Asian Legal Business April 2015 by Asian Legal Business

R H T L AW ’ S TA N C H O N G H UAT: ‘ F I R M S M U S T L O O K O U T S I D E L E G A L S E R V I C E S ’

APRIL 2015 ASIA EDITION

MCI (P) 178/01/2015 issn 0219 – 6875 KDN PPS 1793/07/2013(025520)

ASIA’S BEST LAW FIRMS TO WORK FOR BUILDING BRIDGES The importance of legal networks

UP TO SPEED

Japan introduces new IP laws

CAPITAL TIMES

Will Hong Kong’s hot IPO streak continue?

INSIDE n BIG STORY

n LEAGUE TABLES

n DEALS

PAGE 18

PAGE 20

PAGE 40

n APPOINTMENTS

6 16

DATE: 7 MAY 2015 LOCATION: JW MARRIOTT KUALA LUMPUR

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CONTENTS

WWW.LEGALBUSINESSONLINE.COM : @ALB_Magazine : Connect with Asian Legal Business

40 A bull statue is seen in front of flags of (L-R) Hong Kong Exchange, China and Hong Kong outside the Hong Kong Stock Exchange.REUTERS/Bobby Yip

“THE CURRENT NUMBER OF PATENT INFRINGEMENT CASES FILED ANNUALLY IS QUITE LOW, AT AROUND 150 IN JAPAN, WHICH IS SIGNIFICANTLY LOWER THAN IN THE U.S., GERMANY OR CHINA.” Takanori Abe, Abe & Partners

COVER STORY

Employer of Choice 2015

ALB’s annual Employer of Choice survey picks the best firms in Asia to work for. They include the Korean firms Bae, Kim & Lee, Kim & Chang and Yulchon; the Chinese firms Chance Bridge Partners, Guangda Law Firm and Hengdu Law Offices; India’s Trilegal; Singapore’s Drew & Napier; and Thailand’s Weerawong, Chinnavat & Peangpanor.

FE AT URES Networking time

to be one of the more progressive-minded law firms in the region. The affiliation with Taylor Wessing came fairly early on, but more recently the firm has launched its ASEAN+ group, ventured beyond traditional legal services and is planning to list a holding company early next year. Tan Chong Huat, the firm’s managing partner describes the firm’s evolution to Ranajit Dam

A boost for rights holders

Gathering momentum

As Asian law firms find their clients’ business increasingly moving across borders, a number are looking to find partners they can trust in different jurisdictions. This is bringing into increasing focus the role played by independent law firm networks in building these bridges. Ranajit Dam finds out more Amendments to Japan’s intellectual property laws, which were passed in 2014, took effect on April 1 this year. Some marquee changes include the introduction of non-traditional trademarks and a new patent opposition system in Japan. Kanishk Verghese reports

‘Firms must look outside of legal services’

In only about four years since its founding, RHTLaw Taylor Wessing has shown itself

After a strong showing in 2014, Hong Kong’s IPO market is set to carry the momentum forward into 2015, with a strong pipeline of companies looking to list on the Hong Kong Stock Exchange. On the liquidity front, the signs look positive with the Hong Kong-Shanghai Stock Connect starting to bear fruit, and the introduction of a similar scheme between Hong Kong and Shenzhen’s stock markets penciled for later this year. Kanishk Verghese reports

NEWS BRIEFS — — — — — —

The Big Story League Tables Deals Spotlight: North Asia Southeast Asia News Regional Updates Appointments

3 4 6 7 8 10 16

EDITORIAL

ASIAN LEGAL BUSINESS APRIL 2015

THE NEW

MANAGING DIRECTOR Klaus Pfeifer klaus.pfeifer@thomsonreuters.com PUBLISHER Amantha Chia amantha.chia@thomsonreuters.com MANAGING EDITOR Ranajit Dam ranajit.dam@thomsonreuters.com DEPUTY EDITOR Kanishk Verghese kanishk.verghese@thomsonreuters.com JOURNALIST Shangjing Li shangjing.li@thomsonreuters.com COPY EDITOR Karuna Jainpalli karuna.jainpalli@thomsonreuters.com

WORKPLACE W

hat most motivates an employee when they go into work everyday? Is it just the money? Or the chance to learn something important? The feeling that they are part of an important mission, be it for their employer, or for something greater? Perhaps the chance to really make a difference, to their colleagues, their industry or society as a whole? The answer is far from easy; indeed, if it was, there wouldn’t be so much literature dedicated to employee “engagement.” Companies today as a rule need to provide a lot more to their employees to ensure they attract and retain the best talent. Law firms are no different. As this year’s ALB Employer of Choice Survey, which picks Asia’s best law firms to work for, finds, it is a number of things, but there is no defined formula. But one thing is certain: As Asia’s lawyers become more demanding, law firms need to look at defining a mission, an identity and a culture, i.e. creating a place that is “cool” to work in and their employees can identify with. “Are our employees engaged enough?” might be the wrong question to ask. Instead, it should be “Is our firm a place that excites people to come to work every day?”

SENIOR DESIGNER John Agra john.agra@thomsonreuters.com TRAFFIC / CIRCULATION MANAGER Rozidah Jambari rozidah.jambari@thomsonreuters.com ACCOUNT MANAGERS Yvonne Cheung Account Director (China) (852) 2847 2003 yvonne.cheung@thomsonreuters.com

RANAJIT DAM Managing Editor Asian Legal Business Thomson Reuters ranajit.dam@thomsonreuters.com

Shyanne Chen Advertising Sales Manager (Indonesia and Malaysia) (65) 6870 3253 shyanne.chen@thomsonreuters.com Sardor Yangibayev Sales Executive (Philippines, Thailand, Vietnam) (65) 6870 3190 sardor.yangibayev@thomsonreuters.com Henry Cheng Account Manager (Hong Kong) (852) 2847 2016 henry.cheng@thomsonreuters.com DIRECTOR, EVENTS Colin Carter colin.carter@thomsonreuters.com CONFERENCE AND MARKETING MANAGER Trang Chu Minh chuminh.trang@thomsonreuters.com

ERRATA:

On page 16 of the March issue of ALB, it was incorrectly stated that Andrew Dale was moving to RHTLaw, when in fact he was moving to Ropes & Gray. On page 21 the list incorrectly had Nishimura & Asahi instead of Mori Hamada Matsumoto. And finally, on pages 36-39, certain quotes of Edmund Kronenburg and Chou Sean Yu were misattributed. Please visit http://tinyurl.com/albmarch for the most up-to-date version. Any inconvenience caused is deeply regretted.

ASIAN LEGAL BUSINESS is available by subscription. Please visit WWW.LEGALBUSINESSONLINE.COM for details. Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as ALB can accept no responsibility for loss. MCI (P) 178/01/2015 issn 0219 – 6875 KDN PPS 1793/07/2013(025520) THOMSON REUTERS 18 Science Park Drive Singapore 118229 / T (65) 6775 5088 / F (65) 6333 0900 10/F, Cityplaza 3, Taikoo Shing, Hong Kong / T (852) 3762 3269 / F (852) 2154 6425 www.thomsonreuters.com

04.2015

BRIEFS

INSIDE LEAGUE TABLES 4 / DEALS 6 / NEWS 8 / REGIONAL UPDATES 10 / APPOINTMENTS 16

the big story

Game changer STAMFORD LAW’S UNPRECEDENTED MERGER WITH MORGAN LEWIS HAS OPENED UP A WHOLE NEW VISTA OF POSSIBILITIES FOR BOTH SINGAPORE AND INTERNATIONAL LAW FIRMS By RANAJIT DAM

REUTERS/Toby Melville

ever mind three-letter acronyms like JLV, FLA and all that: Singapore’s legal industry (and those watching it) might just have emitted a bit of a collective OMG after the Stamford Law-Morgan Lewis merger was announced last month. Instead of the usual routes of the Joint Law Venture or the Formal Law Alliance, both of which are restrictive from a foreign law firm’s perspective, and subject to periodic licence renewals, Morgan Lewis Stamford (as the new firm is being called in the city-state from Apr.1) has resulted in the creation of “the only fully integrated firm in Singapore that can practice across all legal service areas.” It will be fully integrated with the 28 other Morgan Lewis offices globally, and is expected to serve as the centre for the global firm’s Asia practice. For Morgan Lewis, in a mood that can at very least be described as expansionist – witness the 750 lawyers taken on from Bingham (including 226 partners) while the Stamford

deal was still being negotiated – the merger allows it access to Singapore’s controlled legal market, and the ability to practice in areas like litigation or in front of regulatory agencies, which will now be undertaken by Singapore-qualified lawyers. More importantly, the JLV and FLA structures haven’t always resulted in massive success for all foreign firms, so this is one move that you can be sure that the international players will be watching very closely. Watching equally closely will be the Singaporean law firms, as this could be an important sign as to how the local legal market could evolve. “JLVs and FLAs, by their very name and description, do not permit the full integration that allows a full alignment of business, financial and operational interests so that the parties can take full advantage of a combination,” said Lee Suet-Fern, senior director of Stamford Law, when asked why the “full internationalization” route was preferred. “It also elevates our practice into the

global legal arena and will provide extensive opportunities for our lawyers, many of whom are Singapore qualified legal practitioners, to undertake much larger, more complex and in-depth cross-border legal transactions for many of the largest and most dynamic global corporations. Hence, this model, unprecedented in extent and structure, provides more advancement opportunities for both Stamford Law lawyers and Singapore’s legal fraternity.” Additionally, it gives local firms another option for seeking global exposure. “We will lead Morgan Lewis’ expansion thrust in Asia under the Morgan Lewis Stamford brand,” she added. “This merger allows us to take advantage of the extensive depth and breadth of knowledge and skills that a very successful global international law firm like Morgan Lewis possesses as well as their huge client base of top global businesses.” For ambitious Singapore law firms, this could just be the fillip they need.

briefs

ASIAN LEGAL BUSINESS APRIL 2015

MERGERS & ACQUISITIONS SNAPSHOT LEAGUE TABLES

I. LEAGUE TABLE - NORTH ASIA LEGAL AND FINANCIAL RANKINGS NORTH ASIA LEAGUE TABLES NORTH ASIA Announced M&A Legal Rankings - Based on Value Value No. of Market Legal Advisor Rank (US$mln) Deals Share CHINA Announced M&A Legal Rankings 1 Freshfields Bruckhaus Deringer 73,547.2 10 32.1 Linklaters 2 57,050.1 5 24.9 Skadden 3 47,296.1 10 20.7 Stikeman Elliott 4 45,494.2 2 19.9 Allens 5 45,415.8 2 19.8 Herbert Smith Freehills 6 21,407.4 4 9.4 Clifford Chance 7 14,043.8 10VALUE 6.1 Mori Hamada & Matsumoto 8 13,738.8 23($mln) 6.0 Latham & Watkins 9 11,133.4 3 4.9 11.0 10 Jun He LawDEALS: Offices 4 MARKET SHARE: 10,737.7 9 4.7

NORTH ASIA Announced M&A Financial Rankings - Based on Value Value No. of Market Financial Advisor Rank (US$mln) Deals Share KONG Announced M&A 62,960.5 Legal Rankings 1HONG HSBC Holdings PLC 10 27.5 Somerley 2 56,584.3 13 24.7 Goldman Sachs & Co 3 47,889.6 9 20.9 Anglo Chinese Corp Finance 4 45,486.4 5 19.9 FRESHFIELDS BRUCKHAUS DERINGER UBS 5 29,033.1 9 12.7 JP Morgan 6 23,369.9 12 10.2 Mizuho Financial Group 7 22,362.9 40 9.8 VALUE ($mln) Lazard 8 20,913.3 7 9.1 Moelis & Co 9 16,090.0 4 7.0 DEALS: 5 MARKET SHARE: 84.2 10 Nomura 15,215.5 28 6.7

CLIFFORD CHANCE

(*tie)

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

RANK LEGAL ADVISOR II. LEAGUE TABLE - LEGAL CHINA Announced M&A Legal Rankings 2 Linklaters

VALUE ($MLN)

MARKET SHARE

DEALS

11,639.3 3 of 10.9 Value No. Market Legal Advisor 3Rank Latham & Watkins 11,133.4 3 10.5 (US$mln) Deals Share 11,661.7 11.0 4 1 JunClifford He LawChance Offices 10,737.7 94 10.1 Linklaters 2 11,639.3 3 10.9 5* Studio Pedersoli e Associati 9,944.8 2 9.3 Latham & Watkins 3 11,133.4 3 10.5 5* 4 Ligerion ZAO 9,944.8 29 9.3 Jun He Law Offices 10,737.7 10.1 Studio Pedersoli e Associati 9,944.8 9.3 7 5* King & Wood Mallesons 6,301.5 122 5.9 Ligerion ZAO 9,944.8 9.3 8 5* Fangda Partners 5,917.4 162 5.6 King & Wood Mallesons 7 6,301.5 12 5.9 9 Freshfields Bruckhaus Deringer 5,199.9 3 4.9 Fangda Partners 8 5,917.4 16 5.6 10 9 Mori Hamada &Bruckhaus MatsumotoDeringer 5,023.4 23 4.7 Freshfields 5,199.9 4.9 Mori Hamada & Matsumoto 10 5,023.4 2 4.7 (*tie) Based on Rank Value including Net Debt of announced M&A) 0 M&A deals 0 - (excluding0 withdrawn0.0 (*tie)

(*tie)

(US$mln) Mori Hamada & Matsumoto 13,738.8 Freshfields Bruckhaus Deringer 10,474.0 Herbert Smith Freehills 6,021.2 Shearman & Sterling LLP 3,042.8 Simpson Thacher & Bartlett 3,000.0 Gernandt & Danielsson 2,773.6 Mannheimer Swartling Advokatbyra 2,773.6 DEALS: 23 MARKET SHARE: 27.9 Advokatfirman Vinge 2,773.6 Jones Day 2,773.3 Cleary Gottlieb Steen & Hamilton 2,763.3 VALUE LEGAL ADVISOR ($MLN)

Legal Advisor

Stikeman Elliott Freshfields Bruckhaus Deringer Linklaters Skadden Allens Stikeman Elliott Herbert Smith Freehills Linklaters Allens Mori Hamada & Matsumoto Herbert Smith Freehills Allen & Overy Mori Hamada & Matsumoto Slaughter & May Allen & Overy Travers Smith Slaughter & May Travers Smith

45,410.8 (US$mln) 72,663.8 45,410.8 45,523.8 45,410.8 45,410.8 15,381.2 45,410.8 45,410.8 10,527.5 15,381.2 1,546.8 10,527.5 1,514.6 1,546.8 1,514.6 1,514.6 1,514.6

DEALS

MARKET SHARE

2 of No. 1 Deals 25 2 1 1 12 31 21 3 1 2 11 1

52.7 Market 52.6 Share 84.2 52.6 52.7 52.6 52.6 17.8 52.6 52.6 12.2 17.8 1.8 12.2 1.8 1.8 1.8 1.8 1.8

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

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

SOUTH KOREA Announced M&A Legal Rankings SOUTH KOREA ANNOUNCED M&AValue LEGAL RANKINGS No. of Market Legal Advisor Rank (US$mln) Deals Share 1 Shin & Kim 2,327.4 12 26.6 Lee & Ko 2 2,133.9 15 24.4 Kim & Chang 3 2,028.2 16 23.2 Bae Kim & Lee 4 1,401.4 6 16.0 VALUE Yulchon LLC 5 1,215.4 6 13.9 ($mln) Yoon & Yang 6 209.6 9 2.4 Clifford Chance 7* 1 0.0 DEALS: 12 MARKET SHARE: 26.6 WilmerHale 7* 1 0.0 Skadden 7* 1 0.0 Akin, Gump, Strauss, Hauer & Feld 7* 1 0.0 VALUE MARKET RANK LEGAL ADVISOR DEALS ($MLN) SHARE

Market Deals Share 23 27.9 5 21.3 2 12.2 2 6.2 VALUE 1 6.1 ($mln) 1 5.6 1 5.6 1 5.6 5 5.6 2 5.6 MARKET DEALS SHARE

SHIN & KIM

MORI HAMADA & MATSUMOTO

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

2 Freshfields Bruckhaus Deringer 10,474.0 5 21.3 II. LEAGUE TABLE - FINANCIAL 3 Herbert Smith Freehills 6,021.2 2 12.2 CHINA Announced M&A Financial Rankings 4 Shearman & Sterling LLP 3,042.8 2 of 6.2 Value No. Market Financial Advisor Rank Simpson Thacher & Bartlett (US$mln) Deals Share 5 3,000.0 1 6.1 1 JP Morgan 16,763.0 8 15.7 6* Gernandt & Danielsson 2,773.6 1 5.6 Rothschild 2 11,639.3 4 10.9 6* 3 Mannheimer 2,773.6 13 5.6 Lazard Swartling Advokatbyra 11,133.4 10.5 CITIC 8,317.1 7.8 6* 4 Advokatfirman Vinge 2,773.6 16 5.6 UBS 6,661.6 6.3 9 5 Jones Day 2,773.3 54 5.6 Mizuho Financial Group 6 5,033.3 2 4.7 10 Cleary Gottlieb Steen & Hamilton 2,763.3 2 5.6 Somerley 7 5,009.2 6 4.7 Guotai Junan Securities 8 4,854.6 8 4.6 (*tie) Based on Rank Value including Net Debt of announced M&A deals (excluding withdrawn M&A) Nomura 9* 4,433.3 1 4.2 Bank of America Merrill Lynch 9* 4,433.3 2 4.2 (*tie)

3* Rank 3*1 2 3* 3* 63* 73* 86 7 9* 8 9*9* 9*

JAPAN ANNOUNCED M&A LEGAL RANKINGS Value No. of Legal Advisor

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

VALUE RANK LEGAL ADVISOR ($MLN) HONG KONG Announced M&A Legal Rankings 2 Skadden 45,523.8 Value

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

JAPAN Announced M&A Legal Rankings Rank 1 2 3 4 5 6* 6* 6* 9 10 RANK

(*tie)

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

Lee & Ko

2,133.9

24.4

3 Kim & Chang 2,028.2 16 23.2 HONG KONG Announced M&A Financial Rankings 4 Bae Kim & Lee 1,401.4 6 of 16.0 Value No. Market Financial Advisor Rank (US$mln) Deals Share 5 Yulchon LLC 1,215.4 6 13.9 1 HSBC Holdings PLC 61,760.5 7 71.5 6 Yoon & Yang 209.6 9 2.4 Somerley 2 56,422.8 12 65.4 7*3 Clifford Chance 1 0.0 Anglo Chinese Corp Finance 45,486.4 5 52.7 Goldman Sachs & Co 45,410.8 52.6 7*4 WilmerHale 13 0.0 UBS 26,272.3 30.4 7*5 Skadden 15 0.0 Moelis & Co 6 15,381.2 1 17.8 7* Akin, Gump, Strauss, Hauer & Feld 1 0.0 JP Morgan 7 10,934.5 4 12.7 CITIC 8 10,718.7 5 12.4 (*tie) Based on Rank Value including Net Debt of announced M&A deals (excluding withdrawn M&A) Nomura 9 10,640.5 4 12.3 Mizuho Financial Group 10* 10,357.2 2 12.0

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A) ANY NORTH ASIA INVOLVEMENT ANNOUNCED(*tie) M&A ACTIVITY - QUARTERLY TREND

Series1

127.2 103.6

135.8

Series2

110.8 114.6

3,000

202.8 146.8

126.2 125.2 95.4

83.2

114.4

134.0

117.7

128.3

148.7 142.5

162.1 162.1

2,500 2,000 1,500

93.7

1,000 500

1Q 10

3Q 10

1Q 11

3Q 11

1Q 12

3Q 12

1Q 13

3Q 13

1Q 14

3Q 14

No. of Transactions

Rank Value US$ Billion

ANY NORTH ASIA INVOLVEMENT ANNOUNCED M&A ACTIVITY - QUARTERLY TREND 220 200 180 160 140 120 100 80 60 40

Notes:League tables, quarterly trend, and deal list are based on the nation of either the target, acquiror, target ultimate parent, or acquiror ultimate parent at the time of the transaction. Announced M&A transactions excludes withdrawn NOTES: deals. Deals with quarterly undisclosed dollarand values butthe withnation no corresponding Rank Value. Non-UStarget dollar ultimate denominated transactions are ultimate convertedparent to the US dollar equivalent at the time of announcement terms. North excludes Asia includes League tables, trend, dealare listrank areeligible based on of either the target, acquiror, parent, or acquiror at the time of the transaction. Announced M&Aoftransactions China, Hong Kong, Taiwan, Korea, Japan.dollar Data range from 1 January tobut 30 March 2015 withdrawn deals. DealsSouth with undisclosed valuesisare rank eligible with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. North Asia includes China, Hong Kong, Taiwan, South Korea, Japan Data accurate from 1 January to 30 March 2015

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MERGERS & ACQUISITIONS SNAPSHOT LEAGUE TABLES I. LEAGUE TABLE SOUTHEAST ASIA AND MIDDLE EAST SOUTHEAST ASIA -LEAGUE TABLES

SOUTHEAST ASIA / SOUTH ASIA Announced M&A Legal Rankings Value No. of Market Legal Advisor Deals Share Rank SINGAPORE Announced M&A(US$mln) Legal Rankings 1 Allen & Gledhill 5,306.9 6 24.1 WongPartnership LLP 2 3,694.8 10 16.8 Skadden 3 3,242.2 1 14.7 AZB & Partners 4 2,637.8 20 12.0 Shook Lin & Bok LLP 5 2,528.5 2 11.5 Jones Day 6* 1,423.5 2 6.5 Gibson Dunn & Crutcher 6* 1,423.5 2 VALUE6.5 Latham & Watkins 6* 1,423.5 1 ($mln)6.5 Kramer Levin Naftalis & Frankel 6* 1,423.5 1 6.5 Seward & Kissel 6* 1,423.5 1 6.5 DEALS: 6 MARKET SHARE: 41.1

MIDDLE EAST Announced M&A Legal Rankings

(*tie)

Rank 1 2 3 4 5 6 7 8 9 10

ALLEN & GLEDHILL

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

RANK

LEGAL ADVISOR

II. LEAGUE TABLE - LEGAL SINGAPORE AnnouncedLLP M&A Legal Rankings 2 WongPartnership

3 Skadden Rank 41

Legal Advisor

VALUE ($MLN) 3,694.8 Value

3,242.2 (US$mln)

Shook & Bok LLP Allen Lin & Gledhill

2,528.2 5,306.9

5*2

WongPartnership LLP Jones Day

5*4

Gibson Crutcher ShookDunn Lin &&Bok LLP

1,423.5 2,528.2

5*5*

GibsonLevin DunnNaftalis & Crutcher Kramer & Frankel

1,423.5 1,423.5

3,694.8 1,423.5

Skadden

3,242.2

Jones Day Latham & Watkins

5*5*

1,423.5 1,423.5

Latham & Watkins

5*5*

1,423.5

Seward KisselNaftalis & Frankel Kramer&Levin

1,423.5 1,423.5

Seward & Kissel AZB & Partners

105*

1,423.5 339.0

AZB & Partners

339.0

MARKET SHARE

DEALS 9

28.6

No. of 1 Deals 61 92 1 12 21 21 1 11 13 3

Market 25.1 Share 19.6 41.1 28.6 11.0 25.1 11.0 19.6 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 2.6 2.6

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

INDIA Announced M&A Legal Rankings Rank 1 2* 2* 4 5* 5* 5* 8 9 10 (*tie) RANK

(US$mln) AZB & Partners 2,637.8 Weil Gotshal & Manges 1,193.2 Linklaters 1,193.2 Luthra & Luthra Law Offices 822.8 Cravath, Swaine & Moore 800.0 Covington & Burling 800.0 Debevoise & Plimpton 800.0 Amarchand Mangaldas 655.4 20 MARKET SHARE: 45.8 PH Bathiya &DEALS: Associates 472.6 J Sagar Associates 343.4

AZB & PARTNERS

Market Deals Share 20 45.8 1 20.7 1 20.7 4 14.3 1 13.9 VALUE 2 13.9 1($mln) 13.9 8 11.4 3 8.2 3 6.0

VALUE MARKET Based on Rank ValueADVISOR incl. Net Debt of announced M&A deals (excluding withdrawn M&A) LEGAL DEALS ($MLN)

WeilTABLE Gotshal- & Manges 1,193.2 1 20.7 II. 2* LEAGUE FINANCIAL SOUTHEAST ASIA / SOUTH ASIA Announced M&A Financial Rankings 2* Linklaters 1,193.2 1 20.7 Value No. of Market Financial Advisor 4 Luthra & Luthra Law Offices 822.8 4 14.3 (US$mln) Deals Share Rank 5*1 Cravath, Swaine 800.0 13.9 Deutsche Bank& Moore 4,435.4 21 20.1 Credit Suisse 3,588.2 42 16.3 5*2 Covington & Burling 800.0 13.9 Bank of America Merrill Lynch 3 3,242.2 1 14.7 5* Debevoise & Plimpton 800.0 1 13.9 Citi 4 2,855.6 4 13.0 85 Amarchand 655.4 8 11.4 DBS GroupMangaldas Holdings 2,670.7 4 12.1 Jefferies 1,498.5 33 6.8 96 PH BathiyaLLC & Associates 472.6 8.2 Morgan Stanley 7 1,453.2 3 6.6 108 J Evercore Sagar Associates 343.4 3 6.0 Partners 1,423.5 1 6.5 Nomura 9 1,212.3 2 5.5 (*tie) Based on Rank Value including Net Debt of announced M&A deals (excluding withdrawn HSBC Holdings PLC 10 1,200.0 2 5.5M&A) (*tie)

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

VALUE ($MLN)

LEGAL ADVISOR

MALAYSIA Announced M&A 2 WongPartnership LLPLegal Rankings

3 Rank 41

2* 5 2* 6* 2* 0 6* 6*6* 0 6*0

Skadden

Legal Advisor

AZB & Partners Dorsey & Whitney LLP Linklaters Shook Lin & Bok LLP Allen & Overy

Jones Day WongPartnership LLP Gibson Dunn & Crutcher

Subtotal&with Legal Advisor Latham Watkins

Subtotal without Legal Advisor

Kramer Levin Naftalis & Frankel Industry&Total Seward Kissel

3,694.8

Value 3,242.2 (US$mln) 2,637.8 24.0 0.0 2,528.5 0.0 1,423.5 0.0 0 0.0 1,423.5 24.0 1,423.5 1,311.8 1,423.5 0 0.0 1,335.8 1,423.5 0 0.0

DEALS 10

No. of 1 Deals 120 12 1 12 02 41 116 01 120 1 0

MARKET SHARE 16.8

Market 14.7 Share 12.0 1.8 0.0 11.5 0.0 6.5 0.0 0.0 6.5 1.8 6.5 98.2 6.5 0.0 100.0 6.5 0.0

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

Value No. of INDIA ANNOUNCED Legal Advisor M&A LEGAL RANKINGS

ALLEN & GLEDHILL

RANK

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

Value No. of Market (US$mln) Deals Share Skadden Announced M&A Legal Rankings 3,502.4 2 26.0 Allen & Gledhill 3,242.2 1 24.0 Linklaters 2,704.6 2 20.0 Allen & Overy 1,705.4 4 12.6 Zulficar & Partners Co 1,543.3 1 11.4 Clifford Chance 1,277.2 3 9.5 Ashurst 1,025.4 1 VALUE 7.6 Simpson Thacher & Bartlett 770.2 1 ($mln) 5.7 Al-Tamimi & Co 507.0 1 3.8 Chadbourne &DEALS: Parke 6 MARKET SHARE:175.0 1 1.3 24.1

Legal Advisor ASIA/ SOUTH ASIA SOUTHEAST

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

INDONESIA Announced M&A Legal Rankings

No. of Market MIDDLE EAST Announced M&AValue Legal Rankings Legal Advisor

Rank 1 2 0 0 0 0 0

(*tie) RANK

(US$mln) Deals 0.3 1 0.0 1 0 0.0 0 Subtotal with Legal Advisor 0.3 2 Subtotal without Legal Advisor 919.7 25 0 0.0 0 Industry Total 920.0 27 0 0.0 0 DEALS: 2 MARKET SHARE: 26.0 (*):tie 0.0 0 0 0.0 0 Shook Lin & Bok LLP Allen & Overy

SKADDEN

Share 0.0 0.0 0.0 0.0 100.0 VALUE 0.0 ($mln) 100.0 0.0 0.0 0.0

VALUE Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawnMARKET M&A) LEGAL ADVISOR DEALS ($MLN)

Allen & Gledhill

3,242.2

24.0

MIDDLE EAST Announced M&A Financial Rankings 3 Linklaters 2,704.6 2 20.0 Value No. of Market Financial Advisor 4 Allen & Overy 1,705.4 4 12.6 (US$mln) Deals Share Rank 51 Zulficar PartnersMerrill Co Lynch 1,543.3 11.4 Bank of&America 6,082.6 41 45.1 Citi 4,247.9 53 31.5 62 Clifford Chance 1,277.2 9.5 HSBC Holdings PLC 3 4,146.7 5 30.7 7 Ashurst 1,025.4 1 7.6 Deutsche Bank 4 3,242.2 1 24.0 85 Simpson Thacher & Bartlett 770.2 5.7 Morgan Stanley 2,704.6 31 20.0 Rothschild& Co 2,096.5 21 15.5 96 Al-Tamimi 507.0 3.8 Barclays 7 1,934.3 2 14.3 10 Chadbourne & Parke 175.0 1 1.3 KPMG 8* 1,543.3 1 11.4 Rabobank NV 8* 1,543.3 1 11.4 (*tie) BasedEFG on Rank Value including NetUAE Debt LLC of announced M&A deals (excluding withdrawn M&A) Hermes Brokerage 8* 1,543.3 1 11.4 (*tie)

Based on Rank Value incl. Net Debt of announced M&A deals (excluding withdrawn M&A)

ANY SOUTH ASIA ASIA & & MIDDLE MIDDLE EAST EAST INVOLVEMENT ANY SOUTHEAST SOUTHEAST ASIA ASIA // SOUTH INVOLVEMENTANNOUNCED ANNOUNCEDM&A M&A ACTIVITY ACTIVITY -- QUARTERLY QUARTERLYTREND TREND 70 60

71.8 57.3 45.5

Series2 64.8 53.8

47.6

47.4 36.8

65.4

63.0

34.1

42.1

53.1

49.0

45.4 35.8

44.7

42.5

1Q 14

3Q 14

25.3

30 20 10

1Q 10

3Q 10

1Q 11

3Q 11

1Q 12

3Q 12

1Q 13

3Q 13

42.5

1,600 1,400 1,200 1,000 800 600 400 200 0

No. of Transactions

Rank Value US$ Billion

Series1 80

Notes: NOTES: League tables, quarterly trend, and deal list are based on the nation of either the target, acquiror, target ultimate parent, or acquiror ultimate parent at the time of the transaction. Announced M&A transactions excludes withdrawn deals. Deals with quarterly undisclosed dollar values eligibleonbut no corresponding Rank Value. Non-US dollar denominated converted to the US time dollarofequivalent at the time of announcement of terms. Geographic League tables, trend, and dealare listrank are based thewith nation of either the target, acquiror, target ultimate parent,transactions or acquiror are ultimate parent at the the transaction. Announced M&A transactions excludes coverage includes SOUTH Singapore, Malaysia, Philippines, Thailand, Vietnam, Brunei, Cambodia, Laos, dollar Myanmar, Timor-Leste; SOUTH ASIA: Afganistan, Bhutan, Maldives, Nepal, Pakistan, Sri Lanka; withdrawn deals. DealsEAST withASIA: undisclosed dollar values are rank eligible but with no corresponding RankIndonesia, Value. Non-US denominated transactions areIndia, converted to theBangladesh, US dollar equivalent at the time of announcement of MIDDLE EAST: United Arab Emirates, Saudi Arabia, Qatar, Jordan, Palestine, Bahrain, Iran, Iraq, Israel, Kuwait, Lebanon, Oman, Syria, Yemen. Data range is from 1 January to 30 March 2015 terms. Geographic coverage includes SOUTH EAST ASIA: Singapore, Malaysia, Philippines, Thailand, Vietnam, Brunei, Cambodia, Indonesia, Laos, Myanmar, Timor-Leste; SOUTH ASIA: India, Afganistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan, Sri Lanka; MIDDLE EAST: United Arab Emirates, Saudi Arabia, Qatar, Jordan, Palestine, Bahrain, Iran, Iraq, Israel, Kuwait, Lebanon, Oman, Syria, Yemen

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ASIAN LEGAL BUSINESS APRIL 2015

NORTH ASIA DEALS: YOUR MONTH AT A GLANCE

$750 MILLION

DEAL NAME

IPO HKBN’S HONG KONG IPO • Private equity firm CVC Capital Partners, which is part of Carlyle Group, and Singapore’s sovereign wealth fund GIC raised a combined $710 million from selling their shares in HKBN. Two other investors raised about $40 million in the listing, from which HKBN itself received no funds. • CVC bought HKBN from Hong Kong Television Network in May 2012 for about $628 million. The private equity firm three months later sold a $40 million stake to Singapore’s GIC and a $29 million stake to Carlyle’s AlpInvest.

$1.59 BILLION IPO ORIENT SECURITIES CO’S IPO ON THE SHANGHAI STOCK EXCHANGE • This is the largest IPO in China since Sinohydro Group raised $2.11 billion in September 2011. • The funds will be used for working capital purposes and to expand business.

$7.7 BILLION M&A CHINA NATIONAL CHEMICAL CORP’S BID TO ACQUIRE ITALIAN TIRE-MAKER PIRELLI • Under the deal, ChemChina’s tire making division, China National Tire & Rubber Company, will first enter into a joint venture which will buy the 26.2 percent stake Italian holding firm Camfin owns in Pirelli. The venture will then launch a mandatory takeover bid for the rest of Pirelli, the companies said in a statement. • The bid will be launched by a vehicle controlled by the Chinese state-owned group and part-owned by Camfin investors, which include Pirelli boss Marco Tronchetti Provera, Italian banks UniCredit and Intesa Sanpaolo, and Russia’s Rosneft.

HKBN’s Hong Kong IPO

Evergrande Real Estate Group’s senior notes offering Baring Private Equity Asia’s formation of The Baring Asia Private Equity Fund VI Integrated Silicon Solutions Inc’s privatisation by a consortium of Chinese investors Orient Securities Co’s IPO on the Shanghai Stock Exchange Starbucks’ partnership with Taiwanese drink maker Tingyi Holding Corp China Overseas Land and Investment Ltd’s property portfolio acquisition from its state-owned parent company

China National Chemical Corp’s bid to acquire Italian tire-maker Pirelli

FIRM

JURISDICTION

VALUE (US$ MLN)

DEAL TYPE

Freshfields Bruckhaus Deringer

Hong Kong

750

IPO

Latham & Watkins

Hong Kong

750

IPO

Fangda Partners

Hong Kong

750

IPO

Haiwen & Partners

Hong Kong

750

IPO

Maples and Calder

Hong Kong

750

IPO

Davis Polk & Wardwell

Hong Kong

1,000

Debt

Sidley Austin

Hong Kong

1,000

Debt

Debevoise & Plimpton

Hong Kong

4,000

Private Equity/ Funds

Morrison & Foerster

China, U.S.

640

M&A/ Privatisation

Wilson Sonsini Goodrich & Rosati

China, U.S.

640

M&A/ Privatisation

Grandall Law Firm

China

1,590

IPO

Baker & McKenzie

China, Taiwan

N/A

Sidley Austin

China, Taiwan

N/A

Norton Rose Fulbright

China, Hong Kong

5,500

M&A

Jingtian & Gongcheng

China, Hong Kong

5,500

M&A

Clifford Chance

China, Italy

7,700

M&A

Latham & Watkins

China, Italy

7,700

M&A

Linklaters

China, Italy

7,700

M&A

JunHe

China, Italy

7,700

M&A

Chiomenti and Lombardi Molinari Segni

China, Italy

7,700

M&A

Studio Legale Pedersoli e Associati

China, Italy

7,700

M&A

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SOUTHEAST ASIA DEALS: YOUR MONTH AT A GLANCE

AGS TRANSACT TECHNOLOGIES’ IPO IN INDIA • AGS plans to raise up to 4 billion rupees by issuing new shares, while U.S. private equity firm TPG Capital and other shareholders would raise up to 9.5 billion rupees selling existing shares. • According to the preliminary prospectus, the proceeds will be used for the repayment of loans and general corporate purposes.

CITIC LTD AND KKR’S FORMAL OFFER TO BUY SINGAPORE’S UNITED ENVIROTECH • CITIC and KKR made a formal offer in March to buy Singapore’s United Envirotech, after announcing in November that they would form a joint venture to buy the wastewatertreatment company. • KKR currently owns about 30 percent of United Envirotech, and will sell its shares to the joint-venture company, which will eventually be majority-owned by CITIC Environment Protection Co.

M&A

Amarchand & Mangaldas & Suresh A. Shroff & Co.

India

216

IPO

AZB & Partners

India

216

IPO

Jones Day

India

216

IPO

S&R Associates

India

216

IPO

Amarchand & Mangaldas & Suresh A. Shroff & Co

India

1,640

Debt

Jones Day

Singapore

750

Debt

WongPartnership

Singapore

750

Debt

Cleary Gottlieb Steen & Hamilton

Malaysia

1,250

Debt/ Islamic Finance

Milbank, Tweed, Hadley & McCloy

Malaysia

1,250

Debt/ Islamic Finance

Norton Rose Fulbright

Malaysia

1,250

Debt/ Islamic Finance

Adnan Sundra & Low

Malaysia

1,250

Debt/ Islamic Finance

Kadir Andri & Partners

Malaysia

1,250

Debt/ Islamic Finance

Allen & Gledhill

Singapore

250

M&A

WongPartnership

Singapore

250

M&A

Allen & Gledhill

Singapore, China, U.S.

1,500

M&A

Paul, Weiss, Rifkind, Wharton & Garrison

Singapore, China, U.S.

1,500

M&A

Rajah & Tann

Singapore, China, U.S.

1,500

M&A

Shook Lin & Bok

Singapore, China, U.S.

1,500

M&A

AZB & Partners

AGS Transact Technologies’ IPO in India

NTPC Limited’s issuance of secured, non-cumulative, non-convertible, redeemable, taxable, fully paid-up bonus debentures

DEBT/ISLAMIC FINANCE

M&A

800

Mylan Laboratories Limited’s 100% acquisition of the paid up share capital of an FCL New Co.

$1.25 BILLION

$1.5 BILLION

India

JURISDICTION

Micron Semiconductor Asia Pte. Ltd. financing grant

PETRONAS’ SUKUK ISSUANCE • The $1.25 billion sukuk offering was part of Petronas’ $5 billion issuance, which included three other tranches of U.S. dollar-denominated bonds. • The debt offering is the Malaysian company’s first in almost six years.

DEAL TYPE

FIRM

$216 MILLION IPO

VALUE (US$ MLN)

DEAL NAME

Petronas’ sukuk issuance

Acquisition of 60% interest in CapitaLand Township Holdings Pte. Ltd. and sale of 40% interest in Surbana International Consultants Holdings Pte Ltd.

CITIC Ltd and KKR’s formal offer to buy Singapore’s United Envirotech

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ASIAN LEGAL BUSINESS APRIL 2015

NEWS

Yulchon opens in Moscow

orean law firm Yulchon has opened its doors in Moscow, its fifth overseas office and first outside Asia. Senior foreign counsel Hwajoon Lee is heading the office in the Russian capital. “The Moscow office will serve as an advanced outpost facilitating the entry of Korean businesses into Russia,” Lee said in a statement. While the office opened on Mar. 24, Yulchon has regularly advised on deals in the Russian market for years. The firm recently advised Korea’s Lotte Hotel on its acquisition of new property in St. Petersburg, and assisted Lotte Group on its purchase of a shopping mall in Moscow. The Moscow office is Yulchon’s fifth overseas office. The firm established offices in Ho Chi Minh City in 2007, Hanoi in 2010, and Beijing in 2011. The firm also made a foray in Southeast Asia last July, opening an office in Myanmar.

BLP acquires Haley & Co in HK

erwin Leighton Paisner (BLP) has acquired local construction and arbitration boutique firm Haley & Co in Hong Kong. Partners Glenn Haley, the founder of Haley & Co, Ilan Freiman and Geoffrey Shaw will move to BLP on May 4, along with four associates, a trainee, a paralegal and support staff. The new team will provide BLP arbitration capabilities in Hong Kong, and strengthen the firm’s existing arbitration offerings in London, Singapore, Moscow and the UAE. Haley and Shaw both specialise in litigation, arbitration and mediation, with a focus on the construction and infrastructure sectors. Freiman, who will work in BLP’s global real estate practice, handles transactional construction work, and advises clients on infrastructure and real estate development projects, with a focus on the entertainment, leisure and hospitality industries. BLP opened its Hong Kong office in October 2011.

REUTERS/Stringer

SE Asia attracts more FDI than China for second year

outheast Asia’s major economies drew more foreign direct investment combined than China for the second straight year in 2014, as growth in their giant neighbour cooled. But by country, inflows into the region were uneven, swayed by political change and the varying costs of doing business. Overall FDI into Singapore, Indonesia, Malaysia, the Philippines, Thailand and Vietnam rose to a record $128 billion in 2014, estimates compiled by Thomson Reuters show. That surpassed the $119.56 billion that flowed into China. FDI into the Philippines grew the fastest, at 66 percent, while in Thailand, where the military seized power last year, inflows fell. FDI into Indonesia, the region’s biggest economy, rose around 10 percent even though it was an election year. As China’s troubled manufacturing sector loses momentum, Chinese businesses will be venturing abroad to cut operating costs and to search for new markets, economists say. Manufacturing powerhouses in Southeast Asia should pay heed. “Rising wages in China are leading lowend manufacturers to look for other low-cost

locations for their factories, with countries like Vietnam and the Philippines looking like attractive alternatives,” said Dan Martin, Asia Economist at Capital Economics. “ASEAN is also a large market in its own right, and one with good long-term growth prospects. Given the general slowdown in other emerging market regions in recent years, it is starting to stand out.” The Philippines, the second-fastest growing major economy in Asia, attracts investors with its strong economic fundamentals. But one concern is the continuity of economic policies following the 2016 general elections. That means some investment decisions might be postponed. Slumping commodity prices could pinch on FDI inflows into resource-rich Indonesia and, to a lesser extent, Malaysia. Indonesian President Joko Widodo, who took office in October, is seeking more foreign investment in manufacturing to counter the volatile resources sector. But Indonesia, which last year elected the reform-minded Jokowi, has many improvements to make, particularly in its business infrastructure, to successfully challenge the region’s manufacturing leader - Thailand.

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SPONSORED ARTICLE

北京仲裁委员会 Beijing Arbitration Commission

Joinder and consolidation in the new BAC Arbitration Rules ARIEL YE, Partner, King & Wood Mallesons D +86 10 5878 5083 ariel.ye@cn.kwm.com

The Beijing Arbitration Commission (BAC) has recently adopted the new version of its arbitration rules (New Rules), which will become effective on 1 April 2015. The New Rules make it more convenient for parties to join additional parties and consolidate arbitral proceedings. As a result, the New Rules are a very positive development in bringing the BAC arbitration procedures in line with best international arbitration practice.

Joinder of parties to arbitral proceedings

STEPHEN JOHNSON, Senior Foreign Legal Consultant, King & Wood Mallesons D +86 10 5878 5265 stephen.johnson@cn.kwm.com

A: 16/F, China Merchants Tower, No.118 Jian Guo Road, Chaoyang District, Beijing 100022 P. R. China. T: +86 10 65669856-275 F: +86 10 65668078

Many commercial contracts are entered into between multiple parties. When a dispute arises between two parties, in the context of arbitration, it is often difficult for one of the parties to join an additional party (which was also part of the agreement under dispute). No such problem exists in domestic courts, because courts have the power to join additional parties to proceedings. The current BAC Arbitration Rules did not contain any provisions that allowed a party to an arbitration proceeding to join an additional party. However, article 13 of the New Rules addresses this issue. Article 13 provides that, prior to the constitution of the arbitral tribunal, the parties may apply to the BAC to join an additional party under the same arbitration agreement. If the arbitration tribunal is already constituted, an application for joinder will only be accepted if the claimant, respondent and the party to be joined agree. The process for joining a third party is set out in articles 7 to 10 of the New Rules. The joinder provisions in the New Rules compare favourably with current international arbitration practice. Article 13 of the New Rules most closely resembles the joinder provisions in the ICC Arbitration Rules. Article 7 of the ICC Arbitration Rules similarly allows a party to apply to the Secretariat to join a third party before the constitution of the arbitral tribunal. In addition, the ICC Arbitration Rules do not permit third parties to be joined after the constitution of the tribunal “unless all parties, including the additional party, otherwise agree”. Accordingly, the joinder provisions in the New Rules are a welcomed addition. They ensure that arbitration proceedings at the BAC are handled more efficiently and effectively. In allowing additional parties to be joined, the BAC’s procedures are in line with current international arbitration practice. In doing so, the drafters of the New Rules have achieved their goals.

Consolidation

It is important for an arbitral institution to have the power to consolidate arbitral proceedings. For example, often large IT companies enter into proforma contracts with various parties. Frequently the same issue arises under the contracts and the IT company is required to initiate multiple arbitration proceedings involving the same contract and with the same issues in dispute. If an arbitral institution has the power to consolidate multiple proceedings, it can save a significant amount of costs and can avoid different arbitral tribunals delivering inconsistent awards. The current BAC Arbitration Rules do not contain any provisions for the consolidation of multiple proceedings. However, article 29 of the New Rules addresses this issue. It provides that, where the parties consent and the BAC considers it necessary, the BAC may consolidate two or more arbitrations into a single arbitration. In deciding whether to permit the consolidation the BAC may take into account all circumstances, such as the arbitration agreements. The consolidations provisions in the New Rules most closely resemble the provisions in the ICC Rules. Like the New Rules, the ICC Arbitration Rules similarly provide that the ICC Court (rather than an arbitral tribunal) may, at the request of a party, consolidate two or more arbitrations into a single arbitration. Article 10 then sets out three circumstances in which the ICC Court will permit consolidation of arbitral proceedings. We note that, under the New Rules, the BAC has a wider scope to consolidate arbitral proceedings than the ICC Arbitration Rules. Lastly, we note that the UNCITRAL Arbitration Rules do not contain any provisions for consolidation of proceedings. As a result, in the context of consolidating proceedings, the New Rules are preferable to the UNCITRAL Arbitration Rules, because they provide more flexibility for the BAC to consolidate proceedings.

Conclusion

The New Rules’ provisions regarding joinder of additional parties and consolidating proceedings are a very positive development for the BAC. These provisions will provide the parties with more flexibility in arbitral proceedings and will help parties to avoid additional costs and time in having to initiate multiple proceedings. By adopting the New Rules, the BAC has brought its procedure in line with best international practice. This will ensure that the BAC is a more attractive forum for parties to initiate arbitration proceedings.

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ASIAN LEGAL BUSINESS APRIL 2015

APPOINTMENTS

LATERAL HIRES NAME

LEAVING

GOING TO

PRACTICE

LOCATION

ZAIN ADNAN

Hadromi Adnan Intellectual Property Group

Tilleke & Gibbins

Intellectual Property

Jakarta

RONALD CHENG

U.S. Federal Prosecutor

O’Melveny & Myers

White Collar Crime, AntiCorruption, Cybersecurity

Hong Kong, Los Angeles

ALAN CHIU

Mayer Brown JSM

Hogan Lovells

Intellectual Property

Hong Kong

TROY DOYLE

DLA Piper

Reed Smith

Restructuring

Singapore

ANNA ELSHAFEI

Hogan Lovells

Miller Canfield

Corporate

Shanghai

ILAN FREIMAN

Haley & Co

Berwin Leighton Paisner

Real Estate

Hong Kong

TIM GARDNER

Latham & Watkins

Weil, Gotshal & Manges

Private Equity

Hong Kong

GLENN HALEY

Haley & Co

Berwin Leighton Paisner

Dispute Resolution, Construction

Hong Kong

DAVID JOHNSON

K&L Gates

Norton Rose Fulbright

Corporate, Capital Markets

Hong Kong

HEE-SUNG LEE

Korea Food and Drug Administration

Yoon & Yang

Healthcare

Seoul

EUGENE LOW

Mayer Brown JSM

Hogan Lovells

Intellectual Property

Hong Kong

DAVID LUDWICK

Linklaters

Freshfields Bruckhaus Deringer

Capital Markets

Hong Kong

SCOTT D. PETERMAN

Sidley Austin

Jones Day

Private Equity

Hong Kong

TERENCE SEAH

Shook Lin & Bok

Virtus Law

Dispute Resolution

Singapore

GEOFFREY SHAW

Haley & Co

Berwin Leighton Paisner

Dispute Resolution, Construction

Hong Kong

STEPHANIE TANG

Kirkland & Ellis

Shearman & Sterling

M&A

Hong Kong

KENNY WONG

Mayer Brown JSM

Hogan Lovells

Intellectual Property

Hong Kong

NAME

FIRM

PROMOTION

PRACTICE

LOCATION

FRIVEN YEOH

O’Melveny & Myers

Managing Partner – Hong Kong office

Dispute Resolution

Hong Kong

PROMOTIONS

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*FREE PLACES* are available for in-house legal counsel. Register at www.regonline.com/IIHLS2015 and get the latest regulatory and compliance updates to ensure success for your organisation in 2015! For further information, please contact Gillian at (86) 10 5980 3735 or e-mail xuexin.cui@thomsonreuters.com *Free passes are not applicable to law firms, related legal service providers and vendor companies. Terms & conditions apply. WWW.LEGALBUSINESSONLINE.COM/IHS/INDONESIAIHLS-2015

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NETWORKS

ASIAN LEGAL BUSINESS APRIL 2015

NETWORKING TIME

REUTERS/Paul Yeung

AS ASIAN LAW FIRMS FIND THEIR CLIENTS’ BUSINESS INCREASINGLY MOVING ACROSS BORDERS, A NUMBER ARE LOOKING TO ESTABLISH ALLIANCES IN DIFFERENT JURISDICTIONS WITH LAW FIRMS THEY CAN TRUST. THIS IS BRINGING INTO INCREASING FOCUS ON THE ROLE PLAYED BY INDEPENDENT LAW FIRM NETWORKS IN BUILDING THESE BRIDGES. RANAJIT DAM FINDS OUT MORE

usiness today is global. As law firms’ clients seek legal services beyond their home markets, firms realize they have to step up and meet this need, or risk becoming less competitive. The race is, thus on to find law firms in other markets that they can trust, and establish relationships with. While some firms have set up their own networks of law firms within Asia, and particularly within the ASEAN region, also becoming important are global networks of independent law firms, which are helping members make connections across the world. Take for example the Texas-headquartered Lex Mundi, founded in 1989, which counts

India’s Amarchand & Mangaldas, Hong Kong’s Deacons, China’s Jun He, and Singapore’s Rajah & Tann among its 160 member firms worldwide. “The developments of the last few years [in Asia] have resulted in Lex Mundi being more relevant than ever before,” says Carl Anduri, president of the network. “Clients of our member firms in Asia and around the world are expanding into new markets. As they do so, they need trusted legal resources in what to them may be unfamiliar markets. Our Asian member firms rely on Lex Mundi member firms both inside and outside the region to serve their clients.” Another law firm association is

Interlaw, founded in 1982, whose members include Korea’s Lee & Ko, Malaysia’s Lee Hishammuddin Allen & Gledhill and Indonesia’s Mochtar Karuwin Komar among others. According to Michael Siebold, board chair of Interlaw, top-tier law firms that remain strong and independent are far better positioned than local firm outposts of offshore law firms, “or even worse, the franchise type law firm, with no real local knowledge.” He says that in changing times like this, member firms of networks can do more together. “For example, Malaysia is bracing for the lifted restrictions on foreign law firms and introduction of number of new

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legislative tax measures on professionals,” he says. “Yet Lee Hishammuddin Allen & Gledhill, Interlaw’s member firm in Kuala Lumpur, for example, already has in place, through its Interlaw relationships, an entire network of colleagues that positions the firm not only to defend its client base, but also in fact expand the breadth and complexity of its business. Already since Trowers & Hamlins has joined the Interlaw family the firms have collaborated extensively to capture foreign work they could not have landed separately, and in fact, mega firms certainly couldn’t, as the best lawyers available are happily working in Interlaw’s top tier independent law firms.” The Brussels-headquartered First Law International (FLI) counts China’s Llinks Law Offices, Indonesia’s SSEK and Japan’s Atsumi & Sakai among its members and its principal, Orlando Casares, says that when a network is primarily motored by a large law firm which combs the global to forge tied ups with other similarly-branded law firms, the costs associated with developing, maintaining and growing the brand to a successful level is not a cheap undertaking. “If the network cannot assert its claim to a piece of the market relatively soon, the grouping of law firm will be confronted with costs overruns,” he says. “Invariably this will put significant pressure on their fees to clients whom will be looking for significantly lower rates – especially if the network is otherwise unknown and unproven – but with a serious lack of elasticity, the network is unlikely to compete and remain profitable. In turn, some of the members will see little or no return on their investment and will exit the network, forcing new recruits and thus new incurred costs, and again higher fees. And cycle continues.” GROWING IN ASIA According to Interlaw, firms in the association have determined that the ASEAN offers a plethora of avenues to work together. “Integration is the buzzword, and collaboration is the pathway,” Siebold says. “Providing seamless service with local knowledge and global presence – and at reasonable billing rates – has been a winning formula.” The network, he adds, is looking to continue to grow in the Asia-Pacific region after adding 12 countries globally in 2014, including Indonesia’s MKK. “We are reviewing top tier firms in Taipei and Cambodia now, and one of our member firms has forged a strategic relationship with a Myanmar firm which we are following closely,” says Siebold. “Interlaw is driven to expand in Africa and South Eastern

Europe this coming year.” Casares says that FLI is “certainly open for business” in Asia. “We have been preparing for the past 14 years by carefully selected leading firms in the jurisdictions of relevance,” he says. “Harnessing these countries, which have traditionally been unable to work well together in the past has been a major undertaking and a real achievement. By synergizing the individual strengths, FLI has managed to do in Asia what it had successfully done in Europe, the Americas, Africa and most recently the Middle East.” According to Anduri at Lex Mundi, true

“THE DEVELOPMENTS OF THE LAST FEW YEARS HAVE RESULTED IN LEX MUNDI BEING MORE RELEVANT THAN EVER BEFORE. CLIENTS OF OUR MEMBER FIRMS IN ASIA AND AROUND THE WORLD ARE EXPANDING INTO NEW MARKETS. AS THEY DO SO, THEY NEED TRUSTED LEGAL RESOURCES IN WHAT TO THEM MAY BE UNFAMILIAR MARKETS” Carl Anduri, Lex Mundi

growth lies in adding value. “We see growth not in terms of adding member firms, as we have a very strong group of member firms, but in providing value to those firms,” he adds. “Lex Mundi adds value to its Asian member firms in three ways – by helping them serve their clients better, by helping them increase their client base, and by helping them continuously improve.” KEY INITIATIVES Lex Mundi, which describes itself as “the only network with a professional development function,” places a lot of emphasis on

NETWORKS

professional development. “Our director of professional development, Suzanne Fine, was responsible for global professional development and training at Linklaters before joining our team,” says Anduri. “We offer support to our member firms in the areas of project management, knowledge management and best practices. Through our Lex Mundi Institute we offer intensive, week-long programs attended by our member firms in Asia and our member firms around the world. We are collaborating with the Judge Business School of Cambridge University on a week-long business management program for our member firm lawyers.” Siebold describes Interlaw’s culture as “one of innovation” and provides some examples of successful projects undertaking by the association. “For one, there is Interlaw Sustainability, a comprehensive program that identifies star senior associate, junior level lawyers and provides a plethora of incentives for recruitment and retention,” he says. “Secondly, we have Global Invest, a highly secure online portal for Interlawyers whose clients seek investment funding to match with Interlawyers whose clients seek investment opportunities. Projects as diverse as hotel purchases in the USA and Western Europe to infrastructure in the Balkans have used Global invest in the past year to promote projects. A third example would be special business teams (SBTs), affinity Groups and meet-ups offering Interlawyers the opportunity to publish comparative law books, blogs, surveys and primers online and in print, and to meet together on a regular basis in person and through social media to share best practices, create knowledge hubs, introduce one another to clients and multiplier organizations, share speaker platforms and develop personal and professional relationships with lawyers in their own industries and practice fields.” According to Casares, FLI has invested a great deal of energy developing practice groups such as telecommunications, life sciences, data privacy, oil and gas, litigation and arbitration, employment, real estate and so on. “By carefully selecting the most competent attorneys in each jurisdiction, a global head of each Practice Group is appointed,” he says. “He or she is support by a panel of specialists who in turn work closely with each in-country expert. The end result is a compelling force in the industry. Clients respond favorably to the idea that a global team of experts has been assembled throughout FLI to render assistance, at a moment’s notice, either individually or together, a flock of geese flying in a V-line.”

INTELLECTUAL PROPERTY

ASIAN LEGAL BUSINESS APRIL 2015

A BOOST FOR RIGHTS HOLDERS

AMENDMENTS TO JAPAN’S INTELLECTUAL PROPERTY LAWS, WHICH WERE PASSED IN 2014, TOOK EFFECT ON APRIL 1 THIS YEAR. SOME MARQUEE CHANGES INCLUDE THE INTRODUCTION OF NON-TRADITIONAL TRADEMARKS AND A NEW PATENT OPPOSITION SYSTEM IN JAPAN. KANISHK VERGHESE REPORTS

n the works for several years, amendments to Japan’s patent and trademark laws were passed in the National Assembly in 2014, and came into force on April 1 this year. TRADEMARKS: PROTECTION OF NONTRADITIONAL MARKS Japan’s Trademark Act has been amended to allow the registration of non-traditional marks such as colour and sound. The U.S. and the EU, as well as the likes of China, Singapore and South Korea, already have similar protections in place. While marks involving colour, sound, movement and position can now be registered under the new system, marks relating to scent, touch and taste still cannot be registered as trademarks. The use of non-traditional marks has been on the rise in recent years, with companies like Apple and Intel registering such marks across jurisdictions worldwide. With the new amended trademark law, businesses are now able to protect these marks in Japan as well. Once the non-traditional marks are registered in Japan, intellectual property (IP) lawyers expect to see many disputes arise between applicants and third parties. According to the amended Trademark Act, in an instance where a non-traditional trademark is used in a way that consumers cannot associate the goods or services with the trademark owner’s business, it will not be treated as trademark infringement. “In infringement

lawsuits over the new trademarks, we expect that some accused infringers will use this as their defence,” says Takanori Abe, founder of Japanese law firm Abe & Partners. Since Japan adopts the first-to-file system for trademarks, lawyers advise both Japanese and international businesses with existing non-traditional marks to register them as trademarks in Japan as soon as possible. PATENTS: A NEW OPPOSITION SYSTEM The main change to Japan’s patent law is the introduction of the post-grant opposition system, which is designed to give the patent holder more certainty at an earlier stage in a patent’s lifecycle, and enhance the overall stability of patents in Japan. Prior to the amendment, the primary way for parties to oppose a patent was via an invalidation trial. “Under that system, many inventions lacking novel and inven-

tive steps were registered as patent rights, and patent holders would often hesitate to file a patent infringement lawsuit against a potential infringer because, in many cases, the defendant would then file a patent invalidation trial during the patent litigation,” says Yoshifumi Onodera, a partner at Mori Hamada & Matsumoto. “The new opposition system makes patent holders more confident in the validity of their patent rights, and encourages them to enforce their patent rights in the first place,” says Onodera. In contrast, the new opposition system offers a cheaper and potentially faster method to dispute patents. Oppositions can be filed by any individual or party within six months of the patent’s publication in the patent gazette. Furthermore, oppositions will be conducted by documentary proceedings rather than oral hearings, which take place in patent invalidation trials. With no oral proceedings

“THERE HAVE BEEN MANY DISPUTES BETWEEN COMPANIES AND EMPLOYEES REGARDING EMPLOYEE INVENTIONS. HOWEVER, THE NEW RULE IS EXPECTED TO IMPROVE THE PREDICTABILITY OF THE LEGAL RISKS OF EXPLOITING AN EMPLOYEE’S INVENTIONS.” Yoshifumi Onodera, Mori Hamada & Matsumoto

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INTELLECTUAL PROPERTY

Pedestrians cross a street at Tokyo’s Ginza shopping district. REUTERS/Toru Hanai

in an opposition, the burden of the petitioner is significantly lowered, says Abe. “The new opposition system also allows petitioners to hide their name. This is important because Japanese companies do not like to reveal their name to their opponents, and often use the names of their patent attorneys. As a result, I expect to see a large number of oppositions from April 1 onwards,” says Abe. The opposition system is not new to Japan. The system was used up until 2003, after which it was discontinued and integrated into the trial for patent invalidation. However, patent invalidation trials required a lot more preparation than in oppositions, and therefore increased the burden – and the costs – on the parties involved. “Some companies chose not to enter invalidation trials and instead preserved their prior art for future disputes. As a result, patents with possible defects were enforced, which led to socially undesirable outcomes,” says Abe. Consequently, a new and improved opposition system has been reintroduced, putting Japan on par with the systems used in the U.S. and Germany. If an opposition is accepted, the patent applicant is allowed to appeal to the IP High Court. However, under Japan’s new system – unlike in the U.S. or

Germany – the opposing party cannot appeal to the IP High Court if the opposition is rejected. Under the new system, patent applicants will undoubtedly face a number of oppositions filed against them during the first six months of the patent’s publication. However, they will be less likely to face patent invalidation trials down the road. This allows patentees to build up stronger patent portfolios, which will improve the reliability of patents and enhance patent stability in Japan. AMENDMENTS IN THE PIPELINE Further amendments to Japan’s IP laws are already in the pipeline. One bill, which was submitted to Japan’s National Assembly in March this year, is proposing to change the inventor remuneration system for employees in Japan. “Under the current Japanese patent law, an invention created by an employee of a company originally belongs to the employee. But the new bill proposes that the patent invention should originally belong to the company in cases where it is stipulated in the employment agreement or employment regulation of the company,” says Onodera. “In addition, the new rule would also oblige companies to compensate employees for

their inventions. There have been many disputes between companies and employees regarding employee inventions. However, the new rule is expected to improve the predictability of the legal risks of exploiting an employee’s inventions,” he adds. In addition, other amendments to Japan’s patent law are being discussed to help ease the burden of proof on the patentee in an infringement case. This should in turn encourage patent holders to take potential infringers to court, increasing the number of patent infringement cases in Japan. The current number of patent infringement cases filed annually in Japan is quite low – at around 150 – which is significantly lower than in the U.S., Germany or China, says Abe. As a result, the government is looking to amend the patent law to increase the number of patent infringement lawsuits as well as the winning rate of patent holders litigating in Japan. Abe notes that the rulings handed down by the Japanese courts over the past few years have started to increasingly favour the patent holder. “With the winning rate for the patentee increasing, and with it becoming more difficult for the defendant, this is actually a very good era for patentees to file patent infringement lawsuits.”

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ASIAN LEGAL BUSINESS APRIL 2015

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METHODOLOGY The ALB Employer of Choice Rankings were compiled taking into account responses from thousands of law firm employees across Asia, ranging from managing partners to support staff, as well as our own market knowledge. The survey was open in the months of February and March, and law firms have been ranked on the basis of job satisfaction, remuneration, work-life balance, career prospects, mentorship, job security and other aspects, with respondents being asked to submit their inputs/responses anonymously to help maintain fairness and objectivity. Law firms have been listed in alphabetical order.

ne number sums up how lawyers across Asia feel about the firms they work for – 97 percent. That is the proportion of the nearly 3,000 respondents to ALB’s Employer of Choice survey for 2015 who either profess to being “extremely satisfied” or “satisfied with their jobs, the highest figure since ALB began conducting this survey. When asked to describe the reasons behind their job satisfaction, respondents offer a variety of perspectives. “The firm has a very supportive environment, where the entire team works together, encouraging young associates to take an active role and produce work that then receives constructive feedback from the seniors,” says an associate in South Korea. “The management is very keen to hear the associates’ concerns and is very responsive.” Meanwhile, an associate in Indonesia praises the “reasonable amount of work which lets me focus on every task I am given, and a great working environment which enables clear communication between employees, resulting in cooperation between one another. The balance of work and fun also reduces pressure and stress.” Adds an associate in India: “Seniors and peers are very helpful. It makes for a very good learning environment.” When it comes to salaries, though, the reaction is slightly less euphoric. About 37 percent of respondents feel their earnings are in line with the market, and only about 56 percent consider themselves better paid than their peers elsewhere in the industry. One associate in Malaysia reckons it is an “estimated 7-8 percent below peers in Malaysia in terms of basic salary, with a maximum cap for non-partners, irrespective of salary. Additionally, the medical benefits are low and narrow.” Says an associate in South Korea: “Compared to the people working in the same field, my job appears to be more demanding and the amount of work needed to be done every day is more, with relatively less salary.” But a partner in the same country believes that salary numbers

shouldn’t be the only yardstick. “One of our competitors is known to pay better,” they say. “But while the general compensation structure of the firm may lower in terms of figures, this does not take into account the fringe benefits.” Salar y structure and overall salar y transparency at firms, however, is lauded, with more than 91 percent of respondents terming it either “excellent” or “good.” An associate at a law firm in Indonesia sums it up: “The office maintains a no-favoritism principles when leveraging remuneration, and remuneration is given based on performance,” they say. “We have twice-a-year evaluations of our performance and are given feedback on what we excel in and what we are not developing.” Notes an associate in India: “Standard payment brackets across the board ensure employees feel they are getting their due as per preset policies, and not as per the whims of some.” Equally, opportunities for training and professional development are highly regarded, with more than half the respondents terming them “very good.” However, lawyers believe that there is always scope for improvement in this regard. “Secondments to clients and the offices of foreign law firm offices should be permitted and encouraged to help lawyers build their network and industry experience,” says an associate in Malaysia. “The reason that secondments don’t take place is due to fear of ‘losing’ employees. Becoming a better employer is surely a better method of retaining talent as opposed to limiting employees ability to experience a different environment.” Similarly, a partner in India calls for “more training opportunities for everybody that can help in the overall growth of their professional careers. It can be for improvements in their technical skills as well as soft skills like communications, interactions with clients and so on.” When it comes to opportunities to receive mentoring, nearly 94 percent of the respondents are satisfied at the very least. “We have one-on-one formal mentoring program for

all junior associates, easy, informal mentorships for midlevel and senior associates, and lots of support for women,” says an associate at an international firm in Hong Kong. But it’s not the same across all firms. “The responsibility of ensuring you receive the right mentoring really rests on the mentee,” says an associate in India. “Although one can get really lucky at times when working with the right senior who can adequately provide feedback, encourage and get involved.” Similarly, nearly 60 percent of the respondents believe the path to partnership in their law firm is “very transparent.” And more than 81 percent say that their firm is “very collaborative.” “The firm’s organization is extremely collaborative, and all staff are free to initiate collaboration, subject to the interest, ability, and availability of others,” says a respondent from Taiwan. As for work-life balance, more than 91 percent find it adequate at the very least. “While it is well known that lawyers have long hours at work, our firm has a policy of encouraging the lawyers to leave the office by 9PM at the latest,” says an associate in Indonesia. And more than 60 percent of the lawyers feel “extremely valued” by their firm. “I was recently chosen to do a six-month secondment at a reputed international law firm,” says a counsel in India. “This was a very expensive investment for the firm and I felt really valued. Also, recently I was provided an opportunity to speak at an International panel discussion in Hong Kong.” That said, high marks don’t always mean there’s no room for improvement. Even respondents that are happy and satisfied in their current roles feel there are areas where firms can do better. The list includes gender equality, fair evaluations of job performance, and more investments in resources, particularly staff. But generally respondents are happy where they are: More than 80 percent would “definitely” or “probably” see themselves in the same firm in five years’ time, while three-quarters would “wholeheartedly” recommend it to a friend.

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CHINA AllBright Law Offices Chance Bridge Partners Global Law Office Guangda Law Firm Han Kun Law Offices Hengdu Law Offices Jilin Gongcheng Law Firm JunHe Solton & Partners Sunshine Law Firm

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Among the ranked firms, respondents from AllBright Law Offices, respondents count “teamwork, strong sense of professionalism of colleagues and recognition of clients” as the firm’s strong points. At Global Law Office, a partner praises the “supportive team, sharing culture, and nice, family-like atmosphere. A partner at Guangda Law Firm lauds the “work atmosphere and collaboration between teams and within the firm.” According to an of counsel at Han Kun Law Offices, “the people of our firm are all very nice and the management is quite proactive.” For an associate at Jilin Gongcheng Law Firm, the draw is the “competitive salaries for the region, an impressive promotion system, and flexible, employee-friendly working hours.” JunHe is hailed by a partner as “a wonderful law firm providing excellent opportunities for lawyers to grow.” An associate at Solton & Partners says that the “work environment is very good, my colleagues are likely my friends, and the partners are very hands-on. Overall, it provides a good platform.” And for a counsel at Sunshine Law Firm, “the senior law yers and the dedicated team create a great atmosphere.” According to Ning Zhu, managing partner of Chance Bridge Partners, the firm’s approach to acHengdu Law Offices quiring and retaining the

In China, the job satisfaction rate stands at more than 98 percent. For nearly two-thirds of the respondents, remuneration is at least above market standard, and more than 93 percent believe the salary structure and transparency is “good” or “excellent.” More than 97 percent appreciate the opportunities for training and professional development at their firm and an almost equally proportion positively rate opportunities to receive mentoring. Transparency when it comes to the path to partnership, and collaboration within the team also receive high accolades and work-life balance stands at “excellent” or “good” for about 94 percent of respondents. Additionally, with 71 percent feeling “extremely valued” in the firm and an 87 percent job security rating, it is no surprise that 83 percent see themselves “definitely” or “probably” at the same firm in five years’ time.

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best talent differs from other firms in the market in three ways. “The first is precise positioning: Chance Bridge Partners is committed to providing comprehensive legal advice to its clients. This makes us different from other law firms and is key to attracting highly skilled employees who take pride in their work,” she says. “Second Chance Bridge Partners is international insight: Our clients have different cultural backgrounds so we embrace different ways of thinking and suring happy, engaged employees, accordlooking at things. This allows us to bring ing to Zhu. “First, there needs to be a team in people with different backgrounds and with exceptional professional abilities. This perspectives. And third, there is team buildensures that our employees are constantly ing. We are committed to making sure that gaining skills and experience. It also helps our everyone on our team, especially our keep them enthusiastic about their work and younger lawyers, are given opportunities to opportunities,” she says. “Second, a normagrow as lawyers and feel like they are part tive management system with humanized of the Chance Bridge family.” implementation. This allows us to ensure Similarly, there is a two-fold secret to enthat our firm can work in an efficient, orga-

nized and professional manner while still giving our employees sufficient flexibility.” Hengdu Law Offices has “a very sophisticated operation and remuneration system, which motivates employees to participate in their work with all their hearts,” says managing partner Jiang Fengtao. “What Hengdu has been offering is not only a job, but also a way to create the bright future.” Jiang adds: “Hengdu encourages each

Corporate and Compliance · Capital Markets · Cross-Border Investment and Financing · International Trade Competition / Anti-Trust · Construction and Real Estate · Intellectual Property · Dispute Resolution Chance Bridge Partners is a high-end commercial law firm, committed to providing comprehensive legal advice to its clients. The firm is headquartered in Beijing. Tel: +86-10-8587 0068 Fax:+86-10-8587 0079 601, Office Tower, Oriental Plaza, No.1 East Chang An Avenue, Beijing 100738, P.R.C www.chancebridge.com

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single employee to develop his own features and expertise, cares about the employees’ needs, offers guidance for their career development, and helps them to pursue social value.”

HONG KONG Baker & McKenzie Clyde & Co Deacons Paul Hastings Skadden, Arps, Slate, Meagher & Flom

Job satisfaction levels run in Hong Kong (96 percent) and it comes on the back of solid professional development (93 percent) and mentoring (89 percent) opportunities. While the path to partnership is only “somewhat transparent” for the majority, 70 percent find their firm “very collaborative” nearly 93 percent consider the work-life balance at their firms as “good” or “excellent.” More than half feel “extremely valued” by their firms, and 74 percent consider their jobs secure. At the Hong Kong office of Baker & McKenzie, a partner points out that “good recognition, career prospects, guidance and

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training provide a relatively free-hand working environment focused more on substance rather than form.” A counsel at Clyde & Co lauds the “very professional colleagues and good opportunities for advancement; [and] good quality of work projects.” At Deacons, an associate notes that the “working environment encourages interaction, the partners are supportive and the colleagues are friendly.” Meanwhile, a partner at Paul Hastings praises the “great place to work, top notch clients requiring sophisticated work, motivated colleagues, and good collegial atmosphere.” And a consultant at Skadden, Arps, Slate, Meagher & Flom notes the “good pay, great co-workers and good exposure to the most challenging deals.”

INDIA

Amarchand & Mangaldas & Suresh A Shroff & Co (Mumbai Region) Anand and Anand Khaitan & Co. Trilegal

With a 97 percent job satisfaction in rate, it is a pretty good time to work as a lawyer with one of India’s commercial law firms. While salaries remain stable – about half the re-

spondents say they are paid in line with the market – but opportunities for training and professional development are appreciated by about 93 percent of the respondents, with the corresponding figure for mentoring opportunities being about 88 percent. The path to partnership could be more transparent, say our respondents, but nearly 72 percent of the respondents consider their firm to be “very collaborative.” More than 86 percent like the work-life balance in their firm, and nearly half say they feel “extremely valued.” With two-thirds com feeling secure in their jobs, it is not surprising that 64 percent would recommend their firm “wholeheartedly.” “Very transparent, great values, great people, best clients, mutual respect and integrity, the best law firm in India, good worklife balance” is how a partner at the Mumbai offices of Amarchand & Mangaldas & Suresh A Shroff & Co describes their firm. For an associate at Khaitan & Co., “our firm provides opportunity to all members to excel in what area of law one practices. There is a great scope of growth for an individual within the firm.” And at Trilegal, an associate says that “there is a work-life balance to a large extent, there is recognition of work, and it is an excellent environment to work in. The firm has been everything I had hoped for.” According to Pravin Anand, managing partner of Anand and Anand, lawyers confess that although quality, volume and challenge of navigating cutting edge intellectual property issues makes the firm a destination of choice, the reason they stay and return

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from sabbaticals is the trust reposed in them by the senior partnership towards their individual matters. “Younger associates at the firm feel especially enthused with the prospects and freedom to work on intellectual property issues in fields as diverse as pharmaceuticals and arts & antiquities,” he

Anand and Anand

says. “I also believe that entrusting younger members with a degree of ownership, allowing them to freely ideate and bring their own solutions to the table, is the key to making the journey of the employee with the firm more meaningful. The culture of collaboration through easy and relaxed interpersonal

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relationships, as well as an accessible and responsive senior partnership, has quickly risen to become a key factor of employee satisfaction at the firm. Moreover, employees also cite their ability to retain their individuality as a reason they would recommend the firm to others.”

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INDONESIA Assegaf Hamzah & Partners Budidjaja & Associates Hanafiah Ponggawa & Partners

Job satisfaction levels of 91 percent in Indonesia come on the back of opportunities for training and professional development (96 percent) and to receive mentoring. And while the path to partnership is not very transparent for a significant chunk, more than 70 percent of respondents find their firm “very collaborative.” Knowledge management is also solid for more than 90 percent, and 89 percent appreciate the work life balance their firm offers. With nearly half the respondents feeling “extremely valued” and job security at more than 72 percent, it is no surprise that 83 percent “definitely” or “probably” see themselves in the same firm in five years’ time. Assegaf Hamzah & Partners boasts a “good work environment, no boundaries between lawyers and non-lawyers, and easy going partners,” according to an associate. And an associate at Hanafiah Ponggawa & Partners says: “I love my working environment and the partners are very generous to all associates and staff. The workload is quite reasonable.”

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At Budidjaja & Associates, principal and managing partner Tony Budidjaja says besides professional development activities, the firm engages the well-being of its employees by holding social activities at least once a week to help employees get to know each other in a more personal level, holding sporting activities at least once a week to keep employees stay in shape, holding other big events for employees and their family members to create a sense of belonging and family atmosphere within the firm. “Lawyers and staff members feel that they’re a part of a B&A family,” he says. “We all work together as a team to accomplish tasks. There is no stratum among lawyers and staff members, which makes us a very close-knit team working in a family environment.”

JAPAN Atsumi & Sakai

An underwhelming year for responses from Japan meant a small sample size, but it was the only country with a 100 percent job satisfaction rate among the respondents. Within this relatively small group, Atsumi & Sakai emerged as the runaway sole winner. “I am able to do a variety of challenging work in a relaxed atmosphere,” says a partner.

KOREA Bae, Kim & Lee Kim & Chang Yulchon

Outside of China, Korea provided the largest number of responses to the Employer of Choice survey, showing just how enthusiastic the country’s lawyers are, and how passionate they are about the firm they work for. Job satisfaction was at about 97 percent, and it was the only market where the majority of lawyers (74 percent) felt they were paid at above the market standard. Salary structure is also thought to be transparent (95 percent), as are opportunities for training and professional development (96 percent) and opportunities to receive mentoring in the firm (94 percent). Near 70 percent of the respondents believe that the path to partnership is very transparent, and nearly 85 percent believe the firm is very collaborative. Work-life balance is good or excellent for 93 percent, and nearly 70 percent feel “extremely valued” – to go with 75 percent job security. A whopping 82 percent would recommend their firm unreservedly. According to Sky Yang, partner at Bae, Kim & Lee, the firm believes that its people are its greatest assets. “BKL consistently strives to recruit top notch professionals

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Bae, Kim & Lee

for both entry level and experienced attorney positions,” he says. “In addition to our competitive benefits packages BKL provides effective training, mentoring, and opportunities for professional development. Also, our transparent, ongoing performance evaluation system provides useful feedback for continuous improvement and helps to maintain high quality standards.

He adds that BKL offers a great work atmosphere by fostering mutual trust based on clear communication and transparency. “Our firm culture cultivates close relationships and our teams generally eat lunch together,” Yang says. “There are clear expectations and ongoing coaching and mentoring. Furthermore, BKL encourages corporate social responsibility through diverse pro-bono

activities and our experts and employees make contributions in various regions of the country. Such valuable experiences make our members feel proud of our firm and our commitment to society.” Speaking about Yulchon’s approach to acquiring and retaining the best talent, Doil Son, partner with the firm says that it places its foremost priority on recruiting, reward-

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KIM & CHANG

Korea’s Premier Law Firm Driving Excellence to Help Clients Succeed

Employer of Choice – Korea Asian Legal Business 2015

www.kimchang.com

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ing and retaining top talents. “Yulchon is the only law firm in Korea with a recruiting program specially targeting graduates of law schools located outside of the Seoul Metropolitan Area for the purpose of helping those law schools to increase their competitiveness as well as discovering the best talents from all parts of the country,” he says. “Yulchon also operates ‘Yulchon Academy,’ an in-house continuing education center that provides career development programs, language training programs, various professional and general liberal arts courses as well as short-term and long-term study abroad programs for Yulchon employees.” According to Son, Yulchon’s founding philosophy, as signified in its firm name that literally translates to “law village,” underscores the collective value of talented individuals. “That philosophy is an integral part of the firm’s culture even to date,” he adds. “Yulchon members feel engaged through open communication by weekly internal newsletter sent by the chairman, annual firm-wide offsite activities, and periodic in-person gatherings by practice group.”

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YULCHON

Jong Hyun Park, senior attorney at Kim & Chang says that the belief that the lawyers work with the industry’s top experts and partners instills pride and drives employee performance. “The firm also tries to bring talents from different backgrounds and allows them to work in an environment that endorses opposing ideas, and emphasizes both teamwork and the development of

Yulchon_ALB Employer of Choice 2015_(186x119.5mm).indd 1

each individual’s potential,” he says. “The belief that each employee could grow into the industry’s top professional and earn the respect of clients through team work also keeps our employees engaged and committed in the work they do. Aside from their client work, attorneys are also given various opportunities for community services and industry discussions by participating in pro

bono activities.” Park adds the firm tries to make its workplace attractive to its attorneys by giving them new development opportunities and offering various training programs. “We believe that the best way to attract and retain the best talent is to maintain our status as the top firm and we do that by providing the best possible service to our clients,” he says.

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MALAYSIA Azmi & Associates Tay & Partners Wong & Partners

While job satisfaction is at 94 percent for respondents from Malaysia, one area that firms can work on their remuneration, with three-quarters believing their salary is at or below the market standard. Opportunities for professional development seem particularly good(93 percent, collaboration and knowledge management rate highly, while work-life balance is rated by 88 percent as “good” or better. Azmi & Associates is lauded for providing “adequate space and [the right] environment for me to live my passion as commercial lawyer,” according to a counsel. An as-

ASIAN LEGAL BUSINESS APRIL 2015

sociate from Tay & Partners says the firm “practices work life balance: Despite the workload, employees are encouraged to pace themselves.” And at Wong & Partners, an associate praises the “great learning opportunities, great exposure to regional and international clientele, excellent working environment and well trained support staff.”

PHILIPPINES Quisumbing Torres Romulo Mabanta Buenaventura Sayoc & De Los Angeles SyCip Salazar Hernandez & Gatmaitan

The Philippines boasts a 100 percent job satisfaction rate, and more than half of

the respondents describe themselves as “extremely satisfied.” The lawyers are also well-paid, with three-quarters describing their pay as above the market standard. Nearly all the respondents say that they are happy with the opportunities for both professional development as well as receiving mentoring, along with the collaboration in their law firms. Firms generally value their employees and job security is high. More than 60 percent of the respondents “definitely” see themselves in the same firm in five years’ time. According to an associate, Quisumbing Torres “empowers its associates to excel and develop professionally. The firm invests in a lot of support services for professional and business development.” At Romulo Mabanta Buenaventura Sayoc & De Los Angeles, “the firm continues to implement fair and honest policies regarding work and administration, which policies I’ve observed to be superior to the market,” says a partner. And at SyCip Salazar Hernandez & Gatmaitan, an associate says “the work is challenging and I have good colleagues.”

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COVER STORY

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SINGAPORE Baker & McKenzie.Wong & Leow Duane Morris & Selvam Drew & Napier RHTLaw Taylor Wessing

and work-life balance is considered “excellent” for almost a quarter. Nearly two-thirds of respondents consider themselves secure in their jobs and more than 60 percent “definitely” or “probably” see themselves in the same firm in five years’ time. At Baker & McKenzie.Wong & Leow, an associate praises the “good range of work, good training and support network, partners and senior associates willing to teach,

Rodyk & Davidson Drew & Napier

In Singapore, one of Asia’s more mature markets, job satisfaction generally still remains high, with only 6 percent describing themselves as less than satisfied with their work. Salaries are generally stable for the majority of respondents, and opportunities for training and professional development – as well as receiving mentoring – remain solid. While the path to partnership could be made clearer by some firms, more than 60 percent find their firms “very collaborative”

open door policy, little regimentation and nurturing environment.” At Duane Morris & Selvam, “the environment is conducive and the staff are very friendly and accommodating towards the newcomers.” A partner at RHTLaw Taylor Wessing says that “the infrastructure enables me to focus on my work, which is the end product that the client hugely appreciates.” And an associate at Rodyk & Davidson praises “the good and fair

COVER STORY

ASIAN LEGAL BUSINESS APRIL 2015

Weerawong Chinnavat & Peangpanor

bosses, relatively balanced working hours, and good working environment with helpful colleagues.” Blossom Hing, a director at Drew & Napier says that the firm invests enormous energy and resources into training and mentoring. “Our senior lawyers, most of whom joined our firm as trainees, have a wealth of experience to impart and are personally committed to guiding our young lawyers and ensuring that they have successful careers,” she says. “We also take great care when selecting our trainees and have had wonderful and talented people join us. Our efforts have developed lawyers who are at the top of the profession and this has helped attract positive and passionate people to the firm.” Speaking about the secret to engaged employees, Hing notes that the firm is strong because of its people. “We treat our people with respect and have a family culture with an ‘open door’ policy,” she adds. “People like to come to work when they feel they are part of a team.”

isfaction is 100 percent salaries are above the market standard for about two-thirds, and work-life balance is good for close to 92 percent. Winkler Partners is the notable firm from there, with a counsel calling it “quite simply the healthiest, most enjoyable place I have ever worked. Since coming to work at Winkler Partners, friends and family have commented on how much happier and content I am.”

TAIWAN

In Thailand, job satisfaction is at more than 97 percent, with more than half calling themselves “extremely satisfied.” Nearly half of all Thai respondents are also paid above the market standard, and most are happy with the salary structure. Opportunities for training (92 percent) and mentoring (97 percent) are praised, although firms could work on making the path to partnership more transparent. Work-life balance is at “good” or better for 93 percent, more than half feel “extremely valued” in the firm, and three-

Winkler Partners

Taiwan, much like Japan, suffers from a small sample size, but within that, job sat-

THAILAND Baker & McKenzie Tilleke & Gibbins Weerawong Chinnavat & Peangpanor

quarters are secure in their jobs; Thailand is not called the “Land of Smiles” for nothing. Among the ranked f irms, Baker & McKenzie boasts “good work, good boss, good colleagues and good benefits,” according to an associate. And at Tilleke & Gibbins, says an associate, “my firm has a good worklife balance that leads to strong relationships with partners and other colleagues and high productivity. Most importantly, the firm strongly supports the lawyers who want to enhance their training and education.” Talking about Weerawong Chinnavat & Peangpanor’s approach to acquiring and retaining the best talent, Chinnavat Chinsangaram, executive partner, says that WC&P has a clear set of cultural values that differentiates it from other firms in the market. “We emphasize, among other factors, a politics free, transparent work environment without power plays, which motivates lawyers in terms of assignments, rewards and career path,” he says. Adding that happy, engaged employees require challenging work, appropriate recognition, fair rewards and a clear career path, he notes that “WC&P lawyers build their capabilities by being entrusted with challenging assignments, including some of the highest profile matters in the region. They are expected to perform to the highest level of their ability, with the confidence that their efforts will be recognized and rewarded fairly. Our lawyers also know the steps and performance required to proceed toward his or her own professional goals.”

VIETNAM LNT & Partners Phuoc & Partners Rajah & Tann LCT Lawyers

Job satisfaction is at a healthy 96 percent in Vietnam, with more than a quarter calling themselves “extremely satisfied.” Remuneration is at the market standard for just about half of the respondents, and most seem satisfied by the salary structure of their firms. Opportunities to receive mentoring in the firm is rated as generally satisfactory, as are opportunities for training and professional development, although nearly

COVER STORY

half the respondents consider the path to partnership as “somewhat transparent.” Work-life balance is “good” or “excellent” for 93 percent, with more than 56 percent feeling “extremely valued” and job security at 77 percent. More than three-quarters “definitely” or “probably” see themselves at the same firm in five years’ time. Firms receiving high marks from their employees in Vietnam are LNT & Partners, which has “a perfect working environment for juniors like me, for the reason that associates and partners here are very open to sharing their know-how,” says a consultant. “Furthermore, I have the opportunity to be involved in practical matters, which rarely occurs in other law firms.” At Phuoc & Partners “I have the chance to do what I love, decide on what assignments I want to take, and most importantly, I have the support of my partners and co-workers,” according to one associate. And Rajah & Tann LCT Lawyers, a consultant says, provides a “competitive and professional environment with a variety of clients and a lot of challenges and opportunities to learn more.”

ASIAN LEGAL BUSINESS APRIL 2015

THE BEST OF THE WORST

Feedback from some extremely dissatisfied respondents “The work-life balance is very poor… I am in the office from 8AM to midnight, but receive no appreciation. I am valued by the firm in the same way a slave owner appreciates his slaves… The only reason I think my job is somewhat secure is that no other fool would do this.” - From a local firm in Singapore “Below market salary, poor quality of work, lack of team spirit, low morale amongst associates, bonus system changed mid-year without consultation…” - From an international firm in Hong Kong “Partners tend to pigeonhole associates’ development, not allowing them to work

on a variety of work (as promised when they gave the offer). HR policies are the worst among major law firms.” - From a local firm in Hong Kong “My work is not challenging enough, and my supervisor does not give any thoughts to my career progression. I feel underemployed.” - From an international firm in Vietnam “Progression is uncertain, hours are bad and it is very political. Bonus is unfairly given depending on favoritism…. One way [my firm] could improve is by not sending random emails focusing on punctuality and dressing.” - From a local firm in Singapore

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Q&A

ASIAN LEGAL BUSINESS APRIL 2015

‘FIRMS MUST LOOK OUTSIDE OF TRADITIONAL LEGAL SERVICES’ IN ONLY ABOUT FOUR YEARS SINCE ITS FOUNDING, RHTLAW TAYLOR WESSING HAS SHOWN ITSELF TO BE ONE OF THE MORE PROGRESSIVE-MINDED LAW FIRMS IN THE REGION. RECENTLY THE FIRM HAS LAUNCHED ITS ASEAN+ GROUP, VENTURED BEYOND TRADITIONAL LEGAL SERVICES AND IS PLANNING TO LIST A HOLDING COMPANY EARLY NEXT YEAR. TAN CHONG HUAT, THE FIRM’S MANAGING PARTNER DESCRIBES THE FIRM’S EVOLUTION TO RANAJIT DAM

ALB: In late February, the RHT Group of Companies announced plans to list its holding company, RHT Holdings Limited, on the SGX Catalist Board. What was the motivation behind the fundraising plan? Tan: RHTLaw Taylor Wessing and RHT Holdings are both home-grown Singaporean companies, which have quickly risen to become the eighth-largest law firm in the country and the leading professional services group in Asia respectively. As Singapore is our home base, we strongly believe in the country’s future as an economic hub, as well as the Singapore capital markets as the best way to unlock market value in our rapidlygrowing professional services business. The proceeds will help the RHT Group of Companies in our regional endeavors, growth and acquisition plans. ALB: Late last year, a holding company connected with ZICOLaw also listed on SGX. In what ways will RHT’s approach to that listing differ? Tan: RHT Holdings is the holding company for four leading professional services companies: RHT Capital, RHT Corporate Advisory, RHT Compliance Solutions and RHT Business Management Services. ZICO Holdings is similar to RHT Holdings in the sense that it is a holding company offering integrated professional services; however, we believe that there are significant differences between the two companies. The aforesaid companies within RHT Holdings are top-tier, market leaders in their respective industries in Singapore. Additionally, there are nine more group companies within the RHT Group of Companies, which further expand our service offerings

to clients. We expect these professional services companies to further contribute to RHT Holdings in the future. ALB: Starting with the Taylor Wessing affiliation, to the creation of the ASEAN+ network, and now the IPO plan, RHT has tended to think a lot more laterally than the average law firm. What would you say drives this kind of thinking? Tan: Now is the time for legal and professional services firms to think globally. We foresee greater integration of legal services and professional services throughout the ASEAN region and beyond, as clients

professionals around the world as a result of our strategic initiative to look beyond Singapore’s borders. Looking ahead, we see many additional legal services and professional firms embracing this strategy. ALB: RHT is no longer just a law firm, offering services ranging from regulatory and compliance solutions to training and development. What is your growth strategy so far in this regard? Tan: In order for law firms to truly remain competitive and to add value to their clients, they must look in areas outside of traditional

“We foresee greater integration of legal services and professional services throughout the ASEAN region and beyond, as clients now expect more streamlined and efficient solutions for their business needs.” now expect more streamlined and efficient solutions for their legal and business needs. Clients are now looking outside Singapore for future business opportunities, and it is the obligation of their legal and professional advisors to support them in their international endeavours. For this reason, we have established the ASEAN+ Group, a network of leading law firms in eight jurisdictions across the region. Additionally, we have been a member of the Taylor Wessing network since 2012, which offers clients access to Europe, the Middle East and North America. We now offer clients access to 1,800

legal services. For this reason, our group has invested strategically throughout the spectrum of professional services for the benefit of our clients. We foresee greater integration of legal services and professional services throughout the ASEAN region and beyond, as clients now expect more streamlined and efficient solutions for their business needs. We are now working to further strengthen our regional capacities not only in law, but also in growth sectors such as Islamic finance, compliance and governance, data risk management, technology and intellectual property, as well as cross-border finance.

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Additionally, we have invested in many services that clients may not associate with traditional law, but in which we see many synergies, such as media and communications, executive search, fiduciary services, and other professional services. At present, there are 12 group companies in the RHT group of companies, which offer clients a suite of professional services under one roof, something that has not yet been seen in Singapore. Each of the 12 total group companies are managed and run by professionals, and is independent of RHTLaw Taylor Wessing. We strongly believe that this is the way forward for our industry. A LB : H o w d o y o u perceive Singapore’s legal services market at this juncture, particularly with the advent of the ASEAN Economic Community (AEC)? Tan: The provision of legal ser vices is an increasingly international offering, as clients expect one-stop business and legal solutions in Singapore and beyond. With increased integration throughout ASEAN, most notably with the advent of the AEC, we foresee this trend only growing stronger, as commerce will only increase throughout the region. With our ASEAN+ Group and our membership with the Taylor Wessing network, we already have a strong integrated presence, which is beneficial for our clients. We see ourselves offering clients solutions on a regional and global basis. ALB: During your time at the helm of RHT Law Taylor Wessing, what would you say has been your greatest achievement? Tan: The greatest achievement for RHTLaw Taylor Wessing has been the rapid pace of internationalisation and the establishment of leadership across various practice areas,

led and undertaken by the core team over the last four years. When the founding partners of the firm decided to embark on this journey in May 2011, our goal was to establish a law firm that looked beyond Singapore’s borders for opportunities. We feel that this is imperative to remaining ahead of the curve in an increasingly connected ASEAN community, and an increasingly globalised world. This initial decision came with many risks and there were no guarantees that we would succeed in making this vision into a reality. Since our inception, we have worked tirelessly to build our firm into a leading practice

with regional and global capabilities, and have achieved remarkable successes. In four short years we have grown to become a full service law firm with about 100 fee earners, a feat which usually take local law firms in Singapore three or more decades to achieve. In addition, we have established 12 non-law professional outfits where six or seven of these are probably the top of their classes in Asia. In Asia, we have successfully established

Q&A

our ASEAN+ Group comprising the leading law firms in ASEAN, Korea and Taiwan. Moving ahead, we will pursue further mergers and joint venture opportunities within our ASEAN+ Group and will work to strengthen our presence in ASEAN and other parts of Asia. Globally, we will continue to provide our clients with greater access, skills and services in Europe, the Middle East and North America. As Taylor Wessing opened two offices in the United States last year, we are now a part of a truly global network, which we expect to only grow stronger in the future. ALB: What do the next year or two hold for RHT, both in terms of regional growth, as well as breadth of services offered? Tan: RHT Holdings will continue to establish itself as the leading professional services firm in Asia, with experience and expertise across areas of law and professional services. We will continue to establish a leadership position in the areas of law and professional services including, compliance, corporate advisor y, continuing sponsorship and additional services. The group will also continue to incubate its other professional ser vices companies with the goal of offering clients a holistic approach to legal and professional services. R H T L a w Ta y l o r Wessing will continue to establish itself as one of the leading law firms in Asia. We will continue to prioritise regional growth in neighboring ASEAN economies to accommodate clients’ growing needs for streamlined legal and professional services. As we already have affiliations and partnerships with eight leading regional law firms, we now offer clients access to 750 professionals throughout the region. We expect several JV and M&A opportunities following the IPO of RHT Holdings.

HONG KONG

ASIAN LEGAL BUSINESS APRIL 2015

GATHERING MOMENTUM

A floor trader walks out of the trading hall during morning trading at the Hong Kong Stock Exchange. REUTERS/Bobby Yip

AFTER A STRONG SHOWING IN 2014, HONG KONG’S IPO MARKET IS SET TO CARRY THE MOMENTUM FORWARD INTO 2015, WITH A STRONG PIPELINE OF COMPANIES LOOKING TO LIST ON THE HONG KONG STOCK EXCHANGE. ON THE LIQUIDITY FRONT, THE SIGNS LOOK POSITIVE WITH THE HONG KONG-SHANGHAI STOCK CONNECT STARTING TO BEAR FRUIT, AND THE INTRODUCTION OF A SIMILAR SCHEME BETWEEN HONG KONG AND SHENZHEN’S STOCK MARKETS PENCILED FOR LATER THIS YEAR. MEANWHILE, DISCUSSION OVER THE HOTLY DEBATED ISSUE OF WHETHER HONG KONG SHOULD ALLOW WEIGHTED VOTING RIGHTS HAS CONTINUED INTO 2015. KANISHK VERGHESE REPORTS

fter a few sluggish years, Hong Kong’s IPO market bounced back in 2014, with some big-ticket deals including WH Group’s $2.1 billion listing last July and Dalian Wanda Commercial Properties’ $3.7 billion offering in December. Data from the Hong Kong Exchanges and Clearing Group shows that 2014 saw 96 new main board listings, topping the previous record of 94 set in 2010. Meanwhile, IPO fundraising increased by 34 percent from 2013 to $29.3 billion, the world’s second-highest total behind New York, according to Dealogic data. The momentum is expected to continue into 2015. KPMG forecasts that 110 companies will list on the Hong Kong Stock Exchange this year, with IPO funds likely to raise more than HK$200 billion ($25.8 billion). The year has started positively, with broadband Internet provider HKBN launching a $750 million IPO, and Chinese automotive glass maker Fuyao Glass Industry Group raising about $950 million in March. In the pipeline are larger deals including Chinese brokerage GF Securities’ proposed $3.6 billion listing and the $3 billion offering of Legend Holding Corp, the parent of Lenovo Group, the world’s biggest maker of personal computers. “Deal flow for the year is relatively healthy,” says Catherine Tsang, a partner at Paul Hastings in Hong Kong.REUTERS/Nayef “This yearHashlamoun will be

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HONG KONG

ASIAN LEGAL BUSINESS APRIL 2015

“IN OUR FIRM’S RESPONSE TO THE CONCEPT PAPER, WE SUPPORTED THE CONCEPT OF A WEIGHTED VOTING RIGHTS STRUCTURE. WHILE STICKING TO THE TRADITIONAL ONE SHARE ONE VOTE PRINCIPLE IS AN EASY AND SIMPLE ROUTE TO TAKE, I BELIEVE THAT OUR MARKET SHOULD KEEP AN OPEN MIND TO MARKET DEVELOPMENTS IN ORDER TO MAINTAIN OUR COMPETITIVENESS.” Sabrina Fung, Deacons

interesting because towards the end of 2013 and the first half of 2014, there was a heavy deal flow with many deals rushing to market. That was driven partly by the transition period for the new sponsor and listing regimes, which caused everyone to rush to file for their IPOs before the new provisions kicked in,” says Tsang. On April 1 last year, new disclosure rules were enacted with the aim of improving the quality of IPOs and clamping down on fraud. Listing applications are now made public as soon as companies pass an initial checklist after filing them with the exchange. Under the previous regime, the so-called “A-1” document was filed and remained private until it was vetted and approved, while sponsors could also file incomplete documents and resubmit them without facing major penalties. Incomplete applications will now be rejected and banks and issuers submitting such applications will face an eight-week waiting period to re-file their documents. Lawyers say that the standard in terms of prospectus drafting has already been lifted, which has shortened the average prospectus vetting procedure timeline by the Stock Exchange. “But in terms of deal flow, those transition periods have passed, and Hong Kong’s IPO market is back to one that is largely driven by economics,” says Tsang. A CHANGE TO THE SYSTEM? Much discussion since 2014 has centred on the issue of the “one-share-one-vote principle,” which has been in place in Hong Kong since 1989. Debate over shareholder structures was sparked after Hong Kong’s regulators rejected Chinese ecommerce giant Alibaba’s request to allow a small group of company insiders to nominate the majority of its board. It is believed that the impasse prompted Alibaba to turn to New York for its IPO, where it raised a mammoth

$25 billion, the largest listing ever. In August last year, the Stock Exchange of Hong Kong (SEHK) launched a concept paper to seek views on whether the adoption of weighted voting rights should be acceptable for companies looking to list in Hong Kong. “In our firm’s response to the concept paper, we supported the concept of a weighted voting rights structure. While sticking to the traditional one share one vote principle is an easy and simple route to take, I believe that our market should keep an open mind to market developments in order to maintain our competitiveness,” says Sabrina Fung, a partner at Deacons. “If that is the case, we believe that there should be an education process for the Hong Kong investing public,” says Fung. The SEHK has spurred on discussion in other areas too, issuing a consultation paper in January on the potential introduction of a Volatility Control Mechanism (VCM) in the securities and derivatives markets in Hong Kong, and a Closing Auction Session in the city’s securities market. The aim of the VCM is to contain systemic risk caused by price volatility in both the securities and derivatives markets. Fung says that the introduction of a VCM would help boost Hong Kong’s competitiveness on a global platform. “The proposal to enhance the market microstructure is a positive step because it will bring Hong Kong’s trading platform in line with the guidance issued by the International Organisation of Securities Commissions (IOSCO),” says Fung. Conclusions from the consultation paper have yet to be issued, but are expected in the first half of this year. BOOSTING LIQUIDITY At the same time, liquidity in the market has been increased as a result of the Hong Kong-Shanghai Stock Connect scheme. The Stock Connect, which was launched

last November, allows certain mainland investors to trade shares in designated companies listed in Hong Kong, while letting Hong Kong investors buy selected Shanghai-listed shares. At the moment, the Stock Connect imposes a number of limitations and quotas. Hong Kong investment in mainland stocks is limited to an overall quota of 300 billion yuan ($48 billion) and a daily quota of 13 billion yuan. Mainland investment in Hong Kong stocks is limited to an overall quota of 250 billion yuan and a daily quota of 10.5 billion yuan. Industry players expect the quota to be lifted gradually. With the Hong Kong-Shanghai Stock Connect starting to find its feet, plans are also underway to set up a similar scheme to link Hong Kong and Shenzhen’s stock markets. The Hong Kong-Shenzhen Stock Connect scheme, which could be approved and launched by the end of 2015, would increase the investor range in the Hong Kong securities markets and could drive up investment volume and liquidity. POSITIVE OUTLOOK As Hong Kong’s IPO market chugs along into 2015, lawyers expect to see fewer mega deals and more mid-sized listings. The proposed listings for 2015 indicate that a number of Chinese financial institutions and insurance companies will look for an IPO in Hong Kong. In early March, Deacons advised on the mid-sized listings of three healthcare, environmental and consumer retail companies. Fung expects to see more deals in those sectors in 2015, in addition to listings from Chinese banks and brokerage firms. Despite the array of factors that could affect Hong Kong’s IPO market and investor confidence – both positively and negatively – market sentiment for remains positive for the time being, with a healthy IPO pipeline of mid-cap deals for 2015.

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THE AGE OF INNOVATION: ADDRESSING THE PERILS & PROMISES OF ARBITRATION Marina Bay Sands / 3RD & 4TH September

For more information on this event, or to register your interest, please contact Colin at colin.carter@ thomsonreuters.com or call +65 6318 4746, or visit the website at http://www.Ciarb100.sg.com Sponsorship opportunities are available at this event, and to hear more on how to reach an audience of over 200 senior legal or arbitration practitioners from across the region, please contact Amantha at amantha.chia@thomsonreuters.com or call +65 6870 3917

To celebrate its Centenary year, the Chartered Institute of Arbitrators (CIArb) will be holding a series of conferences around the world this year, including in Birmingham, Hong Kong, London and Zambia. The Singapore Branch is honoured to be hosting the final celebratory conference, entitled â&#x20AC;&#x153;The Age of Innovation: Addressing the Perils and Promises of Arbitrationâ&#x20AC;? on 3 & 4 September 2015 at Marina Bay Sands in Singapore. CIArb is delighted to announce that the Honourable Chief Justice of Singapore, Sundaresh Menon, the current patron of CIArb, will be the keynote speaker at the Conference. The Singapore Conference will also see the launch of the CIArb Guidelines, which set out good arbitration practice. The two-day conference will see a distinguished line-up of speakers from around the world discuss hot topics in the international arbitration world. There will be numerous networking opportunities with fellow arbitration practitioners and in-house legal counsel at the conference luncheons, cocktail reception and at the gala dinner on the closing night. This conference is must-attend for every arbitration practitioner and legal counsel involved in international arbitration.

CIL

Centre for International Law National University of Singapore

INTER-PACIFIC BAR ASSOCIATION