing points out that it trustee in bankruptcy is a profession that continue to accrue on the guaranteed is urgent to overhaul the credit rating combines knowledge of the law, finance, debt after the main debtor goes bank- system. “Large SOEs must be rated 3A corporate management, investment and rupt. In practice, interest will continue to in the past. Now we need to reconsider coordination,” she says. accrue on such debt. But the new judi- how to give companies their credit rating As for staying competitive in this cial interpretation requires otherwise. to give investors a sound reference. As area, Xing suggests building up the It stipulates that the protection meas- credit ratings become more objective team, as large restructuring cases need ures for ceasing interest accrual on the and realistic, the whole credit rating more people to work on them. Therefore, main debt also apply to the guarantors, system in China could be improved,” Hai Run has expanded its bankruptcy which reduces the guarantors’ burden,” she adds. and restructuring team by a third in he adds. 2020. Another administrative measure FUTURE TRENDS Zhou also acknowledges the impor- to note is the opinion on improving Lawyers believe that the bankruptcy and tance of having a sizable team. He also the system for enterprise bankruptcy, restructuring business will continue to stresses the overall capacity of the firm. ensuring bankruptcy administrators grow in 2021. Xing tells ALB that she “DeHeng now aims at providing compre- perform their duties and optimising the has been working around the clock from hensive legal services for bankruptcy business environment proposed by the November to January with no rest. cases, from legal services, introducing Supreme People’s Court and the National Xu analyses the trend of non- strategic investors, guidance in the early Development and Reform Commission performing assets in 2021 from a stage and withdrawal in the latter stage, (NDRC) in September 2020. geographical perspective. “In the to financing, debt payment, disposal of “Although the regulators are still Yangtze River Delta represented by non-performing assets. In the future, soliciting opinion on this draft, it shows Jiangsu, Zhejiang and Shanghai, the legal services will be more integrated that the high-level watchdogs pay great bankruptcy and restructuring business and specialized,” he says. attention to establishing a system for is large in general, but as the downward “Bankruptcy lawyers will need to enterprise bankruptcy,” Zhou says. “In pressure on the economy decreases, be able to allocate resources, which are the past, we only relied on the Enterprise non-performing assets in the region will not limited to legal resources,” he adds. Bankruptcy Law and three judicial inter- grow slowly.” Even when being capable enough, pretations, which were not solid enough “In the Bohai Economic Rim and law firms still need to establish a solid to make up a well-established bank- mid-west region, non-performing system internally to provide manpower ruptcy system.” assets have been growing over the past and capital support. “Hence, we need to improve the three years, further exposing the debt “To handle large bankruptcy cases, system for enterprise bankruptcy to problems of the local companies. This the law firm will have to provide full include aspects of taxation, customs, trend may continue into the future. In support on mobilising resources in the credit report system and asset disposal. the north-eastern region, bankruptcy future. Law firms with a more competi- Currently, the Enterprise Bankruptcy Law cases will keep increasing, and solving tive internal system will be able to mobi- is not well connected with other laws, the issue of non-performing assets will lise a bigger team, thus seizing business which only regulate enterprises that remain a key task,” he says. opportunities,” Zhou says. are operating normally. The draft is a As bankruptcy and restructuring Meanwhile, Xu says team members response to this issue,” he adds. business becomes a new area of revenue are now required to become business Besides the laws and regulations growth in the legal industry, many firms managers of sorts too. mentioned above, Xing also cites other are tapping into the area. “Bankruptcy lawyers need to regulatory guidance, for example the Do lawyers feel the pressure? Xing balance both legal principles and inter- business guidelines for bond, and the says the pressure has been manage- ests,” he says. administrative measures for the infor- able for her team so far. On one hand, “They need to consider the local mation disclosure of listed companies. even as the law firms are competing for economy where the company is in and On the juridical front, the Supreme the cases, the cases grow in number the industry policies, to take everyone’s People’s Court carefully defined disputes and the market is expanding. On the interests into consideration to benefit regarding company bonds, corporate other hand, veteran lawyers with rich everyone in the proceedings,” he adds.

WWW.LEGALBUWWW.LEGALBUSINESSONLINE.COMSINESSONLINE.COM ASIANASIAN LEGAL BUSINESSBUSINESS – MARCH 2021 37 FINTECH READY FOR TAKEOFF This year promises to be an exciting one for Indonesia’s fintech sector. While it still focuses on two main verticals— electronic payment and peer-to-peer (P2P) lending— the Indonesian fintech sector has grown to cover other verticals, such as aggregators, have paid off, and Indonesia is home to across Southeast Asia in 2020 in its innovative credit scoring, 322 fintech companies, in addition to 125 bid to become another regional super financial planning, and project registered but unlicensed online lenders, app, with M&A activity in Vietnam and financing. Lawyers talk about according to December 2020 report from an imminent merger with e-commerce what’s on the horizon for this Fintech News Singapore. provider Tokopedia.” booming industry. According to Thomas Choo, a Meanwhile, In the online lending Singapore-based TMT partner at Clyde sector, there has been an uptick in down- & Co, the Indonesian fintech startup stream services, such as artificial intel- BY RANAJIT DAM landscape remains heavily concen- ligence for credit scoring and alter- trated in the online lending space, which native lending solutions, says Choo. accounts for half of all fintech startups in “Additionally, P2P lending volume Indonesia provides fertile ground the country. “Online lending is followed continued to grow in Indonesia. We can for innovation in the fintech sector. Apart by e-payments, blockchain and crypto- expect this trend to continue, given the from having the world’s 16th-largest currencies, and investment/personal market share of online lending. But a economy, it is also the fourth-most popu- finance. Other segments represented few interesting areas to keep an eye on lous country with 274 million people, of include insurtech, crowdfunding, point- including online trading and cryptocur- whom 84 percent are below the age of of-sale (POS) services, and financial rencies which we expect to see huge 54. More importantly, Internet penetra- comparison,” he notes. growth in the region,” he adds. tion stands at 67 percent, while financial Choo points out that the past few Elsie Hakim, a Jakarta-based inclusion is far from optimal. years have seen early signs of consoli- banking and finance partner at ABNR, To address this, the government has dation and several M&A deals. “These agrees that the fintech industry is introduced rules in areas including peer- include GoJek’s $130 million acquisi- continuing to grow in Indonesia, espe- to-peer (P2P) lending, digital payments, tion of POS services provider Moka, and cially in terms of the number of players. and, most recently, open banking, in Ovo’s purchase of local startup Taralite “Indonesia’s Fintech Association hopes to encourage innovation and to enter the online lending space,” he (AFTECH) recorded an increase in improve financial inclusion. The efforts says. “GoJek also expanded aggressively companies engaging in the digital

38 ASIAN LEGAL BUSINESS – MARCH 2021 WWW.LEGALBUSINESSONLINE.COM FINTECH financial innovation (DFI) sector last yet these same SMEs account for a “We have seen (and been involved in) year, especially DFI in the aggregator, significant portion of the total GDP in a broad spectrum of work in this sector, credit scoring, and innovative financial Indonesia. The government needs to ranging from early-stage technology planner clusters,” says Hakim. “Other support the expansion of fintech so they venture funds that focus their invest- sectors that also emerged are insurtech, can help more SMEs access loans and ments in strategic digital disruptors in financing agents, and e-KYC. However, scale up their businesses. Supporting Indonesia to Indonesian start-ups (in overall the most growth and trend are SMEs is important for the Indonesian P2P, robo-advisory and e-payments) still held by the aggregator sector.” economy, given their massive contribu- seeking access to capital,” he says. “In a tion,” says Choo. significant majority of deals I have done, GOVERNMENT BOOST the trend is for the Indonesian startups Lawyers feel that the Indonesian author- LAWYERS INVOLVED to have a holding company in Singapore ities and/or regulators have made major Hakim at ABNR says there are a number to gain access to capital and be ready for contributions to the fintech industry by of areas that her firm has been working regional expansion.” enacting laws and regulations on fintech on related to the fintech industry. And 2021 is shaping up to be very and other sectors related to fintech. “The eventful as well. “The fintech industry, existence of laws and regulations has especially the fintech lending sector, provided legal certainty to all fintech might face a greater challenge in players and stakeholders,” says Hakim. 2021,” says Hakim. “The OJK is now “The laws and regulations on fintech preparing a new regulation on fintech have legitimated the implementation “Existing laws and lending that will supersede existing OJK of the fintech industry’s business activ- regulations on fintech Regulation No. 77 of 2016 on Information ities and created a barrier that sepa- Technology-based Money Lending rates the financial services provided by are far from perfect, Services. Based on our understanding, fintech companies and those provided given the industry in the draft regulation is more comprehen- by conventional financial services sive compared with the OJK Reg. 77 and companies.” Indonesia is still at will incorporate some major changes, However, there remains work to be an early stage. such as an increase in the minimum done. “Existing laws and regulations on issued and paid-up capital of a peer-to- fintech are far from perfect, given the We believe the peer lending provider from 2.5 billion industry in Indonesia is still at an early Indonesian authorities rupiah ($175 million) to 15 billion rupiah; stage. We believe the Indonesian author- and regulators are foreign shareholding requirements for ities and regulators are aware of that new peer-to-peer lending providers: fact and will likely flesh out the laws and aware of that fact and a foreign shareholder entity must be regulations,” says Hakim. will likely flesh out the engaged in financial services, while Choo agrees. “Indonesia fintech individuals may only acquire shares in startup discourse often includes the laws and regulations.” a peer-to-peer lending company through process of regulations in Indonesia — Elsie Hakim, ABNR capital market transactions; simplifica- being too slow and too ambiguous,” tion of license authorisation from two he says. “The government still needs phases to one; and mandatory funding to take steps to ensure clearer regula- to productive sectors.” She adds that tory requirements and a better environ- once the OJK enacts the draft regulation, ment for fintech startups—to boost the these requirements must be fulfilled by confidence of fintech startup founders “Lately, we have been assisting one of existing and new players, “assuming the and investors in Indonesia. Overall, the biggest consumer electronics and provisions survive.” starting a fintech company in Indonesia mobile communications companies Choo expects to see a significant requires patience, mainly because of the for some interesting deals and types increase in valuation for Indonesian process involved in getting licenses from of work, including: (i) the acquisition start-ups in this space this year, with a the Financial Services Authority (OJK) of an Indonesian peer-to-peer lending few heavily-backed ones to go public this of Indonesia and the Central Bank of company, and (ii) advising on busi- year either in the U.S. or in Indonesia. Indonesia.” ness models or structures of peer-to- “We should also see more clarity by the He further points out that as peer lending, aggregator, supply chain Indonesian government on the legality Indonesia remains one of the highest finance, payment gateway, prepaid of cryptocurrency, in particular the unbanked populations in the world, very cards,” she says. trading of these assets and associated few SMEs in Indonesia have access to Choo at Clyde notes that the investment platforms, which in turn may credit because of the deficiency of credit Indonesian fintech market has been trigger a broader adoption of cryptocur- history, statements or collateral. “And quite hot in the last couple of years. rencies in the region,” he notes.

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backed up by core data to define a narra- tive or paint a picture. The more data that is shared, the more “cut-through” one’s CONTENT ‘CUT-THROUGH’ ONE OF LEGAL content will have thus helping form that compelling differentiator that most law firms will pursue over the coming year. INDUSTRY’S BIGGEST CHALLENGES Demonstrating that you’re ahead of the game when, for example, you talk about BY ROBERT JOHN TASKER the adoption and use of digital interfaces when dealing with government agencies, or demonstrating advanced knowledge Given the challenges that business expertise in winning challenging arbi- in existing tech tools, shows current and has faced the world over in the past year tration disputes. Direct and relatable prospective clients that you possess a has revolved around an obscure virus examples help the reader to connect belief in pursuing superior internal and that has ravaged most aspects of daily with you and what you offer. It offers external engagement. life, it is unsurprising that many firms a window into imagining outcomes – Painting a narrative can be done in in the legal industry are looking at their albeit successful ones – and can help lay other ways such as showing the market communications effort in 2021 for the the ground for what may be a significant who you are. Profiling members of your type of “cut-through” that will elevate and life-defining process. practice from associate level through to key messaging related to their service Clio’s Legal Technology Trends for senior partner is a great way of putting offering and brand identity across a 2021 report outlines two key trends this a human face on your organisation and multiple of practices. year that will focus on data and the use drawing the reader further into your busi- In the U.S. for example, Martindale of digital products. In addition to human ness. Not only that, but people gener- Statista reports that almost a third of stories and relatable case studies, the ally like to read about other people. This lawyers believe generating new busi- thirst for what is read today has to be includes people like them and perhaps ness is their biggest challenge for the people like their friends and colleagues. coming year thus making the new Finally, interacting with your audi- communications effort critical. It would ence by asking them what they think may be an anomaly if the APAC region didn’t sound simplistic but can be the type of find this a challenge too. So, what effective tactic that enables the cut- can law firms in 2021 do differently? “There are a number through you’re looking for. Sending out There are a number of initiatives that of initiatives that could surveys, social media polls and requests could be recommended that practices be recommended that for opinions on certain topics helps with should adopt that aren’t typically used engagement and can captivate an audi- at present. Human-related stories, for practices should adopt ence over time which leads to repeat visi- example, help the interested reader that aren’t typically used tors to your pages creating a habitual identify with the firm’s brand. Prospective at present. Human-related and loyal following. clients don’t just want to know what you say you can do, but they want to know stories, for example, help Robert John Tasker is associate who you’ve helped and why. Singing the interested reader director for APAC Operations at Within from the rooftops about this is a positive identify with the firm’s International in Hong Kong. Robert thing that helps to build equity between has worked across the globe in four you and those you want to help. brand. Prospective clients different markets serving industry- Similarly, rather than talking about don’t just want to know defining clients and executing large- “we could” or “we can,” the narrative what you say you can do, scale issues-based campaigns in both instead should relate to how our employ- PR and Marketing. His experience ment and HR practice has helped its but they want to know who includes working at a government level clients navigate through a really tough you’ve helped and why.” in both the Foreign & Commonwealth year; how we’ve represented M&A clients Office, New York City, the European through complex cases and which part- Parliament, Brussels, and latterly at ners have demonstrated particular agency level in Dubai and Hong Kong.

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