January-February 2025 ASIA EDITION MDDI (P) 016/02/2025 ISSN 0219 – 6875 KDN PPS 1867/10/2015(025605) Singapore Firms to Watch 2025 Small firms and big ambitions in the Lion City Indonesia’s leading young lawyers How firms are implementing Gen AI What’s ahead for Asia in 2025
Build your connections and showcase your brand at the ALB ASEAN Cross-Border M&A Forum, live in Singapore on 24 April 2025. Join top executives, legal and finance experts, and industry leaders as they share cutting-edge strategies, insights, and case studies shaping the ASEAN M&A landscape. FOR SPONSORSHIP ENQUIRIES Amantha Chia amantha.chia@thomsonreuters.com FOR PROGRAM AND SPEAKING ENQUIRIES Melina Dass melina.dass@thomsonreuters.com INTERESTED TO ATTEND THE SUMMIT, REGISTER HERE https://www.legalbusinessonline.com/ihs/ASEANMA2025 VISIT THE EVENT WEBSITE FOR MORE INFORMATION https://www.legalbusinessonline.com/ihs/ASEANMA2025 ALB ASEAN CROSS-BORDER M&A FORUM • The Big Picture: 2025 M&A Outlook • Managing ABC Risks When Investing in Southeast-Asia • Buying the Right Cover You Need for an M&A Transaction • AI In Dealmaking & Due Diligence: The Transformative Impact • A Practical Analysis of Important Legal Updates in Relation to M&A in Southeast Asia • ESG As a Major M&A Driver • Maximizing Tax Efficiency in Cross-Border M& • Sealing The Deal and More: An In-House Perspective in M&A AGENDA AT A GLANCE 24 APRIL - SINGAPORE Grow your network and connect with the key decision makers and legal experts in Japan this 17 April in Tokyo. The summit will cover updates, usable takeaways, and real-life examples to help GCs tackle pressing legal issues facing their companies today. 17 APRIL - TOKYO, JAPAN ALB JAPAN IN-HOUSE LEGAL SUMMIT 2025 FOR SPONSORSHIP ENQUIRIES Amantha Chia amantha.chia@thomsonreuters.com FOR PROGRAM AND SPEAKING ENQUIRIES Marianne Tocmo marianne.tocmo@thomsonreuters.com INTERESTED TO ATTEND THE SUMMIT, REGISTER HERE https://www.legalbusinessonline.com/ihs/JIHLS2025 VISIT THE EVENT WEBSITE FOR MORE INFORMATION https://www.legalbusinessonline.com/ihs/JIHLS2025 • A Value-Add Role of GCs in M&A: Counsel As Business Partners • Japan’s International Arbitration Momentum • Country/Regional Legal Updates AGENDA AT A GLANCE • New Dawn for Japanese Cross-Border M&A • The Next Step on Japanese Sustainability Standards • Legal Crisis Management: A GC’s Role in Retrospect EXHIBITOR PROUDLY PRESENTED BY SPONSOR
1 Asian Legal Business | January-February 2025 COVER STORY 16 Singapore Firms to Watch 2025 List by Asian Legal Business, text by Bingqing Wang Singapore’s legal market is continuously evolving, with emerging boutique firms redefining the landscape through specialised expertise, client-focused service, and innovative solutions. These firms are making a mark by challenging traditional models and excelling in niche practice areas. FEATURES 14 Property power The South Korean property market is transforming significantly, projected to reach a value of $12.39 trillion by 2025. Lawyers say that success in this evolving market requires stricter compliance measures and strong adherence to international standards. 20 India’s QIP boom Buoyant market conditions, an abundance of liquidity, and a need for rapid and selective fundraising saw qualified institutional placements emerge as the financing tool of choice for listed companies in 2024. The trend is likely to continue into 2025, despite slowing market conditions, experts say. Contents January-February 2025 BRIEFS 3 Headlines 5 Forum 6 Explainer 7 Appointments 8 Deals 9 The Q&A 22 Indonesia Rising Stars 2025 Indonesia’s legal market is experiencing significant growth, driven by a resilient economy, evolving regulations, and increasing demand for specialised legal services. As the country enters a new phase of expansion, a fresh generation of lawyers is rising to meet the needs of a rapidly changing landscape. 26 Asia outlook 2025 The legal industry across Asia is looking ahead to major regulatory changes in 2025, primarily focusing on technology, financial services, and cross-border trade. Key developments to watch include China’s tightened securities framework, Hong Kong’s financial hub evolution, and India’s economic expansion, even as sectors like AI, digital assets, and ESG drive regulatory attention. 30 Impact, not hype As Generative AI becomes an unstoppable force in legal practice, law firms are moving beyond the question of “if” to “how.” But instead of chasing trends, AI directors at law firms are taking a deliberate approach to this transformative technology 34 The great reallocation Global private equity investors are pivoting away from China towards emerging markets like Indonesia, Vietnam, and India, driven by concerns over China’s growth and geopolitical risks. These alternative markets have shown significant momentum, with India’s PE investments reaching $15 billion in 2024 and Vietnam achieving over 7 percent of GDP growth. However, lawyers say success in these markets requires navigating complex local regulations and building strong partnerships with local entities. 12
2 Asian Legal Business | January-February 2025 From the editor Head of Legal Media Business, Asia & Emerging Markets Amantha Chia amantha.chia@thomsonreuters.com Managing Editor Ranajit Dam ranajit.dam@thomsonreuters.com Asia Journalist Sarah Wong sarah.wong@thomsonreuters.com Asia Writer Nimitt Dixit nimitt.dixit@thomsonreuters.com Rankings & Special Projects Editor Wang Bingqing bingqing.wang@thomsonreuters.com Copy & Web Editor Rowena Muniz rowena.muniz@thomsonreuters.com Senior Designer John Agra john.agra@thomsonreuters.com Traffic/Circulation Manager Rozidah Jambari rozidah.jambari@thomsonreuters.com Sales Managers Hiroshi Kaneko Japan, Korea (81) 3 4520 1192 hiroshi.kaneko@thomsonreuters.com Jonathan Yap Indonesia, Singapore (65) 6973 8914 jonathan.yap@thomsonreuters.com Romulus Tham Southeast Asia (65) 6973 8248 romulus.tham@thomsonreuters.com Simon Wan Hong Kong (852) 3462 7730 simon.wan@thomsonsreuters.com Steffi Yang South and West China (86) 010 5669 2041 qifan.yang@thomsonreuters.com Steven Zhao China Key Accounts (86) 10 6627 1360 s.zhao@thomsonreuters.com Yvonne Cheung China Key Accounts, Hong Kong and Korea (852) 2847 2003 yvonne.cheung@thomsonreuters.com Senior Events Manager Julian Chiew julian.chiew@thomsonreuters.com Senior Events Manager, Awards Tracy Li tracy.li@thomsonreuters.com Think small In an era of mounting global complexity, our cover story on Singapore’s Firms to Watch arrives at a pivotal moment. The legal landscape of 2024 illuminates a clear shift: Specialised expertise has become the cornerstone of modern legal practice. These focused, agile firms demonstrate that deep sectoral knowledge delivers exceptional value in today’s fragmented business environment. This evolution mirrors the broader reconfigurations we witness in the global economy. As supply chains transform, regulatory frameworks evolve, and geopolitical tensions reshape business relationships, clients actively seek firms that combine legal acumen with profound industry understanding. The firms featured in our cover story exemplify this transformation through their strategic focus and deliberate positioning as sector specialists. The trend toward specialisation shines particularly bright in Singapore, where the convergence of traditional finance, fintech, and sustainable business practices creates unique legal challenges. Our highlighted firms have recognised a fundamental market truth: the ability to navigate specific regulatory environments and industry dynamics with precision has become invaluable in an increasingly intricate world. The innovative approaches of these specialised firms prove especially compelling. Through smart deployment of technology and pioneering business models, they demonstrate remarkable impact regardless of their size. These firms showcase how depth of expertise and adaptability drive success in today’s legal landscape. As we observe the evolution of these enterprises, we see them actively shaping the future of legal services in Asia, rather than merely responding to market dynamics. Their trajectories signal a fundamental restructuring in legal service delivery that will likely define the coming years. For those tracking the legal industry’s transformation, these developments represent a structural shift in how legal services will operate across Asia and beyond. Ranajit Dam Managing Editor, Asian Legal Business, Thomson Reuters Asian Legal Business is available by subscription. Please visit www.legalbusinessonline.com for details. 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. MDDI (P) 016/02/2025 ISSN 0219 – 6875 KDN PPS 1867/10/2015(025605) Thomson Reuters Alice @ Mediapolis, 29 Media Circle, #09-05, Singapore 138565 / T (65) 6775 5088 10/F, Cityplaza 3, Taikoo Shing, Hong Kong / T (852) 3762 3269 www.thomsonreuters.com The ALB India Top IP Boutiques 2024 ranking can be found at www.legalbusinessonline.com/features/alb-india-top-intellectual-property-boutique-firms-2024
3 Asian Legal Business | January-February 2025 TheBriefsYour monthly need-to-know (Reuters) U.S. President Donald Trump’s avalanche of executive actions early in his second term have left companies scrambling for answers. The country’s major corporate law firms are competing to be the ones picking up the phone. Since Trump’s Republican administration took office, law firms have inundated client inboxes with alerts and analyses, advertised new task forces, planned or hosted dozens of webinars and constructed websites to track and explain the flood of executive orders. One firm’s newly launched webpage tracking White House orders even became an unlikely viral hit. Akin Gump Strauss Hauer & Feld said the page had received hundreds of thousands of views after it was mentioned in early media coverage of the president’s actions. Law firms regularly use such tools to vie for attention from corporate legal departments after a major regulatory change. What’s different, law firm practice chiefs said, is the speed and scale of Trump’s executive orders and the White House’s aggressive agenda on issues ranging from tariffs and energy production to immigration enforcement and a crackdown on diversity initiatives. “The administration is moving at warp speed,” says Jason Schwartz, who co-leads the labour and employment group at Gibson, Dunn & Crutcher, and clients are desperate for fast guidance. Some of the most pressing questions concern Trump’s executive order directing agencies to investigate diversity, equity and inclusion programs in the private sector for alleged discrimination. Law firms joust for attention as clients weigh Trump policy blitz Companies want to know if they are in the government’s anti-DEI crosshairs, Schwartz and other law firm partners said. Brownstein Hyatt Farber Schreck has also put together an online Trump executive action tracker. Crowell & Moring, Holland & Knight, Mayer Brown, Littler Mendelson, Paul Hastings, Ropes & Gray, and others have produced alerts and webinars. Aaron Cutler, who leads the government relations and public affairs practice at Hogan Lovells, said the firm is also launching an online hub for Trump’s executive actions. He says he’s heard in particular from energy sector companies seeking advice on the executive orders, and he has also sorganised calls with healthcare, financial services and other companies. Cutler says clients want immediate help analysing the president’s orders. The next step is “coming up with a game plan,” including marshalling people at the firm to get more information directly from the federal agencies involved. The orders are “changing the direction of the government,” says Rich Gold, leader of the public policy and regulation group at Holland & Knight. “The actual application of how that will change and impact the economy is usually through rulemaking,” he says, promising plenty of work for lawyers and lobbyists in the months ahead. Crowell’s Aaron Cummings, co-chair of its government affairs team, says the firm is providing real-time advice to clients, including to manage risk “and take advantage of opportunities” the new administration brings. “Trump has an ambitious agenda, and he is getting right to it,” Cummings adds.
4 Asian Legal Business | January-February 2025 The Briefs Dec. 29, 2024, marked one of the darkest days in Korea’s aviation history, when Jeju Air Flight 7C2216, carrying 181 people from Thailand, crash-landed at South Korea’s Muan Airport. The devastating accident claimed the lives of all passengers and most crew members, leaving only two survivors and unleashing a wave of national grief. As investigations into this tragic incident unfold, multiple critical factors are being examined, particularly the complex legal framework governing liability and compensation. The case falls under the Montreal Convention’s jurisdiction, as both South Korea and Thailand are signatories to this international treaty, which takes precedence over Korean domestic laws in matters of damage compensation, as confirmed by a 2018 Korean Supreme Court Decision. Under the Montreal Convention, international carriers bear strict liability for passenger injuries or deaths in air accidents. However, this liability cannot be excluded or limited up to 151,880 Special Drawing Rights (approximately $200,000), establishing a baseline for compensation regardless of fault. “For damages exceeding this limit, the carrier may be exonerated from liability only if it proves that the damage was not due to its negligence, wrongful act, or omission, but solely due to that of a third party,” explains Woorin Sung, shipping and aviation partner at Korean law firm DR & AJU. Currently, the investigation has encountered a significant technical obstacle: Both the flight data recorder and cockpit voice recorder ceased functioning approximately four minutes before impact - an unusual occurrence suggesting a complete power failure, including backup systems. This premature failure of the black boxes not only complicates efforts to determine the crash’s cause but also raises questions about Jeju Air’s maintenance protocols, potentially expanding their liability exposure. The airline maintains that all maintenance procedures met international standards. While Korean courts typically maintain the carrier’s primary liability under the Montreal Convention in cases involving both operational decisions and manufacturing defects, carriers retain the right to pursue recourse claims against manufacturers. “If defects are found in the aircraft’s design, manufacturing, and labelling, the manufacturer may be liable for damages under the Korean Product Liability Act,” notes Sung. Multiple liability issues cloud investigation into Jeju Air crash In the news 1 International law firm Broadfield has established an office in Hong Kong after hiring three lawyers from Sidley Austin. The trio includes Effie Vasilopoulos, who headed the APAC investment funds group at the latter firm, as well as Sidley counsel Patrick Liu and Huberta Chow. Broadfield will operate in association with local firm Liu, Patrick Ling & Co, founded by Liu. 2 Trinity International, a specialist law firm focused on energy and infrastructure projects in emerging markets, has launched a Singapore office as part of its Asian expansion strategy. The Singapore office will be led by Fiona Gulliford, a former partner of Gide Loyrette Nouel, as head of the AsiaPacific practice, with Maxime Damphousse serving as managing director. 3 Tax and trade attorney Riza Buditomo has left the partnership at Armand Yapsunto Muharamsyah & Partners (AYMP) to launch Anagata Law Firm, which will focus on corporate, commercial, trade and tax work. Joining Buditomo as founding partners are former AYMP associate at Muhammad Ramzi, and former AHP associate Marvin Octavdio. The core team also includes counsel Mochamad Fachri. New disputes firms launched in Singapore by Drew, Oon & Bazul practice heads Siraj Omar SC, former co-head of dispute resolution at Big Four firm Drew & Napier, has launched his own law firm specialising in commercial dispute resolution, marking a significant departure from one of Singapore’s oldest law practices. The new firm, Siraj Omar LLC, will be jointly led by Siraj and Allister Tan, who also exits his director position at Drew & Napier. Joining them are Drew lawyers Larisa Cheng, Joelle Tan, Fitzgerald Hendroff, and Robbie Tan. Meanwhile, three partners of Singapore’s Oon & Bazul, led by former commercial arbitration head Suresh Divyanathan, have left the firm to set up a new disputes-focused law firm called Dauntless Law Chambers. Joining Divyanathan, who will be managing director of the new firm, in the move are partners Aaron Leong and Rachel Leong. Dauntless Law focuses on commercial and intellectual property disputes advisory, arbitration, litigation and mediation, the firm said. It initially has five fee-earners, including senior associates Sarah Khan and Nicole Ng.
5 Asian Legal Business | January-February 2025 The Briefs Bring it on General counsel strive to steady the ship as companies brave geopolitical shifts, market volatility and AI disruptions in 2025. The year 2025 will be a challenging year for us. Despite our decades of experience in the real estate and entertainment sectors, we frequently find ourselves navigating a landscape filled with uncertainties. Regardless of what the future holds, we believe that leveraging technology and integrating environmental, social, and governance (ESG) factors into our investment strategies are crucial for achieving our business goals. First, in recent years, our company has made significant strides in incorporating generative AI across various operations. To manage the inherent risks associated with generative AI, our legal team will proactively advise the C-suite on its legal implications. Second, as part of our recruitment strategy, we sprioritise candidates who approach technology with an open mind. In our staff evaluations, legal counsels who demonstrate familiarity with generative AI tools will be given preferential consideration for promotion. Finally, as we engage with international funding companies, we recognise that their investment policies often incorporate stringent ESG criteria. We ensure that our shopping malls, commercial buildings, hotels, and serviced apartments adhere to high ESG standards, enhancing our competitive advantage. The biggest risk in 2025 and beyond for any conglomerate is not to take any risk! Taking risks is crucial for expanding any business and taking it to the next level. The saying “no risk, no reward” has never been as true. In the context of globalisation, ruthless competition, being agile and risk-taking are a must for any business to survive and secure its spot in the run for growth and brand equity building. However, risk should be properly calculated and mitigated as part of a fast-track assessment of any transaction. Inorganic growth is the name of the game to become a regional and global champion in your industry. The role of a GC has never been as important in terms of strategic advice on structuring, negotiating, and executing M&A deals under tight timelines. The key success factor in such strategic mandate lies in two qualities: An eye for detail and perseverance. The size of such M&A deals is a major growth factor. However, the risk of error in such deals can lead to catastrophic outcomes that may reach the level of demise of the business. Hence, the importance of recruiting the right talent for a GC position. It is not about recruiting Ivy League graduates, but rather choosing a candidate having the required level of experience in terms of business acumen and emotional intelligence. The year has begun with the second inauguration of Trump, ushering in a new era where U.S. policies will shift significantly. We can expect steep tariffs to reduce U.S. trade deficits that will see many Asian countries like China, South Korea and Taiwan adversely impacted during the Trump administration’s fouryear term. However, countries with large domestic markets, such as India and Indonesia, are less likely to be affected. Such potential changes will present many opportunities for global wealth managers, including adapting business strategies to tap into new wealth flows. The top recipients of millionaires are U.A.E, U.S., and Singapore. This presents attractive opportunities for global wealth managers to realign their business focus to capture wallet share in a financial landscape flushed with many competitors, from traditional private banks to financial intermediaries to new service providers. It will be a brave new world in 2025 – one that is exciting and potentially treacherous but certainly very fulfilling from a career perspective for all in-house lawyers. Keeping a growth and nimble mindset will be crucial for a general counsel to enjoy contributing to the aspirations of his or her fellow C-suite colleagues to achieve overall business and career success. FORUM Do Do Chan senior legal counsel and head of legal & compliance, Emperor International Holdings Limited Nadim Elhaj chief legal officer, Abu Dhabi National Hotels Samuel Huen global head of legal and regulatory compliance, Bank of Singapore As a general counsel, what are the biggest risks you expect to navigate in 2025? What are the skills and tools you will turn to in order to more effectively assist the C-suite in overcoming challenges and achieving business goals?
6 Asian Legal Business | January-February 2025 Singapore’s family office framework overhaul Increasingly dubbed as the “Switzerland of Asia”, Singapore has been leveraging its stable socio-economic environment and advantageous location to become a global wealth centre, rolling out tax benefits and policy incentives to attract family offices. Under the government’s push, the number of Single-Family Offices (SFOs) has shot above 1,600 in Singapore as of November 2024. However, in the wake of recent corruption scandals. SFOs have also come under additional scrutiny in line with Singapore’s enhanced efforts to tighten its regulatory environment in the area of anti-money laundering, countering the financing of terrorism and proliferation financing. In November of last year, the Monetary Authority of Singapore (MAS) introduced a new regulatory framework for SFOs, marking a significant evolution in the city-state’s approach to managing these private wealth management structures. This overhaul came in response to the growing number of family offices establishing a presence in Singapore and the need for clearer, more specific regulations tailored to their unique characteristics, lawyers say. 1 What are the key changes introduced? Previously, SFOs had to either operate under the related corporation exemption or apply for individual exemptions from MAS. Stephanie Magnus, principal and head of the financial services regulatory and fintech practices at Baker McKenzie Wong & Leow in Singapore, points out that the exemption for related corporations was not drafted specifically with SFOs in mind. “Using it had its limitations given the unique nature of family offices where entities other than corporations (such as trusts and partnerships) are often used,” says Magnus. With Singapore’s rising prominence as a global financial hub, the need for a more specialised regulatory approach became evident. The new framework introduces a class licensing exemption system with several essential criteria. First, regarding family ownership, SFOs must be wholly owned by members of the same family. However, there is allowance for non-family ownership, where executive directors, CEO, CFO, and investment professionals may hold up to 10 percent non-controlling stake to incentivise performance. “Unlike the related corporation exemption previously used, this exemption is structure agnostic, and the SFO can be held by a trust, foundation or any other structure, as long as the funding for such structures originate from the family,” explains Magnus. Second, in terms of fund management scope, management activities must be conducted exclusively for family members and extend to charitable organisations funded solely by the family. “This recognises that SFOs and families often have charitable objectives, and this condition is therefore wide enough to allow for such objectives to be met,” notes Magnus. In addition, there is a clear incorporation requirement stipulating that SFOs must be incorporated in Singapore, ensuring local presence and oversight. 2How can the new framework address illicit financial activities related to SFOs? Under the new MAS framework, Magnus points out that while eligible SFOs do not need to be licensed, there is an acknowledgement that SFOs introduce AML/ KYC risk. “The new regime strikes a good regulatory balance by not requiring licensing of the SFOs but by ensuring that AML/KYC checks are performed by a Singapore financial institution,” she says. This regulatory intention is evident in the fourth criterion required for class licensing exemption, which requires mandatory establishment and maintenance of business relations with at least one MAS-regulated bank. “As SFOs often need the services of Fis, to ensure that AML/KYC checks are done, the SFO must establish relations with a bank that does KYC checks in accordance with MAS rules on it,” notes Magnus. Lawyers believe this class exemption offers better clarity to SFOs looking to set up in Singapore as to their regulatory status. “While there are additional conditions to be met (including to have a relationship with a local bank), these obligations are not too onerous and are well-balanced,” adds Magnus. 3In what way is Singapore’s SFO landscape going to evolve? The new SFO framework represents a significant step forward in Singapore’s wealth management regulatory landscape. By providing clear guidelines while maintaining flexibility, it addresses the unique needs of family offices while ensuring appropriate oversight. This framework positions Singapore to further strengthen its role as a leading international wealth management hub, providing both the regulatory clarity and operational flexibility needed by modern family offices. Given greater clarity within the SFO regulatory landscape, Magnus anticipates that Singapore will remain a conductive and attractive jurisdiction for SFOs to set up in. The Briefs EXPLAINER
7 Asian Legal Business | January-February 2025 Calvin Chow Leaving: Harneys Going to: PC Woo & Co Practice: Disputes Location: Hong Kong Position: Managing Partner Melody He Leaving: Ashurst Going to: Han Kun Law Offices Practice: M&A Location: Hong Kong Position: Partner Scott Jalowayski Leaving: Gibson, Dunn & Crutcher Going to: Morrison Foerster Practice: Private Equity Location: Singapore Position: Partner James Ford Leaving: A&O Shearman Going to: Ashurst Practice: Investment funds, Asset Management Location: Hong Kong Position: Partner Xiaoxi Lin Leaving: Linklaters Going to: Morrison Foerster Practice: M&A Location: Hong Kong Position: Partner Chris MainwaringTaylor Leaving: A&O Shearman Going to: Bae, Kim & Lee Practice: Disputes Location: Singapore Position: Partner Tun Zaw Mra Leaving: Bryan Cave Leighton Paisner Going to: Charles Russell Speechlys Practice: Corporate Location: Singapore Position: Partner Teruma Naito Leaving: Anderson Mori & Tomotsune Going to: Ashurst Practice: Project Finance Location: Tokyo Position: Partner Muralli Rajaram Leaving: K&L Straits Law Going to: Sreenivasan Chambers Practice: Banking, Insolvency, Litigation Location: Singapore Position: Director Hagen Rooke Leaving: Reed Smith Going to: Gibson, Dunn & Crutcher Practice: Financial Regulatory Location: Singapore Position: Partner Bima Sarumpaet Leaving: MacalloHarlin Mendrofa Advocates Going to: HHP Law Firm Practice: Real Estate Location: Jakarta Position: Partner Steven Tran Leaving: Morrison Foerster Going to: CMS Practice: Private equity & M&A Location: Hong Kong Position: Asia practice head Patrick Wong Leaving: Reed Smith Going to: CFN Lawyers Practice: Corporate Location: Hong Kong Position: Partner James Ford’s appointment as partner at Ashurst’s Hong Kong office represents a counter-narrative to concerns about Hong Kong’s diminishing role as a global financial hub. Despite global headwinds, the expansion of Ashurst’s funds practice suggests that major law firms see enduring opportunities in specialised sectors including Hong Kong’s fund management industry, which benefits from the city’s unique position as a bridge between Chinese capital and global markets. As noted by Hong Kong managing partner Ben Hammond, this hire represents “a significant step” in strengthening the firm’s presence across China, Hong Kong, and the broader Asia-Pacific region. Ford joins Lance Jiang in leading a specialized five-lawyer funds team within Ashurst’s 30-lawyer Hong Kong office, which includes 16 partners. The Briefs APPOINTMENTS
8 Asian Legal Business | January-February 2025 $1.2 bln Sime Darby Property’s data centre campus deal with Pearl Computing Malaysia Deal: Projects Firms: A&O Shearman Jurisdictions: Malaysia The $1.2 billion agreement between Sime Darby Property and Pearl Computing Malaysia marks a significant milestone in Malaysia’s rapidly evolving data centre landscape. This deal is particularly noteworthy given the market’s projected growth of $4.54 billion during 2023-2028, with an impressive CAGR of 20.22 percent. The 77-acre data centre campus in Elmina Business Park, Kuala Lumpur, exemplifies the shift towards larger, more sustainable facilities in the region. With an initial 20-year lease and options to extend, this long-term commitment underscores the confidence in Malaysia’s digital future and its strategic position in Southeast Asia’s tech ecosystem. This development aligns perfectly with key market drivers, including hyperscaler expansion, digital transformation initiatives, and growing demand from small and medium-sized enterprises (SMEs). By attracting major tech players like Googlebacked Pearl Computing, Malaysia is cementing its status as a competitive destination for data centre investments. The scale and scope of this project will substantially boost Malaysia’s data storage capacity, supporting the increasing demand for cloud services and facilitating digital transformation across the region. Moreover, it’s likely to catalyse further investments in the tech sector, potentially creating jobs and fostering innovation. This deal also reflects the growing focus on sustainable and clean energy sources in data centre operations, an increasingly important factor in the industry. As Malaysia continues to develop its digital infrastructure, projects like this will play a crucial role in positioning the country as a key player in the global digital economy. DEALS $1.5 bln JSW Energy’s acquisition of O2 Power Deal: M&A Firms: A&O Shearman; Herbert Smith Freehills; Khaitan & Co; Trilegal Jurisdictions: India, Singapore $945 mln Vishal Mega Mart’s IPO Deal: IPO Firms: Cyril Amarchand Mangaldas; Shardul Amarchand Mangaldas & Co; Sidley Austin; Trilegal Jurisdiction: India $900 mln Financing Yondr Group’s hyperscale data centre in Johor Deal: Project Finance Firms: Clifford Chance; Milbank; Rahmat Lim & Partners; Zul Rafique & Partners Jurisdiction: Malaysia $701 mln Sumitomo Rubber Industries’ acquisition of Dunlop Deal: M&A Firms: A&O Shearman; Cleary Gottlieb Jurisdictions: Japan, U.S. $3.5 bln Heiwa Corporation’s acquisition of PJC Investments Deal: M&A Firm: Baker McKenzie Jurisdiction: Japan $2 bln Adani Enterprises and Adani Commodities’ exit from Adani Wilmar Deal: M&A Firms: Cyril Amarchand Mangaldas; Khaitan & Co Jurisdiction: India $1.8 bln Toppan Holdings’ acquisition of Thermoformed and Flexibles Packaging Deal: M&A Firms: Freshfields; Morrison & Foerster Jurisdictions: Japan, U.S. $1.6 bln Paloma Rheem’s offer to acquire Fujitsu General Deal: M&A Firms: Mori Hamada & Matsumoto; Nagashima Ohno & Tsunematsu Jurisdiction: Japan The Briefs
9 Asian Legal Business | January-February 2025 The Briefs Sapna Jhangiani KC, Blackstone Chambers ALB: Given your unique position as a Singapore-based silk joining London’s Blackstone Chambers, how do you envision your role in strengthening the set’s international arbitration practice in Asia? Sapna Jhangiani KC: Blackstone Chambers already has a significant reputation internationally, in arbitration and more widely across its key practice areas of commercial law, public law, financial services, competition, public international, employment and sport. This reputation is particularly strong in Hong Kong, where members of Chambers appear regularly in the Court of Final Appeal, as well as in Dubai and India, with Harish Salve KC, one of Blackstone’s most prominent members. I am confident that adding a Singapore-based silk to its existing roster of counsel who work in this region will help expand Blackstone’s profile here, and I am especially looking forward to working with Blackstone’s brilliant juniors on arbitration matters, wherever they are seated. ALB: How do you see the harmonisation of international arbitration practices evolving, particularly in light of increasing cross-border disputes? Jhangiani: In international arbitration, there is always a fundamental tension between harmonising global practices, and retaining flexibility, so that each arbitration can be tailored to the dispute at hand. As cross-border disputes have increased, there has been a standardisation of many procedures through “soft law” guidelines embodying best practice, and this has been a positive development. I hope that we will continue to straddle the line between harmonisation and bespoke procedures, bearing in mind that when procedures become too formulaic, this can add to time and costs. The biggest complaints of arbitration users are that it takes too long and is too expensive. We must never lose sight of the users’ perspective in the process. ALB: With your recent appointment as a part-time judge, what emerging trends do you anticipate in disputes involving Middle Eastern jurisdictions and their interaction with Asian financial centres? Jhangiani: I have been based in Asia (first Dubai, and then Singapore) for almost 20 years. In that time, I have observed a significant increase in cross-border disputes between the Middle East and Asian financial centres. I have no doubt that trend will continue. Another trend to watch is the emergence and growth of international commercial courts in both Middle Eastern and Asian financial centres. When I moved to Dubai from London in 2006, the DIFC Courts had just started operations, enabling me to develop a DIFC litigation practice alongside my arbitration work. The Court quickly grew in size and stature to become a leading commercial court in the world, serving as inspiration for the establishment of new international commercial courts in different jurisdictions. Commercial users may prefer litigation to arbitration in several instances – for example, because of the availability of an appeal mechanism in litigation – and we must cater to that demand. ALB: Looking ahead, what trends or developments do you foresee in arbitration practices in Asia over the next few years? Jhangiani: There are two main trends I would highlight. Firstly – and obviously – there will be an increasing use of technology across all forms of commercial dispute resolution, including arbitration. Secondly – and crucially – data shows that business users want more dispute prevention tools, and more dexterity across dispute resolution options. Allowing flexibility across different options may give parties the best chance of a negotiated settlement, alongside an opportunity to maintain their business relationships, which can be incredibly important in the Asian context. As Singapore’s first female lawyer to be appointed an English silk and a part-time judge of the Court of Appeal of the Dubai International Financial Centre (DIFC), Sapna Jhangiani KC believes today’s global market calls for versatile legal professionals who can navigate various forms of commercial dispute resolution. “In international arbitration, there is always a fundamental tension between harmonising global practices, and retaining flexibility, so that each arbitration can be tailored to the dispute at hand.” THE Q&A
10 Asian Legal Business | January-February 2025 The Briefs With Japan relaxing foreign lawyer rules, international firms sense opportunities Despite its dynamic business environment and deep talent pool, Japan has faced criticism for maintaining relatively stringent registration requirements for foreign lawyers. These complex procedures have long been viewed as unnecessary barriers to entering the country’s $5 billion legal services market, drawing concerns from international law firms and practitioners. However, in July of last year, following recommendations from the Law Society of England and Wales, the Japanese Ministry of Justice took steps to address these concerns by introducing two key reforms. Under the new rules, law firms can now reuse employer-related documents for multiple applications, and previously registered foreign lawyers need only submit a simplified statement of past approvals instead of detailed employer verifications. These changes have notably eased the administrative burden on international law firms managing multiple registrations, and on foreign lawyers returning to Japanese practice. The regulatory changes mark a significant shift in Japan’s legal landscape, signalling a more welcoming approach to international legal expertise. One direct outcome of these reforms could be gradual increase in the number of U.S. and UK lawyers practicing in Japan. “This is a step toward making Japan more accessible for foreign lawyers and is indicative of a broader strategy to enhance collaboration between local and international legal sectors,” says Takeshi Nakao, managing partner at Magic Circle firm Freshfields in Japan. The timing of these reforms also coincides with several favourable market conditions. Notably, the depreciation of the yen has made Japanese companies more attractive targets for foreign acquisitions, leading to increased M&A activity. This development, coupled with Japanese Prime Minister Shigeru Ishiba’s economic policies focused on attracting foreign investment, is reshaping the Japanese legal market and creating new opportunities for international law firms, particularly in cross-border transactions and negotiations. In addition, the implementation of Japan’s Corporate Governance Code has further transformed the legal landscape. Japanese corporations are increasingly facing challenges similar to those in other sophisticated markets, including shareholder activism, unsolicited tender offers, and heightened scrutiny. “This change not only increases the demand for international legal expertise but also enhances the strategic role that foreign lawyers will play in domestic deals, together with bengoshis,” notes Nakao. While international law firms in Japan generally applaud the further liberalisation of the country’s legal market, the sector still faces certain limitations and challenges. National security considerations, for example, continue to restrict foreign lawyers’ involvement in strategic industry, requiring careful navigation of evolving regulations, according to Nakao. Although foreign law firms are now permitted to form joint ventures with Japanese firms, some international practices feel this change has limited impact. Jeremy White, global co-chair of M&A at Morrison Foerster in Tokyo, finds this change less relevant to global partnerships as they continue to operate under existing partnership structures. Looking ahead, despite challenges such as language barriers and cultural differences remain, the outlook for foreign lawyers in Japan appears optimistic in light of the new registration rules. The combination of regulatory reforms, supportive economic policies, and increasing cross-border business activity is likely to suggest continued growth opportunities for international law firms. “As barriers to entry are lowered for foreign lawyers, more firms will likely establish a presence in Japan, enhancing competition and collaboration within the legal sector,” says Freshfields’ Nakao. Morrison Foerster’s White, meanwhile, offers a more measured perspective. “We do not anticipate seeing many more international law firms come to Japan just because of the ongoing liberalisation,” says White. “The international firms will continue to increase market shares in a market which is overall growing. This fundamental shift is driven by increasingly sophisticated clients appreciating the value of high-quality legal advice.” However, to transform Japan into a more dynamic legal market, Nakao emphasises that further reforms are essential. He advocates for several vital improvements, including streamlining administrative processes, allowing flexible business structures, fostering an environment welcoming to international expertise, enhancing language support, and building stronger bridges between Japan’s legal community and global practitioners. “These changes,” Nakao suggests, “would not only attract top international legal talent but also help position Japan as a leading hub for cross-border legal services in Asia.”
11 Asian Legal Business | January-February 2025 The Briefs Law firm branding needs to evolve with time With countless firms touting “fullservice” offerings and clinging to names from historic mergers, creating a unique identity can prove as challenging as spotting a single star in a corporateblue sky. But as market forces shift and client expectations evolve, many forwardthinking firms are starting to break free from “the way it’s always been” mindset. New market dynamics has been compelling them to reimagine their market presence with fresh eyes and bold strategies. One of the most notable law firms rebranding examples has been the one of Freshfields. Last year, the oldest firm in the Magic Circle has shortened its tongue-twisting Anglo-German moniker and replaced its blue palette with a black-and-white motif. In 2023, Japanese Big Four firm Nishimura & Asahi marked its evolution into a foreign law joint enterprise with a green “Nishimura Arrows” logo, featuring origami-inspired paper airplanes that blend traditional Japanese heritage with pronounced global ambitions. “Regardless of a firm’s size, ensuring alignment of the brand strategy with their business strategy and vision is crucial. Simply allowing a brand to exist without integrating it into the firm’s strategic goals won’t achieve the optimum results, whether that be bringing lasersharp focus to the proposition or needing to attract the very best of talent”, says Greg Hobden, chief client officer at Living Group, an independent global brand and digital agency headquartered in New York. One of the most visible aspects of legal sector branding has been the predominant use of blue in visual identities. However, firms are now recognising the value of visual differentiation. As Hobden notes, “When a prospect is presented with a stack of proposal responses, they might instinctively say, ‘oh, grab me the magenta one.’ It’s a point of difference, even at that subtle aesthetic end.” This shift towards distinctive visual identities reflects a broader transformation in how law firms approach branding. The challenge lies not just in standing out visually, but also in crafting authentic brand narratives that resonate with clients. While many firms are embracing brand transformation, the results vary significantly. “Some big firms out there are doing it well, and some are doing it atrociously - they’re using that exercise as a tick box exercise and just saying what they think that their audiences want to hear. Any transformation must be based on rich analysis and insight into what it is the firm should be famous for,” Hobden observes. Successful brand evolution requires more than superficial changes, and firms must ground their rebranding efforts in solid research and genuine insights. Hobden points out that this process includes conducting thorough panel research during the discovery phase and following up with measurements at six- and twelve-months post-launch to assess the impact and recall of the changes. Similarly, when it comes to name changes, firms must approach decisions strategically. “It’s not on a whim to change the name at all. It needs to be grounded in deep insight from across every stakeholder group,” Hobden emphasises. There’s been a trend that sees law firms gradually yield to more streamlined names as shorter, more contemporary monikers can signal progressive change and future focus. Take Anderson Mori & Tomotsune, one of Japan’s Big Four firms, which recently condensed its name to the crisp acronym of “AMT” to showcase the firm’s “forward-looking change.” Yet, as Hobden emphasises, these naming decisions need to authentically align with client expectations and market realities. In addition, when it comes to brand transformation, geography matters more than many firms realise. While European and U.S. firms often boldly embrace change, their Asian counterparts tend to tread more cautiously, according to Hobden. This creates an interesting challenge for global firms trying to maintain a consistent brand identity across diverse markets in their office networks. “Many firms say that they have a global reach, but sometimes that’s not so strong in every part of the world,” Hobden points out. Hence, the key lies in finding the sweet spot between global consistency and local relevance - maintaining core brand elements while tailoring messages to resonate with local audiences. Branding specialists say successful law firm branding in today’s market requires crafting an authentic narrative that sets firms apart while building trust and delivering value, rather than following universal templates or chasing the latest trends.
12 Asian Legal Business | January-February 2025 novel concepts in the crypto space into terms that resonate within the traditional finance space,” explains Wong. Alternative investments have surged to historic levels, with $22 trillion – or 15 percent of global assets under management – now allocated to this sector. To serve this expanding market, Ogier’s integrated teams now combine corporate, regulatory, and compliance expertise to ensure no stone is left unturned. Take private equity. “Our private equity team understands the full journey of private equity investments,” says Hodson. “We offer a range of services, from fund formation, venture capital funds, and capital raising to downstream transactions and fund wind-downs.” In terms of ESG (environmental, social, and governance) considerations, environmentally conscious investors are betting big on sustainability. In the third quarter of 2024, investments in sustainable funds jumped to $10.4 billion, a significant increase from $6.3 billion in the previous quarter. “We recognise that for many of our clients, integrating environmental and/ or social, and governance (ESG) factors into investment strategies has become another part of doing business,” says Hodson. “The emphasis varies between clients, and indeed, there have been strong headwinds against integrating such concepts in certain parts of the world.” For clients seeking ESG guidance, Ogier offers targeted services from structuring loan or bond documentation with environmental KPIs, to ensuring compliance with regulations like the Sustainable Finance Disclosure Regulation (SFDR) and the European Union (EU) Taxonomy. “As a law firm, we do not provide investment advice,” says Wong. “What we do focus on is highlighting the legal and regulatory risks, ensuring that our clients can make well-informed decisions.” Offshore in alternative investments across Asia, including growing our teams to bring a diversity of skill sets,” says Kate Hodson, partner and head of ESG (Legal) at Ogier. “Our strategy has been to integrate dedicated, multi-disciplinary sector teams, which allows us to provide specialised and comprehensive support to our clients.” The growing complexity of alternative investment structures requires coordinated legal support across global markets. Ogier has positioned its experts in key financial hubs, including Hong Kong, BVI, Cayman Islands, Guernsey, Ireland, Jersey, and Luxembourg, to handle complex cross-border deals. “This geographic spread means we have experts on the ground who are wellversed in local regulations,” says Hodson. “Regulatory requirements can be dense and difficult to understand, so we ensure that our advice is to the point – explaining things in plain language and offering practical steps our clients can take.” When it comes to digital assets, where regulatory frameworks differ greatly across jurisdictions, global presence is a key advantage. “The world of cryptocurrency, blockchain, and other innovative technologies is transforming not just financial services but how we live and do business,” says Alan Wong, group partner (BVI) at Ogier. In the context of setting up funds with a digital asset-related strategy, Ogier caters to both “crypto natives” who are new to asset management and traditional fund managers who are exploring digital assets for the first time. “We are here to bridge the gap — bringing insights on asset and fund management to crypto-native fund managers, while translating new and Alternative approaches The quest for yield in today’s challenging market environment is pushing investors towards more diverse offshore investment strategies. By Asian Legal Business With interest rates on the decline and stubborn inflation worldwide, investors are looking beyond traditional stocks and bonds. They are using offshore investment strategies to build varied portfolios that include alternatives like private equity, real estate, hedge funds and cryptocurrencies – all in search of better returns in tough market conditions. The approaches to offshore investing are also shifting amid heightened regulatory scrutiny. The U.S. government has tightened its oversight on offshore tax evasion through the Foreign Account Tax Compliance Act (FATCA), which requires American citizens to report any money they hold abroad. Meanwhile, international bodies – including the Organization for Economic Cooperation and Development (OECD) and the World Trade Organization (WTO) – are urging banks to increase transparency regarding their foreign clients. Despite these changes, emerging markets in Latin America, Africa, and Southeast Asia are gaining significant traction and attracting investors. The Cayman Islands Stock Exchange (CSX), for example, has benefitted from a surge in interest from investment funds seeking to list there. That exchange was the preferred listing venue for 95 percent of all Special Purpose Acquisition Companies (SPACs) launched in 2024, a significant rise from just 33 percent in 2020. Offshore law firm Ogier says it has been tracking these developments and recalibrating its strategy accordingly. “We’ve been focused on adapting our services to meet the growing interest
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