MCI (P) 004/02/2024 ISSN 0219 – 6875 KDN PPS 1867/10/2015(025605) ASIA TOP 15 FEMALE LAWYERS CELEBRATING LEADING FEMALE PRACTITIONERS OFFSHORE LITIGATION STARS INDONESIA’S HEALTHCARE REVAMP HONG KONG’S FIRMS TO WATCH HEAR FROM SINGAPORE BOUTIQUES
1 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM COVER STORY 12 ALB Asia Top 15 Female Lawyers 2024 In a legal landscape increasingly shaped by female talent, ALB presents its fourth annual ranking showcasing the remarkable achievements and contributions of women in the legal profession across the region. Ranking by Asian Legal Business, text by Nimitt Dixit With contributions from: • Atsumi & Sakai • Drew & Napier LLC • Du-Baladad and Associates (BDB Law) • VILAF FEATURES 10 Healing the system Indonesia’s healthcare system has been under immense pressure, with the COVID-19 pandemic exposing its vulnerabilities and limitations. In response, the government has introduced sweeping reforms through the New Health Law and its implementing regulation, aiming to revitalise the sector and attract foreign expertise. With contribution from: • William Hendrik & Siregar Djojonegoro (WH&SD) 18 Green treasuries As Southeast Asian countries accelerate their decarbonisation efforts and investors demand more ESG products, the region’s green bond market is experiencing a significant surge, promising a greener future for both the environment and the financial sector. 20 ALB Hong Kong Firms To Watch 2024 Boutique law firms have emerged as significant contributors, demonstrating exceptional capabilities and a deep understanding of local business needs. ALB continues to recognize these standout firms for their achievements. With contributions from: • AllBright Law (Hong Kong) Offices LLP • GPS Legal LLP • YYC Legal LLP 26 Small but mighty In order to establish a presence in Singapore’s competitive legal environment, boutique law firms are endeavouring to create a distinctive formula for success. Managing partners from four boutique firms in Singapore share their insights. With contributions from: • CHP Law LLC • Meritus Law • Nine Yards Chambers 32 Charged conflict With the EU imposing new tariffs on Chinese-made EVs, Beijing has swiftly retaliated by launching its own investigation into European trade practices. This escalating conflict threatens to reshape the global EV landscape and test the resilience of international trade relations. 34 ALB Asia Top Offshore Litigators 2024 ALB highlights the accomplishments of offshore law firm dispute practitioners who have excelled in handling significant cases and delivering exceptional client service. With contribution from: • Ogier 42 Japan Law Awards Winners, photos and more from the ALB Japan Law Awards 2024. BRI EFS 3 The Briefing 4 Forum 6 Explainer 7 Deals 8 Appointments CONTENTS 10 Healing the system Image: Niyazz/Shutterstock.com
2 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM 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. MCI (P) 004/02/2024 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 LAW’S LEADING LADIES In this month’s issue of ALB Asia, we are proud to present our cover story featuring Asia’s Top 15 Women Lawyers. This prestigious list celebrates the outstanding achievements and contributions of female legal professionals who have risen to the top of their field in a traditionally male-dominated industry. As we shine a spotlight on these remarkable women, it’s crucial to underscore the importance of diversity in law firms across Asia and beyond. The legal profession has made significant strides in recent years, but there is still much work to be done to create truly inclusive environments where talent from all backgrounds can thrive. Law firms that prioritize diversity are not just doing the right thing ethically; they are positioning themselves for success in an increasingly globalized and complex legal landscape. A diverse workforce brings a wealth of perspectives, experiences, and innovative thinking to the table, enabling firms to better serve their clients and navigate intricate legal challenges. Moreover, as clients become more discerning and socially conscious, they are increasingly demanding diversity from their legal partners. Firms that fail to adapt risk losing out on valuable opportunities and talent. The women featured in our cover story serve as inspiring role models for the next generation of legal professionals. Their success stories demonstrate that with determination, skill, and the right support, barriers can be overcome, and glass ceilings can be shattered. As we celebrate these accomplished women, let us also renew our commitment to fostering diverse and inclusive legal environments. By doing so, we not only create more equitable workplaces but also ensure that the legal profession continues to evolve, innovate, and better serve society as a whole. RANAJIT DAM Managing Editor, Asian Legal Business, Thomson Reuters 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 AND 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 Krupa Dalal India, Middle East, Singapore (91) 22 6189 7087 krupa.dalal@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
3 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM THE BRIEFING: YOUR MONTHLY NEED-TO-KNOW U.S. LAW FIRM TRANSACTIONAL WORK REBOUNDS AFTER (Reuters) Demand for transactional practices is on the upswing after nearly three years of sluggish performance — one of several strong economic indicators for law firms in the second quarter of 2024, an analysis has found. Demand for corporate transactional work, which can include contract drafting, real estate deals and bank financing, was up 2.2 percent in the second quarter compared with the previous year, according to Thomson Reuters Institute’s Law Firm Financial Index, opens new tab, which tracks key financial metrics across 195 large and midsize law firms. That contributed to a 2.4 percent increase in overall law firm demand compared with the same time period for the previous year. Coupled with a 6.6 percent increase in billing rates and a relatively modest 5.3% growth in direct expenses, U.S. law firms are collectively in one of their strongest financial positions of the past decade. While transactional practices are slowly rebounding, counter-cyclical practices including litigation and bankruptcy are still driving the bulk of the overall gains. IN THE NEWS Dentons has announced the election of Kate Barton as its next global CEO. Barton will succeed Elliott Portnoy, the firm’s founding Global CEO, who has served since its launch in 2013. Barton had a 35-year career at EY, where she was most recently global vice chair. Legaltech firm Litera has acquired information governance and records management company FileTrail. The addition is expected to complements Litera’s existing products to develop governance, risk, and compliance (GRC) capabilities for law firms and corporations. “LAWYERS ARE PROTESTING BECAUSE THE CHANGES WILL CREATE CONFUSION.” QUOTE UNQUOTE NC Sharma, spokesperson of the All District Courts Bar Associations of Delhi tells Reuters why thousands of lawyers are protesting against an overhaul in criminal legislation. 3-YEAR SLUMP, REPORT SAYS Average increase in partner pay at leading UK-headquartered law firms in the last financial year, according to analysis by Financial News. Revenue also climbed nearly 10 percent. 11 PERCENT 87% Australian law firms are increasingly adopting salaried arrangements for partners as a decade of rapid growth puts pressure on equity allocations and intensifies competition for ambitious lawyers, according to the Australian Financial Review (AFR). The AFR’s Law Partnership Survey reveals that nearly two-thirds of new partners at top Australian law firms were appointed on a part or whole salary basis. This trend mirrors similar practices in the U.S., where leading firms employ two-tiered partnership systems. The shift allows firms to promote and bill out promising lawyers at higher rates while preserving profit distributions for established partners. Over the past decade, surveyed firms have added more than 1,400 partners, stretching equity bands and challenging traditional models. Firms like Ashurst and Herbert Smith Freehills have embraced partsalaried positions, even at the top end of the corporate market. Proportion of law firm clients in the UK who say they are satisfied with the legal service they received, according to research for the Legal Services Consumer Panel. AUSSIE FIRMS EMBRACE SALARIED PARTNERS AMID RAPID GROWTH
4 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM BRI EFS YI WONG, general counsel and company secretary, Lum Chang Holdings First and foremost, it is about getting the right support and resources. For vendor management, for example, if it is a simple debt recovery case, we will look for the most cost-efficient solution, as we do not want to throw good money after the bad. That said, it is not necessarily the cheapest option of simply writing off as a bad debt, because I will propose to management the need to balance setting a correct market precedent together with not throwing good money after the bad. So, my considerations in the foregoing example are a balance of both the practical and the larger picture. Secondly, we also go for the low-hanging fruit like simple legal technology and process improvements and sharing costs with other departments that predominantly stand to benefit from such legal technology. For example, my company owns properties for which we operate as a landlord. For the standard tenancy agreements that fall under the ambit of the legal department’s purview, we generate and populate the agreements to benefit primarily the property department. Third, it is the empowerment of business units. For this, I justify the costs of using pre-approved templates as a way of empowerment for simple tasks such as non-disclosure agreements that business units can use, without having to consult the legal team each time. This cost is justified by the much greater savings of time and overall efficiency, which sufficiently meets the business needs and requirements too. Last but not least, budgeting and forecasting are always a forward-looking exercise, but one must temper this with a degree of retrospection, too. For example, in the construction industry, projects can stretch for years and even a decade. Due to COVID disruptions, difficult changes in circumstances and where extensions of time and liquidated damages come into frequent play, even if there are no live lawsuits, I will always buffer for and set aside a reasonable budget for a claim defence, should it ever arise. SAMUEL HUEN, global head of legal and regulatory compliance, Bank of Singapore A well-thought-out legal structure and game plan addresses the goals of providing quality advice, proactively influencing corporate strategy, and managing risks. It also helps to drive cost-effectiveness. The largest cost of any legal department tends to be the salaries. Hence, it is crucial to get the size and balance (e.g. experience, seniority) of the team correct. The team size depends on factors such as the industry, business model, regulatory environment, stage of growth of the company, and corporate strategy. Highly regulated industries including banking, would typically require more lawyers. Efficient management of the budget is key. One should evaluate the strengths of each team member and align expertise with the issues to drive business value. Certain issues require highly specialised legal expertise, and one needs to consider if it would be more cost-effective to leverage external counsel or make a permanent hire. For smaller organisations, the legal counsel’s role may also include compliance or data protection responsibilities. There are free resources online and training that lawyers can tap on to support their work and professional growth. At the Bank of Singapore, we exercise cost discipline by relooking how we can support growth responsibly. We are in the process of implementing self-service platforms to support general legal queries and free up our lawyers’ time to focus on higher-risk and more complex matters. In addition, FORUM EVERY PENNY COUNTS In an age characterised by transformative technology and economic challenges, general counsel are required to achieve greater results with limited resources. Corporate legal leaders share with ALB their strategies for maintaining attention to intricate budgetary details while ensuring they continue to contribute value to the organisation. HOW DO YOU APPROACH MANAGING AND CONTROLLING THE LEGAL SPEND OF YOUR DEPARTMENT IN A WAY THAT BALANCES COST EFFICIENCY WHILE ENSURING YOUR TEAM HAS THE RESOURCES NEEDED TO EFFECTIVELY SUPPORT THE BUSINESS? YI WONG SAMUEL HUEN EDWARD TUNG
5 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM BRI EFS we also work with a select panel of external law firms to achieve better rates and services. EDWARD TUNG, head of legal and compliance, ORI Capital We work closely with the executive team to clearly define the company’s strategic priorities and key legal needs. As a fund manager, it’s clear to us that our primary business objective is to maximise financial gain from our investments. Secondly, we focus on optimising the engagement of external counsel. This includes carefully selecting law firms based on their industry expertise and cost structure. We focus on biotech-related transactions. Given the niche nature of our work, a great deal of our legal focus is on areas that firstly maximise financial gain, like optimising transactional structures, and secondly minimise financial loss, such as conducting thorough due diligence and customising transactional milestones. Both of these aspects require a deep understanding of our specific business objectives and are mostly handled in-house, minimising the need for external legal costs. Additionally, we leverage technology and process improvements to drive cost savings without compromising the quality of legal support. This includes automating simple tasks to enhance resource allocation. With all these approaches, we ensure that the legal budget is allocated to support key business objectives. Squeezed by geopolitical tensions and economic downturns, international law firms, particularly those from the U.S., have begun shrinking their operations in Greater China with some speed. In the latest examples of the collective retreat of American firms, Philadelphia-headquartered Dechert is weighing shutting down its Hong Kong and Beijing offices, following in the footsteps of U.S. Big Law peers including Morrison & Foerster, Sidley Austin, and Weil, Gotshal & Manges. Those not looking at an outright exit are still thinning their Greater China presence as operationality allows. The slump in dealmaking and IPOs prolonged by China’s structural economic malaise has dealt a blow to foreign firms’ profitability in the world’s second-largest economy and its common-law enclave of Hong Kong. Some in Big Law might have felt it could rely on counter-cyclicity and stay afloat by falling back on restructuring matters. How sustainable that strategy is, however, is up for debate. “Western creditors of Chinese borrowers at risk for insolvency are going to want Western law firms as advisors. To that extent the countercyclical strategy is still viable,” says Peter Zeughauser, a legal analyst at consultancy Zeughauser Group. “But Western firms won’t play as lucrative a role in bankruptcies filed in China. PRC law firms will undoubtedly play a more lucrative role,” he adds. The string of office closures and downsizing has prompted foreign law firms, especially those of U.S. origin, to contemplate their path forward in the Greater China region. While operating in mainland China naturally came within political and economic limitations, some foreign practices have found the murky red lines even harder to navigate. In May, Chicago-headquartered Mayer Brown announced that it was severing its 15-year partnership with its fully integrated Hong Kong arm and local legacy firm JSM. The announcement came fewer than a year after Mayer Brown commemorated its 160th anniversary globally in Hong Kong. At a cocktail reception marking the occasion, Justice Secretary Paul Lam used his speech to stress a solicitor’s duty not to terminate his retainer with his client except for “good reason” – a thinly veiled swipe at Mayer Brown dropping its long-time client, the University of Hong Kong, over the case of a political statue related to the Tiananmen crackdown. All of it has a feeling of an end of an era. Analysts believe that now U.S. law firms seeking to maintain influence in Chinese legal matters should consider partnering with PRC firms. This can be done through preferential policies, such as those offered in the Shanghai Free Trade Zone. Without such partnerships, U.S. firms may struggle to establish robust practices in the PRC. Alternatively, to remain commercially viable in China, U.S. firms could maintain small representative offices or discreet branches that don’t practice Chinese law. These offices would focus on serving multinational clients who need on-the-ground legal support in China. Additionally, they could advise Chinese clients seeking legal assistance for their U.S.-based needs. This approach would allow U.S. firms to maintain a presence in China while also adapting to changes. “Commercial viability in the rest of Asia is going to be country-specific, depending on how well a U.S. firm’s client base, sector, and practice area expertise correlates with sector strength country to country, keeping in mind that representative and smaller offices may work well in the Asian countries with larger economies,” says Zeughauser. NO EASY ANSWERS: U.S. FIRMS FACE GREATER CHINA RECKONING
6 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM BRI EFS London, once a marquee fundraising destination where big-name companies vied for a place, has in recent years struggled to attract listings from highgrowth start-ups to large conglomerates as lack of liquidity and tight regulations dimmed the prospects for returns. In a bid to rejuvenate London’s anaemic capital markets, the UK’s Financial Conduct Authority (FCA) approved the biggest overhaul of listing rules in three decades. The new regime has come into force on July 29. Chinese companies, in particular, have been the focus of this reform. With China’s growing economic influence and the increasing number of innovative Chinese firms seeking international exposure, the UK aims to position itself as an attractive alternative to other global financial hubs. The new rules are designed to accommodate the unique characteristics of Chinese businesses, including their governance structures and growth patterns, potentially making London a more viable option for Chinese firms looking to list overseas. WHAT ARE THE NOTABLE CHANGES? The new listing regime has introduced a slew of changes including new listing categories, greater flexibility around dual-class share structures, and independent from controlling shareholders. John Xu, corporate partner at Linklaters based in Hong Kong, says the changes aimed at making the listing framework more attractive to investors and issuers by removing the previous “two-tier” listing standards for most companies. “Although this new category is slightly more onerous than the former standard listing, it is less onerous for issuers than the former premium listing, and more aligned with international standards,” notes Xu. A new category of secondary listing for international companies also offers the option of a more relaxed listing regime for eligible companies, says Xu. “The new rules keep the rules for GDRs unchanged. These have fewer requirements than for the international secondary listing category for shares,” he adds. HOW WILL CHINESE COMPANIES BENEFIT? The shake-up is part of wider reforms to attract global investment as the UK struggled to keep up with other global financial hubs. A number of changes are considered to be conducive particularly to Chinese companies wanting to list in the UK. Xu points out that in addition to permitting natural persons, such as founders and directors, to have open-ended enhanced voting rights, the UKLR ESCC category now allows pre-IPO institutional investors including private equity firms and venture capitalists to hold extra voting rights for a maximum of 10 years. “The PRC Company Law amended in 2023 offers a new regime for dual-class share structures, which may potentially narrow the gap for listing on the London Stock Exchange (LSE) by Chinese companies with dual-class share structures,” says Xu. “Certain Chinese companies with the variable interest entities (VIE) structure in place may also pursue listings on the LSE in addition to the usual U.S. track,” Xu adds. The VIE structure allows Chinese companies to set up an offshore entity for foreign investors to buy into the stock usually in a bid to skirt foreign investment restrictions in sensitive sectors, including technology. Apart from the dual-class structure, companies with a controlling shareholder will now no longer be required to maintain a relationship agreement to qualify for listing. Previously, this requirement applied to premium listings but not to standard listings. The FCA pointed out that the new regulations render such agreements practically unenforceable and enforcing them could create obstacles for a wider array of companies seeking to list in the UK. Xu believes this particular change could open the door for more Image: Alexey Fedorenko/Shutterstock.com WILL LONDON WIN OVER MORE CHINESE COMPANIES WITH NEW LISTING RULES? EXPLAINER u u
7 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM BRI EFS Chinese companies hoping to float their offshore assets on the LSE. “In particular, if a Chinese company with global assets is already listed on a stock exchange in mainland China, and to the extent a secondary listing is not practicable, a spin-off listing of the offshore assets could be a better option for them,” says Xu. “In that case, the relationship between the offshore assets and the controlling shareholder in mainland China will be only subject to disclosure and investors will decide whether the arrangement is acceptable according to their own risk appetite,” he adds. WHICH SECTORS ARE LIKELY TO BENEFIT MOST? With the removal of the three-year track record requirement, issuers will be able to float their shares even at an earlier stage of their growth cycle. Additionally, Xu contends that a more lenient stance towards dualclass share structures may facilitate the attraction of founder-led issuers, which the UK is eager to engage. DEALS $8 BLN Robert Bosch’s acquisition of businesses of Johnson Controls, Hitachi Deal Type: M&A Firms: Freshfields Bruckhaus Deringer; Simpson Thacher & Bartlett; Sullivan & Cromwell Jurisdictions: Germany, Japan, U.S. $7.8 BLN Vanguard International’s JV with NXP Semiconductors Deal Type: JV Firms: Allen & Gledhill; A&O Shearman Jurisdictions: Singapore, Taiwan $1.6 BLN Allianz’s offer to acquire Income Insurance Deal Type: M&A Firms: A&O Shearman; WongPartnership Jurisdictions: Germany, Singapore $2.17 BLN MBK Partners’ acquisition of Alinamin Pharmaceuticals Deal Type: M&A Firms: Nishimura & Asahi; Simpson Thacher & Bartlett Jurisdictions: Japan, U.S. “Chinese high-tech firms who adopt dual-class share structures may benefit more because they often have unpredictable profit timelines and need ongoing investments. Founders prefer these structures to keep control during fundraising rounds,” Xu notes. “Where a U.S. listing is more challenging for them due to geopolitical or other reasons, LSE may become a better option for them considering the similar flexibility for dual-class share structures under the new FCA rules,” he adds. u $1.1 BLN Otsuka Pharmaceutical’s acquisition of Jnana Therapeutics Deal Type: M&A Firms: Latham & Watkins; Skadden, Arps, Slate, Meagher & Flom Jurisdictions: Japan, U.S. $905 MLN Yokohama Rubber’s acquisition of OTR business from Goodyear Deal Type: M&A Firms: Freshfields Bruckhaus Deringer; Sullivan & Cromwell Jurisdictions: Japan, U.S. $726 MLN Cyan Renewables acquires ASX-listed MMA Offshore Deal Type: M&A Firms: Allens; Stephenson Harwood; Thomson Geer Jurisdictions: Australia, Singapore $509 MLN 99 Speed Mart Retail’s IPO Deal Type: IPO Firms: Christopher & Lee Ong; Lee Choon Wan & Co Jurisdiction: Malaysia
8 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM BRI EFS APPOINTMENTS RACHEL HAN LEAVING Dentons JOINING Dorsey & Whitney PRACTICE Capital Markets LOCATION Hong Kong LAURENCE HO LEAVING Loeb & Loeb JOINING Withers PRACTICE Private Client/Tax LOCATION Hong Kong CHUO MING LEONG LEAVING Withers KhattarWong JOINING Han Kun Law Office PRACTICE Corporate LOCATION Singapore HISAYA KIMURA LEAVING Nagashima Ohno & Tsunematsu JOINING Quinn Emanuel Urquhart & Sullivan PRACTICE Disputes LOCATION Tokyo CHAU HWEI LEE LEAVING Shook Lin & Bok JOINING Withers KhattarWong PRACTICE Real Estate LOCATION Singapore PAUL MOLONEY LEAVING Mayer Brown JOINING CMS PRACTICE Funds LOCATION Hong Kong ERIE TOBING LEAVING Soemadipradja & Taher JOINING TNB & Partners PRACTICE Disputes LOCATION Jakarta Veteran litigator Sreenivasan Narayan SC has left the managing partner role at K&L Gates Straits Law to set up his own dispute resolution and advisory firm in Singapore, Sreenivasan Chambers. The firm, comprising Narayan and counsel Jason Lim, former senior associate at K&L Gates Straits Law, and Sathya Narayanan, who was a counsel at PDLegal, will focus on complex civil and commercial litigation, white-collar defence, and corporate work from regulatory compliance to corporate governance. “We aim to bring to clients a bespoke solution to their matters through our experience honed over many years of practice. With one eye on the law and the other on the unique practical considerations to every problem, we strive to uphold the highest standards of service to our clients,” the new boutique said in a statement. The three-member firm has plans to grow, but slowly and strategically. “The idea is not to grow too big, but to have a team that is fast, responsive and smart; and always practical and always keenly aware of client needs and realistic expectations,” Sreenivasan said in an email. Sreenivasan, who has 38 years of experience, was the managing partner of Singapore-based Straits Law before its 2019 merger with U.S. law firm K&L Gates to form K&L Gates Straits Law. After five years at the helm of the firm, “I decided that it was time to give up the load and distraction of management and focus on my craft,” Sreenivasan told ALB. NATIRA SIRIPUN LEAVING SRPP JOINING Anderson Mori & Tomotsune PRACTICE Corporate LOCATION Bangkok MICHAEL TARDIF LEAVING A&O Shearman JOINING Orrick, Herrington & Sutcliffe PRACTICE Project Finance LOCATION Singapore SG: FORMER K&L GATES STRAITS LAW HEAD SETS UP OWN BOUTIQUE
10 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM INDONESIA REPORT The COVID pandemic brought Indonesia’s healthcare system to its knees, with the world’s fourth-mostpopulous country grappling with over 6.8 million cases. This unprecedented medical ordeal provided a wake-up call to the Indonesian government to overhaul its domestic healthcare sector. In July, the government issued the new implementing regulation (GR 28 of 2024) of the New Health Law (Law No.17 of 2023, or a new omnibus health law) that entered into force in August last year. The Health Law 2023 introduced a number of important changes, including enhancing the prospects for foreigntrained healthcare professionals to operate in Indonesia. “The reformations initiated by the Indonesian government include more relaxed licensing requirements and opportunities for healthcare professionals trained overseas to practice in Indonesia,” says Zippora Siregar, senior partner at Indonesian law firm William Hendrik & Siregar Djojonegoro (WH&SD). MANPOWER BOOST Conventionally, all non-locally trained healthcare professionals need to undergo competency tests and obtain two key licenses before they can practice in Indonesia. The New Health Law and GR 28 of 2024 have relaxed competency evaluation requirements for healthcare license to practice for foreign medical professionals. “This is very critical considering the competency evaluation serves as a prerequisite to obtaining the license to practice in Indonesia,” she adds. Other key reforms include the creation of a comprehensive National Health Information System managed by the Ministry of Health. The system is designed to consolidate all current health information systems managed by central and local authorities, healthcare institutions, and the broader community, including telemedicine service providers. Under established regulations, the public will have the opportunity to access both public and personal data housed within the Information System. The establishment of the National Health Information system has given rise to an onus on foreign investors operating healthcare facilities or services in Indonesia to ensure the protection of data privacy. “The Indonesian government has a key role and must approve any transfer of data and information managed by a healthcare information system operator to entities outside Indonesia,” says Siregar. Siregar first notes that under the new rules, healthcare facilities, such as hospitals, must integrate their healthcare information systems with the National Health Information System. Secondly, operators of healthcare information systems are required to safeguard the security of data and information pertaining to individuals’ health. “This requirement is designed to provide assurance and should be noted by healthcare facility operators. This is in line with the requirement under Indonesian Personal Data Protection,” explains Siregar, adding that the operators must inform the owners of any breaches in their medical data or information protection. MONEY PROBLEMS Under the old Health Law, at least five per cent of the national budget and a minimum of 10 percent of a regional professionals who have received their training abroad and intend to practice in Indonesia. Under the reform, overseas-trained Indonesian professionals, including overseas graduates of recognized foreign universities who have practiced overseas for at least two years, are now exempted from the competency tests. The exemption also extends to foreign professionals including qualified experts in specific medical fields with evidence of competency and at least five years of experience. Despite strong opposition from domestic doctors, Siregar is confident that this move could benefit Indonesia’s overburdened healthcare industry by boosting the development of medical tourism. “As one of the Indonesian government’s top goals is to promote Indonesia as a medical tourism destination by attracting foreign patients to seek healthcare in Indonesia, it could potentially increase foreign investment and collaboration between international and domestic healthcare providers in Indonesia’s healthcare sector which is now growing rapidly,” explains Siregar. However, Siregar contends that this change is not without legal challenges, including the technical regulations of the competency evaluation process with the medical authority. It’s also essential to address the procedure and timing required in issuing the HEALING THE SYSTEM Indonesia’s healthcare system has been under immense pressure, with the COVID-19 pandemic exposing its vulnerabilities and limitations. In response, the government has introduced sweeping reforms through the New Health Law and its implementing regulation, aiming to revitalise the sector and attract foreign expertise. Lawyers in Indonesia say these changes could transform the country’s healthcare landscape, but not without potential legal challenges and implementation hurdles. BY SARAH WONG
11 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM government budget need to be allocated to the health sector. In a bid to enhance the efficiency of the national government’s health expenditure, the New Health Law has now replaced the mandatory spending allocation for healthcare with a performance-based budgeting system. The allocation budget will be set out in the Health Sector Masterplan, a document that will be determined by the president and the central government. “This masterplan will guide the allocation of resources and the achievement of specific objectives,” explains Siregar, but noting that the details of the master plan are still unclear at this stage. This arrangement has also given rise to questions on whether the abolition of mandatory health sector spending will affect public-private partnerships (PPP) or investment opportunities in healthcare infrastructure and services in Indonesia. Siregar acknowledges that by removing mandatory health sector spending, a PPP project’s structure of investment in healthcare infrastructure and services may be affected. “But based on the precedents, the government support will generally be tailored to the project’s needs,” she says. NEW GUARDIAN In a move that is expected to receive endorsement by the public, the New Health Law has tasked a new disciplinary council, or majlis, with addressing the throning issue of medical malpractice. “In case of an indication of unlawful conduct in health services, the relevant medical or health personnel must first seek the preliminary recommendation of an assembly (majlis) to be formed by the Minister of Health that will be responsible for the professional disciplinary matters,” notes Siregar. The disciplinary council is supposed to give its recommendation after receiving a written request from the investigators of the Indonesian national police. The recommendation will address the question of whether an investigation may be conducted. The council will also have the power to impose sanctions. “According to New Health Law, a medical or healthcare practitioner whose negligence results in a patient suffering severe injury shall be subject to imprisonment for up to three years or a fine of up to 250 million rupiah or $15,720; or death, for which the penalty is imprisonment for up to five years or a fine of up to 500 million rupiah,” notes Siregar. But the new law hasn’t been clear about the interpretation of “mistakes” and “negligence.” “This lack of clarity could lead to different interpretations and judicial discretion, posing potential challenges in the implementation of the new regulations,” says Siregar. In addition, “There is also a question as to whether this medical liability provision is also applicable to the overseas-trained healthcare professionals who is practicing in Indonesia and how to enforce it,” she adds. BROUGHT TO YOU BY WILLIAM HENDRIK & SIREGAR DJOJONEGORO A conversation with Zippora Siregar and Stefy Yully Nataly Can you provide specific examples of recent healthcare-related cases or transactions your firm has handled in Indonesia? What were the key challenges and how did your team overcome them? Within the last few years, we have handled numerous. We assist and advice in healthcare transactions, particularly on mergers and acquisitions, financing and cooperation between the Indonesian and International healthcare providers. We are also the key player in the preparation and development of the Specific Economic Zone Project in healthcare sector (the “SEZ Project of Healthcare”). The SEZ Project of Healthcare marks the development of healthcare in Indonesia through its aim promoting Indonesia as a medical tourism destination by attracting foreign patients to seek healthcare in Indonesia. As one of the Indonesian Government’s top goals, this project not only collaborates with prestigious international healthcare providers but also offers an attractive tax incentive package for investors under the Specific Economic Zone (SEZ) framework. One of the key challenges is finding legal certainty in the Indonesian healthcare law and its implementing regulations. Hence, this poses a challenge to provide a strong position of legal advice for our client. Nonetheless, the Indonesian Government’s recent enactment of Law Number 17 of 2023 (‘New Health Law’) and the issuance of amendment of detail implementing regulations in the ministry level or organization body also need to be made in order to be in line with the spirit of New Health Law and GR 28 of 2024. To circumvent any challenges in relation to the implementation of the new laws, our team undergoes continuous training and maintain open lines of communication with the relevant regulatory authorities to ensure that our advice is aligned with the latest laws of the Indonesian healthcare. What unique expertise or resources does your firm offer that sets you apart from other law firms when it comes to handling healthcare matters in Indonesia? One of our firm’s specialization is in the healthcare sector in Indonesia. The firm specializes through our unique blend of expertise and resources. We have a deep understanding of both the local regulatory framework and the complex regulatory of national and international healthcare standards. Our team includes professionals with extensive experience in the financing, project development and acquisition of companies within the healthcare sector. We are also active within the healthcare sector and actively communicate with the key players to get some insights on any update of the legal issues. Government Regulation Number 28 of 2024 (‘GR 28 of 2024’) as its implementing regulation demonstrate a significant commitment to advancing the healthcare sector. However, since it is something new, these legislatives still need to be tested in practice. These legislative should provide clear guidelines and reinforce legal certainty, creating a stable and promising environment for investment and innovation. In addition, an adjustment and 1 - Zippora Siregar, Senior Partner E: zippora.siregar@whsdlaw.com 2 - Stefy Yully Nataly, Partner E: stefy.nataly@whsdlaw.com William Hendrik & Siregar Djojonegoro (“WH&SD”) W: www.whsdlaw.com 2 1
12 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM COVER STORY Image: polkadot_photo/Shutterstock.com Karen Abraham Shearn Delamore & Co, Malaysia Melissa Butarbutar TnP Law Firm, Indonesia Benedicta Du-Baladad Du-Baladad and Associates (BDB Law), Philippines Blossom Hing Drew & Napier, Singapore Denise Jong Reed Smith Richards Butler, Hong Kong Soojung Lee Yulchon, South Korea Pat Lynn Leong Dentons Rodyk & Davidson, Singapore Sonali Mahapatra Talwar Thakore & Associates (TT&A), India Hien Truc Nguyen VILAF, Vietnam Mayuree Sapsutthiporn Kudun and Partners, Thailand Aarthi Sivanandh AZB & Partners, India Miranda So Davis Polk & Wardwell, Hong Kong Kristi Swartz DLA Piper, Hong Kong Risti Wulansari K&K Advocates, Indonesia Setsuko Yufu Atsumi & Sakai, Japan In a legal landscape increasingly shaped by female talent, Asian Law Business (ALB) presents its fourth annual ranking of the Top 15 Female Lawyers in Asia, showcasing the remarkable achievements and contributions of women in the legal profession across the region. As we celebrate these outstanding women, we delve into their unique perspectives, exploring the challenges they’ve overcome, the impact of their leadership, and the evolving role of women in shaping the future of Asia’s legal market. TOP 15 FEMALE LAWYERS 2024 LIST BY ASIAN LEGAL BUSINESS, TEXT BY NIMITT DIXIT
13 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM Over the past few decades, the number of female lawyers in Asia has surged, reflecting broader societal changes and an increasing recognition of the value women bring to the legal field. Female lawyers are increasingly taking on leadership positions and are recognised for their expertise in complex legal matters, from corporate governance to intellectual property law. Their participation in high-profile cases and significant transactions demonstrates their capabilities and the trust clients place in them. In its fourth annual ranking, ALB highlights outstanding women lawyers across Asia who have made significant contributions amidst this dynamic legal landscape. From over 155 submissions across 13 Asian jurisdictions, we’ve selected 15 female attorneys who have consistently demonstrated excellence in their work, setting remarkable standards within their specific legal domains. These lawyers have earned accolades not only from their peers and superiors but also from their clients. As we celebrate the achievements of the top female lawyers in Asia, it is essential to recognise both their strengths and the challenges they face in this evolving environment and understand their story and the unique perspectives they bring to our legal market. We speak to five of ALB’s top female lawyers in Asia on the role of societal and cultural norms in career progression, the challenges they faced climbing up the ladder, the role of technology in enabling their careers, the impact of female leadership in law firms and strategies law firms can implement to create a more inclusive culture for women in the legal workplace. IMPACT OF FEMALE LEADERSHIP ON LAW FIRM CULTURE Benedicta Du-Baladad, the founder and chief executive officer of Philippines-based BDB Law says, “Women leaders bring unique perspectives and approaches to problem-solving, decision-making, and client relations, SUBMISSION BREAKDOWN Jurisdiction Submissions Winners Hong Kong 32 2 India 38 2 Indonesia 17 2 Japan 6 1 Lebanon 2 0 Malaysia 10 1 Philippines 3 1 Singapore 21 2 South Korea 8 1 Taiwan 1 0 Thailand 5 1 UAE 1 0 Vietnam 11 1 Offshore 3 1 Total 155 15 BROUGHT TO YOU BY ATSUMI & SAKAI A conversation with Setsuko Yufu What inspired you to pursue a career in law, and how has your journey evolved since you started? It was during my studies in Europe when I encountered EU law and decided that I wanted to pursue it for the rest of my career. After returning to Japan, where there was no chance to work on EU law at the time, I continued to study EU law by participating in academic conferences while developing acumen in corporate law through involvement in large-scale M&A and finance transactions. Through that effort and dedication to my work, and with the globalization of business in Japan, my journey has evolved to handle large international cartel cases and international corporate governance. What advice would you give to young women aspiring to enter the legal profession, especially in Asia? In the legal profession, it is relatively easy to take control of your work and create your own life plan. However, childbirth, childcare, and caregiving at home can be a heavy burden colleagues and focus on studying when you carry a burden; when your burden is alleviated or released, then return to the front lines and put all your strength into your work. It is also important to help your colleagues and to be valuable to others, so that you will be able to garner their understanding and support when needed. How has mentorship played a role in your career, both as a mentee and a mentor? Mentorship played a very important role in advancing my legal career. My mentors provided me with invaluable guidance, advice and insights, not just on laws or practice, but rather on the culture and conventions of the male-dominated Japanese business society, the decision-making process in organizations, and the manners that we must learn under such circumstances. Without an understanding of the real business culture and environment, corporate legal advice will be incomplete, lacking the finishing touch. When I become a mentor, I try to give advice to junior colleagues from the perspective of how business society actually works. for women. Talented women are prone to go too far in the pursuit of perfection in all aspects of their work, which leads to a risk of self-destruction. It is crucial to be flexible and not to be obsessed with being always at the top of your game, but rather to step back a little from the front lines to assist your Setsuko Yufu Senior Partner E: setsuko.yufu@aplaw.jp Atsumi & Sakai Fukoku Seimei Bldg. 2-2-2 Uchisaiwaicho, Chiyoda-ku Tokyo 100-0011 Japan W: www.aplawjapan.com/en
14 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM which greatly enhance a firm’s overall performance and innovation. In addition, female leaders who are highly visible in their positions serve as influential role models and mentors.” Mayuree Sapsutthiporn, partner and head of the China practice at Thai law firm Kudun & Partners says, “As the first female partner and the only female equity partner at KAP, I strive to instil a strong sense of KAP culture that balances fairness, performance-driven practices, and strong empathy. Leveraging my strengths in compromising and active listening, I work to understand and bridge the various factions within the firm. Building trust is crucial, so I spend time with each faction, ensuring they see that the changes I am implementing are meant to support and benefit them.” Setsuko Yufu, senior partner at Japanese law firm Atsumi & Sakai, says, “Nowadays, people are well aware that the involvement of women leaders allows for different perspectives on issues and diversified eyes effectively yield more creative decisions. However, unfortunately, people have not yet achieved proficiency in fostering women leaders during the ordinary course of business.” IMPACT OF SOCIETAL AND CULTURAL NORMS ON CAREER PROGRESSION Hien Truc Nguyen, partner and director at top Vietnamese law firm VILAF says, “Traditional roles often place women as primary caregivers, creating challenges in balancing family and professional responsibilities. This can limit career advancement opportunities due to the perceived need for women to prioritise family over work. Additionally, cultural norms sometimes undervalue women’s contributions in the workplace, leading to fewer leadership opportunities and slower career progression. Despite these challenges, many Vietnamese women are breaking these barriers, supported by progressive policies and a growing emphasis on gender equality.” Blossom Hing, Singapore-based director at Drew & Napier adds, “It is not uncommon for the number of females to exceed the number of male applicants to law school and also when they enter into the legal profession. So at a junior level, there is often parity or even more men than women who enter the profession. But as young lawyers progress in their careers, the number of women lawyers who hold senior positions tends to decrease in comparison to their male counterparts. It is therefore important for senior female lawyers to constantly lean in to be role models for the younger generations.” Du-Baladad at BDB Law echoes the sentiment and adds, “As in many jurisdictions, the legal profession in the Philippines has historically been predominantly male, shaped by societal expectations and traditional gender roles that the legal profession is reserved for men. Thanks to the many strong female lawyers with strong resolve to remove those gender biases, BROUGHT TO YOU BY VILAF A conversation with Ms. Nguyen Truc Hien How do you balance the demands of a highprofile legal career with your personal life? Balancing the demands of a high-profile legal career with personal life requires careful planning and prioritization. I focus on maintaining clear boundaries between work and personal time, setting aside time for family and personal pursuits. Delegating tasks effectively and leveraging technology for efficiency also helps manage workload. Additionally, I prioritize self-care and make time for activities that rejuvenate me, recognizing that maintaining well-being is crucial for sustained professional success. By staying organized and mindful of my priorities, I can achieve a fulfilling balance between my career and personal life. What advice would you give to young women aspiring to enter the legal profession, especially in Asia? For young women aspiring to enter the legal profession in Asia, aim for academic and professional excellence to distinguish yourself in a competitive field. Seek out mentors for guidance and commit to lifelong learning to stay current with legal and technological and inclusion to shape the future of the profession. By combining these strategies, you can effectively balance a demanding legal career with personal growth and make a significant impact in the field. How has mentorship played a role in your career, both as a mentee and a mentor? Mentorship has been pivotal in my career, both as a mentee and a mentor. During the early stages of legal development in Vietnam, mentorship was crucial for navigating the complexities of the evolving legal landscape. Experienced mentors provided invaluable guidance and insights that shaped my professional growth and confidence. In today’s technologically advanced era, mentorship is no less important. While technology offers tools and resources, it cannot replace the value of shaping logical thinking and sharing real-world experiences in solving legal issues. As a mentor, I strive to support young lawyers, especially women, by offering advice, sharing experiences, and providing growth opportunities. This reciprocal relationship enriches my career, fostering continuous learning and mutual development. advancements. Develop a comprehensive understanding of business and financial aspects, as these are crucial for providing effective legal advice. Build a strong network by attending industry events and joining legal associations to create valuable connections. Embrace resilience to overcome challenges and setbacks, and actively advocate for diversity Ms. Nguyen Truc Hien Partner E: hien@vilaf.com.vn VILAF 4th Floor mPlaza Saigon 39 Le Duan Street, District 1 Ho Chi Minh City, Vietnam W: www.vilaf.com.vn
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