39 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA BROUGHT TO YOU BY HAN KUN LAW OFFICES 刘云鸽 Paula Liu 合伙人 Partner paula.liu@hankunlaw.com Paula Liu, a partner of Han Kun Law Offices, has more than 17 years of experience in private equity and M&A. With her long-term specialized focus and constant pursuit of excellence, Liu has developed profound expertise and maintained a proven track record of quality service that secures market recognition and client trust. This year, Liu was listed among the 2023 ALB China Top 15 Female Lawyers. She graciously shared her professional journey, industry experience and professional insights. ALB: Congratulations on your entry into the 2023 ALB China Top 15 Female Lawyers! What are the factors at play in your professional journey? What qualities have enabled you to lead your team forward? Paula Liu: I was probably among the first generation of lawyers in the advising on cross-border private equity investment. This journey allowed me to both witness and be a part of China’s evolving private equity and cross-border M&A landscape over the last two decades. I’ve come to realize that while each transaction might appear distinct, their underlying principles are often aligned. Truly understanding our clients’ core needs, coupled with continuous reflection and learning from each project, has been pivotal for my growth. No matter the workload, revisiting past projects to draw insights remains essential for success in subsequent endeavors. This is a philosophy I strongly advocate within my team, emphasizing the importance of consistent learning. Every task we undertake is an opportunity to better ourselves. ALB: What challenges have you observed facing female lawyers? How are they addressed? Liu: Based on what I’ve observed, China has made commendable strides toward gender equality, providing women a relatively welcoming professional environment compared to some other countries. However, women naturally encounter unique challenges, both physiologically and socially, especially when juggling professional and familial responsibilities. Despite these hurdles, I believe every accomplished female lawyer is not just a professional but also an adept manager of both her career and personal life. Discovering a harmonious balance between work and home is an art that requires lifelong practice. On the flip side, women lawyers bring distinct strengths to the table. In transactions, their nuanced approach and empathy can offer deeper insights, often paving the way for solutions. ALB: What are the latest trends you have observed in private equity and M&A? Liu: In recent times, there’s been an evident slowdown in overall economic growth, with pressures mounting on secondary market valuations. This has led to a shift in equity investment trends, where more investors tend to invest in more earlier stages of the lifecycle of a company. Projects, especially in the field of M&A, have seen a slower pace, mainly due to differing valuation expectations between parties involved. Yet, I remain optimistic. As economic outlook stabilizes, there will be a resurgence in the M&A market. Another notable trend is the emergence of deals involving more intricate dynamics and complex structures, like corporate restructuring, strategic integration by M&As, investor exiting by way of redemption/trade sale/down-round financing, etc. ALB: Clients are attaching greater importance to the foresight, LQ, and service quality of lawyers. What are their new requirements? Liu: The landscape of M&A and investment projects has undoubtedly become more intricate, necessitating lawyers to transcend traditional boundaries. Beyond legal expertise, today’s exceptional lawyer needs a sharp business instinct and the agility to address novel challenges. While the legal market is increasingly competitive, lawyers who merge profound experience with out-of-the-box thinking will continue to find vast avenues for growth. 总结反思、积累践行，做一个有智慧的经营者 ——专访2023 ALB China十五佳女律师：汉坤律师事务所合伙人刘云鸽 REFLECTION AND PRACTICE MAKE A SMART MANAGER —Interview with 2023 ALB China Top 15 Female Lawyers: Paula Liu, Partner of Han Kun Law Offices 汉坤律师事务所合伙人刘云鸽律师在私募股权与并购领域拥 有超过17年的执业经验。凭借着在专一领域的长期专注以及对法律 服务卓越性的不断追求，刘律师以其精深的专业水平和优质服务获 得了市场和客户的青睐。今年，刘律师上榜2023 ALB China十五佳女 律师榜单，与ALB聊了聊她职业道路上的成长经历、行业经验与执业 心得。 ALB：刘律师，恭喜您上榜2023 ALB China十五佳女律师榜单！回首 过往职业生涯，什么因素对您的职业生涯起到了助力作用？哪些特质 帮助您更好地带领团队发展？ 刘云鸽律师，汉坤律师事务所合伙人：作为中国法律市场上较早开始 从事美国基金私募股权投资的律师，我较为完整的见证和参与到了 中国的私募股权投资和跨境并购过去近二十年的实践当中。在我看 来，不同交易的底层逻辑往往是接近的，深刻地理解客户核心需求， 善于反思总结，以致触类旁通的能力尤为重要，这也对我的职业生涯 起到了一定程度的助力作用。不论时间多么繁忙，做好以往项目的复 盘一直都是下一个项目产出高品质结果的前提。 与此同时，这也是我对团队的重点要求之一。知识体系的形成离 不开坚持不懈地、有意识地积累。每一个项目都是提高自己的机会。 ALB：就您观察，女性律师在职业生涯中都遇到了哪些挑战？应该如 何克服？ 刘云鸽律师：就我个人观察，从中国践行性别平等的努力来看，中国 女性的职场地位其实相对很多其他国家更为友好。但不可避免的是， 女性从生理等各方面来说都有天然弱势的一面，而社会对于女性角 色的期待也会让她在承担工作责任的同时背负了更多的家庭责任。 尽管如此，对任何一个优秀的女性律师来说，其本身是专业人 士，也应该是一个好的经营者，包括事业和家庭的经营。寻找工作和 家庭平衡的最大公约数是女性律师需要终身修炼的智慧。 另一方面，女性律师在职场当中也同样具备自己独有的优势力 量。例如交易律师中，女性可能更加细腻，能够更好的换位思考，这种 洞悉人性、以柔克刚的风格或将更容易达成问题的解决方案。 ALB：作为私募股权及并购领域的专家，您有观察到该领域有哪些最 新的发展趋势？ 刘云鸽律师：近期，整体经济增速放缓，二级市场的估值承压，少数股 权投融资领域呈现出了更为前端化的发展特征。对于并购或是收购 控制权的私募股权投资来说，很多项目中由于买卖双方对于估值预 期的差距仍然存在，项目推进往往比较缓慢，整体并购市场也呈现出 较为低迷的趋势。但在我看来，作为经济活动永远的需求，并购市场 在整个经济体预期稳定之后会迎来向好的发展。近期交易市场的另 一个特点就是传统的股权投融资数量变少而围绕企业重组、资源整 合型并购、以不同方式进行投资退出等方面的“非标”项目增多，项目 的多样性和复杂化显著增加。 ALB：如今，客户也愈发看重律师的前瞻能力、法商思维以及服务质 量，当下客户对律师提出了哪些新的要求？ 刘云鸽律师：随着并购和投融资项目复杂度的增加以及需求的日益 多元化，交易律师已经不能满足于简单重复同质化的交易结构和项 目管理模式。除了法律技能之外，一个优秀的律师需要拥有敏锐的商 业直觉，以及解决新问题和提出新方案的能力。市场的竞争虽然日趋 激烈，但能够把深厚的经验和不落窠臼的思维相结合，解决客户复杂 问题的优秀律师一定总会有宽广的发展空间。
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