3 ASIAN LEGAL BUSINESS – SEPTEMBER 2023 WWW.LEGALBUSINESSONLINE.COM THE BRIEFING: YOUR MONTHLY NEED-TO-KNOW U.S. LAW FIRMS SAW Average total compensation for GCs at U.S. public life sciences companies with more $10 billion in revenue last year, according to BarkerGilmore. The figure for those in private companies was $838,000. RISING DEMAND IN Q2 (Reuters) A survey of more than 1,200 individuals working internationally has found that 67 percent of respondents believe AI will have a transformational or high impact on their profession in the next five years, according to Thomson Reuters’ Future of Professionals Report. Additionally, over half of the survey respondents (66 percent) predict AI will create new professional career paths, while 68 percent expect roles that do not require traditional legal or tax qualifications to increase over the next five years. For legal professionals, improved productivity and efficiency are seen as the biggest positive effects of AI (75 percent and 67 percent, respectively). Additionally, law firms see AI as an opportunity for increased revenue as more than half (55 percent) of legal professionals predicted that lower costs for firms, resulting from AI use, will lead to greater firm profitability. Also, 81 percent of legal respondents expect new services to emerge within the next five years, creating new revenue sources. Some 58 percent of respondents anticipate seeing a rise in professional skills. $2,000,000 91% - Percentage of in-house lawyers who expect law firms to make them aware of the firms’ use of emerging AI, according to a survey of in-house counsel in U.S., UK, Canada, and France conducted by LexisNexis. An existing pilot scheme that enables legal practitioners in Hong Kong and Macau to practice in neighbouring mainland cities has been extended for three years. The programme, introduced in 2020, will now run until October 2026. IN THE NEWS IN THE NEWS DLA Piper has launched Aiscension Bribery, an AI-enabled service for detecting corporate bribery risks in partnership with software provider, Reveal. Lawyers from the firm trained the software to recognise various forms of bribery behaviour. “LET’S SEE IF SINGER CAN ACTUALLY TRY A CASE IN A COURTROOM INSTEAD OF THE MEDIA.” QUOTE UNQUOTE (Reuters) Law firms in China are scrambling to comply with Beijing’s new guidance to tone down the language used to describe Chinarelated business risks in companies’ offshore listing documents, five people familiar with the matter said. The moves come after China’s securities regulator in a closed-door meeting asked domestic law firms to refrain from including negative descriptions of China’s policies or its business and legal environment in the IPO prospectuses. A failure to do so could mean their listings are not able to get a regulatory nod, the China Securities Regulatory Commission (CSRC) warned, Reuters had first reported, citing people with knowledge of the matter. The law firms are now racing to change the wordings in applications that they have filed, as well as those they are yet to file. A lawyer for backup dancers of U.S. rapper Lizzo, now facing workplace complaints, hits back at Lizzo’s lawyer Marty Singer’s comments that the dancers’ lawsuit was “a sham.” LAW FIRMS TONE DOWN CHINA RISKS IN IPO APPLICATIONS
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