3 ASIAN LEGAL BUSINESS – NOVEMBER 2023 WWW.LEGALBUSINESSONLINE.COM THE BRIEFING: YOUR MONTHLY NEED-TO-KNOW U.S. LAW FIRMS RETHINK CHINA Salary difference by which female GCs in multi-lawyer departments outearned their male counterparts, according to a survey of U.S. GCs conducted by the Association of Corporate Counsel. (Reuters) A hard-fought race by U.S. and global law firms to expand into China has turned into a retreat for many, thanks to growing pressures on foreign businesses and converging economic and geopolitical challenges, according to new data and interviews with lawyers and legal industry experts. Of the 73 largest U.S. law firms with a presence in China, 32 shrank their attorney presence in the last decade, according to a Reuters review of data from Leopard Solutions, which tracks law firm hiring. In Beijing, 26 of the 48 largest U.S. law firms drew down their presence since 2018. After rushing to gain market share during China’s decades-long economic boom, U.S.-based firms in China grew their headcounts there just 3 percent between June 2018 and June 2023, the data show. The regulatory environment has also shifted amid President Xi Jinping’s growing crackdown on perceived data privacy, national security and espionage risks. Other firms pulling back in China have pointed mainly to market conditions. 19.5% FUTURE AMID ECONOMIC WOES (Reuters) The legal artificial intelligence market is getting more crowded as new startups continue to woo investors. The latest entrant, Eve, launched recently with $14 million in seed funding led by venture capital firms Lightspeed Venture Partners and Menlo Ventures. Eve says it offers a “personalized” AI legal assistant to help automate and save time on tasks like document review and legal research. Jay Madheswaran, the San Franciscobased company’s CEO and co-founder, said Eve’s enterprise software comes with a set of “skills” for certain tasks, which law firm customers can then customize. Madheswaran has previously held roles as a partner at Lightspeed and head of product engineering at cybersecurity software company Rubrik. Eve co-founders Matt Noe and David Zeng also worked at Rubrik. Madheswaran said the now 15-person team has worked on Eve for a few years. LEGAL AI STARTUP, EVE, LAUNCHES WITH FUNDING FROM MENLO, LIGHTSPEED Proportion of lawyers who expect to integrate generative AI in their legal work within the next year, according to a Walters Kluwer survey, with 68 percent feeling prepared for its impact. 73% IN THE NEWS The Law Society of Singapore has elected Lisa Sam Hui Min, managing partner of local boutique Lisa Sam and Company, as its first female president in two decades. The previous female president was Arfat Selvam, who took on the role in 2003. “I THINK IT’S FRAUDULENT, THE DECISION. THE FRAUD IS ON THE COURT, NOT ON ME.” QUOTE UNQUOTE Herbert Smith Freehills will shut its Malaysian office at the end of April 2024, the firm has announced. Its exit from Malaysia means HSF will have closed two Asian offices in the span of about one year, having shut its Korea outpost earlier this year. While testifying at his civil fraud trial in New York, former U.S. president Donald Trump lashes out at the judge handling the case. IN THE NEWS
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