Volume 15 Issue 10, 2018
Special Report LEGAL INNOVATION & TECHNOLOGY
including Mitchell Kowalski Toward an Innovative New Strategy for In-House Counsel
The thing about ... Investigative In-House Insights Paul Starr, KWM’s Intelligence Arcadis’s Carl Watson joint worldwide head Internal investigations in on effective in-house of arbitration a hyperconnected world functionality
| MAGAZINE FOR THE IN-HOUSE COMMUNITY ALONG THE NEW SILK ROAD |
Feature contributors
Mardi Wilson is head of ES Agile, Hong Kong. She has 15 years of experience in recruitment Nick Ferguson – Managing Editor and HR and has been with Eversheds since 2010. Her experience has included direct sourcing, [email protected] recruitment strategy and process development, employer branding, partner recruitment and Leo Yeung – Design Manager recruitment diversity initiatives focusing on disability. [email protected]
Wendy Chan – Global Head of Events [email protected]
Jessica Ng – Events Executive Chan Sik Ahn is a partner at HMP Law and the head of HMP’s tech and comms team. He [email protected] provides clients with specialised legal advice on current or potential legal issues relating to Rahul Prakash – Publisher various breakthrough technologies including blockchain and cryptocurrencies. [email protected]
Yvette Tan – Head of Research and Development Manager [email protected] Titus Rahiri is the founder and director of KorumLegal. He is also a senior corporate and commercial lawyer with over 15 years’ experience in private practice and as a general counsel Yannie Cheung – Office Administrator across Australasia, Europe and Asia. He has worked in global listed companies as well as [email protected] startups on a range of matters including general corporate and commercial, business advisory Tim Gilkison – Managing Director and strategic risk and compliance. Titus has a keen interest in the technology, media and tel- [email protected] ecoms space.
Patrick Dransfield – Publishing Director [email protected] Michael Lew is the founder and CEO of LegalComet, an innovation-driven legal technology consulting firm in Asia. His legal technology career has included a barristers’ chambers at Arun Mistry – Director Lincoln’s Inn, Rajah & Tann in Singapore and top advisory firms in Asia, including Deloitte. Editorial Enquiries He is one of the leading e-discovery practitioners in Asia and a qualified digital forensics Tel:...... (852) 2542 4279 investigator, and has co-authored a book titled A Practical Guide to E-Discovery in Asia. He [email protected] has worked with the National University of Singapore as a researcher in AI and blockchain, and is an investor and adviser to tech startups. Advertising & Subscriptions Tel: ...... (852) 2542 1225 [email protected] Mitchell Kowalski is the Gowling WLG Visiting Professor in Legal Innovation at the
University of Calgary Law School and a strategic advisor to in-house legal departments and Published 10 times annually by law firms on the redesign of legal service delivery. He is a Fastcase 50 Global Legal Innovator and the author of the critically acclaimed books, The Great Legal Reformation: Notes from the Pacific Business Press Limited Field, and Avoiding Extinction: Reimagining Legal Services for the 21st Century. Room 2008, C C Wu Building, 302-8 Hennessy Road, Wan Chai, Hong Kong S.A.R.
Publishers of TM • ASIAN-MENA COUNSEL Magazine and Weekly Briefing About the IN-HOUSE COMMUNITY A mutually supportive community of In-House Counsel helping In-House Counsel and Compliance • IN-HOUSE HANDBOOKTM Professionals meet their ethical, legal and business commitments and responsibilities within Organisers of the TM their organisations. • IN-HOUSE CONGRESS events
Hosts of The In-House Community comprises over 21,000 individual in-house lawyers and those with a • www.inhousecommunity.com responsibility for legal and compliance issues within organisations along the New Silk Road, • www.mycareerinlaw.com who we reach through the annual In-House Congress circuit of events, Asian-mena Counsel Forums for the In-House Community magazine and Weekly Briefing, and the In-House Community online forum. along the New Silk Road © 2018 Pacific Business Press Limited and contributors
Opinions expressed herein do not constitute legal advice, and do not necessarily reflect the views of the publishers. ISSN 2223-8697 Empowering In-House Counsel along the New Silk Road In this issue Volume 15 Issue 10, 2018 LEGAL INNOVATION & TECHNOLOGY Special Report
22 Toward an innovative new strategy for In-House Counsel An in-house legal team can achieve much more than saving money, but it requires a more strategic approach than most companies have adopted, writes Mitchell Kowalski of the University of Calgary Law School. 26 Lawyering in the gig economy Mardi Wilson, head of ES Agile in Hong Kong, talks to us about how working on an interim basis offers the benefit of flexibility and greater work-life balance for lawyers. 30 My journey from Big Four to legal tech startup Michael Lew, founder of LegalComet, talks about his move from working with large corporations to the world of legal tech startups in Singapore. 34 A fresh approach to legal solutions We talk to Titus Rahiri, director and founder of KorumLegal, about technology, disruption and the future of legal services. 36 Cryptocurrency regulations and their prospects in Korea Lawmakers and regulators have struggled to come to terms with bitcoin and other cryptocurrencies, writes Chan Sik Ahn of HMP LAW.
JURISDICTION UPDATES Key legal developments affecting the In-House Community along the New Silk Road 06 4 Developments in competition law in Africa By LEX Africa
6 Metro projects to spur growth in the infrastructure sector By Sudipto Mitra of Clasis Law
2 www.inhousecommunity.com How the Mental Health Act affects employees 8 By Martin Luigi G Samson of ACCRALAW
Major amendments to the Unfair Competition Prevention 10 10 and Trade Secrets Protection Act By Lee Hye-Ri of Lee International
12 The Briefing Along with the latest moves and jobs, we take a closer look at Temasek’s Astrea IV private equity securitisation and review our latest event in South Korea. 20
20 Investigative Intelligence: Innovating internal investigations in today’s hyperconnected world Internal auditors face tremendous challenges in their efforts to discover, analyse and interpret data that is critical for their internal investigations, writes Stefano Demichelis of Kroll.
40 In-House Insights – Carl Watson 40 The general counsel of Arcadis Asia discusses effective in-house functionality and how he has built a legal team that is fit for purpose.
44 The Thing About … Paul Starr King & Wood Mallesons’ joint worldwide head of arbitration talks to Patrick Dransfield about Hong Kong, dispute resolution and working for China’s first international law firm.
50 Asian-mena Counsel Direct Important contact details at your fingertips. 44
Asian-mena Counsel is grateful for the continued editorial contributions of:
Volume 15 Issue 10, 2018 3 JURISDICTION UPDATES
AFRICA
96 Rivonia Road, Sandton, Johannesburg 2196, South Africa T: (27) 11 535 8000 E: [email protected] W: www.lexafrica.com
Developments in competition law in Africa more than two enterprises have a market share of 60 percent.” t LEX Africa’s June seminar on develop- increase the number of dawn raids to root out He said while being dominant was not illegal, A ments in competition law in Africa, anti-competitive practices like cartels. This is cur- there were clearly defined parameters which speakers discussed the increasing trend of rently the case in countries like South Africa, constituted an abuse of dominance. This included governments to try and use competition law Kenya, Zambia and Namibia, said Njeru. applying dissimilar conditions to equivalent trans- as an important part of their industrial policy. Neuza Dias, a partner at LEX Africa’s Angolan actions, excessive, unfair and/or discriminatory Chairing LEX Africa’s seven-member panel member FBL said the government had accepted pricing, denying any person access to an essential on the topic, Pieter Steyn — director at South the need to implement principles and rules which facility and selling goods below their marginal or African LEX Africa member Werksmans and chair- safeguard healthy competition. She said this was variable cost. person of LEX Africa — started off the session “definitively mandatory to the improvement of In Africa’s largest economy, Nigeria, nine bills with insight into South Africa’s competition law Angola’s business environment.” have previously been submitted before the developments. In 2015, under the oversight of the finance National Assembly to establish a legal framework Steyn said competition law in South Africa minister, the Competition and Prices Institute was for competition law in the country. Yemi Kehinde was very developed and the country has had a created and the recent creation of the Competition from Nigerian LEX Africa member Giwa-Osagie & very active Competition Commission since 1999. Regulatory Authority has had a positive effect. Co, said the Federal Competition and Consumer The authority, he said, has handled cases concern- In Mozambique, competition law is relatively Protection Bill was passed by the National ing mergers, but also increasingly focused on new and undeveloped. Celia Francisco, lawyer at Assembly in December 2017 and was with the investigating conduct, especially cartels and abuses Mozambican LEX Africa member CGA, said legis- president to be signed into law. If signed, this will of dominance. Cartel conduct was criminalised lation regarding the issue was enacted in 2013 and supplement and in certain circumstances override from May 1, 2016. Proposed amendments to the 2014 and in August 2014, the government cre- existing sector-specific legislation regulating com- South African Competition Act would increase ated the Regulatory Authority of Competition. petition and anti-competitive conduct. both penalties for contraventions and the The country’s competition law applies to all The Bill establishes two bodies, the Federal Commission’s powers. activities and focuses on prohibited acts that are Competition and Consumer Protection Peter Njeru, a partner at Kenyan LEX Africa considered anti-competitive. Francisco said atten- Commission and the Federal Competition and member Kaplan & Stratton said: “In 2000 only 13 tion is also paid to “enterprise concentration in Consumer Protection Tribunal. Tribunal decisions countries [in Africa] had competition laws in place. order to avoid anti-competitive conducts that may be appealed to the Federal High Court. As of 2015 this figure had nearly doubled to 32 result in distortions or restrictions of healthy and Mergers, Price fixing, bid rigging and other anti- countries of which 25 jurisdictions have opera- fair competition”. competitive conduct is regulated. Fines of up to 10 tional competition authorities.” Sydney Chisenga, partner and specialist in percent of annual turnover may be imposed. He said that regional competition regulation dispute resolution and competition at LEX Africa Steyn concluded by noting the landscape of and authorities is also increasing including the member Corpus, advised that the government competition law in Africa is fast changing and must Common Market for Eastern and Southern Africa had replaced the 1994 competition law by the be monitored by business. African competition law Competition Commission and the East African 2010 Competition and Consumer Protection Act. is combining internationally accepted precedent Community Competition Authority as well as in Under this Act — which is enforced by the with local factors like public interest issues in an the Central African Monetary and Economic Competition and Consumer Protection effort to use competition enforcement as a devel- Community, the West African Economic and Commission (CCPC) — mergers and cartel con- opmental tool. The significant penalties (including Monetary Union and Economic Community of duct is regulated, raids are conducted and penal- personal liability for directors and managers) makes West African States. ties are issued. it essential for business to ensure compliance. On future trends in competition law in East In terms of recent trends in abuse of domi- LEX Africa is an alliance of law firms with over Africa, he said the East African Community nance, Chisenga said a firm is considered to be 600 lawyers in 24 African countries formed in 1993. Competition Authority could be fully operational- dominant if it has 30 percent market share. “The More information may be found on www.lexaf- ised by 2019 and that regulatory bodies could concept of collective dominance also exists if not rica.com.
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JURISDICTION UPDATES
INDIA
14th Floor, Gopal Das Bhawan, 28, Barakhamba Road, New Delhi 110 001India Tel: (91) 11 4213 0000 / Fax: (91) 11 4213 0099 By Sudipto Mitra E : [email protected] W: www.clasislaw.com
Metro projects to spur growth in the to utilise financial assistance governed by the Viability Gap Funding (VGF) Scheme or from infrastructure sector the central government, as long as PPP arrangements are explored. Some indicative etro rail projects in India have gathered owned by the GoI and the Government of models of private sector involvement are: Mpace and, according to available data, 425 Uttar Pradesh with an authorised capital of (i) construction of new metro systems kilometres of metro lines are presently opera- Rs20 billion. through design-build-finance-operate- tional in 10 cities, and the metro network is c. Metro Rail Policy 2017 – The New Metro transfer; expected to expand over 700 kilometres across Rail Policy 2017 was approved by the Union (ii) award of concessions for operational ser- 50 other cities. Where the estimate of overall Cabinet in August 2017 to rationalise metro vices; and cost of expansion of metro projects stands over expansion in the country in terms of collabora- (iii) award of concessions for maintenance and Rs2.5 trillion, it may result in adding up an order tions, standardisation of norms, etc. This upgradation of infrastructure. book of Rs750-900 billion for construction con- Policy allows respective states to formulate tractors during the next couple of years. The rules and regulations and establish permanent Central government’s support to the current planned outlay for the current fiscal year fare fixation authorities. Also, it suggests that metro projects envisaged under the is Rs142.6 billion with Delhi Metro being the projects be cleared on the basis of an eco- Policy largest metro project in India among almost 10 nomic internal rate of return of 14 percent. a. Support to PPP – Central financing for this other operationalised metro systems, public model is available under the VGF Scheme of private partnerships (PPPs) and private finance Various models of development under the GoI. has become the preferred mode of develop- the Policy b. Grant – The central government may con- ment for metro projects. The Policy highlights the following models for sider providing 10 percent of project cost to development of mass rapid transport systems: the state government (with private participa- Regulatory framework for metro pro- a. Private sector participation – Private partici- tion in some form of implementation), exclud- jects pation for either complete project or for some ing the private investment, cost of the land, a. Governing legislations – The Metro Railways unbundled yet essentially required compo- rehabilitation and resettlement costs and tax (Construction of Works) Act, 1978 governs nents of the project are preferred. Private for development of a metro system. the construction of metros and related mat- players can also be engaged in Operation and c. Equity sharing model – Here, equal equity ters. Whereas, the operation and mainte- Maintenance (O&M) such as: would be shared between the centre and the nance of metros is governed by the (i) Cost and fee contract – The authority pays state with formation of an SPV as essential Delhi-specific Delhi Metro Railway operator on a timely basis and it could be feature. Here too, there is a requirement of (Operation and Maintenance) Act, 2002. inclusive of fixed and/ or variable compo- having private sector participation in any feasi- These legislations were amended by the nents. The risks are borne by the authority. ble form. Metro Railways (Amendment)Act, 2009, (ii) Gross cost contract – A fixed sum is paid broadening their scope to cover metro pro- to the operator for a given time and O&M Conclusion jects across all metropolitan areas in India. risks are borne by the operator, and reve- Metro projects are capital-intensive ventures b. Metro rail corporations – These corpora- nue risks by the authority/owner. needing big funding from the central government tions as governing bodies oversee develop- (iii) Net cost contract – The operator collects or external funding agencies. However, under ment of the respective metro system. For the revenue generated from the services. the Policy the states will have to come up with example, Delhi Metro Rail Corporation was If the revenue is lower than the O&M cost, innovative ways to raise funds through means incorporated with equal equity participation the remaining cost is compensated for by like value capture finance tools. They will also from the Government of India (GoI) and the authority/owner. However, all the risks have to issue corporate bonds for metro projects Government of National Capital Territory of during the tenure of the contract are for enabling low-cost debt capital. The Policy lays Delhi; the Lucknow Metro Rail Corporation, borne by the operator. stress on private sector participation in imple- a special purpose vehicle (SPV), is jointly b. PPP – State governments hereinafter are likely mentation of the metro projects going forward.
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PHILIPPINES
By Martin Luigi G Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW) Samson Tel: (63) 82 224 0996 E: [email protected] W: www.accralaw.com
How the Mental Health Act affects employees may avail of mental health services even down to the barangay level. The Mental Health Act also integrates psychiatric, psychosocial, and ental health conditions, which include Likewise, the Mental Health Act requires neurologic services in regional, provincial, and Manxiety and panic disorders, depression, the confidentiality of all information, commu- tertiary hospitals, and mandates the improve- eating disorders, substance abuse and addic- nications and records, in whatever form or ment of mental healthcare facilities. tions, have become a pervasive issue which medium stored, regarding the person experi- The Mental Health Act does not expressly permeates our present society. Anyone can encing mental health condition. Generally, the mandate free psychiatric consultations and be affected by these conditions regardless of information, communication and records can- medicines for those in need of them. As it nationality, age, or gender. not be disclosed to third parties without the stands, the Philippine Health Insurance These conditions have been recently written consent of the person experiencing a Corporation (PHIC) only covers hospitalisa- brought to fore by celebrities who acknowl- mental health condition or his legal repre- tion brought about by acute attacks of mental edged that they suffered problems relating to sentatives, subject to certain exceptions. and behavioural disorders at a package rate of their mental health, or worse, suffered their Violation of the provisions on non-dis- P7,800. This however, may still be remedied early demise when they lost their respective crimination and non-disclosure may lead to a since the Mental Health Act directed the battles with their mental health conditions. If penalty of imprisonment of not less than six Department of Health, which has been celebrities who appear to have everything months, but not more than two years; or a charged with the formulation, development, they could possibly have in their lives succumb fine of not less than P10,000, but not more and implementation of a national mental to their mental health conditions, then the than P200,000; or both, at the discretion of health program, to coordinate with the PHIC ordinary working Filipino is not immune to the court. to ensure that insurance packages equivalent these problems. Further, employers are now required to to those covering physical disorders of com- The workplace, and all the expectations develop appropriate policies and programs parable impact are made available to patients of productivity, deadlines, performance evalu- on mental health in the workplace designed affected by mental health conditions. ations, and the avalanche of information from to: 1) Raise awareness on mental health When employees are happy, they are different sources not only lead to stress but issues; 2) Correct the stigma and discrimina- more likely to perform well at work. When can actually take a toll on one’s mental health. tion associated with mental health condi- they suffer, their work also declines. This leg- Despite this reality, the topic of mental health tions; 3) Identify and provide support for islation encourages employees to be open remains taboo. Some employees are afraid individuals at risk; and 4) Facilitate access of and take care of their mental health. However, that talking about any mental health condition individuals with mental health conditions to the war for mental health advocates does not will lead to their discrimination, or worse, treatment and psychosocial support. end here, they need to ensure that the imple- result in the loss of their jobs. In this regard, the Department of Labor menting rules and regulations of the Mental In passing the Mental Health Act (Republic and Employment has been directed to: 1) Health Act provide for the necessary provi- Act No. 11036), the government took a step Develop guidelines and standards on appro- sions for the proper execution of this new law. towards affirming the right of all Filipinos, not priate and evidence-based mental health pro- only the workers, to good mental health and grams for the workplace; and 2) Develop The views and opinions expressed in this mental health services. policies that promote mental health in the article are those of the author. This article is With the passage of the law, employees workplace and address stigma and discrimina- for general informational and educational no longer need to fear that they will be dis- tion suffered by people with mental health purposes only and not offered as and does criminated against since the Mental Health Act conditions. not constitute legal advice or legal opinion. decrees that persons affected by mental health The determination of the existence of a conditions should be allowed to exercise the mental health condition is based on scientifi- full range of human rights and participate fully cally accepted medical nomenclature and best (Note: This article first appeared in Business in society and work, free from stigmatisation available scientific and medical evidence. World, a newspaper of general circulation in the and discrimination. Persons experiencing mental health conditions Philippines.)
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SOUTH KOREA
Poongsan Bldg. 23 Chungjeongro, Seodaemun-gu, Seoul 03737, Korea Tel: 82 2 2262 6288 / Fax: 82 2 2279 5020 By Lee Hye-Ri E: [email protected] W: www.leeinternational.com
Major amendments to the Unfair transacting business proposals, bidding, public offerings, etc., would be considered a new type Competition Prevention and Trade Secrets of unfair competition under Article 2(1)j. of the Protection Act Act. The only exceptions would be situations where the recipient of such business ideas was ollowing its amendment on April 17, 2018, already aware of those ideas at the time they Fthe new provisions of the Unfair “The amended Act clarifies were received or when it is proved that such Competition Prevention and Trade Secrets ideas were already widely-known in the same Protection Act took effect on July 18, 2018. and makes explicit the field of business or industry. There had been no established opinion in protection of trade dress, Given the above amendment, the unau- Korea as to the law under which “trade dress” thorised use of business and technical ideas, should be protected and what requirements as a business mark, by which had previously fallen into a gap in the law should be met in order to receive such protec- specifying that trade dress in the absence of an explicit contract of protec- tion. However, this amendment to the Act tion between the parties, is now the subject of explicitly recognises the concept of trade dress is a mark that expresses or protection, even without concrete contract as well as the protection of ideas. It is expected provisions. to further strengthen the level of protection is associated with a Also of note, the amended Act specifically available in Korea to the rights of IP owners. particular business” excludes the wrongful use of ideas from crimi- In its previous version, the Act did not have nal punishment (Article 18(3)1 of the Act). But any provision that explicitly protected trade it grants the commissioner of the Korean dress, a term that, among other things, refers to Intellectual Property Office authority to conduct a distinctive general exterior appearance and reflected in Article 2(1)b. and c. of the Act. investigations and to make correction recom- design of a business that is associated with a Additionally, in its prior version, the Act did mendations in connection with any conduct particular business and constitutes such features not have any concrete provision that would violating the Act (Articles 7 and 8 of the Act). as business methods, interior decorations, sign- restrict the unauthorised use of ideas, except in Moreover, the amended Act generally boards, signposts, etc. In the absence of such a limited situations where certain defined require- provides for (i) civil claims to prohibit violations provision, courts protected trade dress by rec- ments were met, for example, where a right and for the recovery of damages (Articles 4 and ognising it as one of the features protected was protected by a patent registration or where 5 of the Act); (ii) criminal sanctions (Article 18(3) under Article 2(1)j. of the previous Act, but only there was an explicit contract protecting such of the Act); and (iii) administrative remedies if it met certain requirements (Supreme Court use of ideas. (Articles 7 and 8), as the available methods of decision no. 2016Da229058 rendered on To more aggressively protect novel busi- relief for engaging in unfair competition. September 21, 2016, etc.) ness and technical ideas and restrict the unau- Additionally, Article 14-7 was newly added so The amended Act, on the other hand, thorised use of those ideas, particularly the that in the case of any damages lawsuit filed clarifies and makes explicit the protection of ideas of small and medium-sized business pursuant to Article 5 of the amended Act, the trade dress, as a business mark, by specifying enterprises (SMEs), venture corporations and court may, if necessary, demand that the that trade dress is a mark that expresses or is developers, the amended Act contains new Korean Intellectual Property Office (KIPO) sub- associated with a particular business, and it protective measures. It provides that any act of mit to the court the KIPO’s investigation includes any distinctive method of selling prod- wrongfully using or causing others to use infor- records as to any applicable acts of unfair com- ucts or providing services or any general exteri- mation that includes technical or business ideas petition, etc. It is expected that this addition will ors of places of business, signage, external of others, which information could possess make it easier to acquire evidence to support designs, internal decorations, etc. This is economic value, in the course of bargaining or damages law suits in the future. Find the Asian-mena Counsel JURISDICTION UPDATES archived at www.inhousecommunity.com
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THE BRIEFING
EVENT REPORTS In-House Congress Seoul 2018 In its sixteenth year, the Korea event brought together leading in-house lawyers, chief executives, company directors and compliance professionals.
fter an eventful year for the Korean peninsula, the sixteenth In- A House Congress Seoul featured some timely discussions, includ- ing a workshop on recent sanctions developments with Clyde & Co. The day started with a plenary session devoted to the relationship between cost, quality and value for in-house legal teams, followed by a discussion on women in law, regarding mentorship and meaningful careers with Yun Choi, of LG Chem’s IP centre; Hayoung Hailey Kim, general counsel at Dell EMC Korea; Sue Hyun Lim, secretary general at KCAB International; Ji Hyung Kim, general counsel of Veolia Korea; Henry Sohn, an Allen & Overy partner; June Yeum, a partner in the Smith Freehills and an explanation by Yulchon of why tax can be so global dispute resolution practice at Clyde & Co; Shareena Edmonds, difficult in Korea for multinational companies. a partner at Reed Smith. The day’s workshops included a joint presentation by Bae, Kim & During the rest of the morning, Bae, Kim & Lee provided a regula- Lee and the Hong Kong International Arbitration Centre that looked tory checklist for the EU’s new data privacy rules, while Reed Smith at third-party funding and enforcement. Yoon & Yang discussed the examined current trends influencing successful delivery of interna- legal issues of labour investigations, including the shortening of maxi- tional construction projects and Yoon & Yang presented a session on mum weekly work hours and illegal dispatching of temporary agency the Korea Fair Trade Commission’s enforcement activities. workers. Afternoon sessions included an update on recent developments Thanks to all the presenters who contributed to a successful in white collar and regulatory enforcement across Asia with Herbert event, and to Fronteo and LexisNexis for their support.
A special thanks on behalf of the In-House Community™ to all our speakers, which included:
Henry Sohn David MacArthur Michael Suh Partner Senior Foreign Foreign Attorney, Allen & Overy LLP Attorney Bae, Kim & Lee LLC Bae, Kim & Lee LLC
Juho Yoon Seokchun Yoon Avryl Lattin June Yeum Reemt Matthiesen Partner Partner Partner Partner, Global Dispute Partner Bae, Kim & Lee LLC Bae, Kim & Lee LLC Clyde & Co Resolution Practice CMS Hasche Sigle Clyde & Co
Hayoung Hailey Kim Kyle Wombolt Joe Liu Patrick Dransfield Sue Hyun Lim General Counsel Head of Global Managing Counsel, Publishing Director Secretary General Dell EMC Korea Corporate Crime & Hong Kong Asian-mena Counsel KCAB Investigations Practice International and Co-Director, INTERNATIONAL Herbert Smith Freehills Arbitration Centre In-House Community
Hyun-Joon Kwon Yun Choi Alex Andrews Shareena Edmonds Vincent Rowan Director of Personal Professional, IP Center Partner Partner Partner Data Policy Division LG Chem Reed Smith Reed Smith Reed Smith Korea Internet Security Agency
Cholsoo Han Seong Hong Seunghyeon Sung Yong Whan Choi John Dryden Senior Advisor Partner Partner Partner Senior Foreign Counsel Yoon & Yang LLC Yoon & Yang LLC Yoon & Yang LLC Yulchon LLC Yulchon LLC
Kyu Dong Kim Dong Hun Lee Ji Hyung Kim Senior C.P.A. Senior C.P.A. General Counsel Yulchon LLC Yulchon LLC Veolia Korea
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THE BRIEFING
MOVES The latest senior legal appointments around Asia and the Middle East
AUSTRALIA HONG KONG Gadens has added Jodylee Bartal as a partner in its family and Walkers has added James Gaden as a relationship law team in Melbourne. Bartal joins from Lander & partner in the corporate and investment Rogers, where she has practiced for over 10 years. Prior to that, funds group in its Hong Kong office. Gaden she was head of the family law practice at Russell Kennedy. Bartal has over 15 years of experience providing is an accredited specialist in family law. Highly experienced with an legal advice to the financial services sector, excellent reputation, she advises on all areas involving married and with a specific focus on the investment de facto couples, from separation, divorce and parenting disputes, funds industry. He has worked extensively James Gaden to children’s matters, binding financial agreements, all aspects with private equity and hedge fund manag- of financial and property settlements and litigation/defended ers across the region. He advises on fund formation and structuring, matters. Her experience includes acting in multi-party disputes, transactional matters, including M&As, fund restructuring and fund multiple jurisdictions and complex parenting, property (including financing. Over the years, he has developed strong expertise in the international disputes), tax, valuation and financial matters. venture capital space, particularly in fintech-related industries.
CHINA INDIA Squire Patton Boggs has added Yan ANM Global has added Anushree Rauta as a partner to lead its Xuan, the former president of Nielsen entertainment and media practice. Rauta graduated from ILS Law Greater China, as a partner to lead its College, Pune in 2010. She started her career with Naik Naik & international public policy practice in Company, where she worked for close to eight years, prior to China. Yan is an accomplished US lawyer, joining ANM Global in August 2018. She specialises in media, who has gained a reputation as a distin- entertainment and information technology laws, and is well- guished business leader, effective gov- known for her expertise in structuring complex transactions and Yan Xuan ernment lobbyist and respected US and providing advisory services. She also practices litigation specific China policy expert. He brings more than 25 years’ experience in to this practice area, thereby providing a very holistic approach senior leadership roles at global companies, such as Qualcomm, in this field. Moreover, Rauta runs the entertainment and media Oracle, Microsoft and AT&T. In 2011, he joined Nielsen, where blog IPRMENTLAW. he led its overall business in mainland China, Hong Kong, Taiwan and Macau. Yan brings a unique understanding of the macro J Sagar Associates has added Farid Karachiwala as an equity economy, government policy and political landscape in China, partner in its Mumbai office, with effect from October 1, 2018. as well as deep insights into a number of dynamic and complex Karachiwala has been an equity partner for many years at Wadia industries. He also has extensive experience in corporate gov- Ghandy & Co in Mumbai and anchored its general litigation prac- ernance, spanning industry association, corporate and university tice. He has a strong Mumbai-based litigation practice and also a boards. He was vice-chairman of the board of governors of the substantial real estate practice. He also brings most of his team American Chamber of Commerce in China, as well as a member with him. of the board of directors of USITO, an association of leading US IT companies. US White & Case has expanded its global King & Wood Mallesons has strength- white-collar practice with the addition of ened its New York capability with the Bingna Guo as a new partner in Beijing. appointment of US tax expert Jun Kang as Guo has broad white-collar experience a partner. Kang brings US and international in internal investigations and providing tax expertise across a number of areas, compliance advice and representation on from cross-border investments, capital domestic and cross-border matters for markets to private investment funds. Prior Bingna Guo Jun Kang multinational companies. She also advises to joining the firm, he was at Cahill Gordon companies on comprehensive compliance programmes and train- & Reindel, where he worked with clients, including Chinese state- ing. Guo has significant experience in cross-border litigation, owned enterprises, financial institutions, private equity firms, international commercial arbitration and mediation, regulatory asset managers, listed companies and high-net-worth individuals. matters, crisis management and complex commercial litigation. Kang also practised law in China, including serving as internal legal Prior to joining the firm, she was a partner at O’Melveny & Myers. counsel at China National Offshore Oil Corporation.
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THE BRIEFING
DEAL OF THE MONTH
Asian-mena Counsel Deal of the Month Temasek’s Astrea IV private equity securitisation A unique opportunity for ordinary investors to access private equity returns in the form of a bond. etail investors in Singapore were unique opportunity. The A1 bonds, half year non-call period and carries a fixed R given a world-first opportunity to of which were included in the retail interest of 4.35 percent, with a 1 per- buy bonds backed by cash flows from offer, generated subscriptions from the cent interest rate step-up if the bond private equity funds this summer when public of roughly S$890 million. Overall, is not redeemed after five years and a Temasek subsidiary Azalea launched a institutions were allocated 60 percent bonus payment of up to 0.5 percent of US$501 million-equivalent securitisa- of the bonds, accredited investors 22 principal at redemption if certain per- tion. percent and retail investors 18 percent. formance conditions are met. The loan- The stated goal of the public offer- The transaction portfolio comprises to-value ratio at issue was 16.5 percent ing component is to introduce new 36 private equity funds, managed by 27 The Class A-2 bonds, which are investment products that make private general partners and invested across not listed and not rated, feature simi- equity accessible to a wider investor 596 companies, with a net asset value of lar terms to the retail tranche and are base, as Temasek is an investment arm US$1.1 billion, giving the issue significant ranked equally in the capital structure, of the Singapore government and has a over-collateralisation — the issue size but paid a 5.5 percent coupon. The mandate to serve the public interest. is less than 46 percent of the portfolio loan-to-value ratio was 19.1 percent. Astrea IV comprised three tranches size. The Class B bonds pay a coupon of 6.75 — S$242 million (US$177m) Class A-1 Azalea says the portfolio is mature, percent, with the principal expected to secured fixed rate bonds, US$210 mil- with a weighted average fund life of be repaid after the redemption of Class lion Class A-2 secured fixed rate bonds seven years, and cash generative, with A-2 bonds. The loan-to-value ratio was and US$110 million Class B secured distributions from the funds received by 10 percent. fixed rate bonds. All three have a the issuer and then paid out to bond- Allen & Gledhill partners Yeo 10-year maturity. The sponsor, Azalea, holders semi-annually. Wico, Jeanne Ong, Andrew Chan, holds the US$597.4 million unrated The Class A-1 tranche, which is Danny Tan, Ng Wuay Teck and Lim equity tranche. listed on the main board of the Singa- Pek Bur led the firm’s team advising Investors responded well to this pore stock exchange, features a five- Astrea IV on the transaction.
Other recent matters include: Hong Kong partner Tracy Wut led the firm’s team in the trans- Skadden has advised Pinduoduo, a leading new e-commerce action. platform in China, on its US$1.63 billion listing on the Nasdaq. Eversheds Sutherland has acted for Brockstone on its Pinduoduo is offering 85.6 million American Depositary Shares, successful application to the High Court for the appointment of each representing four Class A shares. This is one of the largest the administrators to Force India Formula One Team. Brock- US IPOs in 2018. Trading in the ADS commenced on July 26, stone, the services company representing Force India driver 2018. Partner Julie Gao led Skadden’s team in the transaction. Sergio Perez, made the administration application to protect Maples and Calder (Hong Kong) has acted as Cayman Islands the jobs of 400 employees. The administration will also ensure counsel to Pinduoduo, with partner Richard Spooner lead- a stable platform to find a buyer for the Silverstone-based team. ing its team. King & Wood Mallesons acted as China counsel. Restructuring partner Jamie Leader led the firm’s team in the Kirkland & Ellis International and Jingtian & Gongcheng transaction. acted as US and China counsel, respectively, to Credit Suisse Allen & Overy has advised Pilmico International, the Securities (USA), Goldman Sachs (Asia), China Inter- food subsidiary of Philippine conglomerate Aboitiz Group, on its national Capital Corporation Hong Kong Securities and approximately US$400 million acquisition of a 75 percent stake China Renaissance Securities (Hong Kong), as the represen- in Gold Coin, one of Asia’s largest agribusinesses, which oper- tatives of the underwriters. ates 20 livestock and aqua feed mills across 11 countries in Asia. Baker McKenzie has advised Carlsberg on its acquisition The transaction is the largest outbound acquisition from the of an additional 25 percent stake in Cambrew, the Cambodian Philippines, and the largest agribusiness acquisition in Southeast brewer of the iconic Angkor Premium Beer. The transaction Asia in the last few years. The firm advised on both the M&A and gives Carlsberg management control of the business in a beer financing aspects. Corporate partner Alun Evans led the firm’s market that offers appealing long-term growth opportunities. team in the transaction.
16 www.inhousecommunity.com Volume 15 Issue 9, 2018 17 Opportunities of the Month …
Be it a case of wanting to spice things up or break the pattern, every now and then, it's nice to know there's something else. Whether you do so casually or stringently, take a look below to see what the legal sector can offer you.
Counsel – Media Legal Counsel – Commodities 8-12 years PQE, Singapore 5-8 years PQE, Singapore A global multimedia company is seeking a senior and experienced This role is with a leading player within the commodity trading media lawyer who can advise them globally, although Asia will be industry. As the business prepares for growth, it is currently seeking a focus given the location of the role in Singapore. You will have an experienced counsel to be part of its high-performing legal team. significant experience in areas including providing pre and post- Reporting to the head of legal, you will be responsible for reviewing, publication advice to media organisations, dealing with copyright and advising on a variety of agreements relating to each aspect of the IP issues, counselling on laws affecting the company, defending claims, international trading and supply business in the commodity groups dealing with urgent injunctions and handling other litigation associated they trade in, and take lead of the specialists in commodity derivatives. with the operations. Confidence and the ability to make sound As they are not limited to paper trades, the role will also expose you judgments are key to the role. You will also need a sound background to the entire value chain of the business — upstream, midstream in IP and strong media litigation and dispute resolution experience. and downstream, as well as ship chartering, trading and optimisation. Based in Singapore, this is a newly created position and will appeal You will also be responsible for regulatory, corporate and compliance to someone who is excited by a fast-paced environment, and an advisory, and providing support to other corporate functions where opportunity to be part of a truly global player reaching more than one needed. Ideally, you are with 5-8 years PQE, preferably a banking or billion people every day. [Ref: JL – IS 1802] commodity derivatives environment. [Ref: JO 1808 171076] Contact: Julia Lee Contact: Michelle Koh Tel: (65) 6818 9701 Tel: (65) 6407 1202 / (65) 9027 2804 Email: [email protected] Email: [email protected]
Transactional Lawyer Legal Counsel/Senior Legal Counsel – 8-10 years PQE, Hong Kong Technology This Hong Kong-listed company with a strong presence in the 5-8 years PQE, Hong Kong Asia Pacific is urgently seeking a commercially savvy and mature This is an opportunity to join a reputable Chinese conglomerate transactional lawyer to join its expanding team. You can expect to work as the senior legal counsel where you will primarily be focusing on on large local or regional deals and be involved in strategic corporate international M&A transactions. Based in Hong Kong, you will be matters. You will also need to manage legal due diligence for major supporting and advising on international investment and M&A deals corporate transactions. You need to be diplomatic and have an out- and managing external counsel. You will be handling and negotiating a going personality plus a background in corporate finance and M&A variety of overseas M&A transactions. Candidates must be qualified in transactions. Prior work with reputable international or top local law PRC, HK or US with JD/LLM with around 5-8 years of international firm preferred good knowledge in listing rules a must. Fluent Chinese is M&A experience gained from leading international law firms. Excellent essential along with good English. [Ref: 14653/AC] command of English and Chinese language skills. [Ref: 113183] Contact: Doreen Jaeger-Soong Contact: Charmaine Chan Tel: (852) 2520 1168 Tel: (852) 29512104 Email: [email protected] Email: [email protected]
Legal Counsel – Fintech Regional Counsel – Hospitality 3-8 years PQE, Hong Kong 5-10 years PQE, Hong Kong This startup fintech company that helps its clients utilise blockchain The regional legal team of a well-known hospitality chain is looking for technology to provide business solutions is now looking for a legal a senior commercial counsel to join the group to advise on a broad counsel at junior to mid-level experience to assist the head of legal spectrum of operational matters including commercial contracts, HR as the operations of the business grows. Candidates should have and IT issues. There will also be corporate projects including JV’s and experience with technology and software related documentation M&A work that you will be involved in. Industry experience is not and be comfortable with working in a hands-on, entrepreneurial required and lawyers from reputable law firms will be considered as environment. Business level Chinese skills are a strong advantage. [Ref: well as established in-house lawyers. No language skills required. [Ref: AC7331] IHC 16116] Contact: Chris Chu Contact: Andrew Skinner Tel: (852) 2537 7415 Tel: (852) 2920 9111 Email: [email protected] Email: [email protected]
18 www.inhousecommunity.com Volume 15 Issue 9, 2018 19 INVESTIGATIVE INTELLIGENCE
Stefano Demichelis Principal, Business Intelligence & Investigations [email protected] Innovating internal investigations in today’s hyperconnected world
hen controls fail and fraud part of the investigations by Kroll media posts, emails, documents) in a occurs, internal audit includes retrieving and analysing manner that makes it easier to find W departments are generally relevant electronic data that had been increasingly smaller needles in ever- held to be an organisation’s last line of deleted on selected hard drives and growing haystacks. defence. Likewise, when fraud or smartphones. This analysis can help With data visualisation tools, data bribery and corruption cases are identify questionable communications can be connected from a variety of discovered or when regulators come which provides additional investigative sources such as social media or knocking, in-house counsel are often leads. In a similar way, when computer records to represent the level the ones to take ownership and deal attempting to identify and recover of interconnections between various with the issues. assets, data obtained from geotagged identified parties. For in-house counsel and internal posts on social networks made by a Once links are identified, an analyst audit departments conducting internal subject in a specific area might allow can then focus on specific clusters and investigations, the primary sources of for the identification of the property of nodes to dig deeper in a more timely information to review have included interest. and cost-effective way. network servers, computers, laptops By following the leads highlighted and handheld devices (ie, those by data visualisation tools, the analyst belonging to the organisation and not can conduct a more in-depth analysis of falling under the increasing practice of financial transactions across accounts if employees’ using their own devices). for example money laundering is While these sources might have suspected. The hotspots that emerge been sufficient in the past, the current can also help identify missing funds or smartphone generation is much more heretofore unsuspected connections socially connected (albeit in electronic among customers, suppliers and/or format) than 15-20 years ago and, as a employees. result, the number of interactions made In a world growing ever more through instant messaging and similar connected and generating ever more applications for work-related matters Data visualisation tools have emerged information, in-house counsel and has increased exponentially. This has as a powerful resource for internal internal auditors face tremendous directly affected companies’ ability to investigations challenges in their efforts to discover, monitor, obtain and retain information Alas, making sense out of vast sets of analyse and interpret data that is for compliance and audit purposes. data can be daunting and overwhelming critical for their internal investigations. Today, fraud and bribery and for most organisations. The need to Innovative uses of technology, such as corruption investigations require the adapt and evolve the collection and data visualisation tools, can enhance review of not only internal data (eg, analysis of data is critical. the ability to not only investigate books and records, computers, laptops Over the years, data visualisation instances of fraud, bribery and and handheld devices), but also has taken a host of forms, from the corruption, but also to help develop information from external sources, simplest x-y axis charts to the data-driven preventative strategies. including but not limited to media, infographics ubiquitous on most media internet, search engines and social platforms today. Recently, data Kroll is the leading global provider of risk media platforms. For example, Kroll visualisation tools have proved solutions with more than 45 years of expe- rience in helping clients make confident was retained through an external extremely enlightening in the context risk management decisions about people, counsel to investigate allegations of bid of internal investigations. They are able assets, operations and security. For more rigging and receipt of gifts and to combine structured data (eg, tables) information, visit www.kroll.com. inducements by an employee. Often, and unstructured information (eg, social
20 www.inhousecommunity.com Now in its 20th year, the In-House Community Congress series is the region’s original and largest circuit of corporate counsel events, bringing together over 3,000 corporate in-house counsel and compliance professionals along the The twentieth annual gatherings New Silk Road each and every year. of the In-House Community along the New Silk Road
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Join your colleagues at an In-House Congress near you FORUMS FOR THE For more information email us at: In-House Community [email protected] www.inhousecommunity.com LEGAL INNOVATION & TECHNOLOGY Toward an innovative new strategy for In-House Counsel
An in-house legal team can achieve much more than saving money, but it requires a more strategic approach than most companies have adopted, writes Mitchell Kowalski, the Gowling WLG Visiting Professor in Legal Innovation at the University of Calgary Law School.
he years since the beginning of the 21st expecting that tactic to solve all your legal woes is century have seen an explosion in the overly simplistic. Ideally, the legal function of any number of in-house counsel across the corporation should, among other things: enable globe. The Association of Corporate Counsel better strategic sourcing of external suppliers; inform Thas more than 43,000 members in 85 countries management processes to control the delivery and employed by over 10,000 organisations; the Corporate cost of legal work (internally and externally); Legal Operations Consortium boasts thousands of highlight non-legal work being done by the legal legal operations personnel; and of course the department that may be handed back to the business; In-House Community has over 20,000 members with enable a continuing strategic overview as to the responsibility for legal and compliance issues in the shape and size of the internal legal department; and Asia-mena region. create management information for the legal team. The in-house field is now exceptionally large and Creating a behemoth legal department doesn’t it should be no surprise that there is a direct address many of these items. Nor does asking outside correlation between the rising costs of outside law firms to come up with some ideas on their own. counsel and the growth in in-house legal teams. It’s Casey Flaherty, an American consultant and cheaper to simply build an in-house team than to rely commentator, has pointed out in a number of blogs upon outside counsel for great swathes of corporate and talks that outside lawyers are often truly legal work. And that is the predominant strategy used befuddled by RFP questions such as: “What by general counsel around the world. But is it a long- innovations will you use to create added value for term solution, or merely a short-term labour us?” In many cases, according to Casey, firms tend to arbitrage play? answer with some variation of: “We upgraded to In my view, building an in-house team and Windows 10.”
22 www.inhousecommunity.com Toward an innovative new strategy for In-House Counsel
“True sustainable innovation in the context of in-house legal departments is not simply jumping on to the newest technology” Photo: Phil Brown
In-house counsel who want a truly client-centred, True sustainable innovation in the context of unique and innovative solution to their “more for in-house legal departments is not simply jumping on less” challenge will have to come up with it to the newest technology (although technology may themselves. form a part of innovation), but rather the careful What is needed is a new approach to how integration of the in-house team, outside providers in-house legal departments operate, and how they and the business units under the umbrella of a view their role — an approach that sits somewhere master strategy that aligns with the corporation’s between the “build a giant in-house team” idea and values and goals. Few in-house departments think in the unhealthy “in-house versus outside law firm” these terms, mostly because they’re too busy dealing tension that I often see in the marketplace. There with the work that seems to unceasingly flow to them has to be a third way that meets the goals of each day. in-house counsel while also being manageable and So let me suggest a simple framework to help in cost-effective. Alvin Toffler’s 1980 bestseller, The the creation of an innovative master strategy — one Third Wave, was based in part on the premise that that is based on achieving legal service balance. A major business breakthroughs come not from single, corporation is out-of-balance when its legal service isolated technologies, but from imaginative needs are not aligned with the skills and costs of its juxtapositions, developed through large-scale providers (both internal and external). Legal service thinking and the application of general theories. In imbalance not only results in corporations over- other words, breakthroughs come from moving the paying for legal services or underutilising legal skills, existing pieces of the puzzle around in a way that not it also adversely affects customer satisfaction of the only achieves the desired result, but also leaves room business units, as well as the job satisfaction and for future changes. engagement of those on the internal legal team.
Volume 15 Issue 10, 2018 23 LEGAL INNOVATION & TECHNOLOGY
Some corporations, such as the American operations of But that is just the beginning. A strategy of Cisco Systems, assess legal service imbalance through a innovative optimisation can then be instituted in each core/risk matrix (based on level of risk and connection quadrant with the goal of not only continuously to the core business of the corporation) that improving operations, but also of engaging the business incorporates some of the principles of Design Thinking units and empowering the internal legal team. For (start with empathy/understanding) and Lean (ensure example, in connection with the High risk/Non-core the right people are doing the right tasks). The quadrant, a corporation can initiate a disciplined/ ultimate goal is to achieve perfect alignment of legal rigorous selection process to create new pricing resources with both risk to the corporation and the models that reward valuable behaviour and penalise corporation’s core business. undesirable behaviour, all with clear, measurable key The matrix is divided into the following four performance indicators. New technology may or may quadrants: not form part of this approach. The selection process 1. Legal work that is high risk to the corporation and may involve an RFP or it may involve negotiations with also core to the corporation’s business should be the a few select providers; the key is for this model to be only work that the in-house legal team deals with. a win-win for both parties, which requires the internal As this work represents the highest and best use of legal team to spend a great deal of time clearly and internal legal talent, it should result in higher precisely defining the behaviour and outcomes that it employee satisfaction and better employee values. American-based Wolverine used this approach engagement. quite successfully for its trademarks portfolio with law 2. Legal work that is high risk and not core to the firm Seyfarth Shaw. corporation’s business should be the only work done At a minimum, each quadrant will require: by external law firms. This capacity and expertise is 1. Someone on the internal team to lead, and be not required by the in-house team. accountable for, innovation within that quadrant. 3. Legal work that is low risk but not core to the 2. Internal legal team leadership must continually corporation’s business should only be done by a walk-the-talk of innovation and continuous reliable low-cost provider with appropriate improvement to signal its importance to team playbooks and quality control. This work is fairly culture and to the master strategy. repetitive, not continuing, and does not require a 3. Members of the internal team and the business high level of legal skill. This work also has some units must be empowered to make suggestions tolerance for slight imperfections. The recent EY and (without fear of ridicule or repercussion) and be Riverview Law tie-up is an indication of the number given clear direction as to how those suggestions of quality options in this area for in-house teams. are to be made. 4. Legal work that is low risk but core to the 4. A transparent, disciplined and unbiased evaluation corporation’s business is typically well-suited for a process must be created for all suggestions. DIY technology solution (such as an expert system) 5. Suggestions that are acted upon and that achieve used directly by the business teams with little or no success should be celebrated widely and rewarded. involvement from the internal legal team. This work is repetitive, does not require high levels of legal Unfortunately, the space requirements of this skill and has some tolerance for slight article only allow for a very high-level explanation of imperfections; but it’s continuing and needs to be the two-step process involved in creating a more done quickly and efficiently. Australian-based innovative strategy for operating an in-house legal Wesfarmers’ use of Neota Logic to automate its non- department. This strategy and executing on it will disclosure agreements is a great example of this. require a large time commitment that goes beyond the day-to-day work load. It also requires strong, focused Core Non-core leadership and may also benefit from outside assistance, which may explain why the simple “build a High risk In-House External firms giant in-house team” approach is so pervasive globally. But is that approach really adding value for Low risk DIY technology Low-cost provider shareholders and business units? And is it providing a rewarding career for the internal legal team?
Twitter: @mekowalski Email: [email protected]
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... AND SEND THEM AN LEGAL INNOVATION & TECHNOLOGY Lawyering in the gig economy
Mardi Wilson, head of ES Agile in Hong Kong, talks to us about how working on an interim basis offers the benefit of flexibility and greater work-life balance for lawyers.
tepping off the traditional career path may Asian-mena Counsel: Can a lawyer have a career not seem like the sensible thing to do. in the “gig economy”? However, more and more lawyers are finding Mardi Wilson: One area that is growing rapidly in that there are advantages to breaking out of the legal sector in Asia is the gig economy, where a Sthe mould and taking the less obvious path, with lawyer may choose to work on a contract or some startling and positive developments for their freelance basis rather than take a permanent role C V. (also called interim, consulting, outsourcing, etc.). For most lawyers, the typical career path is This is where businesses engage a lawyer for a pretty clearly set out — secure a training contract in defined, short-term period to deliver a specific private practice, land a role as a newly qualified service or outcome for their legal team. solicitor, get a few years of experience, then decide “The ability to add a skilled contractor on short if the rest of your career is going to be in private notice allows the in-house legal department to practice or move across to an in-house role. remain agile and to flex quickly in response to the Occasionally, in-house lawyers may decide to move requirements of the business it supports, without the other way and go into private practice. sacrificing quality,” says Alix Grice, vice-president However, for the most part, it’s a fairly predictable and regional counsel for BT in AMEA. “The providers career path. who specialise in this area have a ‘bench’ of The question then is, in this ever-changing candidates with a range of skills and experience — landscape of innovation and technology, is there a from individual subject matter experts (able to different way? This may be where alternative legal provide support for an unusual event such as a one- service providers come in. time M&A) to the ‘safe pair of hands’ (the experienced commercial lawyer with a broad range of law-firm and in-house experience who can cover “The ability to add a skilled contractor on for a spike in workload or extended leave periods).” short notice allows the in-house legal Some common career misconceptions about short-term engagements are that the work is either department to remain agile and to flex low level or it’s for lawyers with lots of experience quickly in response to the requirements of stepping into roles such as interim general counsel. This is not the case. Legal consulting or contract the business it supports, without sacrificing work is just as open to lawyers at the junior and quality” mid-level as well. And there is probably more to be gained by a lawyer at this stage in their career. Alix Grice, BT Lawyers often ask if they should specialise early in their career and then generalise, or vice versa.
26 www.inhousecommunity.com Lawyering in the gig economy
There is no right or wrong answer — but the role while at this level, clients may be more consulting platform can support lawyers in doing understanding and more likely to provide on-the-job both. Lawyers interested in getting to a certain guidance to succeeding in-house. Also, if it’s not the career milestone such as partner, head of right client fit or type of work for a particular department or general counsel may find that lawyer, the contracts are for a set time frame, so working outside of their specialist area or sector can you can always choose to do something different at give them great experience and insight to help them the end of the contract without any drawbacks. advance. At any major crossroads in a career, a lawyer should assess their experience and any gaps they have as well as their strengths and what they “The work that alternative legal service really enjoy doing. This can then help inform the decision as to what the right step will be (ie, to providers can offer is generally with specialise or generalise) and what options may be exceptional client names that can really available to address any gaps. Sometimes consulting is the only way to build experience if opportunities add value to a CV” are limited for secondments or different legal projects. There is a lot to be said for the soft skills a AMC: Why should junior and mid-level lawyers lawyer will develop by working in-house and on consider a career in the gig economy? short-term assignments. Lawyers must have the Mardi Wilson: Lawyers at all levels can benefit from ability to adapt quickly to working in new areas, contract work at different stages in their career, but teams or sectors. They need to hit the ground it’s worth saying that an ideal stage for a running to deliver as much as they are able to in contracting career could be between two to six the short time of their placement — it’s years post qualification experience. At the junior to essential to establish relationships quickly mid-level it may be easier to move into contract and be comfortable outside of your work because they have sufficient legal skills, strong comfort zone. A key part of working commerciality/ business knowledge and the in-house is how you communicate on flexibility to use this knowledge across sectors. legal matters to the wider business. Sometimes work opportunities may be dependent on They are not looking for pages of what is happening in the market at the time (eg, legal opinion, they are looking for regulatory changes, economic upturns/ downturns) guidance on how you, as a lawyer, or whether a client is looking for a particular skill feel the matter will impact the set to address a business need. business as a whole, and the Looking at CVs for interim lawyers is “generally level of risk that may be no different from a permanent hire”, according to involved in moving forward. Bill Wang, executive vice-president and senior legal expert at Industrial and Commercial Bank of China (Asia). “Perhaps I valued even more the candidate’s quality of flexibility and adaptability in covering various matters in a short period of time.” In addition, at the junior to mid-level, a private practice lawyer may be considering in-house versus private practice. If a lawyer lacks in-house experience, then contracting is likely be extremely beneficial later in their career if they make the decision to make the move permanently. The work that alternative legal service providers can offer is generally with exceptional client names that can really add value to a CV. By undertaking an in-house
Volume 15 Issue 10, 2018 Mardi Wilson 27 LEGAL INNOVATION & TECHNOLOGY
AMC: What’s in it for clients? AMC: What role does technology play in a contract Mardi Wilson: At a more experienced level, clients career? will expect that you have the necessary skills and Mardi Wilson: If we are thinking about the way that aptitude to adapt to in-house culture. Clients careers may change and adapt in the future, the typically look for the combination of strong in-house obvious answer is the move to remote working. Legal and private practice experience and contract lawyers tech now supports work such as remote contract with a diverse CV are more likely to increase their review, as well as the increasing development of opportunities. digital or cloud-based contracts. AI is being used for “We look for contractors that have done several the first review of contracts and then being flagged other contract stints, or who have a flag in their where necessary for a lawyer to review it. Clients resume that shows us that they can adapt from one can now use Uber-style platforms to put their work environment to another, such as cycling between request out into the digital market place and lawyers law-firm and in-house experience, or a move from can bid or quote for the work. While these changes one industry to another,” says Grice. “This means and work options are not yet mainstream in Asia, that it is more likely that the candidate is a flexible experience tells us that businesses here will soon thinker and can quickly adapt to a new corporate start to adopt to this way of working. culture.” What is perhaps more immediate for a lawyer is the benefit of working in a larger number of organisations, therefore seeing more of the “If a lawyer is adaptable, making the move technology solutions being developed both in-house and in private practice to meet a wide variety of to contracting can provide a great platform business needs. This is where a lawyer may choose to for doing more diverse and interesting work” focus on assignments in a particular area such as fintech, e-commerce, digital contracts, document automation, business self-service, the list goes on. If a lawyer is adaptable, making the move to What a lawyer learns working on one placement can contracting can provide a great platform for doing be added to their CV and used on another more diverse and interesting work. placement. This essentially is a way to fast-track The reason clients look to engage contractors will their experience in a broader capacity. vary in many different ways. “An unexpected benefit to the use of fixed term “As the incoming new general counsel, I was in contractors is that they bring a new point of view the process of building up an effective legal team on and outside the box thinking that can result in a more permanent basis,” says Wang. “It was a improvements or at least reconsideration of continuing process. Meanwhile, I needed to cover any engrained practices and less than efficient interim gaps in terms of both capacity and capability. workflows,” says Grice. A contract lawyer arrangement was a suitable solution as it provided the kind of coverage flexibility AMC: Are there any drawbacks? and immediate availability that I was looking for.” Mardi Wilson: So, having read all of this, if you are While clients benefit from their input, it is ready to embark on a career as a consultant lawyer, important for an interim lawyer to understand and there are some key things to consider. work with a client’s unique culture. It is not up to Firstly, working on a contract basis means that the contractor to revolutionise the legal processes / there is no defined career path. The type of roles structure of a client. that you work on will build your experience “It is important to cultivate the team culture of immeasurably, but if your ultimate goal is the career the existing permanent staff,” says Wang. “I would ladder either in-house or in private practice, you expect the contractor to understand, and better yet, need to decide for yourself how long is right for you subscribe to the existing team culture; meanwhile, a to work on a contract basis. The benefit with fresh pair of eyes looking at the way of working contracting is that is doesn’t rule out permanent would be beneficial to the existing team and I positions in the future, indeed contracting might be appreciate deeply what a contractor can bring to the something you do at several points in your career. table that can enlighten us to continuously improve Secondly, you will need to identify and understand if the way we work.” your training and development needs are going to be
28 www.inhousecommunity.com Lawyering in the gig economy
met. Some alternative legal service providers offer The future of working in a gig economy access to training but this will obviously differ if you At the end of the day, there is the benefit of are on the fast track to promotion. Do find a mentor flexibility and greater work-life balance through the with an open mind to work with you during this time working model of the gig economy. Ultimately, you so you can get an external view on how your CV and control your career, selecting the projects that are of your experience is developing to help you achieve interest to you and when you work. It is possible for your ultimate goals. junior lawyers to take on more challenging work There are also a few other practical things you sooner and increase their responsibility faster than need to think about with contracting. You need to on a traditional career path. Then, when you are not understand if the financial structure is going to work on an engagement, the choice is yours for what you for you. Income is project dependent so make sure do with one of the most precious resources — time. you assess your own financial situation and do your research on the contract market. Assignments move quickly, contractors need to be available within four weeks. While on a placement, there is usually a two to four week notice period, therefore consultants also need to be prepared if a placement finishes earlier than expected. Speak with colleagues and friends who are consultants as well as the ES Agile team and other alternative legal service providers in the market to find out more. The consulting models are all a little [email protected] different in Asia and you may find it possible to work esagilehub.eversheds-sutherland.com with a couple, or that one may suit you best.
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Volume 15 Issue 10, 2018 29 LEGAL INNOVATION & TECHNOLOGY My journey from Big Four to legal tech startup
Michael Lew, founder of LegalComet, talks about his move from working with large corporations to the world of legal tech startups in Singapore.
Asian-mena Counsel: Can you describe your AMC: How did you get into legal tech and why now? professional background and your current role? ML: While pursuing a masters degree in information Michael Lew: I have been a technology consultant systems with the London School of Economics, I wrote and legal technologist for over 17 years specialising in a dissertation on bridging lawyers with technology for technology risk management, digital forensics, the 21st century and subsequently started my first e-discovery and, in recent years, legal AI [artificial job with a set of Chambers at Lincoln’s Inn, during intelligence]. I have primarily worked with a the dot.com boom with a rather interesting role of barristers chambers, a leading law firm and Big Four interfacing between barristers and programmers to advisory firms among other sizable corporations. In develop “intelligent”, self-drafting legal documents addition, I am a qualified digital forensics investigator for one of the first document automation who had provided expert testimonies in several high- technologies, Rapidocs for desktoplawyer.co.uk. profile cases and is the immediate past president of Since the turn of the millennium, I have been the High Technology Crime Investigation Association intrigued with the potential convergence of (Singapore Chapter). Towards the end of 2016, I left technology and law and was determined to pursue a Deloitte as a director and embarked on my startup legal technology career back in Southeast Asia. journey. Following my interest in the use of machine Unfortunately, I was ahead of the times and realised learning and predictive data analytics for the legal that the local legal industry wasn’t ready for domain, I had a stint with the National University of any drastic changes to the way that legal Singapore as a researcher in the field of AI and services were delivered. I reinvented blockchain, and had the opportunity to work directly myself as a digital forensic investigator with distinguished professors and data scientists. I am and e-discovery consultant, and currently the founder of LegalComet, an innovation- worked with Big Four advisory firms driven legal tech advisory firm with a focus on while keeping a very close interest in delivering quality tech-enabled solutions in Asia. I the development of legal technology remain active in both local and international legal around the globe. Fast forward 15-18 tech communities and was recently invited by Russia’s years later and now legal technology in Skolkovo Innovation Centre as a keynote speaker for Southeast Asia, especially Singapore, has their Legal AI Conference in Moscow. I would like to taken a new lease on life. The success of think of myself as a legal tech evangelist as I am many fintech firms with their innovative always very excited to share my experience and to and somewhat disruptive business get more people on board this legal technology model has garnered a lot more revolution. interest for legal tech
30 www.inhousecommunity.com Michael Lew My journey from Big Four to legal tech startup legal tech startup
startups from both the providers and customers of stakeholders under one roof with thought leadership legal services. In addition, the emergence of game- workshops, fantastic events and a legal innovation changing technologies such as AI, blockchain and lab (co-working space) across the road from the cloud computing is instrumental in levelling the Singapore Supreme Court where I now spend most of playing field between large corporations and smaller my time, interacting with like-minded legal startups. When size does not matter as much, speed technology professionals. and innovation is the new denominator of building a successful business and that’s just fine with me. “The energy and activity of the legal tech AMC: Is Singapore a good environment for legal startups in Singapore has been phenomenal” tech startups? ML: It’s awesome. Riding on the introduction of Singapore’s Legal Technology Vision in 2017, the AMC: You co-authored a book on e-discovery in energy and activity of the legal tech startups in Asia, can you tell us more? Singapore has been phenomenal. The Legal ML: My foray into e-discovery came about by Technology Vision is a five-year roadmap that happenstance during my first job in Singapore with encourages both innovation and technology in the Rajah & Tann, a leading law firm in Asia, where I legal industry. It also serves as a call-to-action for was tasked to identify a better way to manage and lawyers to enhance their practices by leveraging on review electronic evidence. Anyone who dealt with technology and for non-lawyers or legal technology litigation support in the 2000s can attest that it was providers to engage in public-private collaboration an interesting time, where ‘electronic’ discovery for the building of a strong legal tech ecosystem. involved both soft copy (electronically stored One such initiative is the Singapore Academy of documents) as well as a sizable amount of hard copy Law’s Future Law Innovation Programme (FLIP), (paper documents) that required digitalisation, OCR which aims to connect lawyers, technopreneurs, [optical character recognition] and coding. There investors, academics and regulators under a was a lot of background work involved to get both common platform that will support the development sets of documents into a common platform. Over of new models for the delivery of legal services in the years, more electronic data was created and the the future economy. FLIP is hugely successful in proportion of soft-copy documents clearly over- bringing together legal tech startups and shadowed hard copy documents. Due to the
VolumeVolume 15 Issue 10, 2018 31 LEGAL INNOVATION & TECHNOLOGY
intervention. Many people say that AI cannot replace human lawyers, which is true to some extent, but it is also true to say that lawyers cannot replace AI. What do I mean? AI is designed to handle big data and can review or analyse millions of documents in hours, as compared to weeks or months for a team of lawyers. On mundane and repeatable tasks, AI is consistent, works 24/7, does not get bored and does not ask for a raise. Hence it is a super enabling tool or ‘trusty sidekick’ for lawyers when dealing with a large amount of data or a huge volume of repeatable tasks. Most lawyers in Singapore that I have spoken to are cautiously optimistic on the use of AI and understand that, ultimately, AI and lawyers will need to work together to achieve high-value exponential volume of electronic data to be outcomes for their clients. reviewed, the use of machine learning or AI was introduced in what is commonly known as AMC: What advice can you give those who wish to technology-assisted review. In fact, this was one of launch a legal tech startup? the earlier attempts by legal tech professionals, ML: A quote from Steve Jobs springs to mind: “Think including myself, to use AI for legal processes. And different.” In my experience, the biggest disruption following the introduction of Singapore’s E-Discovery for a legal tech startup is yourself, as it requires a Practice Direction in 2009, I had the opportunity to drastic change of mindset and is definitely not for managed hundreds of e-discovery projects and had the faint-hearted. Most founders of legal tech developed some best practices that are better startups like myself had worked for large suited for projects in Asia. Through a chance corporations for many years and are accustomed to conversation with Benjamin Ang and Bryan Tan, who a certain corporate culture and expectations. When were my ex-colleagues from Rajah & Tann, we it comes to launching a legal tech startup, the only decided to collaborate as co-authors and certainty is uncertainty. Prepare to think differently subsequently launched our book on e-discovery in and accept that things may not always go according Asia in 2017. to plan. The common challenges of a startup are the uniqueness of the business model or product, “Many people say that AI cannot replace commercial viability, getting the right people on board and the race against time. Of course, capital human lawyers, which is true to some or funding is always a crucial consideration — be extent, but it is also true to say that lawyers realistic on how much you need to spend and exercise self-discipline in adhering to the budget. cannot replace AI” Before launching a legal tech startup, my advice is to do a lot of research, talk to your potential clients AMC: Is AI overrated or overlooked by lawyers in and investors, start small with a minimum viable Singapore? product and take your time in selecting the right ML: Following my first-hand experience on the co-founders. While you can expect challenges, it is effective use of AI in the form of machine learning also very rewarding to be in the driver’s seat of and predictive data analytics for e-discovery, I am something new and innovative that could potentially convinced that AI is not just a passing trend and change the landscape for the delivery of legal should not be overlooked by lawyers. AI in many services in the near future. ways is an enabling tool for lawyers but it’s a lot more than what a typewriter was for lawyers in the 19th century or a computer in 20th century. Artificial intelligence, as the name suggests, has the capability of producing some manner of intelligence albeit using ‘artificial’ means, in other words AI can [email protected] perform a desired task such as a first pass review of www.legalcomet.com a legal document with little or no human
32 www.inhousecommunity.com 20 Bringing the In-House Community together along the New Silk Road
“The future of legal services lies very much in the hands of in- house counsel. To bring change, it is imperative SEOUL that they form BEIJING TOKYO SHANGHAI themselves, globally, into professional SHENZHEN ABU DHABI HONG KONG networks. The In-House YANGON DUBAI MUMBAI BANGKOK Community provides HO CHI MINH CITY one such forum” MANILA KUALA LUMPUR Professor Richard SINGAPORE Susskind, OBE JAKARTA
Asian-mena Counsel and the Weekly Briefing Sent to over 31,000 individuals including 21,000 in-house practitioners
Plus: LEGAL INNOVATION & TECHNOLOGY A fresh approach to legal solutions We talk to Titus Rahiri, director and founder of KorumLegal, about technology, disruption and the future of legal services.
Asian-mena Counsel: What is your impression of the NewLaw environment in Asia? Titus Rahiri: The market is growing at a fast pace. A few years ago, there were only a few players in Asia, but as NewLaw becomes part of the normal legal ecosystem, we’ve seen new entrants starting up or moving into Asia. With Asia competing to be a hub of innovation and entrepreneurship, and with a growing startup community and investors looking for the next ‘unicorn’ business, it makes sense that NewLaw legal innovators could thrive here. Singapore, in particular, has provided government support with the Singapore investments and acquisitions by private equity, the Academy of Law’s Future of Legal Innovation Big Four and investments from large multinational law Programme which is a legal innovation hub for firms into alternative legal service providers — or startups to grow in a nurtured environment. Hong NewLaw. Kong has a lot of talent and NewLaw innovation, which is gaining some real traction. With the right AMC: How competitive is the legal services market government support, it could really take off. in the region? TR: As you would expect, the number of NewLaw AMC: How much potential is there for disruption in players is growing so there is growing competition. But Asia? we think this is a good thing. NewLaw is about TR: Asia is a fairly traditional market, with a general constantly innovating and bringing a fresh approach to reticence to embrace innovation in legal solutions. the delivery of legal solutions. This is enhancing legal However, that is changing and clients are seeking services delivery for clients. We all have a alternative, value-driven legal solutions from their collaborative mindset because we all want to move legal service providers. It’s an alternative to towards the same goal — to provide better and client- traditional law that is often a big strain on the purse centric legal services. strings, and it also ensures that legal departments are at their peak — whether they are supported through AMC: What’s more important at KorumLegal — flexible people or streamlined technology-enabled people or technology? processes. As we see it, NewLaw or alternate legal TR: Right now, our people solutions model is service providers are a permanent part of the legal successful, because it makes a lot of sense to the framework. This has been validated by some recent market and is more familiar to established general
34 www.inhousecommunity.com A fresh approach to legal solutions
counsels. I was once on the buy-side of this model in remotely, depending on client needs or budget. An my role as regional general counsel, so I know exactly example of this is where we had a senior consultant the benefits it can provide from a cost and resource from Hong Kong, who worked remotely in Canada for perspective. It is particularly useful for specific a few months for a London-based client, managing projects, maternity cover or additional support, hiring the client’s Asia legal support needs. This was gaps, head-count freezes or as a flexible legal counsel. enabled by technology and a flexible mindset of both Technology is a key enabler to growth — it is the client and consultant. way the world is headed and no-one can ignore it. But On this note, our legal consultants are integral to people will always remain central to legal solutions. the KorumLegal community and are key to our Legal is ultimately a service-based business — and business. Our consultants have come from those who use technology as an enabler to more international reputable law firms, in-house legal effective, efficient and client-centric solutions will teams in Fortune 500 companies and listed MNC’s as make the most impact in the years to come. Legal well as fast-growing startups. Whether it is more tech is still in its relative infancy compared to other flexibility in their work, time to travel, starting a industries, but it is making some great progress. business or starting a family, our model provides a KorumLegal is making sure that it is ahead of the very attractive career alternative. There’s life beyond curve and staying abreast of the latest developments traditional law and we think that’s key. We put a lot in legal tech. We see technology as a key pillar to our of time, money and effort into getting a law degree business in coming years as it matures and starts and legal training, so we are very attracted to being solving some of the major pain points of our clients — able to put those skills to good use outside the and it will support our clients’ people and process traditional sphere. demands and become an enabler to their businesses. AMC: Looking forward, what’s your outlook for the AMC: What types of clients are receptive to legal services industry in Asia? KorumLegal’s value proposition? TR: The legal services industry, as we know it, will TR: KorumLegal is shaping the new reality in legal not be the same in the next five, let alone, 10 years. solutions and the types of clients coming to us are The rate of technology advancements in this space diverse. We work with startups, SMEs, multinational make it almost impossible to predict. But what I can companies, law firms, banks, interest groups and say, is that more and more NewLaw models will regulators… and particularly those who are interested appear. Some will thrive, others may not, but in doing things differently, who are being challenged NewLaw is here to stay. It is a market that is ripe for to do more for less, or who are focused on disruptive the picking because law has been so immobile for legal solutions. A key reason for such diversity in our most of the last century. Data analytics, artificial clients is our diverse offering of solutions across intelligence, blockchain and people in the gig people, process and technology. There is no-one size economy will be keys to the future of law. And the fits all and each client is provided with a bespoke future of law will not just be lawyers. It will include solution to suit their needs. technologists, peoject managers, data analysts, software engineers and others. And this is what makes AMC: What most differentiates KorumLegal from a it exciting to be a part of right now. traditional law firm? TR: We are a law company, and not a law firm. Up until very recently, the legal services industry has seen very little disruption or innovation. Traditional legal solutions continued to be expensive, inaccessible and complex. At KorumLegal, we are flexible, innovative, smart and value driven. Rather than time input, our focus is on value output to our clients. Our range of solutions across people, process and technology is also a key differentiator. We use Lean management principles, Six Sigma and other efficiency processes in our internal HQ operations and also in our client assignments and projects to unlock www.korumlegal.com capacity and underutilised capabilities. Our legal [email protected] consultants can sit with the client or they can work
Volume 15 Issue 10, 2018 35 LEGAL INNOVATION & TECHNOLOGY Cryptocurrency regulations and their prospects in Korea Lawmakers and regulators have struggled to come to terms with bitcoin and other cryptocurrencies.
By Chan Sik Ahn, HMP LAW
ryptocurrencies have generated REGULATIONS ON ICOS heated interest during the past In Korea, Hdac, BOSCoin, PlusCoin, HYCON, few years, particularly in Korea. ICON and MediBloc have successfully From one day to the next, new completed their ICOs, and many other cryptocurrenciesC are being generated currencies are currently undergoing the ICO along with numerous exchanges that process or are scheduled to commence such Chan Sik Ahn facilitate transactions, and some who process. In recent years, many ICOs have have invested in cryptocurrencies have been conducted through the establishment of earned enormous investment returns corporations or foundations in foreign equivalent to tens of billions of Korean countries due to the uncertainty of the legal won within only a few days. regulations in Korea. The Korean government has taken On September 29, 2017, the Korean considerable efforts to establish proper Financial Authority (KFA) announced that it regulations that cover various cryptocurrency would ban ICOs entirely. In its transactions by forming a joint task force announcement, the KFA expressed its hard- from among related government authorities line stance against all forms of ICO, including and publishing their findings. However, since security-type ICOs conducted by way of it is quite difficult for the government to set allocating revenues from a given project or policies on cryptocurrency, as such policies granting certain rights or dividends of a might have the effect of impairing the company, or coin-type ICOs by way of issuing foundation of the legal currency system, new cryptocurrency on the relevant there exist many unsolved and continuing exchange’s platform, regardless of the problems related to cryptocurrency. technology or terminology used. In the following, we will introduce and Since then, in January 2018, the Korean share the current issues on cryptocurrency government, retreating from this hard-line regulations in terms of regulations on initial stance, has announced certain guidelines for coin offerings (ICOs) and regulations on the the prevention of money laundering on establishment and the usage of cryptocurrency exchanges and, accordingly, cryptocurrency exchanges, as of August 2018. introduced a real-name financial transaction
36 www.inhousecommunity.com Cryptocurrency regulations and their prospects in Korea
system for cryptocurrency exchanges to cool off the REGULATIONS ON CRYPTOCURRENCY overheated social phenomena regarding EXCHANGES cryptocurrencies. However, this has been described by There are no direct regulations governing the some as a mere indirect regulation through existing establishment and operation of cryptocurrency banks and other financial institutions, and the Korean exchanges, and therefore the Korean government has government seems to have been unable to make any announced its intentions in relation to regulating further progress in relation to regulating ICOs. cryptocurrency exchanges merely based on If any cryptocurrency issued through an ICO can authoritative interpretations. Similar to ICO be converted into a “security” as defined under the procedures, however, it is anticipated that regulations Capital Markets Act, then such ICO may be subject to on cryptocurrency exchanges will be legislated in the the provisions on issuing securities under the Capital near future. Markets Act. However, since the existing Capital Markets Act adopts the principle that securities are Act on Consumer Protection in Electronic only securities if stipulated by law, an instrument Commerce should not be regarded as a security if it does not fall Under the Act on Consumer Protection in Electronic under one of the definitions of “security” explicitly Commerce, an online order distributor shall file a listed in the Act. Moreover, it is difficult to find a report to the Korea Fair Trade Commission, and case where Korean financial authorities have applied cryptocurrency exchanges have been operating their the Capital Markets Act directly to any ICO case. On business as an online order distributor by selling the other hand, considering the various forms and (trading) cryptocurrencies online. However, as the types of cryptocurrency, the possibility cannot be Korea Fair Trade Commission stated in 2018 that excluded that cryptocurrencies will be regarded as cryptocurrency exchanges should not be regarded as securities sometime in the future, as there have been online order distributors, it is now well-known that several attempts to establish procedural regulations the major cryptocurrency exchanges have given up for ICOs, stipulating that ICOs constitute the issuance their position asserting that they are online order of securities under the Capital Markets Act, or similar distributors. arguments under other statutes. The phrase ‘conducting a fund-raising business without permission’ as defined in the Act on “There are no direct regulations governing Regulation of Conducting Fund-Raising Business without Permission, applies to any business that is the establishment and operation of conducted to raise funds from unspecified individuals cryptocurrency exchanges” (i) without first obtaining authorisation or permission or making a registration or report under other statutes or their subordinate regulations, and (ii) while also requiring a contract that guarantees a Foreign Exchange Transactions Act so-called ‘deposit guarantee’ to such investors. The Foreign Exchange Transactions Act applies to Therefore, ICO fund raising without ‘deposit cases of providing services for the conversion of guarantee’ may not generally constitute ‘conducting a cryptocurrency into legal currency, and in this regard fund-raising business without permission’. However, if conducting a small-scale overseas remittance business the investment is designed to guarantee shall be registered in accordance with the Foreign compensation for any investment loss for the ICO Exchange Transactions Act in order to provide such participants during a given ICO, then this could services. Unlike the foregoing, it is arguable whether possibly be deemed as conducting a fund-raising remitting “cryptocurrency itself” (without converting business without permission (note that in Korea, some to legal currency) to foreigners constitutes a case of who raised funds under the guise of ICOs have been remittance of funds as prescribed by the Foreign punished for violating the Act on Regulation of Exchange Transactions Act. Conducting Fund-Raising Business without Permission). In this regard, referring to Japanese law as a In addition, the Financial Services Commission and comparison, the transfer of cryptocurrencies directly the Korean courts both maintain their position that to third parties is not regarded as a remittance; the act of raising such funds may be deemed however, the conversion of legal currency into fraudulent in accordance with Article 347 of the cryptocurrency is deemed to constitute a remittance Criminal Code, if there appear elements of deception if the converted cryptocurrency is exchanged again or gambling in relation to those funds. for a third country’s legal currency.
Volume 15 Issue 10, 2018 37 LEGAL INNOVATION & TECHNOLOGY
In Korea, it is necessary to have further discussions APPLICATION OF CRIMINAL CODE regarding legislative movement on whether or not such In addition to the specific regulations mentioned remittances should be seen as actual remittances in above, cases of allegedly conducting ICOs or operating accordance with foreign exchange concepts, or cryptocurrency exchanges improperly are generally whether other regulations are needed instead. subject to criminal penalties. For example, any ICO seemingly without business value can constitute a Personal Information Protection Act; crime related to fraud. Also, if a cryptocurrency is and Act on Promotion of Information and listed, but cannot be properly used in any transactions Communications Network Utilisation and due to some deficiency, the representative director of Information Protection the relevant cryptocurrency exchange may be punished The Personal Information Protection Act is a general for “receiving or giving bribes by breach of trust” and law on the protection of personal information, which directors who arbitrarily use funds from exchanges applies to all personal information processors and may be punished for embezzlement or personal information entities. The Act on Promotion of misappropriation. Information and Communications Network Utilisation Also, the Supreme Court has recently ruled that and Information Protection is a special statute that “bitcoin is an intangible property containing value, applies to the relationship between service providers which can be confiscated and subject to confiscation and service information entities who use electronic thereof” (Supreme Court Decision 2018do3619, dated communications networks (such as the internet). As May 30, 2018). In light of the foregoing judgment, it cryptocurrency exchanges provide services online, both seems very likely that the court will be more active in of the aforementioned statutes apply to them as directly intervening in cases of misconduct relevant to information and communication service providers in cryptocurrency transactions, by applying criminal charge of the establishment and operation of penalties in relation to such acts as fraud or exchanges. embezzlement. Also, if there is an EU user on the exchange in Korea, the General Data Protection Regulation (GDPR) CONCLUSION may be applied, in addition to the Personal The price of bitcoin, which skyrocketed to W24 million Information Protection Act of Korea. In such case, a (US$21,500) at the end of 2017, has now dropped to registered EU agent shall be appointed for the EU approximately one-third of that price during 2018. users not established in the EU in compliance with Considering the abatement of cryptocurrency fever in GDPR. Korea, it is unlikely that the Korean government will immediately rush to enact or amend laws relating to Act on Real Name Financial Transactions cryptocurrency. Rather, it may take its time in and Confidentiality; and the Act on deliberating on legislation based on opinions from Reporting and Using Specified Financial relevant industry players, as well as considering Transaction Information various other matters. Without the enactment of such With regard to know-your-customer (KYC) and anti- legislation, institutions and banks may continue to money laundering (AML) obligations, there are certain maintain a conservative approach towards statutes such as the Act on Real Name Financial cryptocurrency-related matters, while ICOs will Transactions and Confidentiality, and the Act on continue to be established in foreign countries such as Reporting and Using Specified Financial Transaction Malta, Singapore, Switzerland, Estonia, Hong Kong and Information. However, these statutes do not apply to Gibraltar. In conclusion, investors and cryptocurrency cryptocurrency exchanges, as such exchanges are not exchange operators should continue monitoring the financial institutions. legislative trends in the future, while continuing to act However, based on an authoritative interpretation in accordance with the Korean government’s issued on November 1, 2017, the Korean government’s authoritative interpretations. joint task force has proposed guidelines on strengthening identity verification and the reporting of suspicious transactions. As the Korea Blockchain Association’s self-regulatory proposal also stipulates user protection/ identity verification, and most of the proposed legislation relevant to cryptocurrency already [email protected] prescribe KYC/AML obligations, certain procedures www.hmplaw.com involving KYC/AML should be prepared in advance.
38 www.inhousecommunity.com asian-mena Counsel In-House Congress
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“The In-house Community website provides the window on the development of commercial law, practice and compliance in the growth markets of Asia and the Middle East” Dr Justine Walker, advisor to the British Banking Association IN-HOUSE INSIGHTS Carl Watson The general counsel of Arcadis Asia discusses effective in-house functionality and how he has worked to build a legal team that is fit for purpose.
’m a relative newcomer. I started my believe in what the business values, does and in-house journey four years ago. Fresh prioritises, everything flows. That belief (and faced and without pre-conception. After focus on it) ensures that in those tough times, 12 years in private practice as an when that “to do” list is as a high as a infrastructureI finance/commercial lawyer, I was mountain and your prioritisation radar is off- handed a clean slate by my new employer and line for maintenance, you can step back and tasked with building a lean and keen in-house contextualise your value-add. So, after Carl Watson function for a leading global design and establishing a cultural symbiosis, what next? engineering business to serve its Asian operating To deliver effective and fit-for-purpose legal footprint. solutions and to keep any business “compliance In my tool bag I had a passionate alignment safe”, you must first understand that business. In to my new employer’s core values (integrity, simple terms, what do we do? By definition, if people first, client success, collaboration and you’re in-house you’re embedded in a host sustainability); the feeling that it was time to business, no longer a law firm — understanding, step up and make a difference; years of intimately, what that business does, how it does experience on large, multi-stakeholder it, where it does it and who does it for it are transactions with a focus on closing out an end- essential syllabus items for the first six months game; my legal skills (a given!) and objectivity; and beyond. Deep awareness of these elements and, most important, on a personal-level, the will then provide a platform to build out your backing of my wife. initial design thinking for your functional team. I I wanted to map out some reflective was lucky. I was given the opportunity to join my thinking from lessons I learned at this stage of employer initially as a secondee. So both parties my journey and some thoughts on the exciting, could “try before they bought”. During that digitally disturbed future ahead. secondment, I made sure I had as much outreach face-time with a broad cross-section of the Culture and context business. Functional colleagues, client-facing Culture is the lifeblood of any business. For me, colleagues, global colleagues in other regions moving in-house or taking a step-change in any and head office, leaders and even clients where career pathway is fuelled by a close cultural and when I got the opportunity. That gave me a understanding and alignment between employee blueprint, a gut feeling, for the pulse of the and that new employer. It is at the core of the organisation I was now embedded within. employment relationship and sits above other After I joined permanently, and to date, a elements such as remuneration, line key learning is that it is a priority for me to management, performance, reward, etc. If you retain face time, to meet with my internal
40 www.inhousecommunity.com Carl Watson
stakeholders, speak to clients and members of process/guidance drafting and dissemination. my in-house network and community to always Since then, I have designed and built a monitor that pulse. blended pan-regional team that includes: fixed- fee retained counsel from trusted law firm Fitness for purpose partners; full-time/line-managed counsel; and We see that phrase in many contracts we have my original “loaned” in-house resource. This to review. We often don’t like it and seek to innovative resourcing model and structure red-pen it. Ironically though, it is fundamental means that I am cost-effective but still can spin to building a functioning in-house functional the plates we’re handed. team. Overhead optimisation is never going to All that said, I’m looking to drive further. disappear; and, with both the emergence of We have the benefit of my employer’s global low-cost excellence centres across Asia and business having excellence centres in lower-cost globally, and the pace of robotisation and geographies compared to that of my regional automation in all facets of professional service, HQ here in Hong Kong. I am now designing for punching above your weight as a legal the future with a strategy for a small team of functional team is crucial. Budget for more lawyers in such an excellence centre that I have headcount/lawyers is never going to be popular been collaborating with and have built with the CFO – I’d go further and also argue understanding of for the last two years. Quality that it is often unnecessary. and efficiency in-house (and not cash) is king, As I mentioned, I was handed a clean slate so I have and will increase my investment by but, initially, no budget apart from for myself! making the right hires who can take over some So during that first nine months of flying solo, I of the commoditised aspects of our functional carefully analysed what I was being asked to role (base contract reviews, aspects of do. It was just me, so prioritisation skills need corporate registration/filings, process-based to be honed. We are a design and engineering tasks, etc) and allow the rest of the team to business, not a law firm. So, as the business get as much of that rubber on the road. That sells the technical expertise housed in the comes next. brains of my excellent professional colleagues, I focused on enhancing commerciality, so they can better police the contracts and risks at the “Budget for more headcount/lawyers is never front line and only escalate key risk factors to me. I mapped out what I was focused on: going to be popular with the CFO — I’d go further contract reviews, awareness training, some and also argue that it is often unnecessary” corporate secretarial work, compliance investigations, a bit of travel for face time and claims evaluation and handling/reporting. On my travels, I asked around and soon realised Adding value that within the business were existing resources On reflection, legal in-house functionality is a in the form of law degree holders and even mixed bag of push (as a publicly listed global non-practising lawyers, but in client-facing business, elements we have to push into the service side roles. I approached their bosses to business, including compliance, reporting, “borrow” some of their time. They kindly assurance, governance and controls), but also agreed. My team-building phase had begun. pull (the value-adding, client-focused, profit- After the first nine months, it was time to enhancing elements we’d like the business to invest. I built a business case for my first seek from us and we, in turn, want to focus our recruit and invested an inordinate amount of energy on). The real juice. time (more than 30 interviews!) to select an I am not going to touch on it here, but experienced, tri-lingual (English, simplified another area to consider (where appropriate) is Chinese and traditional Chinese) commercial in-house client billability. But let’s leave that lawyer with a broad-based in-house background. for another time. Over time we gelled and we started driving So, by liberating my team across the region, commerciality in partnership with our internal embedded within and working closely with clients. Seeking to focus on higher risk pursuits, those country or service line specific business bespoke training (train the trainer) and policy/ teams, from the more commoditised elements
Volume 15 Issue 10, 2018 41 IN-HOUSE INSIGHTS
Engine room: A core for adding value, this is where we support the landing of pursuits or opportunities and enable the business to convert them into tangible revenue raisers. We should guide the business through the various push components related to on-boarding the opportunity (internal approvals, levels of authority, etc); provide a toolkit to the business to enable a strong commercial outcome through their negotiations; listen first and then explain the why in terms of advice and commercial counsel at this stage of the process — never give a hard No, always seek a client-focused solution if one is available; support the business in analysing the service scope or deliverables for the opportunity to ensure we have the resources to deliver on our promises and if not to set up partners from outside correctly (due diligence and allocation of the “Four Rs”: roles, resources, risks and revenues); and once the opportunity is landed, close out the contractual formalities and, importantly, invest time as part of the briefing for the implementation/delivery team in the handover from sales to delivery. This final component, where the key commercial risks are itemised and socialised, is a crucial value-add and risk- mitigation factor as we move to the final stage below.
Delivery: For me, this is the stage where commercial vigilance is essential. We have captured a great opportunity to serve a valued client — now we must perform to deliver the results both parties to the contract shook hands on at the end of the last stage. However, things can change, resources can move on, scope can creep and budgets can become strained. The legal team can add so much here. Whether that be analysing the contracts to determine entitlement or exposure; driving Carl Watson and the Hong Kong members of commerciality through structuring and negotiation his team of work — we can drive attention and performance for variations/additional fees for additional around the pull items. For me they fit into three services/EoTs, etc; to participating in client- categories: focused reviews of our performance, feeding in objectivity and a “four eyes” viewpoint. The Front line: in-house legal business partner can additionally Where the business teams are analysing the proactively monitor claims’ exposure and, from a markets we operate in and identifying clients and commerciality perspective, ensure that revenue is pursuits for us to win and then capture to sell captured where due to eliminate exposure to loss- services. So, my team will, for example, be making pursuits. All this is augmented by value- supporting proposal development, market adding training and awareness sessions that are research, risk assessments for market entry or exit tailored to specific teams and risk-based attention strategies, bespoke compliance and due diligence points (often driven from audit and structured services, etc. reviews).
42 www.inhousecommunity.com Carl Watson
“Leveraging low-cost locations is an interim solution for us, but embracing the pace of digital change and disruption is something to be inspired by and not fearful of in my mind.”
Another key driver to adding value is effective Conclusion collaboration within the business. For me, checking If we consider the following takeaways I’ve distilled in weekly with my colleagues leading other from my own journey to date, we in-house legal functional teams (finance, HR, health and safety, professionals will deliver more SPICE than rice to risk management, marketing, communications, etc), the businesses we serve and, crucially, the clients checking in weekly with my own team, checking in beyond: with my global legal and group headquarters colleagues at least quarterly ensures legal delivery Size of team is not everything, be focused, agile in my region, Asia, is both bespoke, current and and entrepreneurial — build expansion space aligned to global strategic direction. Of course, it is and reactive flexibility space in to your in-house never perfect, but by collaborating closely with structure chart so you can constantly map on to other enablers allows for a contextual awareness; the business you serve and the clients they serve and closer understanding to be reached, helping (and risks they may encounter). prioritisation and focus items to be identified and, Prioritise and direct energy on and to areas of if necessary, re-appraised. importance and don’t be afraid to make and Finally, digitalisation as a value add. For me, take a value judgment on activities that are not efficiency comes from leveraging down and up the critical (following a risk-based mindset) to and/ chain outputs/deliverables to the most appropriate or value adding for those internal and external unit — to then liberate each tier to drive value/ clients. benefit. I see digitalisation and automation of legal Invest continually in knowing your internal and services coming in to initially replace repeatable, external clients and stakeholders. That commoditised services in the financial services contextual knowledge is your licence to operate space first off. Then developing, as artificial and is fundamental to designing the value add intelligence expands and becomes affordable and and commercial credibility. more menu-based, to the full spread of bespoke, Importantly, don’t forget what we said at the algorithm-fuelled contract and documentation start. The Culture that binds you to the business drafting in future. Leveraging low-cost locations is and their clients — focus on making a positive an interim solution for us, but embracing the pace contribution. Remember the aligned values that of digital change and disruption is something to be drew you to your employer. Always enjoy your inspired by and not fearful of in my mind. So, journey (carpe diem). digitalisation is a “most appropriate unit” in its own Finally, Embrace change, innovation and digital right (see above) to leverage up and down to. disruption — listen first, particularly to next gen Innovation, thought leadership and emotional and millennials — they have a different modus intelligence from human lawyers will always be operandi and are the leaders of our future. necessary — and will remain a unit too. I just hope Resist silos by staying connected to other it drives performance in in-house counsel — as what sectors, other functions, clients, strategies, will remain after the digital transition is a smaller, markets, thought-leaders, internal and external distilled and connected group of legal and risk stakeholders to constantly pick out the drum innovators who can quickly identify change and risk beat from which to model the finite resources/ well in advance, but at the same time create new budget you hold for maximum return. processes and ways of delivering both commerciality and compliance in future, fit for purpose.
[email protected] www.arcadis.com
Volume 15 Issue 10, 2018 43 Draft
ASIAN-MENA COUNSEL Q&A
The thing about … Paul
StarrKing & Wood Mallesons’ Joint Worldwide Head of Arbitration and partner talks to Patrick Dransfield about Hong Kong, dispute resolution and working for China’s first international law firm.
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The Thing About … Paul Starr
Asian-mena Counsel: What brought you to Hong Kong? Paul Starr: In 1980, I won my university’s travel scholarship. You had to write an essay to win the prize, explaining where you wanted to travel and why. There were many laudable applications: to Antarctica, monitoring receding glaciers; to Galapagos, studying the blue-footed Boobie. I wrote a slightly risque entreaty, concluding that I wanted to visit Hong Kong to make money — and won the prize! I so loved the first visit that I vowed to return immediately upon completing my UK law articles, which I did in September 1985. I rushed so quickly to Hong Kong that I missed my admission ceremony in London, presided over by the late Lord Denning. I made up for it some years later, when he very kindly autographed his caricature.
AMC: You must be sick of being asked about what has changed since 1985 — so, what hasn’t changed? PS: So much remains. The food — my favourites are still foo yung dan fan, zap har, crispy chicken, dim sum. Our beaches, islands, country parks. But most of all the resilience of Hong Kong people. We are so good at re-inventing ourselves. Our low point was the Sars epidemic in 2003. Brian Downie [now in-house with MTR] and I were lucky, because we had an assignment at that time with Siemens Dematic, in beautiful Lake Konstanz, Germany. All of our secretaries ordered us to buy up as many masks as we could find, which we did. There was not one surgical mask left west of the Maginot Line. No one was flying at that time — there were so few business travellers that Cathay wrote my name on one of the toilet doors. Siemens banned us from their canteen: “Oh well,” we said, “we’ll just have to take (long) lunches by the lake.” But after Sars, Hong Kong bounced right back. And now, the Greater Bay Area and Belt and Road Initiative are once again placing Hong Kong at the regional forefront.
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ASIAN-MENA COUNSEL Q&A
AMC: What did your practice focus on in those early believe that we are now third largest in Hong Kong. days? Had I known that I’d end up in China’s first PS: Arbitration law. I had loved my articles at Frere international law firm, I definitely would have learned Cholmeley [now Eversheds], where I had the great Putonghua back in the 1980s. In truth, I never wanted fortune of being able to attend the US-Iran Arbitral to work in a mega-sized firm. That’s why for articles I Tribunal at the Hague and a huge ICC arbitration in had chosen Frere Cholmeley. Now, though, I love it. Paris. Someone told me that if I wanted to combine Hong Kong with arbitration, I should apply for a job in AMC: What do you love about it? construction law. A few firms saw me, but Denton Hall PS: I love in particular our people. Our Hong Kong DR (as they then were) interviewed me in Courts wine team, many of whom have been with us for years and bar, Chancery Lane. Five hours of “interview” later, I years. I always joke with our lawyers when they reach was hooked. I had a fabulous induction at Dentons a milestone of five or 10 years with us, because our Hong Kong. I was met and taken out by a very young firm gives them a crappy pen or a Park n Shop Jonathan (now Justice) Harris. At my first lunch with voucher worth tuppence. But of course we really the partners, I made the slight faux pas of copying treasure them. Then there’s the international what 1980s London did at lunchtimes and ordered a arbitration group, headed worldwide by Meg vodka. Imagine if one did that today. Utterback and me. Dispute resolvers are of course quite individualistic and our group members are no exception. “The Greater Bay Area and Belt and The China mainland DR team is fabulous, involving Road Initiative are once again us in far-flung pitches, my two favourites so far being Shandong (very pretty) and a certain client’s office placing Hong Kong at the regional where in the month of May, they still had displayed a lit Christmas tree and decorations, replete with forefront” Christmas music. Much to the consternation of our partner, James Guan, Meg and I didn’t win the tender AMC: What are your earliest arbitration memories in — because we were too busy giggling. And of course I Hong Kong? have known our wonderful Australian team for PS: Climbing up the endless steps of Hong Kong’s first decades and still get a buzz visiting them. international arbitration centre, in 1986 Then there are my Hong Kong and worldwide (photographed above). It was housed within the then partners. There is a huge drive to integrate all of our working Central Prison ( now the Tai Kwun Museum). offices. The Southern China partners, Beijing and There were no Lifts, so you lugged up your hundreds Shanghai teams are an inspiration, always ready to of files, step by step. There was no internet then – receive us warmly, spend time with us and work on no “e-bundles”. If we (then) youngsters found that opportunities. I spent six months in Shenzhen as part challenging, imagine the more elderly Arbitrators. We of our chairman’s “100 Lawyers Abroad” initiative. used to deliberately accelerate past them, as they Gao Feng, Haidi Teng and the whole office made me lay gasping on the steps, with a cheery “Good part of the Shenzhen family. Last but not least our Morning”, and of course no offer to help. The old support team. Again, there are long-termers: Matt Centre had two hearing rooms. I recall the infamous Coleman, our head of IT, walked in off the street for a arbitration where, while we sat eating the same job when we were tiny Bateson Starr. David and I said Olivers sandwiches every lunchtime, those in the “You’re hired!” I don’t think he really knew how to other hearing brought in daily caterers, with silver switch on a computer back then. Danny, our chief service three-course lunches. One or two of those messenger, must have given the first message to Adam luncheon participants still work in Hong Kong today: and Eve. Joanne, Marie, Constance and Maggie, our you know who you are. DR secretaries, wouldn’t want me to reveal the decades they have worked with us. AMC: So why King & Wood Mallesons? And then of course I love the work. PS: I have only ever been in two Hong Kong law firms: Dentons, and then from 1990 different iterations of AMC: What about the work? Bateson Starr in association with Mallesons — today PS: Well, leaving aside our international projects and KWM. The firm has just grown and grown. I cannot infrastructure practice, of which I am immensely
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The Thing About … Paul Starr
proud, my work load has so phenomenally changed since we became KWM. Previously, at Mallesons, we wouldn’t have got through the door of a Sinopec, “The Southern China partners, Alibaba, Huawei. Now, more than half of my practice Beijing and Shanghai teams are an has a China mainland element to it. And where possible, we work in cross-office teams. It isn’t just inspiration, always ready to receive about referrals. To achieve cultural integration, we need to work together. So on the ground-breaking us warmly, spend time with us and Shandong Chenming case in the Hong Kong courts, we work on opportunities” are a dual team of Hong Kong and our Beijing referrers Huang Tao and Xu Xianhong. For two arbitrations referred to us by Ariel Ye in Shenzhen, we to us a major defamation case. Handel Lee in New have her team, Xinyu Li in Beijing and us. On the York a US$500 million alleged fraud in Angola. Former Kingkey litigation here, a client of Gao Feng and Haidi judge Liu Shoujie in Beijing a force majeure Teng, it is again Shenzhen and us. Shanghai referred arbitration in Africa.
Volume 15 Issue 10, 2018 47 Draft
ASIAN-MENA COUNSEL Q&A
AMC: You gave some African examples. Is that Belt The opportunities for Hong Kong are vast. Starting and Road? with the Greater Bay Area, there is a massive PS: The Belt and Road Initiative is of such widely programme for connectivity (spearheaded of course popular scope that it is dangerous to categorise by the high-speed rail and the HK-Macau-Zhuhai qualifying projects too narrowly. My head of projects, Bridge), but also for social development whether that Sam Farrands, with partner-supremo Ching Wo Ng and be exhibition centres, retail and leisure, real estate, senior associate Ashley Phelps, are currently working sports hubs, museums, concert halls, theatres. Hong on a huge proposed new port and railway in Ghana — Kong businesses can partner with mainland entities to and I’m not even sure that Ghana is actually deemed develop and service all of this. Further afield, in my a Belt and Road country. Basically, where there is own area of infrastructure development, Hong Kong massive China investment into projects that broadly developers, contractors, suppliers and consultants can span the Belt and Road route, many are terming those joint venture with recipients of Belt and Road funding endeavours “Belt and Road”. Certainly, as a to bring projects to successful realisation in countries, construction lawyer, I am immensely excited about many of which carry high risk but high reward. that initiative and I see huge opportunities for Hong Kong. AMC: We heard that your firm is setting a trend for law firms as regards Greater Bay Area integration? PS: Yes, we have opened our GBA International “As a construction lawyer, I am Centre, which will see a seamless service from our immensely excited about that Hong Kong, Shenzhen, Guangdong and Hainan offices.
initiative and I see huge AMC: And the future of Hong Kong? PS: Well, people always ask: “What of the common opportunities for Hong Kong” law — will it survive? What about your judges wearing wigs and gowns and still quoting Lord Wilberforce?” AMC: What opportunities, and what challenges? All I can refer you to is Mainland policy documents PS: Starting first with the challenges, and looking at and formal agreements made between the Mainland them as a disputes resolution lawyer, Singapore got and Hong Kong governments. If you look for example off to a much better start than did Hong Kong, at the very first clause in the formal bi-governmental marketing itself as an arbitration forum and getting arrangement for Hong Kong’s “full participation in and Singapore written into infrastructure contracts as the contribution to the Belt and Road Initiative”, it situs of choice. I handled a massive Guatemalan stresses that the two governments’ overriding dispute where Singapore was selected, and when I objective is the continued preservation of One visited Papua New Guinea, as a guest of UNCITRAL, Country Two Systems. This was emphasised again in the first thing that the solicitor-general said to me the keynote speeches of top Mainland officials at was: “Now, about Singapore arbitration…” Hong Kong’s recent (third) annual Belt and Road But Hong Kong is catching up in terms of visiting Summit. It is difficult to see how one could have two host countries to explain the advantages of Hong systems without preserving our common law. Indeed, Kong. And I don’t just mean our rule of law. What host abolition of our unique juridical features would surely countries misunderstand is that they think Hong Kong give rise to the widespread loss of confidence in Hong is too proximate to the Mainland, so that they should Kong, which the very Belt and Road Initiative is there shy away from Hong Kong as not being a sufficiently to promote. I thus remain extremely optimistic about neutral venue to stage an arbitration. But those host our future. countries misunderstand the huge advantage a Hong Kong arbitration award can bring to enforcement over In addition to being King & Wood Mallesons’ Joint assets held in the Mainland. They often don’t know Worldwide Head of Arbitration, Paul Starr is a partner about the special arrangement between the Mainland of King & Wood Mallesons. He is practice team leader and Hong Kong governments for the mutual in Hong Kong for infrastructure and dispute resolution. enforcement of arbitration awards. In other words, An honours graduate in law from Peterhouse, there is a special vehicle by which the Supreme Cambridge University, he won a scholarship and the People’s Court will look at Hong Kong awards and university’s prestigious Squire Law Prize. Starr’s team strive to enforce them. The statistics of successful has won awards for arbitration and construction, he enforcement are very promising. has been cited as a world leader in litigation.
48 www.inhousecommunity.com
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50 www.inhousecommunity.com INDIA Mochtar Karuwin Komar Morales Justiniano Peña & Lumagui 2015 2016 2017 Tel: (632) 834 2551, (632) 832 7198, Tel: (62) 21 5711130 (632) 833 8534 Email: [email protected], [email protected] Email: [email protected] Anand and Anand 2015 2016 2017 Tel: (91) 120 4059300 Contact: Emir Kusumaatmadja Contact: Mr. Rafael Morales - Managing Partner Email: [email protected] Website: www.mkklaw.net Website: www.primuslex.com Contact: Pravin Anand - Managing Partner AV CMA ENR LDR PF BF CM CMA IP LDR Website: www.anandandanand.com Nasoetion & Atyanto IP LDR Tel: (62) 21 5140 0311 SyCip Salazar Hernandez & Email: [email protected] Gatmaitan 2015 2016 2017 Contact: Genio Atyanto Tel: (632) 9823500, 9823600, 9823700 Clasis Law Website: www.nacounsels.com Email: [email protected] Tel: (91) 11 4213 0000, (91) 22 4910 0000 Contact: Hector M. de Leon, Jr. - Managing Partner BF CM CMA FT TMT Email: [email protected] Website: www.syciplaw.com Contacts: Vineet Aneja, Mustafa Motiwala SSEK Legal Consultants MR BF CMA E ENR PF Website: www.clasislaw.com 2015 2016 2017 CMA E IP LDR REG Tel: (62) 21 521 2038, 2953 2000 Email: [email protected] Villaraza & Angangco 2017 Tel: (632) 9886088 INDONESIA Contact: Rusmaini Lenggogeni - Managing Partner Website: www.ssek.com Email: [email protected] Blog: Indonesian Insights (http://blog.ssek.com/) Contact: Franchette M. Acosta Website: www.thefirmva.com Ali Budiardjo, Nugroho, Reksodiputro Twitter: @ssek_lawfirm CMA IP LDR REG RES BF CMA ENR MS RE 2013 2014 2015 Tel: (62) 21 250 5125/5136 Email: [email protected] MALAYSIA SINGAPORE [email protected] Contacts: Emir Nurmansyah ([email protected]) Azmi & Associates 2017 Advocatus Law LLP Nafis Adwani ([email protected]) Tel: (603) 2118 5000 Tel: (65) 6603 9200 Agus Ahadi Deradjat ([email protected]) Email: [email protected] Email: [email protected] Website: www.abnrlaw.com Contact: Dato’ Azmi Mohd Ali - Senior Partner Contact: Christopher Anand Daniel - Managing Partner BF CM CMA ENR PF Website: www.azmilaw.com Email: [email protected] MR BF CM CMA ENR PF Website: www.advocatus.sg CMA E IA LDR RES Assegaf Hamzah & Partners Ella Cheong IP Services Sdn. Bhd. 2015 2016 2017 Tel: (60) 3 2201 1976 Jakarta Office: Email: [email protected] Ella Cheong LLC Tel: (62) 21 25557800 Contact: Mr. Soh Kar Liang Tel: (65) 6692 5500 Email: [email protected] Website: www.ellacheong.asia Email: [email protected] Contacts: Fikri Assegaf ([email protected]) CMA IP LDR REG TMT Contact: Mr. Soh Kar Liang Bono Adji ([email protected]) Website: www.ellacheong.asia Eri Hertiawan ([email protected]) Raja, Darryl & Loh 2015 2016 2017 CMA IP LDR REG TMT Eko Basyuni ([email protected]) Tel: (603) 2694 9999 Surabaya Office: Email: [email protected] Eversheds Harry Elias LLP Tel: (62) 31 5116 4550 Contact: Dato’ M. Rajasekaran Tel: (65) 6535 0550 Contact: Yogi Marsono ([email protected]) Website: http://www.rajadarrylloh.com Email: [email protected] Website: www.ahp.co.id MR CMA IP LDR RE TX Contact: Philip Fong - Managing Partner MR BF CM CMA LDR PF Email: [email protected] Trowers & Hamlins LLP Website: www.eversheds-harryelias.com 2015 2016 2017 CMA IA LDR RE RES Lubis Ganie Surowidjojo Tel: (601) 2615 0186 2015 2016 2017 Email: [email protected] Tel: (62) 21 831 5005, 831 5025 Contact: Nick White - Partner Providence Law Asia LLC Email: [email protected] Website: www.trowers.com Tel: (65) 6438 1969 Contacts: Timbul Thomas Lubis, Dr. M. Idwan (‘Kiki’) MR BF CMA ENR IF PF Email: [email protected] Ganie, Arief Tarunakarya Surowidjojo, Abdul Haris M Contact: Abraham Vergis - Managing Director Rum, Harjon Sinaga, Rofik Sungkar, Dini Retnoningsih, PHILIPPINES Website: www.providencelawasia.com/ Mochamad Fajar Syamsualdi and Ahmad Jamal Assegaf. CMA IA LDR RE RES Website: http://www.lgslaw.co.id ACCRALAW (Angara Abello Concepcion MR CMA COM INS LDR PF Regala and Cruz Law Offices) SOUTH KOREA 2015 2016 2017 Tel: (632) 830 8000 Makarim & Taira S. 2015 2016 2017 Email: [email protected] Bae, Kim & Lee LLC 2015 2016 2017 Tel: (62) 21 5080 8300, 252 1272 Contacts: Emerico O. De Guzman Tel: (82 2) 3404 0000 Email: [email protected] Regina Padilla Geraldez Email: [email protected] Contact: Lia Alizia Neptali B. Salvanera Contact: Kyong Sun Jung Website: www.makarim.com Website: www.accralaw.com Website: www.bkl.co.kr BF CMA E LDR PF MR CMA E IP LDR TX MR BF CMA IA LDR RE
Volume 15 Issue 10, 2018 51 ASIAN-MENA COUNSEL DIRECT
Cho & Partners 2012 Yoon & Yang LLC 2015 2016 2017 Russin & Vecchi 2015 2016 2017 Tel: (82-2) 6207-6800 Tel: (82 2) 6003 7000 HCM City: Email: [email protected] Email: [email protected] Tel: (84) 28 3824-3026 Contacts: Tae-Yeon Cho, Ik Hyun Seo Contacts: Seung Soon Lim, Seung Soon Choi, Email: [email protected] Website: www.cholaw.com Jinsu Jeong Contacts: Sesto E Vecchi - Managing Partner IP LDR Website: www.yoonyang.com Nguyen Huu Minh Nhut - Partner MR COM E IP LDR TX Nguyen Huu Hoai - Partner Hanoi: Tel: (84) 24 3825-1700 HMP Law Yulchon LLC 2015 2016 2017 Email: [email protected] Tel: (82-2) 772-2700 Tel: (82-2) 528 5200 Contact: Mai Minh Hang - Partner Email: [email protected] Email: [email protected] Website: www.russinvecchi.com.vn Contact: Mr Kyun Je Park Website: www.yulchon.com MR CMA E IP INS TMT MR Website: www.hmplaw.com COM CMA IP LDR TX CMA FT LS PF REG TAIWAN VILAF 2017 Tel: (84) 28 3827 7300; (84) 24 39348530 Deep & Far Attorneys-at-Law Jipyong 2012 2016 Email: [email protected]; Tel: (8862) 25856688 Tel: (82-2) 6200 1600 [email protected]; [email protected] Email: [email protected] Email: [email protected] Contact: Vo Ha Duyen; Ngo Thanh tung; Contact: Mr. C. F. Tsai Contact: Haeng-Gyu Lee - Partner Dang Duong Anh Website: www.deepnfar.com.tw Website: www.jipyong.com Website: www.vilaf.com.vn COM CM E IP LDR MR BF COM CMA RE LDR BF CM CMA ENR LDR
THAILAND — Law Firms — Kim & Chang 2015 2016 2017 Chandler MHM Limited Tel: (82-2) 3703-1114 2015 2016 2017 MIDDLE EAST Email: [email protected] Tel: (66) 2266 6485 Website: www.kimchang.com Email: [email protected] MR COM BF CMA IP LDR BAHRAIN [email protected] Contacts: Jessada Sawatdipong, Satoshi Kawai Website: www.chandlermhm.com Trowers & Hamlins Lee & Ko MR BF CMA ENR PF RE Tel: (973) 1 751 5600 Tel: (82-2) 772 4000 Email: [email protected] Email: [email protected] Siam City Law Offices Limited Contact: Louise Edwards - Office Manager Contact: Jae Hoon Kim (SCL Law Group) 2016 2017 Website: www.trowers.com Website: www.leeko.com Tel: (66) 2 676 6667-8 BF CMA IF LDR RE CMA BF LDR TX IP Email: [email protected] Contact: Chavalit Uttasart Website: www.siamcitylaw.com OMAN MR BF CMA E RE TX Lee International IP & Law Group 2014 2015 2017 Trowers & Hamlins Weerawong, Chinnavat & Partners Ltd. Tel: (82 2) 2262 6000 Tel: (968) 2 468 2900 2017 Email: [email protected]. Email: [email protected] Tel: (66) 2 264 8000 Website: www.leeinternational.com Contact: Louise Edwards - Office Manager Email: [email protected] Website: www.trowers.com CMA IA IP LDR RE [email protected] BF CMA LDR PF RE Contacts: Chinnavat Chinsangaram - Senior Partner Veeranuch Thammavaranucupt SEUM Law - Senior Partner UAE Tel: (82-2) 562 3115 Website: www.weerawongcp.com Contacts: Steve Kim - Partner ([email protected]) MR BF CM CMA LDR RES Steve Ahn - Partner ([email protected]) Afridi & Angell 2016 Tel: (971) 4 330 3900 Woomi Cha ([email protected]) VIETNAM Email: [email protected] Email: [email protected] Website: www.seumlaw.com Contact: Bashir Ahmed - Managing Partner 2015 Website: www.afridi-angell.com BF CMA INV REG TMT Indochine Counsel Ho Chi Minh Office: MR BF CMA LDR RE REG Tel: (84) 28 3823 9640 Email: [email protected] Shin & Kim 2015 2016 2017 Contact: Mr Dang The Duc Horizons & Co Tel: (82 2) 316 4114 Website: www.indochinecounsel.com Tel: (971) 4 354 4444 Email: [email protected] Hanoi Office: Email: [email protected] Contact Sinseob Kang - Managing Partner Tel: (84) 24 3795 5261 Contact: Adv. Ali Al Zarooni Website: www.shinkim.com Email: [email protected] Website: www.horizlaw.ae MR COM BF CMA LDR RE CM CMA PF CMA E LDR PF RE
52 www.inhousecommunity.com Trowers & Hamlins LLP 2015 2016 Alternative JLegal Dubai office: Tel: (65) 6818 9701 Tel: (971) 4 351 9201 — Legal Service — Email: [email protected] Email: [email protected] Website: www.jlegal.com Contact: Jehan Selim - Office Manager Providers Abu Dhabi office: Legal Labs Recruitment Tel: (971) 2 410 7600 Eversheds Sutherland Tel: Singapore (65) 6236 0166 Email: [email protected] Tel: (852) 2186 4953 Tel: Hong Kong (852) 2526 2981 Contact: Jehan Selim - Office Manager Email: [email protected] Email: [email protected] Website: www.trowers.com Contact: Mardi Wilson Website: www.legallabs.com MR BF CMA LDR PF RES Website: www.eversheds-sutherland.com
KorumLegal Lewis Sanders — Law Firms — Tel: 3911 1201 Tel: (852) 2537 7410 NORTH AMERICA Email: [email protected] Email: [email protected] Contact: Titus Rahiri Website: www.lewissanders.com CANADA Website: www.korumlegal.com Pure Fasken Martineau Tel: Hong Kong (852) 2499 1611 Tel: (416) 366-8381 Risk, Investigation Email: Hong Kong [email protected] Email: [email protected] — and Legal — Tel: Singapore (65) 6407 1200 Contact: Mark Stinson, Primary Contact Email: Singapore [email protected] Website: www.fasken.com Support Services Website: www.puresearch.com BF CMA ENR LDR TMT IMF Bentham Taylor Root — Law Firms — Tel: (65) 6622 5397, (65) 6622 5396 Tel: Singapore (65) 6420 0500 Contact: Tom Glasgow - Investment Manager (Asia) Tel: Hong Kong (852) 2973 6333 AFRICA Email: [email protected] Email: [email protected] Website: www.imf.sg Website: www.taylorroot.com JOHANNESBURG Kroll Fasken Martineau Tel: (852) 2884 7788 — Other Services — Contact: Tad Kageyama: [email protected] Tel: (27) 11 586 6000 Website: www.kroll.com Email: [email protected] MEDITATION Contact: Blaize Vance - Regional Managing Partner Website: www.fasken.com LegalComet Pte Ltd (LEGALCOMET) Kadampa Meditation Centre Hong Kong Tel: (65) 8118 1175 CMA E ENR LDR PF KMC HK is a registered non-profit organisation. We Contact: Michael Lew, Founder & CEO offer systematic meditation and study programmes Email: [email protected] through drop-in classes, day courses, lunchtime — Arbitration — Website: www.legalcomet.com meditations, weekend retreats and other classes. Services Tel: (852) 2507 2237 — Translation — Email: [email protected] Beijing Arbitration Commission / Website: www.meditation.hk Beijing International Arbitration Center Pacific Legal Translations Limited (Concurrently use) Specialist translators serving the legal community. SPORT & LEISURE Tel: (86) 10 85659558 Tel: (852) 2705 9456 Email: [email protected] Email: [email protected] Contact: Mr. Terence Xu（許捷） Website: www.paclegal.com Splash Diving (HK) Limited Website: www.bjac.org.cn Learn to Dive and Fun Dive with the Winner of the PADI Outstanding Dive Centre/Resort Business Award! Hong Kong International Arbitration — Recruitment — Tel: (852) 9047 9603, (852) 2792 4495 Centre Email: [email protected] Tel: (852) 2525 2381 ALS International Website: www.splashhk.com Email: [email protected] Tel: Hong Kong – (852) 2920 9100 Website: www.hkiac.org Singapore – (65) 6557 4163 Beijing – (86) 10 6567 8729 — Charitable — Maxwell Chambers Pte Ltd Shanghai – (86) 10 6372 1098 Tel: (65) 6595 9010 Email: [email protected] Organisations Email: [email protected] Website: alsrecruit.com Website: http://maxwell-chambers.com Impact India Foundation Hughes-Castell An international initiative against avoidable disablement. Shenzhen Court of International Tel: Hong Kong (852) 2520 1168 Promoted by the UNDP, UNICEF and the World Arbitration (Shenzhen Arbitration Tel: Singapore (65) 6220 2722 Health Organization in association with the commission) Tel: Beijing (86) 10 6581 1781 Government of India. Tel: (86) 755 83501700, (86) 755 25831662 Tel: Shanghai (86) 21 2206 1200 Tel: (91) 22 6633 9605-7 Email: [email protected] Email: [email protected] Email: [email protected] Website: www.scia.com.cn Website: www.hughes-castell.com Website: www.impactindia.org
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