Even as dealmaking slowed down in the first half of 2023, the Asian region still recorded a number of notable M&A transactions. In its annual Asia M&A Rankings, ALB spotlights the leading law firms for M&A work, shedding light on the top players driving the region’s most impactful and intricate deals.

Despite plenty of opportunities for M&A across Asia in 2023, the first half of the year proved to be somewhat disappointing, with the value of deals down significantly from a year earlier.

The value of deals in Asia Pacific in the first half of the year fell almost 40 percent year-on-year to $173 billion, according to GlobalData. The drop has been generally attributed to an uncertain geopolitical environment and unstable macroeconomic conditions. Also contributing to the drop has been the slower-than-expected growth in consumer spending in mainland China along with concerns about the property market there, two big factors that have gone a long way towards denting sentiment for dealmaking in the region in the first six months of 2023.

Several unexpected crises further afield may have also had an impact on dealmaking in the region. These crises included the fall of Credit Suisse (and its acquisition by UBS) as well as liquidity issues that led to a number of failures among smaller regional banks in the U.S., most notably Silicon Valley Bank. Continuing and rapid interest rate hikes in the U.S. and other major markets as part of efforts to tame inflation also had a hand in sending dealmaking to the backburner.

Most of the more visible deals in Asia Pacific took place in the industrial sector, according to Refinitiv, which tracks such deals. The sector accounted for 21.1 percent of all deals in H1 2023, an 11.5 percent rise year-on-year. The materials sector saw the second largest number of M&A deals, accounting for 17.8 percent of the total and worth $61 billion in the first half of the year. In contrast, M&A activity in the often-ebullient technology sector plunged 60 percent in terms of deal value to $35 billion.

GlobalData’s league table shows that JPMorgan and UBS were the top advisers by deal volume and value in the region for the first half of 2023. JPMorgan was on the top of the table in terms of deal value, with $25 billion worth of deals under its belt. UBS led the pack in terms of deal volume by advising on 18 deals.

These were the only two companies with deals worth more than $20 billion, with no other deal coming close to this level in the first half of the year. Morgan Stanley was in third place in terms of deals it was involved in by advising on deals worth $5.7 billion, followed by Moelis & Co and Goldman Sachs, both at $4.9 billion.

One type of deal that is increasingly common in Asia is acquisitions via special purpose acquisition companies (SPACs). There were 25 SPAC combinations announced in the first six months of 2023 worth an average of $34 billion, representing a 145 percent rise in value compared to the same period in 2022. In terms of numbers, SPAC deals rose 56 percent over the same period, according to Refinitiv.

Also impacting the total number and value of deals was a drop in private equity (PE) fundraising. According to London-based research firm Perqin, PE fundraising in Asia Pacific could hit a 10-year low in 2023, as investors move away from China-focused funds. Their quarterly report indicates that funds raised in the area in the first half of the year accounted for 22 percent of 2022’s total. Average capital targeted by China-focused funds was down to $116 billion at the end of Q2 2023, from $142 billion on a quarter-on-quarter basis. PE fundraising was also weak at $5.6 billion in the second quarter, although the figure was almost two times the $3 billion raised in the first quarter.

Refinitiv data shows deal value in Asia Pacific M&A transactions in the first half of the year fell 38 percent to a decade low of $340 billion, with JPMorgan being the top M&A adviser. M&A fees in the same period fell 46 percent on a year-on-year basis to just over $1 billion.

GlobalData research shows a total of 2,765 M&A deals were announced in the region in H1 2023, a decline of 16.3 percent on a year-on-year basis. They believe that several key markets in the Asia Pacific region saw subdued M&A action due to recession fears and macro-economic concerns, in line with the rest of the world, which dented dealmaking sentiment.

SMALLER DEALS

M&A activity in 2023 has not been attention-grabbing grabbing with not a single mega-deal announced during the first half of the year. A mega-deal refers to deals worth more than $25 billion. Bankers believe large deals involving organisations with a presence in several geographies are becoming more and more difficult to pull off due to higher scrutiny from regulators around the world.

One notable change is that antitrust lawyers are being brought into the M&A process much earlier than before, which is also slowing down deals. Nevertheless, there has been a healthier level of mid-market deals as companies pursue strategic growth agendas.

Smaller deals also help companies with transformation and growth plans, and mid-market transactions are expected to dominate the market in the remaining months of the year.

CHINA LEADS THE DROP

The decline in deal volumes in the region was triggered by a fall in M&A activity in China, traditionally Asia’s biggest deals market ahead of Australia and South Korea.

Refinitiv data shows deals involving Chinese companies fell 35 percent compared to a year earlier, which is a decade low. Outbound M&A plunged to the lowest level since 2006. China’s outward direct investment touched $75.4 billion, a 9.6 per-cent growth on a year-on-year basis, according to E&Y, a global consulting and accounting firm. Chinese companies declared total overseas M&A value of $11.7 billion, a 14 percent fall from a year ago, and the lowest in a decade.

E&Y says 224 deals were announced in the first half of 2023, indicating a 13 percent decline on a year-on-year basis. Sector-wise, E&Y data shows the power and utilities sector was at the top in terms of deal value, financial services ranked second, and advanced manufacturing and mobility came in third. These three sectors accounted for 54 percent of total deal value in H1 2023, with power and utilities seeing the biggest surge.

One of the big transactions that took place in the second quarter of this year was a Chinese organisation acquiring two Peruvian companies in the power distribution and energy service sectors. Another large deal involved a Chinese enterprise buying a real estate investment trust (REIT) in the United Kingdom worth approximately $1 billion.

An E&Y report shows that M&A deal value by Chinese companies in Europe stood at $3 billion in H1 2023, a decade low. The UK and Germany bucked the trend, with M&A deal values involving Chinese companies rising 117 percent and 91 percent, respectively.

The increase in deals follows a similar increase in high-level diplomatic visits between European countries and China during the period, as China ramps up efforts to cooperate with Germany and France in the fields of auto manufacturing, new energy, semiconductors and the digital economy. North America was the only continent where Chinese M&A deal volumes increased, but deal values declined 28 percent in H1 2023 on a year-on-year basis.

JAPAN: RISING INTEREST

With low inflation and low interest rates, Japan has created a stable investment environment. Japanese M&A action in H1 2023 was similar to H1 2022, and the country has seen rising interest from global investors.

The total value of outbound deals had plunged to the lowest in seven years in 2022, but 2023 has seen a gradual revival of overseas acquisitions by Japanese conglomerates.

 

“This year has also been a strong for equity issuances in Japan, with $17 billion being raised in the first six months of 2023. This figure is a four-fold rise from the year before and a five-year high for the country.”

 

S&P Global research, however, shows transaction value of PE and venture capital deals plunged in the first half of this year, but deal volumes remained relatively flat. One big deal that is attracting attention involves Japanese conglomerate Toshiba, which is set to go private in a $15 billion deal that is expected to conclude at the end of 2023.

This year has also been strong for equity issuances in Japan, with $17 billion being raised in the first six months of 2023. This figure is a four-fold rise from the year before and a five-year high for the country, says Refinitiv.

INDIA BUCKS TREND

India was another market that bucked trends with the busiest-ever six months in terms of the number of deals announced, with an increase of 5 percent in H1 2023, according to Refinitiv. However, Refinitiv says that while deal volumes were up, deal values slumped, and there were few large deals.

PwC, another Big Four accountancy and consulting firm, expects the latter half of 2023 to remain active in India from a dealmaking perspective on the back of a strong economic growth outlook, a stable business environment and interest in the country’s startup ecosystem. In terms of equity issuance, Refinitiv says India enjoyed growth of 14 percent to $10 billion in H1 2023.

There are several factors that are working in India’s favour and driving interest from the foreign investment community. As economic growth slows in developed nations, a weaker export scenario is being offset by strong domestic demand.

SMALLER MARKETS SHINE

Smaller markets like Thailand and Vietnam have experienced an increase in M&A activity, pushing the number of Southeast Asian deals up 4 percent year-on-year. This was one of the few regions in the world to experience growth in the first half of 2023.

PwC expects Thailand’s M&A activity to recover further in the second half of this year, after several businesses that had paused M&A activities due to an economic slowdown, inflation and geopolitical concerns return to the market.

Meanwhile, Vietnamese electric SUV manufacturer, VinFast Auto’s US$27 billion reverse U.S. listing was the big talking point this year as it is the biggest Vietnamese M&A deal in history.

AUSTRALIA: LAND OF TWO TALES

Dealmakers down under faced a unique situation with falling home-grown activity but rapidly rising foreign deals.

Domestic activity saw a 55 percent decline while outbound deals saw a 70 percent plunge in H1 2023, according to Refinitiv. The equity market raised $7.7 billion in the first half of the year, a 20 percent year-on-year rise. Australia’s M&A outlook is proving to be resilient to the headwinds on local and global economic concerns. A Deloitte survey shows that while activity levels are not likely to boom to the levels of 2021, but most M&A leaders expect the number of deals they pursue to rise or remain stable over the next few months.

WHAT ’S IN STORE FOR H2

Buzz in investment banking circles is that dealmaking in Southeast Asia will lift Asian deal activity in the remaining months of 2023, as several sectors in local markets consolidate.

PwC believes deal flow is likely to open up in H2 2023, particularly if sellers focus on pre-sale preparation and readjust pricing expectations. For many buyers, financing is getting increasingly difficult and a lot more expensive, which is placing more importance on alternative funding and trying to create value from a deal.

Many believe the uptick seen in restructuring activity in H1 2023 will continue in the second half as financing pressures are growing for many, including higher cost of debt, tight credit and challenges in raising capital.

PwC sees a need for market players to go deeper into M&A targets and identify levers of value that can help realise the potential of each transaction. This is already happening with more interest and greater focus on strategic repositioning as well as specific drivers of value like energy efficiency, green tax credits and sustainable financing.

Going by the green shoots that are sprouting in multiple markets, there is optimism that the rest of 2023 will see some transformational M&A activity. While current macroeconomic conditions are likely to influence dealmaking activity, a more stable interest rate environment will make it easier to price transactions.

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CHINA DOMESTIC
TIER 1	TIER 2	TIER 3	NOTABLE FIRMS
Commerce & Finance Law Offices Haiwen & Partners Han Kun Law Offices Jingtian & Gongcheng JunHe King & Wood Mallesons Tian Yuan Law Firm Zhong Lun Law Firm	AllBright Law Offices Dahui Lawyers DeHeng Law Offices Dentons China Global Law Office Grandall Law Firm Guantao Law Firm Jia Yuan Law Offices Jincheng Tongda & NealLaw Firm Llinks Law Offices	AnJie Broad Law Firm Co-effort Law Firm LLP East & Concord Partners FenXun Partners Grandway Law Offices Hui Ye Law Firm Long An Law Firm Merits & Tree Law Offices Shihui Partners T&D Associates Tahota Law Firm V&T Law Firm	Beijing DHH Law Firm Beijing Docvit Law Firm China Commercial Law Firm HHP Attorneys-At-Law Hylands Law Firm JunZeJun Law Offices Kangda Law Firm Zhejiang L&H Law Firm

 

CHINA INTERNATIONAL
TIER 1	TIER 2	TIER 3	NOTABLE FIRMS
Clifford Chance Freshfields Bruckhaus Deringer Linklaters Skadden, Arps, Slate, Meagher & Flom	Allen & Overy Baker McKenzie FenXun Davis Polk & Wardwell DLA Piper Hogan Lovells Norton Rose Fulbright Paul, Weiss, Rifkind, Wharton & Garrison Simpson Thacher & Bartlett White & Case	Cleary Gottlieb Steen & Hamilton Kirkland & Ellis Morgan, Lewis & Bockius Morrison & Foerster Orrick, Herrington & Sutcliffe Paul Hastings Shearman & Sterling Slaughter & May Sullivan & Cromwell Weil, Gotshal & Manges	Ashurst Bird & Bird CMS Dorsey & Whitney Eversheds Sutherland Gibson, Dunn & Crutcher Gide Loyrette Nouel Herbert Smith Freehills Jones Day K&L Gates Latham & Watkins Mayer Brown Milbank Nishimura & Asahi O’Melveny Reed Smith Ropes & Gray Seyfarth Shaw Simmons & Simmons Winston & Strawn

 

HONG KONG
TIER 1	TIER 2	TIER 3	NOTABLE FIRMS
Clifford Chance Freshfields Bruckhaus Deringer Kirkland & Ellis Linklaters Skadden, Arps, Slate, Meagher & Flom Slaughter and May	Allen & Overy Davis Polk & Wardwell Herbert Smith Freehills Latham & Watkins Norton Rose Fulbright Simpson Thacher & Bartlett Sullivan & Cromwell Weil, Gotshal & Manges	Ashurst Baker McKenzie Deacons Debevoise & Plimpton Gibson, Dunn & Crutcher Hogan Lovells King & Wood Mallesons Mayer Brown Morrison & Foerster Paul, Weiss, Rifkind, Wharton& Garrison Reed Smith Shearman & Sterling White & Case	Akin Gump Strauss Hauer & Feld Bird & Bird Charltons Law Cleary Gottlieb Steen & Hamilton CMS Dechert Dorsey & Whitney Eric Chow & Co. in Association with Commerce & Finance Law Offices Eversheds Sutherland Fangda Partners Gallant Georgiou Payne Stewien Goodwin H.M Chan & Co. (Taylor Wessing) Howse Williams K&L Gates LC Lawyers (EY) Milbank Minter Ellison Morgan, Lewis & Bockius Oldham Li & Nie O’Melveny Paul Hastings Proskauer Rose Ropes & Gray Seyfarth Shaw Sidley Austin Simmons & Simmons Stephenson Harwood Stevenson Wong & Co Tanner De Witt Winston & Strawn Vivien Chan & Co

 

INDIA
TIER 1	TIER 2	TIER 3	NOTABLE FIRMS
AZB & Partners Cyril Amarchand Mangaldas DSK Legal Economic Laws Practice IndusLaw J Sagar Associates Khaitan & Co. Kochhar & Co. Luthra & Luthra Law Offices Majmudar & Partners S&R Associates Shardul Amarchand Mangaldas & Co Trilegal	Argus Partners Bharucha & Partners Desai & Diwanji HSA Advocates Link Legal Nishith Desai Associates Phoenix Legal Samvad Partners Saraf and Partners Talwar Thakore & Associates Touchstone Partners TT&A Veritas Legal	ALMT Legal Chadha & Co Chandhiok & Mahajan, Advocates & Solicitors Clasis Law Dhir & Dhir Associates Fox Mandal & Associates Hammurabi & Solomon Partners Juris Corp Krishnamurthy & Co. (K Law) LexCounsel P&A Law Offices Rajani & Associates Sarthak Advocates & Solicitors Singh & Associates Singhania & Partners Spice Route Legal Tatva Legal Vertices Partners Wadia Ghandy & Co	Ahlawat & Associates (NEW) AKS Partners Archer & Angel Begur & Partners Burgeon Law Caibre Legal Dua Associates Gravitas Legal Khaitan & Khaitan • Lakshmikumaran & Sridharan, Attorneys Mansukhlal Hiralal & Co NovoJuris Legal Pioneer Legal Sagus legal Stratage Law Partners, Advocates & Solicitors Tempus Law Associates Vaish Associates, Advocates

 

INDONESIA
TIER 1	TIER 2	TIER 3	NOTABLE FIRMS
ABNR Counsellors at Law Assegaf Hamzah & Partners Ginting & Reksodiputro in association with Allen & Overy Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills SSEK Legal Consultants	Dentons HPRP Lubis Ganie Surowidjojo Makarim & Taira S. Makes & Partners Melli Darsa & Co Oentoeng Suria & Partners in association with Ashurst Soemadipradja & Taher Walalangi & Partners (in association with Nishimura & Asahi) Widyawan & Partners	AYMP Atelier of Law Christian Teo & Partners Hogan Lovells DNFP, in association with Dewi Negara Fachri & Partners Mochtar Karuwin Komar Roosdiono & Partners UMBRA – Strategic Legal Solutions	Adisuryo Dwinanto & Co (ADCO Law) Adnan Kelana Haryanto & Hermanto Azwar Hadisupani Rum & Partners Budiarto Law Partnership Budidjaja International Lawyers FKNK Law Firm Hendra Soenardi Hutabarat Halim & Rekan (HHR Lawyers) IABF Law Firm Imran Muntaz & Co Leks&Co Sutedja & Associates TNB & Partners in association with Norton Rose Fulbright Australia TnP Law Firm

 

JAPAN DOMESTIC
TIER 1	TIER 2	TIER 3
Anderson Mori & Tomotsune Mori Hamada & Matsumoto Nagashima Ohno & Tsunematsu Nishimura & Asahi TMI Associates	Atsumi & Sakai Ushijima & Partners	City-Yuwa Partners Hibiya-Nakata Kojima Law Offices Miura & Partners Oh-Ebashi LPC & Partners Southgate Tokyo International Law Office (TKI)

 

JAPAN INTERNATIONAL
TIER 1	TIER 2	NOTABLE FIRMS
Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho Baker McKenzie (Gaikokuho Joint Enterprise) Herbert Smith Freehills Morrison & Foerster / Ito & Mitomi Shearman & Sterling Simpson Thacher & Bartlett	Clifford Chance Davis Polk & Wardwell DLA Piper Freshfields Bruckhaus Deringer Hogan Lovells Horitsu Jimusho Gaikokuho Kyodo Jigyo Linklaters Paul, Weiss, Rifkind, Wharton & Garrison Skadden, Arps, Slate, Meagher & Flom White & Case - White & Case Law Offices (Registered Association)	Ashurst Jones Day King & Spalding Latham & Watkins Gaikokuho Joint Enterprise Mayer Brown GJBJ Milbank Morgan, Lewis & Bockius Norton Rose Fulbright Orrick, Herrington & Sutcliffe Paul Hastings Ropes & Gray Simmons & Simmons Squire Gaikokuho Kyodo Jigyo Horitsu Jimusho

 

MALAYSIA
TIER 1	TIER 2	NOTABLE FIRMS
Christopher & Lee Ong Rahmat Lim & Partners Shearn Delamore & Co Skrine Wong & Partners (member firm of Baker McKenzie)	Abdullah Chan & Co Adnan Sundra & Low Kadir Andri & Partners Lee Hishammuddin Allen & Gledhill Mah-Kamariyah & Philip Koh Zaid Ibrahim & Co. (in association with KPMG Law) Zain & Co	Albar & Partners Azmi & Associates Chooi & Company + Cheang & Ariff Donovan & Ho Halim Hong & Quek (NEW) Jeff Leong, Poon & Wong LAW Partnership Lim Jo Yan & Co MahWengKwai & Associates Mohamed Ridza & Co Naqiz & Partners Peter Ling & van Geyzel Raja, Darryl & Loh Ramesh Dipendra Jeremiah Law Tay & Partners Wong Beh & Toh Zul Rafique & Partners

 

PHILIPPINES
TIER 1	TIER 2	NOTABLE FIRMS
ACCRALAW Picazo Buyco Tan Fider & Santos Quisumbing Torres (member firm of Baker McKenzie) Romulo Mabanta Buenaventura Sayoc & De Los Angeles SyCip Salazar Hernandez & Gatmaitan Villaraza & Angangco (V&A Law)	Castillo Laman Tan Pantaleon & San Jose Cruz Marcelo & Tenefrancia Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law) Puno & Puno Puyat Jacinto & Santos Law Offices	Cochingyan & Peralta Law Offices DivinaLaw Gorriceta, Africa, Cauton & Saavedra Gulapa & Quicho / Gulapa & Lim (Gulapa Law) Insights Philippines Legal Advisors Kua Sy & Yeung Law Offices (“SKY Law”) Martinez Vergara Gonzalez & Serrano Morales & Justiniano Platon Martinez Flores San Pedro & Leaño Sarmiento Loriega Law Office Siguion Reyna, Montecillo & Ongsiako

 

SINGAPORE DOMESTIC
TIER 1	TIER 2	TIER 3	NOTABLE FIRMS
Allen & Gledhill Rajah & Tann Singapore Morgan Lewis Stamford WongPartnership	Drew & Napier TSMP Law Corporation	Baker McKenzie Wong & Leow Bird & Bird ATMD CNPLaw Dentons Rodyk Duane Morris & Selvam Harry Elias Partnership RHTLaw Shook Lin & Bok	Atlas Asia Law Corporation Eng & Co Oon & Bazul Prolegis Quahe Woo & Palmer Virtus Law (Member of the Stephenson Harwood (Singapore) Alliance) Withers KhattarWong

 

SINGAPORE INTERNATIONAL
TIER 1	TIER 2	TIER 3	NOTABLE FIRMS
Allen & Overy Clifford Chance Linklaters Milbank	Freshfields Bruckhaus Deringer Herbert Smith Freehills Hogan Lovells Lee & Lee Jones Day Latham & Watkins Norton Rose Fulbright Morrison & Foerster Skadden, Arps, Slate, Meagher & Flom White & Case	Ashurst Dechert DLA Piper Gibson Dunn HFW K&L Gates Straits Law King & Spalding King & Wood Mallesons Pinsent Masons MPillay Shearman & Sterling Sidley Austin Stephenson Harwood (Member of the Stephenson Harwood (Singapore) Alliance)	Bryan Cave Leighton Paisner Clyde & Co CMS Cameron McKenna Nabarro Olswang (Singapore) Eversheds Sutherland LNT & Partners Mayer Brown PK Wong & Nair Nishimura & Asahi-Bayfront Law Alliance Reed Smith

 

SOUTH KOREA DOMESTIC
TIER 1	TIER 2
Bae, Kim & Lee Kim & Chang Lee & Ko Shin & Kim Yulchon	Barun Law DR & AJU Hwang Mok Park Jipyong KL Partners SEUM Law Yoon & Yang

 

SOUTH KOREA INTERNATIONAL
TIER 1	TIER 2
Cleary Gottlieb Steen & Hamilton Paul Hastings Ropes & Gray White & Case	Ashurst Baker McKenzie DLA Piper Herbert Smith Freehills Latham & Watkins Milbank O’Melveny Simpson Thacher & Barlett Skadden, Arps, Slate, Meagher & Flom

 

TAIWAN
TIER 1	TIER 2	TIER 3
Baker McKenzie Jones Day Lee and Li, Attorneys-at-Law Tsar & Tsai Law Firm	Eiger Law Formosa Transnational Attorneys at Law K&L Gates LCS & Partners Lexcel Partners Lin & Partners Attorneys-At-Law Winkler Partners	Chen & Lin Dentons DTT Attorneys-At-Law Formosan Brothers Attorneys at Law Innovatus Law Lee, Tsai & Partners Liang & Partners Nishimura & Asahi PricewaterhouseCoopers Legal, Taiwan

 

THAILAND
TIER 1	TIER 2	NOTABLE FIRMS
Allen & Overy (Thailand) Baker McKenzie Linklaters (Thailand) Weerawong, Chinnavat & Partners	Chandler MHM Hunton Andrews Kurth Siam Premier International Law Office Thanathip & Partners Tilleke & Gibbins	Axis Legal Blumenthal Richter & Sumet DFDL DLA Piper ILCT KPMG Law Thailand Kudun & Partners Norton Rose Fulbright Rajah & Tann Thailand SCL Nishimura & Asahi Limited Silk Legal SRPP The Capital Law Office Watson Farley & Williams

 

VIETNAM
TIER 1	TIER 2	NOTABLE FIRMS
Allen & Overy Allens Baker McKenzie Frasers Law Company Freshfields Bruckhaus Deringer Vilaf YKVN	DFDL Duane Morris Vietnam Hogan Lovells LNT & Partners Mayer Brown Nishimura & Asahi Rajah Tann LCT Lawyers Tilleke & Gibbins Vision & Associates	Allen & Gledhill Global Vietnam Lawyers Indochine Counsel (NEW) MHM Vietnam

 

METHODOLOGY
OUR RESEARCH
•       The research covers the period spanning from August 2022 to July 2023. This includes both ongoing work and matters that were closed during this timeframe. •       ALB will draw results from firm submissions, Thomson Reuters M&A data, interviews, editorial ·       resources and market suggestions to identify and rank the top firms for M&A in Asia. Interviews will be conducted only if needed. •       The rankings will be divided into tiers, with the first tier identifying the strongest M&A firms in each jurisdiction. •       The rankings will cover the following jurisdictions: China, Hong Kong, India, Indonesia, ·       Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. ·       there will be no Asia-wide table. •       The rankings will feature both domestic and international firms. ·       The following jurisdictions will have separate tables for domestic firms and international firms: China, Japan and South Korea. ·       Our research does not cover Australia and New Zealand.
OUR RANKINGS
Our rankings are based on the following metrics: •       The volume, complexity and size of work undertaken •       Presence across Asia and in individual jurisdictions • Key personnel hires and growth of the practice group