ASIA M&A RANKINGS 2021 - THE BEST FIRMS FOR DEAL WORK IN THE REGION We chat with law firm leaders in Japan - | Asian Legal Business
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MCI (P) 041/02/2021
issn 0219 – 6875
KDN PPS 1867/10/2015(025605)
ASIA M&A
RANKINGS 2021
T H E B EST FIRMS F OR D E AL WOR K I N T H E R EG I ON
We chat with law firm Arbitration lawyers Thailand’s blockbuster
leaders in Japan embrace virtual hearings year for IPOs
AND
14 September 2021 | Beijing
Co-organizers
International Partner
International Bar Association Arbitration Committee
The China Arbitration Summit 2021 and the 2nd Belt and Road Arbitration Institutions
Forum (Summit) will be held on 14 September 2021 at Grand Metropark Hotel Beijing. As
the prime event of China Arbitration Week, this Summit is jointly hosted by China Interna-
tional Economic and Trade Arbitration Commission (CIETAC), All China Lawyers Associa-
tion (ACLA), collaborating with International Bar Association Arbitration Committee (IBA
Arbitration Committee).
The theme is "Where there is a will, there is a way: Cooperation and Development of Inter-
national Dispute Resolution in the New Era". Leaders of the Supreme People's Court, the
Ministry of Justice of the People's Republic of China, International Bar Association Arbitra-
tion Committee, and representatives of major international arbitration institutions will
attend and share their views.
At the same time, the 2nd Belt and Road Arbitration Institutions Forum will be held con-
currently this year where the Cooperation Mechanism of the Beijing Joint Declaration of
the Belt and Road Arbitration Institutions will be launched.
The Summit will be a hybrid event, with online broadcast and main venue in Beijing,
China. Simultaneous interpretation between English and Chinese will be provided. We
cordially invite you to participate in the Summit and the series of events of the China Arbi-
tration Week.
SCAN QR CODE FOR SCAN QR CODE FOR
PROGRAMME REGISTRATION
CONTENTS
11
I ND O NESI A OV ERH AU L S
I P O REG U L ATI O NS
A worker wearing a protective mask walks as he cleans the floor past an electronic board displaying the stock market index at the Indonesia Stock Exchange (IDX), as the outbreak of the coronavirus disease
(COVID-19) continues, in Jakarta, Indonesia, September 8, 2020. REUTERS/Willy Kurniawan
COVER STORY FEATURES 32
The future is virtual
track for a record year
for IPOs.
on July 22, honoured
the work of the finest
It’s no secret that lawyers, firms and
22 15 Asia is emerging Plus: in-house teams in the
ALB Asia M&A Embracing the new as a top choice for - Chandler MHM Ltd country.
Rankings normal arbitration and
Mergers and Japan has had an up- dispute resolution, 38
acquisitions (M&A)
deals picked up
and-down year so far,
with the COVID-19
and with such
developments come
Strength in numbers
As face-to-face BRIEFS
steam throughout pandemic continuing opportunities and meetings are reduced
Asia Pacific during to disrupt life and access for Asia-based to a distant memory 3
the first half of 2021, business, even as the lawyers. But the and continue to The Briefing
in no small measure country successfully pandemic has had be substituted by
due to a rebound hosted the Olympic a significant impact video and phone 4
from the worst and Paralympic on the way disputes calls in some Forum
economic ravages Games. Leaders of across Asia are offices, the global
of the COVID-19 law firms in Japan carried out. In order pandemic remains 7
pandemic through say that while they to get the best out an unmistakable Deals
2020. With vaccine had to institute new of dispute resolution challenge for law
rollouts continuing ways of work in order mechanisms, digital firms. And legal 8
and border to adapt to this “new transformation is key, networks are Q&A
restrictions being normal,” they have say lawyers. stepping in to help
gradually loosened, been heartened by them out during an 9
M&A lawyers can the resilience shown Plus: uncertain time. Appointments
look forward to an by their firms, which - Maxwell Chambers
upswing in work in will hold them in 40 11
2022 and beyond. good stead going 36 8th ALB Malaysia Explainer
forward. A blockbuster year Law Awards
By Asian Legal With nearly $3 billion celebrates 13
Business Plus: in proceeds as of legal industry’s League Tables
- Withers June 2021, Thailand luminaries
KhattarWong LLP appears to be on A virtual event held
W W W. LEG ALBU SINES S O N L I N E.CO M A S I A N L EG A L B U S I N E S S – S E P T E MB E R 2021 1
The deals have come roaring back. After a
COVID-induced lull, dealmaking is back around the world,
and how. According to Reuters, global M&A activity hit new
highs this year, building on the record-breaking dealmaking HEAD OF LEGAL MEDIA BUSINESS,
ASIA & EMERGING MARKETS
streak from the beginning of 2021 that has been aided by
low-interest rates and soaring stock prices. According to Amantha Chia
amantha.chia@thomsonreuters.com
Refinitiv data, the total value of pending and completed
deals announced in 2021 has already touched $3.6 trillion MANAGING EDITOR
year-to-date, surpassing the full-year tally of $3.59 trillion Ranajit Dam
in 2020. Reuters added that more than 35,000 deals ranajit.dam@thomsonreuters.com
have been announced, a 24 percent jump over last year. JOURNALIST
Breaking it down by region, Reuters reported that the
Elizabeth Beattie
United States alone accounted for $2.14 trillion worth of elizabeth.beattie@thomsonreuters.com
M&A deals this year, while Europe and
the Asia-Pacific raked in $657 billion and EDITORIAL ASSISTANT
$620 billion, respectively. The technology Aparna Sai
sector, which typically accounts for the aparna.sai@thomsonreuters.com
majority of deal volume every quarter, COPY & WEB EDITOR
continued to lead the way, with deals Rowena Muniz
worth $799 billion being announced from rowena.muniz@thomsonreuters.com
the sector. Meanwhile, Reuters reported
SENIOR DESIGNER
that financial services M&A volumes
stood at $442 billion, while industrials John Agra
john.agra@thomsonreuters.com
accounted for $438 billion.
The most important trend this year, TRAFFIC/CIRCULATION MANAGER
says Reuters, was special-purpose acqui- Rozidah Jambari
sition companies, or SPACs; acquisitions rozidah.jambari@thomsonreuters.com
by blank-check companies or SPACs hit
SALES MANAGERS
a record $495 billion in the year-to-date
period. Going public through a SPAC merger has emerged Hiroshi Kaneko
Sales Manager
as an extremely popular route for venture-funded private (81) 3 4520 1192
companies and startups over the past 18 months, as such hiroshi.kaneko@thomsonreuters.com
a process allows such companies to sidestep the more Jessie Choi
onerous regulatory checks of a traditional initial public Sales Manager
(852) 3952 5832
offering, Reuters said. jessie.choi@thomsonreuters.com
ALB’s annual M&A rankings spotlights the firms and
Krupa Dalal
lawyers that are assisting in this economic recovery by Sales Manager
providing critical support during this rapidly evolving time. (91) 22 6189 7087
krupa.dalal@thomsonreuters.com
Law firms such as Weerawong Chinnavat & Partners in
Thailand, V&A Law in the Philippines, and LC Lawyers in Romulus Tham
Delegate Sales Executive
Hong Kong are standing out for their high-quality advice, (65) 6973 8248
deep understanding of market conditions and commitment romulus.tham@thomsonreuters.com
to client service. Steven Zhao
Account Manager
(86) 10 6627 1360
s.zhao@thomsonreuters.com
Yvonne Cheung
Sales Director, Key Accounts and South China
(852) 2847 2003
yvonne.cheung@thomsonreuters.com
RANAJIT DAM
Managing Editor, Asian Legal Business, Thomson Reuters SENIOR EVENTS MANAGER
Julian Chiew
Asian Legal Business is available by subscription. Please visit www.legalbusinessonline.com for details. julian.chiew@thomsonreuters.com
Asian Legal Business has an audited average circulation of 11,402 as of 30 September 2016.Copyright is reserved throughout. No part of this publication can be
reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as Asian Legal Business
can accept no responsibility for loss. AWARDS MANAGER
MCI (P) 041/02/2021
issn 0219 – 6875
Caryl Aquino
KDN PPS 1867/10/2015(025605) mary.aquino@thomsonreuters.com
Thomson Reuters
18 Science Park Drive Singapore 118229 / T (65) 6775 5088 / F (65) 6333 0900
10/F, Cityplaza 3, Taikoo Shing, Hong Kong / T (852) 3762 3269
www.thomsonreuters.com
2 ASIAN LEG AL BU S I N ES S – S EPTEM B ER 20 2 1 W W W. L EG A L B U S I NE S S O NLI NE .COM
THE BRIEFING : YOUR MONTHLY NEED -TO -KNOW
DELTA VARIANT PROMPTS IN THE NEWS
U.S. TO RETHINK REOPENING
U.S. law firms have begun to Legaltech firm Reynen Court
postpone plans for returning to the has assembled a 20-member
office and to restrict office access to consortium of in-house teams to
vaccinated lawyers, staff and visitors, support its platform. The teams
a Reuters report said. The highly are from companies such as
contagious Delta variant is causing Barclays, BNP Paribas, Morgan
large firms nationwide to delay Stanley, UBS, Cisco and Intel.
82% - Proportion of U.S. attorneys who are
“at least somewhat confident” that their return plans, tighten vaccine policies
law firm can achieve its financial goals for or both amid rising coronavirus
the year, according to Bloomberg Law’s cases. Firms that are said to have
2021 Law Firm Benchmarks Survey. delayed reopening include Paul,
Weiss, Rifkind, Wharton & Garrison,
Cravath, Swaine & Moore, Debevoise
& Plimpton, Davis Polk & Wardwell
LAW FIRMS RALLY TO and more. This comes even as
Morgan Stanley’s chief legal officer,
DEFEND SPACS Eric Grossman, warned its outside
law firms that those bringing lawyers
back to the office “will have a
A group of 58 U.S. law firms
significant performance advantage
recently hit out against lawsuits
over those that do not.”
that called for blank-check firms 40% - Percentage of U.S. respondents
or SPACs, to be regulated as who say the pandemic has added to their
investment companies, reported work stress levels. The increase in stress
Reuters. The case is being argued appears to impact women (52 percent)
QUOTE UNQUOTE
more than men (34 percent).
by former Securities and Exchange
Commissioner Robert Jackson and “BECAUSE HOW
Yale Law School professor John
Morley, who say that SPACs should THEY TREAT US IN THE NEWS
be regulated under the Investment IS HIDDEN,
Company Act of 1940. An initial THEY TREAT US
group of 49 firms, organised by
Kirkland & Ellis, Skadden, Arps, VERY UNFAIRLY,
Slate, Meagher & Flom, White & AND OFTEN Five new members were recently
Case, and Greenberg Traurig, put
out the statement. Reuters added
REPREHENSIBLY.” elected to the council of the Law
Society of Hong Kong. All five are
A law firm counsel in the U.S. responds to
that activity in the blank-check reported to have ties to the Beijing
a survey from the website Above the Law,
space has recently waned due to saying that while associate compensation liaison office in southern Chinese
heightened scrutiny from the SEC is public, counsel pay does not reflect their city, but maintain these ties are
and souring of investor sentiment. contribution to their firm. irrelevant to their election.
W W W. LEG ALBU SINES S O N L I N E.CO M A S I A N L EG A L B U S I N E S S – S E P T E MB E R 2021 3
BRIEFS
FORUM
CRUNCHING THE NUMBERS
Data has become an increasingly critical part of the way law firms do business, with difficult decisions
now being weighed using analytics and information. While lawyers are united on the fact that data is
the way forward, firms take different approaches in how they get the best out of the information at hand.
W HAT KI ND O F DATA I S MO ST IM P O RTAN T F O R YO UR FIR M ’S
B US IN E SS , A ND H OW D O YO U USE T HIS TO D R IVE ST R ATEGY ?
JAMIE STRANGER, Greater China office major strategic planning process to lay out the firm’s
managing partner, Stephenson Harwood strategy for the next several years, and we started
“The world’s most valuable resource is no longer by gathering quantitative and qualitative data on
oil, but data,” stated a 2017 Economist headline absolutely every subject that the project tackled —
heralding the growing dominance of information fees and financial metrics of course, but also client
capture and analytics, a commodity increasingly satisfaction, pricing, employee engagement, market
embraced by the legal sector. In recent years, we’ve analyses… the list goes on and on. With access to
STRANGER seen a real shift in the legal profession, with more such a wealth of metrics, the question really shifts
law firms actively adopting technology – and, more from “Which of these data are most important?” to
specifically, using data – to make strategic decisions. “How can we find the key insights and take the neces-
Law firms now understand the significance of data sary actions?” In that respect, data visualization is
in order to drive change, and to develop – and also probably the most important tool at our disposal. On
implement – effective and informed strategies that the planning side we use visualizations from Power
represent both clients and employees’ best interests BI and other software to help us identify areas for
and needs. Areas where data has already proven improvement, and on the implementation side we
its use and value include risk, competitive market incorporate those visualizations into dashboards in
STOUTLEY insights, wider business development opportuni- our practice management software to help everyone
ties, and engagement with employees. Data can be monitor the success of strategic implementation —
used to evaluate and mitigate risk, whether in terms customized to reflect the parts of the project that
of budget or reputation; to understand key market matter most to their function — in real time. Different
trends and developments, to ensure core practices types of data are important to different parts of our
are aligned accordingly; to source and identify new business, but it’s really how we democratize and
business opportunities; and to help law firms under- apply the data that counts.
stand their employees’ needs. In short, data provides
a solid foundation, upon which law firms can develop JULIANNE DOE, corporate and data privacy
DOE successful, informed strategies, which enable them partner, Dentons
to stand apart from their competitors in the market. The legal sector needs to embrace data as a busi-
ness asset. We know the data principles – collec-
ANDREW STOUTLEY, chief operating officer, tion, retention, usage and transfer – but these do
Tilleke & Gibbins not themselves form a data strategy. Until data can
As virtually all of our firm’s operations are now rooted become information that value-adds to promoting
in technology, we’re fortunate to have metrics on and operating the business, it gathers dust. Law
every aspect of our business that we can look to firms, just like other businesses, need to have goals
when we want to improve efficiency and deliver and objectives that a data strategy plan is set to
THENG more value to our clients. This has revolutionized achieve. For example, analyses of which practice
how we approach strategy. We recently undertook a areas have demonstrated the highest/lowest profit
4 ASIAN LEG AL BU S I N ES S – S EPTEM B ER 20 2 1 W W W. L EG A L B U S I NE S S O NLI NE .COM
BRIEFS
margins, or are loss-making despite gross revenue;
legal spending of particular important clients;
demonstration of expertise and experience in client
pitches; analysis of historical litigation outcomes
when different strategies were used; and insights
which help with marketing and pitching to prospec-
tive clients. Goals and objectives may differ between
firms but underlying them universally is the need for
quality and strategic information which is delivered
with speed and accuracy.
LISA THENG, managing partner, CNPLaw
At CNPLaw, we adopt a holistic approach to data
analysis. Data is a multi-faceted tool that can be used
to drive business strategy. Our approach is to define
key challenges and business-critical questions,
create the methodology and set realistic KPIs to
measure its effectiveness. For example, we use data
from our billing and matter management systems
to analyse productivity, results and outcomes to current. From the data collected, we then fine-tune
better improve our approach and strategy in future our legal offerings to suit our client demographic.
matters. We analyse the customer interaction rates Lastly, we invest heavily in data security and protec-
of our website and in-house newsletter. This allows tion to ensure that all our data usage is compliant
us to strategically come out with targeted content with Singapore law which would give our clients the
and analyse the current viewership trends to stay assurance that their data is safe with us.
信任至上 一体化管理 国际化视野
Trust Comes first Integrated Management Global Vision
天达共和律师事务所总部位于北京，并在上海、深圳、武汉、杭州、成都和南京设有办公室。天达共和现有法律专业人员逾500名。工
作语言包括中文、英文、日文等。天达共和致力于为客户提供专业化法律服务，经过近30年的不断积累及锐意进取，已经在以下业务领
域取得行业领先地位，赢得了客户的高度信任与赞誉，并连续多年被业界知名媒体如《钱伯斯》《亚太法律500强》《国际金融法律评
论》等推荐或报道：公司与并购、资本市场与证券、争议解决、刑事法律事务、银行与金融、融资租赁与商业保理、反倾销反补贴、反
垄断与竞争法、知识产权、私募股权与投资基金、文化体育传媒、基础设施及项目融资、不动产与建设工程、能源与自然资源、网络安
全与数据保护、劳动法、医药及医疗健康、破产与重组、政府法律事务、合规业务、家事与财富管理、海事海商、日本业务。
OTHERS TO ACHIEVE
SUCCESS IS ROOTED IN ENABLING
East & Concord Partners is headquartered in Beijing and has offices in Shanghai, Shenzhen, Wuhan, Hangzhou, Chengdu and Nanjing. The firm has
over 500 legal professionals. The firm’s working languages include Chinese, English and Japanese. East & Concord is committed to providing
professional legal assistance to clients and with nearly 30 years of experience has gained a leading position and earned clients’ trust and recognition
and has been frequently recommended and reported by well-known international legal media such as Chambers, The Legal 500 and IFLR1000 in the
following practice areas: Corporate and M&A, Securities and Capital Markets, Dispute Resolution, Criminal Defense and Corporate Investigations,
Banking and Finance, Financial Lease and Commercial Factoring, Anti-dumping and Countervailing, Antitrust and Competition, Intellectual Property,
Private Equity and Industrial Funds, Entertainment and Sports, Infrastructure and Project Financing, Real Estate and Construction, Energy and Natural
Resources, Network Security and Data Protection, Labour Law, Healthcare, Bankruptcy and Restructuring, Government Law & Policy, Corporate
Compliance, Family and Wealth Management, Maritime Affairs, Japan Practice.
北京 Beijing 深圳 Shenzhen 杭州 Hangzhou Tel: +8610 6590 6639
www.east-concord.com
上海 Shanghai 武汉 Wuhan 成都 Chengdu 南京 Nanjing E-mail: Beijing@east-concord.com
W W W. LEG ALBU SINES S O N L I N E.CO M A S I A N L EG A L B U S I N E S S – S E P T E MB E R 2021 5
BRIEFS
Greenlee pointing to the recent govern-
ment approval of more than 15 foreign
investment applications. “Therefore,
it is likely that the government would
argue that the losses are occurring due
to general business slowdown and not as
a result of the government not meeting
with any obligations that it may have,”
he adds.
Another detail of note is Myanmar’s
REUTERS/Stringer 11 signed bilateral investment trea-
ties, eight of which are in force, and,
according to Toh, have measures that
AS MYANMAR BLOODSHED CONTINUES,
are “generally more favourable towards
investors” compared to the Myanmar
Investment Law.
INVESTORS FACE DIFFICULT DECISIONS
“For example, there may be recourse
in the case of war or other armed conflict,
civil disturbances, national state of
emergency, revolt, insurrection, riot or
other similar situations. As such, there
Since the military coup earlier investors, protections against expro- could be grounds under such provisions
this year, devastating scenes of brutal priations as well as fair and adequate to explore compensation, and the BITs
violence and deep civil unrest have payment of compensation in the event provide access to investor-state dispute
continued to emerge from Myanmar, of expropriations.” settlement mechanisms and more
along with allegations of human rights But the threshold is “fairly strin- specifically investment arbitration, which
breaches and telecommunication black- gent, given that an aggrieved investor offers investors a neutral forum to seek
outs. To darken the picture further, will have to demonstrate that the state redress,” Toh says.
the pandemic has sunk its teeth into of emergency has the equivalent effect There is no denying that the envi-
the country. Some 15,000 lives have of an ‘indirect expropriation’ which ronment in Myanmar has drastically
been lost to the virus so far, while the effectively deprives the investor of the changed. Currently the business climate
death toll as a result of the Feb. 1 coup benefits of its investment in the country.” is “muted at best” with little sign of
topped 1,000 in August, according to Under the Myanmar Investment recovery ahead in the near term, Toh
the Assistance Association for Political Law, disputes between a foreign investor says. “Realistically, Myanmar’s economy
Prisoners activist group. and the country of Myanmar have to be has been on a ‘firefighting’ mode since
For businesses, all this means navi- resolved amicably through the Investor the state of emergency was declared,”
gating an increasingly murky terrain as Grievance Mechanism. If they are not, Toh says, noting business confidence
contracts are tested and operations “investors may bring claims through a from foreign investors is low with “many
impacted. Uncertainty has driven out contractually-agreed forum, such as foreign executives having left Myanmar.”
some, but other businesses are weary of arbitration, national courts, or mecha- But the overall picture of uncertainty
severing ties. All the while, the question nisms provided under the applicable has thrown legal work into overdrive. Toh
remains of whether the government is investment treaties. From a practical says lawyers have their hands full with
liable to pay compensation for the busi- perspective, it is uncertain whether the everything from “advising on security
ness losses of foreign investors, who Investor Grievance Mechanism would be considerations arising from employee
expect to protected by bilateral treaties. effective or impartial,” Toh says. detentions” to “privacy issues associated
Chester Toh, co-head of Rajah & William D. Greenlee, a partner at with the State Administrative Council’s
Tann’s Myanmar practice says while DFDL, says the question of liability is (SAC) introduction of a draft Cyber
there are “avenues of recourse” for busi- dependent on the terms of the bilat- Security law.”
nesses, “the prospects are not great.” eral treaty, and “as the government is “We have also been approached for
The 2016 Myanmar Investment Law concerned, none of the laws, investment advice on how companies can enforce
and 2017 Myanmar Investment Rules benefits under the laws have changed or or suspend their contractual obliga-
provide some protection for foreign been amended.” tions, and the manner in which one can
investors holding a Myanmar Investment The government has said “foreign restructure inter-company arrangements
Commission permit or endorsement, investor rights would remain” and so that companies in Myanmar can pay
Toh says, including “guarantees of “agreements entered into by the previous their offshore suppliers. In this regard,
non-discriminatory treatment of foreign government would be honoured,” says our past experience in advising compa-
6 ASIAN LEG AL BU S I N ES S – S EPTEM B ER 20 2 1 W W W. L EG A L B U S I NE S S O NLI NE .COM
BRIEFS
nies in the earlier days of military rule in Myanmar and what are the possible 10 years since the currency was floated,
before NLD took power has proved to ways,” he says, adding that companies it has depreciated by 100 percent and
be helpful as we look to navigate a more operating in Myanmar have kept the there is no sign of a turnaround. The
complex and restrictive regime,” Toh firm busy with advisory and compli- caretaker government will need to come
says, adding there has been a “notice- ance requests. “Some investors in the to grips with the COVID-19 pandemic and
able” drop in deal activity on the trans- energy sector are requesting for advice the stuttering economy.”
actional side and an increase in compa- regarding force majeure clauses and they With elections expected to be at
nies “looking to wind down or suspend can be used as a tool to protect their least two years away, it will likely take
operations.” investments,” he says. time for things to stabilise, says Toh,
Greenlee also notes a glut of All the while, a worsening COVID-19 adding the coup has “seriously shaken
restructuring work in the market and situation has added to a climate of the confidence of foreign companies and
some de-registrations and dissolution- anxiety. The picture is unlikely to brighten it will take years for the country and its
related advisories. anytime soon. economy to recover to pre-coup level.”
“Clients are also asking us for advi- “The impending cash crunch is “My view is that it will be tough for
sory and strategy regarding any legal worrying, with the local currency in free the country to woo back investors,” he
restrictions for outflow of funds invested fall,” Toh says. “In a span of less than says.
DEALS
$15 BLN $5.2 BLN $1.65 BLN $1.5 BLN
Axiata’s merger with ESR Cayman’s Keppel’s acquisition of CVC’s acquisition of
Digi.com acquisition of ARA SPH’s non-media Shiseido’s personal
Deal Type: M&A Asset Management business care business
Firms: Allen & Overy; Deal Type: M&A Deal Type: M&A Deal Type: M&A
Ashurst; Skadden Arps Firms: Freshfields Firms: Allen & Gledhill; Firms: Baker McKenzie;
Slate Meagher & Flom Bruckhaus Deringer; WongPartnership Mori Hamada &
Jurisdictions: Malaysia, Latham & Watkins Jurisdiction: Singapore Matsumoto; Nagashima
Norway Jurisdictions: Hong Ohno & Tsunematsu;
Kong, Singapore White & Case
Jurisdictions: Japan,
Luxembourg, UK
$453 MLN $440 MLN $431 MLN $430 MLN
GRSC’s acquisition of Unacademy’s Series H PropertyGuru’s FinAccel’s SPAC listing
stake in Avaada funding round SPAC listing Deal Type: IPO
Deal Type: M&A Deal Type: PE/VC Deal Type: IPO Firms: Cooley;
Firms: Cyril Amarchand Firms: AZB & Partners; Firms: Latham & White & Case
Mangaldas; Khaitan & IndusLaw; Khaitan & Co Watkins; Rajah & Tann; Jurisdictions:
Co; Latham & Watkins Jurisdictions: India, U.S. Skadden Arps Slate Indonesia, U.S.
Jurisdiction: India Meagher & Flom
Jurisdictions:
Singapore, U.S.
W W W. LEG ALBU SINES S O N L I N E.CO M A S I A N L EG A L B U S I N E S S – S E P T E MB E R 2021 7
BRIEFS
Q&A Overall, while we are avoiding
in-person meetings with clients as
‘WE WILL GROW INTO AN EVEN
much as possible due to the COVID-19
pandemic, but instead, we have tried
to diversify other contact-free channels
to reach our clients. For example, we
STRONGER AND MORE UNITED
are expanding the ways we keep our
clients and potential clients updated
on legal developments by providing
more diverse online reports or news-
FIRM AFTER THE PANDEMIC’
letters. We are also enforcing our
online presence by upgrading our
firm’s website and using more social
networks, and online global platforms
like ALB. Lastly, our activities have
As lawyers in Asia continue to work hard under the challenges of been shifted from in-person semi-
nars to more webinars to deal with
a sustained global pandemic, the pressure is on managing partners
important social issues such as the
to guide their teams through a rapidly changing landscape. Serious Accident Punishment Act and
Kyu Chul Lee, managing partner of South Korea’s DR & AJU, ESG-related matters.
tells Asian Legal Business that, while testing, the past few months
have provided his team with plenty of learning opportunities. ALB: What are your firm’s priorities
for 2021-22?
Lee: Recently, we have prioritised
enhancing our expertise by practice
ALB: In South Korea, where there groups. We are undergoing team
are still pandemic-related restric- reorganisation and restructuring to
tions, how have you adapted the way maximise the way our lawyers can
you work as a team to serve clients’ perform. Furthermore, expanding
needs? to new business area in response to
Lee: We consider the safety of our the volatile legal market and clients’
members who work here as the top needs. Internally, constantly amending
priority. We have since amended and and upgrading our evaluation system
re-drafted various new rules and regu- and reward system to further incen-
lations to deal with the pandemic. For tivise and reward our lawyers as well,
example, our staff are now organised in as improving our work environment
groups with different work hour shifts with technology is a key priority.
to ensure they do not have to come Finally, enhancing awareness of ESG
into the office during rush hour, and “We strongly believe for sustainable development and
we have altered our ways of working that technology will expanding our own practice is our
to allow remote working environment firm’s big focus as well.
in different degrees depending on dramatically reshape
the nature of the work. In the current the work environment ALB: What are some of the things
contact-free work environment, we are which have surprised you about your
not only using a cloud-based system of law firms. We think firm since the pandemic began?
to complete group tasks effectively, law firms need to Lee: Due to the lasting pandemic situ-
but also upgrading our internal case ation, uncertainties in the legal market
management system and research pay attention to AI are growing. However, we think we
system. Our AI research project to technology or legal are handling this unpredicted situa-
upgrade our internal system has been tion better than we expected, thanks
recently selected as one of the legal AI technology to actively to our members’ collaborative efforts
projects to be supported by the govern- respond to the volatile to overcome this unprecedented time.
ment, thus we expect to adopt the AI As the managing partner, I was deeply
legal document search and analysis changes of legal market.” impressed and grateful to our members
engine to our office in the second half who showed strong support and under-
of this year. KYU CHUL LEE standing to place the firm’s future first
8 ASIAN LEG AL BU S I N ES S – S EPTEM B ER 20 2 1 W W W. L EG A L B U S I NE S S O NLI NE .COMBRIEFS
rather than personal interests to over- APPOINTMENTS
come this pandemic situation. People
say a crisis can lead to opportunities,
so I strongly believe that we will grow
into an even stronger and more united
firm after the pandemic.
ALB: Does technology play a bigger
role in your firm as a result of the
pandemic?
Lee: The entire world, as well as Korea,
are facing unprecedented changes due
to the COVID-19 outbreak. As we all SIDHARTH BHASIN KARUN CARIAPPA BISWAJIT CHATTERJEE
know, contact-free communication has L E AV I N G L E AV I N G L E AV I N G
become the new norm for us. As a law Shearman & Sterling Fernback Holdings Squire Patton Boggs
firm, we now hold more online meetings JOINING JOINING JOINING
Latham & Watkins Khaitan & Co Hogan Lovells
than offline meetings and hold more
P R AC T I C E P R AC T I C E P R AC T I C E
webinars than in-person seminars. Energy & Infrastructure Corporate/M&A Corporate/M&A
Overall, there has been a big change L O C AT I O N L O C AT I O N L O C AT I O N
in the way we communicate with our Singapore Singapore Singapore
potential clients as well as our clients.
We take this chance to actively intro-
duce more technology to improve work
efficiency. Most of the communication,
including meetings and training, are
now conducted online. To promote this,
our lawyers have been provided with
the most updated tablet computers.
We also have been the first Korean
law firm to introduce an AI attorney,
even before the pandemic. We strongly JAMES CLAYTON-PAYNE PAUL GUAN CHIANG LING LI
believe that technology will dramati- L E AV I N G L E AV I N G L E AV I N G
cally reshape the work environment Shearman & Sterling Paul Hastings Jones Day
of law firms. We think law firms need JOINING JOINING JOINING
Latham & Watkins Kirkland & Ellis Tiang & Partners
to pay attention to AI technology or
P R AC T I C E P R AC T I C E P R AC T I C E
legal technology to actively respond Energy & Infrastructure Private Equity, Real Estate Intellectual Property
to the volatile changes of legal market. L O C AT I O N L O C AT I O N L O C AT I O N
Our AI project has been selected as the Singapore Hong Kong Hong Kong
‘AI voucher support project’ for the
legal sector by the Ministry of science
and ICT and the national IT Industry
Promotion Agency (as part of national
AI strategy in 2019 to introduce AI to
Korean corporates and support tech-
nology development). We are currently
cooperating with AI-specialised firm,
Intellicon, to develop high-tech AI legal
document search and analysis engine,
and expecting to actively use the AI DON STOKES WILLIAM STROLL MARK YEADON
legal document search and analysis L E AV I N G L E AV I N G L E AV I N G
solution in our office at the end of 2021. Freshfields Bruckhaus Deringer Herbert Smith Freehills Eversheds Sutherland
It is expected that our legal service will JOINING JOINING JOINING
Latham & Watkins Pinsent Masons Conyers
be improved significantly in terms of
P R AC T I C E P R AC T I C E P R AC T I C E
quality and efficiency based on the Energy & Infrastructure Energy Disputes
primary research through AI and plus, L O C AT I O N L O C AT I O N L O C AT I O N
our attorneys’ professional reviews. Singapore Singapore Hong Kong
W W W. LEG ALBU SINES S O N L I N E.CO M A S I A N L EG A L B U S I N E S S – S E P T E MB E R 2021 9BRIEFS
CAMBODIA SEEKS TO REVIVE FDI WITH REVAMPED LAW
In 2019, Cambodia had its best and investment realities, the like of new
year in terms of foreign direct investment. industries or manufacturers with high
According to the 2020 World Investment value-added products.”
Report by UNCTAD, Cambodia saw Among these are “electrical and
$3.7 billion of FDI, a rise of 16 percent electronic industries, component parts,
compared to the $3.2 billion it received assembly and installation industries;
in 2018. mechanical and machinery industries;
But with uncertainty over the agro-industry, and food processing;
evolution of the COVID-19 pandemic, digital industry; green energy.”
the kingdom witnessed FDI declining With COVID-19 denting the lucra-
slightly to $3.5 billion, the National Bank tive tourism sector in Cambodia, officials
of Cambodia reported, with non-banking are looking for ways to strengthen the
sectors particularly affected. country’s overall economy.
And now Cambodia is looking to At the 42nd General Assembly of
ramp up its efforts to attract investment, ASEAN Inter-Parliamentary Assembly
with a draft law currently making its way (AIPA-42), which took place virtually in
through the legislative process. August, the president of the Cambodian
Development of the country’s National Assembly, Heng Samrin,
investment law has been eagerly awaited REUTERS/Chor Sokunthea announced that digital technology will
by the business community — Cambodia take an increasingly important posi-
last amended its investment law in tion in stimulating economic recovery
2003 – and businesses leaders have Siphana says, adding the law’s “fiscal post-COVID-19, and developing a more
campaigned for an update for years. and non-fiscal incentives are very robust, sustainable economy.
The new law is expected to attract enticing for new investors.” While the new investment law could
tech and information companies and Siphana, a former adviser to the attract exactly this type of talent, would-
clear up residential visa complexities, Council of Development of Cambodia, be investors in Cambodia need to be
while emphasising Cambodia as an recently spoke at a virtual forum hosted aware that challenges remain.
attractive place to do business. by the American Chamber of Commerce “Selection of local partners needs to
Sok Siphana, the founder of law firm about the country’s investment oppor- be done very carefully,” Siphana warns,
Sok Siphana & Associates, a member of tunities. adding proper due diligence is important.
ZICO Law, says the new investment draft A range of industries and areas in But the inevitable disputes are
law will bring opportunities to Cambodia Cambodia could benefit from further already catered for. “The issue of
and attract interest in the region. foreign investment and the impending disputes in the Cambodian courts is very
“The new investment law will place law change, Siphana says, explaining much alleviated with a well-functioning
Cambodia in a very competitive posi- that “most of the areas covered areas commercial arbitration centre up and
tion vis-à-vis its neighbours in ASEAN,” that are reflecting the current trade running now,” he says.
KOREA’S BKL GEARS UP TO LAUNCH SINGAPORE OFFICE
Bae, Kim & Lee (BKL), Korea’s third- India’s Khaitan & Co, PRC firm AllBright Law
largest law firm, is all set to establish an Offices, and U.S. law firms McDermott Will
office in Singapore. The office will be led & Emery and Orrick.
by Eric Yang, partner and head of the firm’s BKL, which has been operating a liaison
Southeast Asia practice. office in the city-state since 2020, plans to
When the office opens, it will make hire three to five lawyers in Singapore, and
BKL the latest foreign firm to establish an gradually increase its strength via second-
outpost in Singapore in 2021, following ments and further laterals.
10 ASIAN LEG AL BU S I N ES S – S EPTEM B ER 20 2 1 W W W. L EG A L B U S I NE S S O NLI NE .CO MBRIEFS
EXPLAINER
INDONESIA OVERHAULS IPO REGULATIONS
Indonesia is shaking up its listing and that this must cover assessment
rules as it seeks to attract start-up giants on licenses, corporate documents,
and cultivate a reputation as an IPO agreements with third parties,
hub. The new regulations, which relax as well as addressing ongoing or
a number of curbs and allow firms to go potential litigation.
public with multiple classes of shares Assessments must also
with different voting rights, are a long be carried out on any company
time coming, say lawyers. subsidiary to “determine whether
a consolidation, merger or acquisi-
WHAT ARE THE A worker wearing a protective mask walks as he cleans the floor tion is necessary to be conducted
past an electronic board displaying the stock market index at
INTENTIONS BEHIND the Indonesia Stock Exchange (IDX), as the outbreak of the before the IPO.”
coronavirus disease (COVID-19) continues, in Jakarta, Indonesia,
THE RULE CHANGES? September 8, 2020. REUTERS/Willy Kurniawan Business should also be
Rio Lassatrio, founder and partner prepared to allocate adequate funds
of LHBM Counsel, says that over the for IPO process, and “in order to be
past few years the Financial Services But companies in the market able to prepare the IPO registration
Authority (OJK) and the Indonesian will have to continue to work hard statement, they must appoint an
Stock Exchange (IDX) have worked to profit from the regulatory devel- underwriter and also supporting
to revamp the listing rules and opments. professionals who have been regis-
related procedures. “Good planning and prepara- tered with the OJK.”
The changes show an inten- tion are the keys to a successful IPO
tion to simplify the listing process, listing,” Lassatrio adds. WHAT DOES THIS MEAN
encourage companies to go public, He warns that private compa- FOR INDONESIA’S IPO
and increase awareness “regarding nies in Indonesia are “mostly LANDSCAPE GOING
the benefit of capital market and go unprepared to go public and need FORWARD?
public,” Lassatrio says. substantial investment of time and This extensive to-do list is unlikely to
“On many occasions, the IDX’s funds to level up their capabilities to spook companies with listing ambi-
officials say ‘don’t wait until you public companies’ standards.” tions. Indeed, Bukalapak’s success
become big. Become big instead In order to navigate the inevi- is likely to spark wider interest in
in the Indonesian stock market,’” table complications of the IPO the market.
he says. listing process, businesses must Lassatrio expects to see tech-
Taking advantage of these assess their readiness to go public, nology-based start-up companies
developments last month was PT Lassatrio says. “The assessment set a trend for IPO listings in the
Bukalapak.com, which broke ground of readiness means that business coming months.
as Indonesia’s first listed tech must understand and comply with “The record-breaking
unicorn, soared 25 percent on its the framework of regulatory, legal Bukalapak’s IPO could lure other
market debut, according to Reuters. and finance, tax, and governance start-up companies for IPO listing
requirements.” in the hope to replicate or transcend
WHAT ARE SOME OF THE There’s the need to prepare the value,” Lassatrio says, noting
THINGS THAT COMPANIES sufficient business information, the overhaul will likely encourage
NEED TO KEEP IN MIND? establish a marketing strategy and further listings in the near future.
Lassatrio says there are a number decide the best timing to go public, “Technology-based companies
of developments that companies and then there’s the legal footwork such as GoTo, a joint entity of Gojek
will be able to take advantage of, that goes into preparing for an IPO. and Tokopedia, Traveloka, and
including the initial registration For the legal aspects, busi- Tiket.com are believed by many to
requirements, which have been nesses still have to ensure they are have started the IPO listing process
amended so the company consid- thorough Lassatrio says, adding and undergoing discussion with
ering listing “does not have to that “full-blown due diligence” to OJK and IDX while awaiting the
appoint an independent director assess any legal issues or potential anticipated revised listing rules,”
for the IPO listing,” he says. risks for the company is required, he adds.
W W W. LEG ALBU SINES S O N L I N E.CO M A S I A N L EG A L B U S I N E S S – S E P T E MB E R 2021 11BRIEFS
CHINA’S PLANNED ANTI-
SANCTIONS LAW FOR
HONG KONG UNSETTLES
FINANCIAL SECTOR
(Reuters) Global banks and other
financial institutions in Hong Kong are
scrambling to find out details of China’s A man walks past buildings at a business district in Hong Kong, China, November 4, 2019. REUTERS/Kim Kyung-Hoon
planned imposition of an anti-sanctions
law on the city, and trying to understand
how it could impact their operations in of their most lucrative markets since with such sanctions,” said Rod Francis,
the financial hub. Beijing’s implementation of the security head of FTI Consulting’s financial crime
Beijing adopted a law in June under law in the former British colony last year. practice.
which individuals or entities involved in The anti-sanctions law now raises “But while scenario planning is
making or implementing discrimina- the spectre of financial firms getting useful, there’s only so much of that kind
tory measures against Chinese citizens caught in the crossfire as sparring of navel gazing you can actually do.”
or entities could be put on a government between the world’s two largest econo- The U.S. last year imposed sanc-
anti-sanctions list. mies escalates. tions preventing American companies
Financial firms are closely watching While top executives at Hong Kong’s and non-U.S. banks from doing business
a meeting this week of the National biggest financial firms have not aired with several Chinese and Hong Kong offi-
People’s Congress Standing Committee, their concerns in public, people familiar cials whom it said implemented Beijing’s
the highest organ of China’s parliament, with the matter said there had been national security law on Hong Kong.
for signs on how and when similar legis- intense discussions internally on how A separate U.S. ban on investments
lation will be introduced in Hong Kong. to deal with it. in companies Washington considers
Hong Kong leader Carrie Lam said A senior executive told Reuters that linked to China’s military forced U.S.
she did not have an explicit timetable Hong Kong Financial Secretary Paul banks in Hong Kong to cut exposure
for its implementation. Chan had abruptly cancelled a meeting this year to several Hong Kong-listed
The move came as the U.S. govern- with business groups, without providing Chinese telcos.
ment imposed several rounds of sanc- a reason. A lawyer at one international law
tions on Hong Kong and Chinese officials The executive, who declined to be firm in Hong Kong said they had been
over Beijing’s crackdown on the city’s identified due to sensitivity of the matter, inundated with calls regarding the
freedoms under sweeping national secu- said businesses were scrambling for anti-sanctions law but they were in no
rity legislation. information and Chan had made no position to provide advice, given the
Under the planned law, if financial effort to allay concerns despite repeated complete lack of clarity.
institutions in Hong Kong implement U.S. requests for meetings. “We’re waiting like everyone to see
sanctions, they may be exposed to legal Offices of the Hong Kong govern- what is contained in the law ... it’s hard
risk in Hong Kong for doing so, financial ment and Chan did not immediately to guess what will be in there,” one U.S.
sector executives and lawyers said. respond to Reuters request for comment. bank executive said, also declining to be
“Many foreign multinational compa- Hong Kong is the regional hub identified.
nies are asking about the impact of the for many global financial firms, and Senior executives at two large
anti-foreign sanctions law, especially accounts for the bulk of the profits foreign banks in China told Reuters
international banks and financial insti- for firms such as HSBC and Standard they had not received any specifics about
tutions,” said Shaun Wu, a Hong Kong- Chartered. the law even in the mainland and their
based partner at law firm Paul Hastings. “Some of our financial institution efforts to seek clarity from regulators
“It is significant because interna- clients are trying to plan out different had not been successful.
tional banks and financial institutions scenarios ahead of the anti-foreign sanc- Some financial and legal profes-
may find themselves caught between a tions law, trying to decide what they sionals hoped Hong Kong would imple-
rock and a hard place.” would do if someone is sanctioned by ment a watered-down version of the
Concerns have swirled over foreign the U.S. and subsequently run the risk of mainland law to make sure the city is
financial institutions’ prospects in one prosecution in Hong Kong for complying able to maintain its finance hub status.
12 ASIAN LEG AL BU S I N ES S – S EPTEM B ER 20 2 1 W W W. L EG A L B U S I NE S S O NLI NE .CO MBRIEFS
N O RT H A S I A A N D S O U T H E A S T A S I A / S O U T H A S I A L E AG U E TA B L E S
North Asia Announced M&A Legal Rankings North Asia Announced M&A Financial Rankings
Value Market Value Market
Rank Legal Advisor Deals Rank Legal Advisor Deals
($MLn) share ($MLn) share
1 Nagashima Ohno & Tsunematsu 23,323.1 57 3.8 1 Goldman Sachs & Co 55,126.2 26 9.1
2 Linklaters 23,173.2 20 3.8 2 Morgan stanley 48,583.6 44 8.0
3 Fangda Partners 22,190.9 99 3.7 3 China International Capital Co 48,371.6 57 8.0
4 Davis Polk & Wardwell 20,218.4 18 3.3 4 JP Morgan 46,945.6 27 7.7
5 nishimura & Asahi 19,748.0 89 3.3 5 BofA securities Inc 32,451.6 24 5.3
6 Kim & Chang 18,894.7 75 3.1 6 CITIC 28,042.3 31 4.6
7 Jia Yuan Law Offices 18,519.6 15 3.0 7 Citi 26,037.0 29 4.3
8 Mori Hamada & Matsumoto 18,067.3 90 3.0 8 Credit suisse 22,747.6 17 3.7
9 Freshfields Bruckhaus Deringer 17,779.5 29 2.9 9 nomura 18,438.7 57 3.0
10 Anderson Mori & Tomotsune 17,657.3 57 2.9 10 Industrial & Comm Bank China 17,463.9 83 2.9
(*tie) Based on Rank Value including net Debt of announced M&A deals (excluding withdrawn M&A) (*tie) Based on Rank Value including net Debt of announced M&A deals (excluding withdrawn M&A)
Any North Asia Involvement Announced M&A Activity - Quarterly Trend*
Series1 Series2
Rank Value US$ Billion
440 400.7 5,000
373.7 353.3
No. of Transactions
324.2 4,000
340 276.8 280.3 276.9
268.2 256.0 271.1
252.9 243.9
218.8 239.4 254.8
229.4 248.5
194.4
245.1
222.8 3,000
240 200.6 191.5 216.0
167.9 173.9 174.6
161.7 163.2
149.8
122.8 1 42.8 131.2 140.7 2,000
140 93.5115.2 1,000
40 0
1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 3Q 15 1Q 16 3Q 16 1Q 17 3Q 17 1Q 18 3Q 18 1Q 19 3Q 19 1Q 20 3Q 20 1Q 21 3Q 21
Southeast Asia / South Asia Announced M&A Legal Rankings Southeast Asia / South Asia Announced M&A Financial Rankings
Value Market Value Market
Rank Legal Advisor Deals Rank Legal Advisor Deals
($MLn) share ($MLn) share
1 Skadden 44,927.9 6 17.5 1 Morgan Stanley 61,637.5 19 24.1
2 Davis Polk & Wardwell 43,907.7 7 17.1 2 JP Morgan 51,247.4 22 20.0
3 Jones Day 38,600.8 9 15.1 3 Goldman sachs & Co 37,107.2 23 14.5
4 sullivan & Cromwell 34,198.5 2 13.4 4 UBs 31,427.8 6 12.3
5 Cooley LLP 33,603.6 4 13.1 5 Evercore Partners 31,103.6 1 12.1
6 Hughes Hubbard & Reed 32,553.6 2 12.7 6 Citi 25,610.7 13 10.0
7 Ropes & Gray 32,222.1 3 12.6 7 BofA securities Inc 17,674.9 17 6.9
8 Cyril Amarchand Mangaldas 27,661.6 76 10.8 8 Credit suisse 10,426.4 10 4.1
9 AZB & Partners 25,696.0 116 10.0 9 DBs Group Holdings 9,533.0 8 3.7
10 Latham & Watkins 20,367.0 18 8.0 10 Ernst & Young LLP 8,944.3 33 3.5
(*tie) Based on Rank Value including net Debt of announced M&A deals (excluding withdrawn M&A) (*tie) Based on Rank Value including net Debt of announced M&A deals (excluding withdrawn M&A)
Any Southeast Asia / South Asia Involvement Announced M&A Activity - Quarterly Trend*
Series1 Series2
210 1,600
Rank Value US$ Billion
178.8
No. of Transactions
164.7 1,400
160 1,200
118.1 1,000
105.0
110 79.9 85.0 85.782.3 83.9 800
77.3
65.9 68.373.6 70.1 72.873.774.6 75.0 66.4 70.5 74.9 78.2
64.0 63.1 600
60
52.7
39.044.8 47.6 42.1 46.7 41.9 48.3 53.2 44.6 400
25.9
200
10 0
1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 3Q 15 1Q 16 3Q 16 1Q 17 3Q 17 1Q 18 3Q 18 1Q 19 3Q 19 1Q 20 3Q 20 1Q 21 3Q 21
*League tables, quarterly trends, and deal lists are based on the nation of either the target, acquiror, target ultimate parent, or acquiror ultimate parent at the time of the transaction. Announced M&A transactions excludes withdrawn deals. Deals with undisclosed dollar values are rank eligible but with
no corresponding Rank Value. non-Us dollar denominated transactions are converted to the Us dollar equivalent at the time of announcement of terms. nORTH AsIA: China, Hong Kong, Japan, south Korea, Taiwan; sOUTHEAsT AsIA: singapore, Malaysia, Philippines, Thailand, Vietnam, Brunei,
Cambodia, Indonesia, Laos, Myanmar, Timor-Leste; sOUTH AsIA: India, Afganistan, Bangladesh, Bhutan, Maldives, nepal, Pakistan, sri Lanka. Data accurate as of 1 september 2021.
W W W. LEG ALBU SINES S O N L I N E.CO M A S I A N L EG A L B U S I N E S S – S E P T E MB E R 2021 13GET THE LATEST UPDATES ON
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EMBRACING
THE NEW NORMAL
Japan has had an up-and-down year so far, with the COVID-19 pandemic continuing to disrupt
life and business, even as the country successfully hosted the Olympic and Paralympic Games.
Leaders of law firms in Japan say that while they had to institute new ways of work in order to
adapt to this “new normal,” they have been heartened by the resilience shown by their firms,
which will hold them in good stead going forward. BY E LI Z AB E T H B E AT T I E AND R ANA JI T DA M
ALB: In Japan, in addition to the fund clients. My expectation is that with As we look beyond the immediate
pandemic, there has also been uncer- the higher vaccination rates now being emergency, and return to work, deal
tainty around the potential risks achieved in Japan, the economy will snap with the impact on our businesses,
from the Olympics (now completed back quicker than many believe, and the embrace new technology and adapt to
successfully), and an upcoming elec- pace of business activity by our clients new circumstances, we must understand
tion. How have you seen this impact will rapidly accelerate. how the world might change, and the
your clients, and how have you Disruption and innovation go hand- innovations which will shape our lives
stepped up to help them during these in-hand and this has never been truer in the future. And as we now assess the
challenging times? than with the pandemic. Technology return to work, and businesses begin to
Eric Roose, partner, Withersworldwide: has played a critical role in helping us open their doors across the world, busi-
The global pandemic and ongoing to adapt to remote working. It is also nesses must safeguard key assets and
geopolitical uncertainties have certainly playing a critical role in helping the plan carefully for the way ahead.
reshaped many aspects of our lives. It world navigate out of this crisis, whether Ryutaro Nakayama, managing partner,
has undeniably affected the way we through vaccination programmes or Nishimura & Asahi: In the eyes of the
interact with friends and family, our track-and-trace. We provide clients with Japanese public, the COVID-19 pandemic
work patterns, and economic activi- legal solutions to mitigate the worst has been fundamentally linked to both
ties. With the exception of hospitality consequences of the pandemic. Where the Olympics/Paralympics and the
industry clients, the business of most necessary, we are also assisting clients upcoming national election. It is diffi-
of our clients has remained amazingly in repositioning their business to adapt cult to predict the possible scenarios at
strong throughout the past year and a to this new world, and support them in this stage, however, our firm is always
half. This has been especially true for realising opportunities that emerge from actively gathering information via
many of our real estate and investment this evolving situation. various channels, such as through our
W W W. LEG ALBU SINES S O N L I N E.CO M A S I A N L EG A L B U S I N E S S – S E P T E MB E R 2021 15LEADERSHIP ROUNDTABLE
close ties with relevant authorities and Tokyo 2020 Olympic and Paralympic autumn, cabinet approval rating had
our large clientele. Our lawyers use their Games has demonstrated that the fallen sharply as of early August, due
diverse expertise and perspectives to ecosystem and business opportunities to the spread of the Delta variant of the
analyse such information and educate around international events are devel- coronavirus, the repeated declaration
our clients so that they can adapt them- oping in Japan. There were many activ- of a state of emergency, and delays in
selves to changing regulations or new ities such as practices to protect the the supply of vaccinations. According
legal frameworks on time. Just one rights of the stakeholders including to a survey conducted with economists
such example is our Myanmar practice international sports organisations, by Bloomberg published on July 7, half
team’s actions after the political change hospitality companies and sponsors; of them expect an economic package
in Myanmar. Our Myanmar practice team improvement of governance of organ- worth more than 20 trillion yen ($182
has shared the latest information with isations; and public legacy facilities billion). It is expected that much of that
our clients via almost weekly webinars construction projects, in which our firm will be spent on post-coronavirus growth
and newsletters, providing insightful – participated and accumulated expe- strategies. The Japanese government’s
and well-appreciated – advice. growth strategy focuses on the promo-
Yuto Matsumura, managing partner, tion of digitisation, the use of hydrogen
Mori Hamada & Matsumoto: The onset energy for decarbonisation, the develop-
of the pandemic did quash expectations ment of facilities for electric vehicles, and
of a positive economic impact from the the spread of renewable energy, which
Olympics/Paralympics. The Japanese would be expected to stimulate the
government and the Olympic organizers economy through investments in these
seem to have done a relatively good job sectors. We have significant experience
in adapting to difficult circumstances in advising on soft IP and data business
and controlling the spread of the virus as well as renewable energy projects,
at the Games. Therefore, it seems that and will continue to support companies
some initial anxiety about proceeding operating in these fields.
with the Olympics has now been allevi- “We provide clients with legal
ated, and the national mood in the wake solutions to mitigate the ALB: What are some of the things which
of the Games may have brightened a have surprised you, or that you’ve
bit. The public disapproval ratings of the
worst consequences of the learnt about your firm/office or your
current administration, however, have pandemic. Where necessary, industry since the pandemic began?
continued to rise, which reflects public we are also assisting clients Roose: I was surprised by the ability of
discontent with the pace of COVID vacci- in repositioning their business the fee-earners and support staff to fully
nations and the control of the pandemic. to adapt to this new world, function remotely from home whenever
On the other hand, many Japanese and support them in realising it was necessary – due to the multiple
companies have an optimistic forecast government-declared states of emer-
for the current fiscal year, with expecta-
opportunities that emerge gency – while still being able to service
tion to recover from the negative impact from this evolving situation. our clients at the highest levels. That is
of the pandemic. Against such back- — Eric N. Roose,
a strong testament to the flexibility of
ground, it is hard to assess the impact Withersworldwide my colleagues, and to the excellent IT
of the election on our clients at this systems and business support teams our
stage, but issues of social change that firm put in place to allow us to succeed.
have been highlighted in course of the Although required due to the global
pandemic are likely to be hotly debated. pandemic, we have proven that we are
Kazuhiro Yoshii, partner, Anderson rience as a core legal services player. able to navigate the move to remote
Mori & Tomotsune: Our office has We expect to advise key stakeholders working very successfully.
provided support to pandemic-impacted in other events In Japan as well as in With that said, I was equally
companies – in particular regarding other parts of Asia, such as the Beijing surprised by the strong desire by many
human resources and fundraising 2022 Olympic Games, the 2023 FIBA of the fee-earners in my office to work
concerns – by helping them manage Basketball World Cup (co-hosted by the in the office whenever possible, despite
their corporate financing and restruc- Philippines, Japan and Indonesia), the the proven ability to work remotely from
turing needs. M&A and fundraising activ- 2025 Osaka-Kansai Expo, the 20th Asian home.
ities have thus been on the increase Games Aichi-nagoya 2026, and the Nakayama: As with other industries, the
within our clientele. 2030 Winter Olympic Games (for which rapid change of working style, that is
Ryuichi Nozaki, senior partner, Atsumi sapporo City is a host-city candidate). to WFH, was inevitable from the outset
& Sakai: The experience of hosting the In the run-up to the next elections of the pandemic. It was a big challenge
Japan Rugby World Cup 2019 and the for the House of Representatives in for us in several regards. We needed to
16 ASIAN LEG AL BU S I N ES S – S EPTEM B ER 20 2 1 W W W. L EG A L B U S I NE S S O NLI NE .CO MYou can also read
