Edward Tung is head of legal and compliance at ORI Capital, is a venture capital fund focused on early-stage investments in pioneering biotech companies globally. He joined the company in 2019 after working at Hong Kong law firms Deacons and Charltons Law and assumed his current role in 2022. Tung, who possesses a PhD in infectious diseases, was named earlier this year as one of the ALB Asia Top 15 Chief Compliance Officers. You can hear him speak on Sept. 12 at the ALB Hong Kong In-house Legal Summit 2024 (register here).
EDITOR'S NOTE: If you're a general counsel based in Asia who'd like to be featured in this series, please email ranajit.dam@tr.com.
ALB: What inspired you to pursue a general counsel role, and what has been the most rewarding aspect of this role?
Tung: What inspired me is a confluence of my passion for the law, my background in science, and a deep-seated desire to make a tangible impact in the corporate world. My journey began in the realm of infectious diseases, where I was driven by a curiosity to understand complex biological systems. This scientific foundation instilled a problem-solving approach that naturally extended to my legal career.
Transitioning into law, particularly corporate finance and commercial law, allowed me to leverage my analytical skills and apply them in a dynamic and impactful way. The legal profession's intellectual rigor and the opportunity to navigate and influence complex regulatory and business environments were incredibly appealing. As I progressed in my career, the role of general counsel provided a unique vantage point where strategic decision-making, risk management, and legal expertise converge, which is where I found it most rewarding.
Ultimately, the most rewarding part of my role is knowing that my work has a meaningful impact—whether it's guiding a financial institution through complex legal landscapes, contributing to its growth and stability, or advancing causes that improve health and well-being through my charitable endeavours with the Biomedical Impact Association.
ALB: Can you describe your typical day or week as a general counsel? What are some of the key responsibilities and challenges you face?
Tung: As a general counsel, my typical day or week is dynamic and often filled with a variety of responsibilities that require both strategic thinking and immediate action. My main objective is mitigating risks and facilitating business growth, and most of my tasks are ad hoc, reflecting the evolving nature of the legal and business landscapes. Key responsibilities include providing legal advice to the executive team, reviewing and negotiating contracts, and ensuring compliance with applicable laws and regulations.
One of the main challenges I face is balancing risk and growth. Navigating the complex and ever-changing regulatory environment is another constant challenge. Managing ad hoc tasks means I need to be flexible and adaptable, ready to address urgent matters or provide immediate legal guidance as new situations arise.
Despite these challenges, the role is immensely rewarding. Every day presents new opportunities to make a tangible impact on the company’s success and stability.
ALB: What are some of the most significant legal or regulatory changes that have impacted your industry in recent years, and how have you navigated those challenges?
Tung: In recent years, one of the most significant legal and regulatory changes impacting our industry has been the heightened scrutiny of foreign investments in the United States, particularly through the Committee on Foreign Investment in the United States (CFIUS). CFIUS has expanded its authority and tightened regulations to better address national security concerns related to foreign investments. The changes increased filing requirements and broadened the scope of transactions subject to review.
Navigating these challenges has required a multi-faceted approach. Firstly, we have strengthened our due diligence processes to thoroughly assess potential investments and acquisitions for any CFIUS implications. This involves detailed analysis of the target company's business activities, technology, and the potential national security risks associated with foreign ownership. By identifying these risks early, we can make informed decisions about whether to proceed with a transaction and how to structure it to address CFIUS concerns.
ALB: What strategies do you employ to maintain strong relationships and communication with other C-suite executives and the board of directors?
Tung: I prioritize proactive communication by regularly updating executives and board members on significant legal and regulatory developments that could impact the organization. This includes providing concise and actionable insights during meetings and through reports. By keeping them informed ahead of time, I help ensure that they can make well-informed decisions and are not caught off guard by legal issues.
Additionally, I foster a collaborative relationship by understanding the strategic goals and operational challenges of other departments. By aligning legal strategies with business objectives and encouraging cross-functional meetings, I facilitate open dialogue and mutual understanding between the legal team and other departments. Building trust and credibility is also essential.
ALB: How do you stay up-to-date with emerging legal trends, technologies, and best practices in your field?
Tung: I achieve this by actively engaging with a variety of professional networks and industry groups. I regularly attend legal conferences, webinars, and seminars, which provide valuable insights into the latest developments and thought leadership in the legal field. Additionally, I participate in specialized forums and discussion groups where I can exchange ideas and experiences with other legal professionals.
ALB: What advice would you give to aspiring lawyers or law students interested in pursuing senior in-house roles?
Tung: My first piece of advice is to develop a broad skill set. While a deep understanding of various legal fields is essential, it's equally important to grasp the fundamentals of business operations, finance, and strategic planning. Remember, as a corporate counsel, you serve the business, not just the legal department. Understanding your business is crucial to providing relevant and effective legal advice. This holistic approach will prepare you to offer well-rounded legal advice that aligns with your company's strategic goals.
Focus on cultivating strong communication and relationship-building skills. As a general counsel, you'll often need to translate complex legal jargon into clear, actionable advice for non-legal stakeholders. Effective communication is key to ensuring that your insights are understood and valued by the executive team and board members. Building strong, trust-based relationships across the organization and with external advisors will also be crucial. Networking, finding a mentor, and participating in professional organizations can provide you with valuable guidance and connections.
ALB: How do you approach risk assessment and mitigation in your role, particularly when it comes to high-stakes or precedent-setting legal matters?
Tung: First, I’ll conduct a thorough risk assessment by identifying and evaluating all potential risks associated with the matter. This includes legal, financial, operational, and reputational risks. I gather input from relevant stakeholders, review historical data, and analyze the legal landscape to understand the full scope of potential impacts.
Once the risks are identified, I prioritize them based on their likelihood and potential severity. For high-stakes matters, I may develop a mitigation plan that outlines specific actions to address each risk. We may need contingency plans in place to respond swiftly if any risks materialize. Throughout the process, I maintain open communication with teams and stakeholders, providing regular updates and seeking their input to ensure alignment with the organization's strategic objectives. This proactive and collaborative approach helps us navigate complex legal challenges while minimizing potential adverse impacts.
ALB: What role does diversity, equity, and inclusion play in your legal team and organization, and how do you foster an inclusive culture?
Tung: Diversity, equity, and inclusion (DEI) play a pivotal role in both my legal team and the broader organization. A diverse team brings a wealth of perspectives and experiences, which enhances our ability to approach legal challenges creatively and effectively. It also reflects our commitment to creating a workplace where everyone feels valued and respected, which is crucial for attracting and retaining top talent. Since 2022, we have made significant strides in this area, as evidenced by my inclusion of a section on gender and ethnic diversity in our social impact report. In 2023, I wrote: “Our portfolio companies hired employees of diverse ethnic backgrounds and gender. One of our portfolio companies permits non-disclosure of gender and ethnicity by employees, which we believe is one step towards gender and ethnic equality. We recommend our portfolio companies hire employees based on their achievements and merits instead of their gender, sexual orientation, religious beliefs, or ethnicity.”
ALB: What motto do you live by?
Tung: One of my favourite quotes is often attributed to Oscar Wilde: "Be yourself; everyone else is already taken."
In my professional life, this means bringing my unique perspective and strengths to the table and encouraging others to do the same. Authenticity fosters trust, promotes genuine connections, and drives innovation. Embracing who you are and valuing your unique contributions can lead to a more fulfilling and impactful career.
