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
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