offshore lawyers - | asian legal business

MCI (P) 041/02/2021ISSN 0219 – 6875

KDN PPS 1867/10/2015(025605)

OFFSHORELAWYERS

AS PICK BY CLIENTS

THAILAND’STHAILAND’SCRYPTO BOOM

BRINGS NEED FOR CLARITY

WEALTH INTHE GBA

NEW SCHEME CONNECTS

MIDDLE EASTLAW AWARDS

INSIDE THE INAUGURAL

THE BEST FIRMSFOR PATENTS ,TRADEMARKS& COPYRIGHT

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SPONSORPRESENTING SPONSOR SUPPORTING PARTNERS

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CONTACT THE FOLLOWING TO BOOK YOUR PLACE ATTHIS FORUM Romulus [email protected] / (65) 6973 8248

The Covid-19 pandemic coupled with uncertain economic outlook has led experts to expect a significant wave of debt restructuring and insolvency cases in 2021. These developments require investors and creditors to stay more vigilant and legally informed when executing high-risk restructuring deals.

ALB Hong Kong & Greater China Debt & Restructuring 2021 will provide the audience with timely insights to address these challenges, and practical tips to adequately equip the firms and creditors to protect themselves during the credit investing process.

OVERVIEW

FORUM SPEAKERS

KEY TOPICS

ALB Hong Kong and Greater ChinaDebt & Restructuring Forum

2 7 M AY 2 0 2 1R E N A I S S A N C E H O N G K O N G H A R B O U R V I E W H O T E L

WEBSITEhttps://www.legalbusinessonline.com/conferences/debtforum2021_HKREGISTRATIONhttps://www.gevme.com/debtforum2021_HK

JEREMY LIGHTFOOTPartner,

Head DisputeResolution and

Litigation Practice,Carey Olsen

VICKY HEHead of Syndicate,North Asia, APAC

Strategic Products,Credit Suisse

JOHN HANPartner,

Kobre & Kim

ALEXANDER SHAIKPartner,

General Counsel,Asia Pacific

Private CreditADM Capital

BEN ZHUDirector,

Asia PacificPrivate Debt

Muzinich & Co.

SIDDHARTHA HARIHead, Financing

North Asia & Pacific,Deutsche Bank

VAIBHAV CHADHAManaging Director,

Head of AsiaDistressed Debt &Special SituationsCantor Fitzgerald

Asia’s Credit Market Outlook China Corporate Debt Opportunities

Achieving A Successful Debt Restructuring Private Lending Opportunities in Greater China

1ASIAN LEGAL BUSINESS – MAY 2021W W W.LEGALBUSINESSONLINE.COM

C O V E R S T O R Y24ALB Asia IP Rankings 2021Even as the COVID-19 pandemic shook up the world, the IP landscape in the Asian region remained buoyant thanks to its agility and digital readiness. This was refl ected in the best law fi rms for IP work, which went above and beyond when it came to servicing their clients in a diffi cult time.By Maricel Estavillo and Asian Legal Business

Plus:- Krishna & Saurastri- Romulo

F E A T U R E S14ALB Offshore Client Choice List 2021In its annual list, ALB picks out Asia’s outstanding lawyers working with offshore law fi rms. These legal professionals have exceeded client expectations and requirements, delivering high-quality advice and support, and being recognised by their clients for the same. The lawyers in the list were selected based on client recommendations sent directly to ALB.

Plus:- Conyers- Ogier

22Wanted:crypto clarityThailand’s digital assets industry has been booming in recent months. In March, the Bank of Thailand (BOT) issued policy guidelines on how stablecoins are to be regulated, but these still leave many areas of ambiguity for lawyers and businesses in the market.

Plus:- Chandler MHM Ltd

42Ireland callingThe pandemic has given many cause to carefully consider where they base themselves,

their families, and their assets. One compelling, but perhaps not obvious, choice, is Ireland.

44Wealth connectedThe recent announcement of the launch of a cross-boundary wealth management connect pilot scheme has generated a lot of interest and support from the both the fi nancial and legal sectors in Hong Kong.

46ALB Middle East Law Awards 2021The ALB Awards made its foray into the Middle East region with the inaugural

event celebrating the outstanding individuals, law fi rms, and in-house legal teams.

B R I E F S3The Briefi ng

4Forum

6Explainer

7Deals

8Appointments

11Q&A

13League Tables

42IREL ANDC ALLING

C O N T E N T S

PROUDLY PRESENTED BY

SPONSORPRESENTING SPONSOR SUPPORTING PARTNERS

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CONTACT THE FOLLOWING TO BOOK YOUR PLACE ATTHIS FORUM Romulus [email protected] / (65) 6973 8248

The Covid-19 pandemic coupled with uncertain economic outlook has led experts to expect a significant wave of debt restructuring and insolvency cases in 2021. These developments require investors and creditors to stay more vigilant and legally informed when executing high-risk restructuring deals.

ALB Hong Kong & Greater China Debt & Restructuring 2021 will provide the audience with timely insights to address these challenges, and practical tips to adequately equip the firms and creditors to protect themselves during the credit investing process.

OVERVIEW

FORUM SPEAKERS

KEY TOPICS

ALB Hong Kong and Greater ChinaDebt & Restructuring Forum

2 7 M AY 2 0 2 1R E N A I S S A N C E H O N G K O N G H A R B O U R V I E W H O T E L

WEBSITEhttps://www.legalbusinessonline.com/conferences/debtforum2021_HKREGISTRATIONhttps://www.gevme.com/debtforum2021_HK

JEREMY LIGHTFOOTPartner,

Head DisputeResolution and

Litigation Practice,Carey Olsen

VICKY HEHead of Syndicate,North Asia, APAC

Strategic Products,Credit Suisse

JOHN HANPartner,

Kobre & Kim

ALEXANDER SHAIKPartner,

General Counsel,Asia Pacific

Private CreditADM Capital

BEN ZHUDirector,

Asia PacificPrivate Debt

Muzinich & Co.

SIDDHARTHA HARIHead, Financing

North Asia & Pacific,Deutsche Bank

VAIBHAV CHADHAManaging Director,

Head of AsiaDistressed Debt &Special SituationsCantor Fitzgerald

Asia’s Credit Market Outlook China Corporate Debt Opportunities

Achieving A Successful Debt Restructuring Private Lending Opportunities in Greater China

September 9th, 2019, Blarmey, Ireland - The Blarney house, Irish Manor Home, located on the grounds of Blarney Castle, built in 1874. D. Ribeiro/Shutterstock.com

2 ASIAN LEGAL BUSINESS – MAY 2021 W W W.LEGALBUSINESSONLINE.COM

RANAJIT DAMManaging Editor, Asian Legal Business, Thomson Reuters

Asia is leading the world in IP growth.International patent applications via the World Intellectual Property Organisation (WIPO) in 2020 continued to grow despite the COVID-19 pandemic, with China once again leading the list of filers. International patent applications filed via WIPO’s Patent Cooperation Treaty (PCT), the WIPO found, grew by 4 percent in 2020 to reach 275,900 applica-tions. Japan and South Korea came in at third and fourth place, respectively. Asia accounted for 53.7 percent of all PCT filing activity, and countries in the region that showed growth in applications included Malaysia (26 percent) and Singapore (15 percent).

Asian filers were prominent in trademark applications as well, found WIPO, with 7,075 China-based applicants filing international trademark applica-tions using WIPO’s Madrid System in 2020, the third-highest among all countries.

IP protection and enforcement are of course two sides of the same coin, and the number of IP litigation cases have also increased, as have the complexity of disputes. What this means is the IP lawyers in the region have been kept quite busy, and thus our annual rankings of the best law firms in Asia for IP comes at an ideal time. ALB spent months of research compiling this list, and the rankings have yielded an interesting mix

of the usual suspects and up-and-coming contenders. Congratulations to all the firms that made the list, and we hope that it serves as a useful guide to our in-house readers whenever they are on the lookout for IP lawyers.

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) 041/02/2021ISSN 0219 – 6875KDN PPS 1867/10/2015(025605)

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CORRIGENDUMThe list of the ALB Super 50 Disputes Lawyers published in the April issue inadvertently omitted the name of John Jerico L. Balisnomo of Cruz Marcelo & Tenefrancia. In the same issue, the ALB Asia Top 15 TMT Lawyers list accidentally omitted the name of Hiroshi Uchima of Nishimura & Asahi. Both errors are sincerely regretted.

3ASIAN LEGAL BUSINESS – MAY 2021W W W.LEGALBUSINESSONLINE.COM 3ASIAN LEGAL BUSINESS – MAY 2021W W W.LEGALBUSINESSONLINE.COM

YOUNGER LAWYERSAT THE BEGINNING WE WERE THREE

DEFENDING 200, NOW WE ARE20 LAWYERS DEFENDING THOUSANDS

QUOTE UNQUOTE

IN THE NEWS

UK law firm Mishcon de Reya hasannounced it will list on the

London Stock Exchange by theend of this year, and all staff

members at the firm will becomeshareholders when it is listed.

Mishcon, which recorded 188 millionpounds ($260 million) in revenue

in the year ending April 2020,has tapped JP Morgan Cazenovefor advice on the potential IPO.

Norton Rose Fulbright (NRF) andLatham & Watkins have joined a

coalition of law firms and generalcounsel of Fortune 1000 companies

in launching a pro bono initiativeto provide legal services to victimsof anti-Asian incidents in the U.S.The Alliance for Asian AmericanJustice will coordinate and drivelaw firm pro bono resources on

behalf of victims.

Zar Li, one of a group of female lawyersrepresenting Myanmar protestors in

court against the military junta, is quotedin the Nikkei Asia Review

97% - Proportion of in-house lawyers globallywho face challenges in obtaining budgets for

tech investment, according to the 2021 EYLaw Survey. C-suite buy-in was considered

the major contributing factor.

MORE SATISFIED IN-HOUSETHAN IN FIRMS

THE BRIEFING: YOUR MONTHLY NEED-TO-KNOW

According to Bloomberg Law’sAttorney Workload and Hours Survey,

junior attorneys tend to fare betterin corporate legal departments

than in law firms from a well-beingperspective, reporting higher job

satisfactions and lower burnout rates:Some 81 percent of in-house lawyerswith one to seven years of experienceare satisfied, a figure that is 30 pointshigher than the 51 percent of law firm

lawyers with the same experiencewho say the same thing. The survey

also found that in-house lawyerswork fewer hours per week than

law firm lawyers, on average (51 hoursversus 54 hours), and in-house lawyerswith one to seven years of experiencereport a lower burnout rate than their

law firm counterparts.

Directors are obliged to address theimpact of climate change as part

of their duties to their organisations,and a failure to do so could result

in them incurring criminal andcivil liabilities, especially if climaterisks will affect the business. This

is according to a legal opinioncommissioned by the Commonwealth

Climate and Law Initiative andauthored by Jeffrey Chan Wah

Teck SC of TSMP Law Corporation,Joseph Chun of Shook Lin & Bok,

Professor Ernest Lim of NUS Law andPeter Doraisamy and Gerard Quek ofPDLegal. The opinion was unveiledrecently at a webinar co-hosted bythe Law Society of Singapore andthe EW Barker Centre for Law and

Business at the NUS Faculty of Law.

41% - Percentage of lawyers internationallywho feel unable to discuss wellbeing withtheir employers out of concern that suchdiscussions would be damaging to their

careers, according to an IBA survey.

SG LEGAL OPINION:CLIMATE CHANGE PART

OF DIRECTORS’ DUTY


B R I E F S

F O R U M

REMOTE LEARNING With the COVID-19 pandemic moving meetingsand job interviews online, it is no surprise thatprofessional development has also adapted tomeet these uncharted times.

WHAT DOES PROFESSIONAL DEVELOPMENT LOOK LIKEAT YOUR FIRM DURING COVID-19?

SHIRIN TANG, managing partner, Singapore,and TIMOTHY W. BLAKELY, managing partner,Hong Kong, Morrison & FoersterAt Morrison & Foerster, we take a broad view of professional training and development, seeking to provide our lawyers with the tools and guidance they need to thrive at all stages of their careers. This means not just offering traditional substantive legal training sessions, but also providing mentoring, diversity and inclusion programmes, coaching, and a variety of other programmes for career enhance-ment. The COVID pandemic forced us to get creative about both the ways we deliver our programmes, and the kinds of programs that were necessary to best support our attorneys. We rede-signed a number of our training programmes (including those for our summer interns) to be deliv-ered remotely over platforms like Zoom. In doing so, we explored ways of keeping attendee engage-ment high – it’s more challenging for people to stay fully engaged when they are alone, rather than in a room full of people, so we inte-grated technologies like Kahoot, a learning game that allows people to participate in fun, quick quizzes, whether on the actual subject matter of the session or on ice-breaker questions to build community. We also spent a lot of time thinking about wellness and ways to support our attorneys who were working at home, managing the stress of the pandemic and, in many cases, also caring for family members and supervising children in remote schooling. We provided a series of webinars on working at home with children (with different sessions depending on the children’s ages), coping with isola-tion, and other topics. We even had a master story-teller entertain us with classic stories during several webinars for families. Some of our offices are still fully remote, but others have reopened for in-person work.

As more of our offices move to reopen, we will carry with us the lessons we learned during the pandemic: that being creative and flexible in how we deliver training and development programmes – moving beyond the traditional “instructor in the room” or “watch a videotape” formats – can in many cases result in better programming, reaching more people, and providing more connection and opportunity for customisation of learning.

MARTIN HILL, global head of learning anddevelopment, FreshfieldsWith many people working from home due to the pandemic, face-to-face training was almost impos-

sible for many parts of the firm at various stages of 2020 (and, in some markets, remains a chal-lenge today). At relatively short notice, the firm’s Learning & Development (L&D) team had to move all training online and by late 2020, over 100 courses delivered online, covering 19 different topics.

Despite (or perhaps because of) the transition to “WFH” and online-only learning, we saw very high demand, and many courses

were oversubscribed, with 51 percent of courses having a waitlist. Globally, the team was delivering up to 13 courses a week. We took advantage of the “new normal” delivery mechanism to break down some of the boundaries of geographical distance and time zones that might have applied to in-person training, thereby turning a potential disadvantage into an advantage.

Overall, this was very well received. One training participant commented that “the chance to exchange thoughts and ideas with colleagues who have different cultures and attitudes makes our network valuable.” The COVID-19 pandemic accelerated the digital transformation of L&D and we were pleased

TANG

BLAKELY

HILL

McALPINE


B R I E F S

with what we were able to achieve, including how quickly our people adapted.

Going forward, as COVID-related restrictions start to be relaxed, we are working on syncretizing virtual and in-person training to hopefully give ourselves the “best of both worlds.” Virtual and blended (a mix of virtual and traditional classroom training) will feature prominently. While virtual training will not replace face-to-face training – we still see advantages in enabling people able to network and collaborate in person – we will certainly apply what we learned last year in order to preserve the benefits of the virtual training capabilities we developed.

JO McALPINE, head of talent and capability,King & Wood MallesonsFor our lawyers, professional development captures many different elements – technical expertise, busi-ness skills, mindsets and behaviour – so that our people develop a breadth and depth of legal exper-tise, are commercial in the way they work with our clients and have the qualities required to lead or participate in diverse, collaborative and effective teams. Technical development includes legal ethics, substantive law, practice and risk management and professional legal skills. Other development includes formal sessions and informal support materials to develop leadership capabilities (including wellbeing for self and others) and business skills such as project management, clear communication, networking, delegation and implementing a growth mindset. Development offerings are available “live” (face-to-face or via webinar) or in digital formats (recorded content, podcasts, e-learns, etc.) and are offered broadly to all lawyers, or to specific teams at local, team or cohort levels. We engage a range of internal experts and external consultants with deep technical expertise to support the learning of our people in both technical and non-technical areas. COVID-19 was a catalyst for accelerating our use of technology from a learning and development perspective. In Australia, firmwide technical development sessions were deliv-ered via Webex, which proved both inclusive and time-efficient. We adopted collaborative digital tools such as breakout rooms, the chat functionality and Mentimeter (anonymous polling and questioning) to promote discussion and engagement. For our gradu-ates in Australia, last year’s LegalTech Bootcamps were delivered in-person before pivoting to digital. 190 graduates participated in a week-long learning experience. Sessions were focused on uplifting digital literacy and the application of skills across different LegalTech tools. In China, the successful education programme – the KWM Academy – was seamlessly delivered online.

RAGING PANDEMIC ISN’TDAMPENING INDIA’S IPO BOOM

India’s IPO markets has been heating up over the past few months, triggering a flurry of work for lawyers. EY’s India IPO Trends Report illustrated the “strong momentum” seen by the market, with 22 IPOs worth $2.5 billion in the first three months of 2021. Additionally, the Indian stock exchanges have proved robust, ranking ninth globally.

Among the headline-grabbing IPOs were India’s biggest home builder Macrotech, which debuted in April, becoming the country’s second-largest IPO from a real estate firm, and India Railway Finance Corp’s IPO, at $634 million India’s largest of the quarter.

All the extra work has created a recruitment frenzy, even amid the currently worsening pandemic, says Manan Lahoty, partner at Induslaw.

“Everybody is on a hiring spree,” says Lahoty, describing the landscape as akin to “musical chairs.”

But while there may have been hiring “right through the ranks,” only a select number of law firms have been able to cash in on the IPO boom. “Interestingly, no new firm has been able to enter the capital markets space, it’s still run by five or six large firms and a couple of players on the fringes,” Lahoty says, noting that despite the flood of work, “it’s still the same firms.”

The IPO explosion of the past few months has not occurred in a vacuum, though. The roots stretch back before COVID-19 pulverised the country. In 2019, India held national elections, and election years are not typically the best for IPOs, Lahoty notes, explaining “there’s always a pipeline that is building up waiting for the elections to go through.”

“Typically a few months after that, you begin to see the new policies unfold, followed by an interest in listing and investing in India,” he adds.

As 2020 kicked off and COVID-19 hit “there was a lot of pent up demand and supply for IPOs,” which was released after the impact of the pandemic was flattened somewhat.

The IPO lifecycle in India typically takes five to six months, so the boom visible now in the market is a result of earlier work coming to light.

“So, what you’re seeing happening now is a lot of IPO papers are getting filed because they started work in November-December,” Lahoty says. “There’s a nice little window which has opened up, which will probably stay open for a bit, and you’re going to see a lot of IPO activity in the next six to eight months.”


B R I E F S

E X P L A I N E R

THE ABCs OF NFTsNon-fungible tokens (NFTs) have

gone mainstream. Public figures from tennis star Naomi Osaka to TV legend William Shatner have gotten aboard the NFT train, creating unique digital assets for a hungry, hyped-up market. The NFT bubble is so big, it has even entered socialite and crypto-enthusiast Paris Hilton’s dreams, according to a recent interview.

But what are they? Simply put, NFTs are unique files that exist on blockchain and are usually bought with cryptocurrency or dollars. According to a Dapp Radar report, NFT market-places accounted for a combined trading volume of $342 million in the month of February alone.

They are particularly of interest to the art world because they can verify ownership and help to establish prove-nance. When digital artist Beeple sold an NFT artwork for $69 million at Christie’s in March, interest peaked. Now NFTs are creating new commercial avenues for digital creators. Pop star Grimes made $5.8 million in under 20 minutes selling her own NFTs in February, while the animated Nyan Cat meme sold for close to $600,000 the same month. There is real money to be made, but there’s also real risk, and that’s where the lawyers come in.

FOR LAWYERS, WHAT WORKD O NFTs GENERATE?As with any new product, behind the hype lie ambiguities. Simon Hawkins, a Hong Kong-based partner at Latham & Watkins, says like with a lot of digital assets, it is unclear what legal issues may develop as a result of NFTs.

Lawyers would be involved in work related to structuring of the platform and ownership rights, where legal entities should be based, and IP rights, to name just a few.

“Then there’s this securities regulatory overlay, which is whether these NFTs, which are crypto assets, fall into any of these legal and regu-latory frameworks. This is one of those areas where NFT creatives in marketplaces need to exercise caution,” Hawkins says.

Scott Thiel, a Hong Kong-based partner at DLA Piper, says the NFT boom has triggered complex problem-solving exercises for legal teams as they unpack regulatory questions across jurisdictions.

“There’s a lot of work associ-ated with the legal categorisation of a token, and if you get that wrong it can be pretty dire because most of these are dealing in regulated assets. If you don’t hold the neces-sary license, it’s typically a criminal offence in most jurisdictions,” Thiel says. As a result, NFTs are “quite a high-risk area of regulatory advice.”

While high risk regulatory advice may not traditionally fall under the remit of fintech lawyers, being able to break down the char-acteristics of a token, and give an assessments based on jurisdic-tion requires the ability to see the complete picture. For lawyers, this requires a nuanced understanding of the underlying technology, the token attributes, and the law in the relevant jurisdiction. “if you don’t have that total understanding its

WILL NFTs TAKE OFFIN ASIA?The short answer for Hawkins and Thiel is “yes.”

While the U.S. has seen the bulk of interest, other countries are getting on the bandwagon too. In India, South Korea, Japan, and Hong Kong, the market is abuzz with new NFT entrants and chatter.

“The area where I’m seeing huge amounts of traction in Asia — and by huge amounts I mean billion-dollar businesses, already up and running – is in the area of gaming,” Thiel says. He points out the gaming industry has effectively been using NFTs “through things like micro in-game payments to acquire individual in-game assets or functionality, such as a new sword.”

Hawkins says Asia is a “natural market” for NFTs, as it has big digital eco-systems already in existence. The buyer of the Beeple artwork is Singapore-based, and some merchants in South Korea already accept cryptocurrency payment, he adds.

“Asia is a place where you would expect to see a big uptake in this sort of space,” Hawkins says.

While China may be viewed as a huge untapped market for oppor-tunity in terms of content creators and consumers, regulations suggest NFTs will struggle to take off.

WHAT DOES THE FUTURELOOK LIKE FOR NFTS?As the NFT market develops, so will opportunities, as people build different business, products and services. “When we talk about NFTs, that’s actually an extremely broad term,” Hawkins says.

One interesting emerging trend is NFTs being used to prove owner-ship of physical assets. “It can be used in the same way, as when you buy a car and get your registration documents or buy a house and get a deed of ownership for a piece of land

Sergei Elagin/Shutterstock.com

actually extremely difficult to be an effective adviser,” Thiel says.


B R I E F S

or property, or you buy a painting and get a certificate of authenticity which establishes provenance,” Hawkins says. “We’re starting to see people coming with ways of veri-fying ownership and provenance for physical items, that are using these non-fungible tokens because they’re better and more reliable source of ownership — in theory at least,” he adds.

Thiel says one area of interest which will spark legal challenges is

token fractionalisation. For example, he points to the LeBron James dunking video clip NFT that sold recently for more than $200,000. “People assume ‘wouldn’t it be cool if we took the video clip and broke it up into 10 tokens or fractionalised our one token...but as soon as you break that up, there’s a very good chance that becomes a security or a regulated collective investment scheme — obviously it depends what market you’re in and various

other things. It very quickly moves into the regulator’s space, and I think that’s a common misunder-standing,” he says.

In the future, Thiel says there will be work around the structuring of the tokenomics, and trying to “categorise the bundles of rights that are going in here.” While at the moment he says there’s “probably a fair bit of froth in the market,” when this subsides, “what is left is going to need to be well structured.”

D E A L S

$39.6 BLNGrab’s SPAC mergerwith AltimeterGrowth CorpDeal Type: M&AFirms: Cooley; Hughes Hubbard & Reed; Morrison & Foerster; Ropes & Gray; Skadden Arps Slate Meagher & Flom; Wilmer Cutler Pickering Hale and DorrJurisdictions: Singapore, U.S.

$5.6 BLNPanasonic’s acquisitionof Blue YonderDeal Type: M&AFirm: White & CaseJurisdictions: Japan, U.S.

$2.57 BLNBilibili’s HKsecondary listingDeal Type: ECMFirms: AnJie Law Firm; Clifford Chance; Commerce & Finance Law Offices; Skadden Arps Slate Meagher & Flom; Tian Yuan Law FirmJurisdictions: China, Hong Kong

$1.09 BLNTrip.com’s HKsecondary listingDeal Type: ECMFirms: Commerce & Finance Law Offices; Jingtian & Gongcheng; Latham & Watkins; Skadden Arps Slate Meagher & FlomJurisdictions: China, Hong Kong

$1.03 BLNLinklogis’ HK IPODeal Type: IPOFirms: Commerce & Finance Law Offices; Davis Polk & Wardwell; Haiwen & Partners; Skadden Arps Slate Meagher & FlomJurisdictions: China, Hong Kong

$618 MLNVisional’s IPODeal Type: IPOFirm: Skadden Arps Slate Meagher & FlomJurisdiction: Japan

$500 MLNBairong’s IPODeal Type: IPOFirms: Commerce & Finance Law Offices; Davis Polk & Wardwell; Skadden Arps Slate Meagher & Flom; Tian Yuan Law FirmJurisdiction: Hong Kong

$331 MLNMacrotech Developers’IPODeal Type: IPOFirms: Induslaw; Sidley AustinJurisdiction: India


B R I E F S

WEERAWONG BOLSTERS INTL. TRADE PRACTICE AFTER ACQUIRING BOUTIQUE

Weerawong C&P, Thailand’s second-largest fi rm, has expanded its international trade and WTO offering after merging with Apisith & Alliance, including its founder Apisith John Sutham.

Apisith & Alliance was founded in 2002. In January this year, the fi rm split into two entities, with the trade and customs arm becoming a part of Weerawong. The remaining lawyers, under the name of AWP & Alliance, offer services in corporate/commer-cial, IP and dispute resolution.

The Apisith team led by Apisith John Sutham has expertise in interna-tional trade litigation and WTO work including antidumping, safeguards, countervailing duty and anti-circum-vention.

ARBITRATION HEAVY HITTER GEARING TO JOIN FOUNTAIN COURT CHAMBERS

Matthew Gearing QC, a former co-head of Allen & Overy’s global arbi-tration group, and a former chair of the Hong Kong International Arbitration Centre (HKIAC), is set to join Fountain Court Chambers on May 3.

In January, the UK’s Essex Court Chambers had announced that Gearing would be joining it.

However, since then, Essex Court was sanctioned by the Chinese government over a Jan. 26 legal opinion penned by the four members of the chambers on the treatment of the Uyghur Muslim minority in Xinjiang.

Following the sanctions, all six lawyers who comprised Essex Court Chambers Duxton (Singapore Group Practice) left to set up a new practice.

A P P O I N T M E N T S

JIMMY CHANLE AV I N G

Clifford Chance

J O I N I N GJingtian & Gongcheng

P R AC TI C EFinancial Regulatory Investigations

LO C ATI O NHong Kong

WILLIAM HALLATTLE AV I N G

Herbert Smith Freehills

J O I N I N GGibson, Dunn & Crutcher

P R AC TI C EFinancial Regulatory Services


YOUNG HYUN KIMLE AV I N G

Suwon District Prosecution Offi ce

J O I N I N GYoon & Yang

P R AC TI C ECriminal Defence

LO C ATI O NSeoul

SU YEOL LEELE AV I N G

Suwon District Court


P R AC TI C ECorporate Litigation

LO C ATI O NSeoul

MICHAEL MAKRIDAKISLE AV I N G

Carey Olsen

J O I N I N GConyers

P R AC TI C EInsolvency, Disputes


SANG JAE PARKLE AV I N G

Gwangju District Court


P R AC TI C ECorporate Litigation

LO C ATI O NSeoul

KARAN PAHWALE AV I N G

Bessemer Venture Partners

J O I N I N GCyril Amarchand Mangaldas

P R AC TI C ECorporate

LO C ATI O NBengaluru

ZHEYUAN QIAOLE AV I N G

Clifford Chance

J O I N I N GJunHe

P R AC TI C EBanking and Finance


WONG CHEE LINLE AV I N G

Kuala Lumpur High Court

J O I N I N GSkrine

P R AC TI C ECommercial Litigation

LO C ATI O NKuala Lumpur

VIRTUAL MASTERCLASSKen Adams Drafting Clearer Contracts (June 2021)

2-Part WebinarPart 1: 24 June 2021, Thursday9am to 12pm (Singapore / Hong Kong / Beijing / Shanghai time) GMT +8Part 2: 25 June 2021, Friday9am to 12pm (Singapore / Hong Kong / Beijing / Shanghai time) GMT +8

ALB is pleased to present internationally renowned contracts expert Ken Adams for a 2-Part Virtual Masterclass. This hands-on masterclass explores how to draft contracts that express deal terms clearly and effectively, saving you time and money, enhancing your competitiveness, and mitigating risk. Rather than simply lecturing, Ken uses interactive exercises, encouraging participation and addressing practical considerations related to the drafting process. This masterclass is valuable for both junior and senior legal professionals, with tips that apply to all contracts drafted in English, whatever the governing law.

WHAT YOU’LL LEARN • Practical skills from a global

industry leader • The problem with traditional

contract language • How efficient contract drafting

can benefit your business • The basics of rigorous contract

language and layout • Why revising your contract

process can improve contract language

WHO SHOULD ATTEND • Lawyers • In-house counsel • Paralegals and managers in

law firms and corporations • Contract managers • Anyone who drafts, negotiates,

or reviews contracts

CONTACT

PRICE (inclusive of 7% GST)

SPECIAL OFFERSpecial Discount For The Book “A Manual of Style for Contract Drafting”Each participant can purchase a copy of the latest edition of Ken Adams’s book, A Manual of Style for Contract Drafting at a 30% discount. The seminar explores issues addressed in detail in this one-of-a-kind book that has become a valued resource for the legal profession.

SILE Attendance Guidelines:Participants who wish to obtain CPD Points are reminded that they must comply strictly with the Attendance Policy set out in the CPD Guidelines. For this activity, this includes logging in at the start of the webinar and logging out at the conclusion of the webinar on each day of the activity, and not being away from any part of the webinar for more than 15 minutes on each day of the activity. Participants who do not comply with the Attendance Policy on any particular day of the activity will not be able to obtain CPD Points for that day of the activity. Please refer to http:/www.sileCPDcentre.sg for more information.

6 Public CPD points(3 Public CPD Points Per Day)Practice Area: Corporate / CommercialTraining Level: General

The state of contract drafting • Costs and causes of deficient drafting • Goals for the program

The Front and Back of the Contract

• Title and introductory clause • Function and layout of recitals • Traditional recital of consideration • Concluding clause • Role of exhibits and schedules

Categories of Contract Language • Different categories of contract language and their function • How to distinguish between categories • Why does it matter?

Layout • How to present sections, subsections, and enumerated clauses • Using Adams’s enumeration scheme • Issues of typography

Using Defined Terms • Two kinds of definitions • Role of the definition section • Using an index of defined terms

Ambiguity and Vagueness • Different kinds of ambiguity • How to avoid them • How to use vagueness

Select Usages • Problematic words and phrases • Clearer alternatives

Drafting as Writing • Some general principles of good writing that apply to contract drafting

Bringing It All Together • Redrafting sample provisions

Effecting Change • The individual • The organization

THIS TWO-PART VIRTUAL MASTERCLASS COVERS:

Romulus Tham T: (65) 6973 8248E: [email protected]

USD749


B R I E F S

SOUTH KOREAUNICORNS BUOYEDBY UNIQUECONDITIONS

South Korea is currently witnessing a flurry of unicorns, driven by government support and pandemic-related factors, with successful start-ups increasingly looking to stock markets overseas for bigger investments.

Among the biggest names has been South Korean e-commerce startup Coupang, which “cashed in on the record run in U.S. capital markets,” according to Reuters. And back in January, of the 13 unicorns in South Korea, seven were preparing for trading debuts in 2021, according to the Ministry of SMEs and Startups.

Last year, according to the Korea Herald, Woowa Brothers, operator of South Korea’s biggest food delivery service Baedal Minjok was acquired by Germany’s Delivery Hero for 4.8 trillion won ($4.2 billion), becoming the biggest M&A deal of a Korea unicorn by a foreign company on record, while mobile game developer Krafton, and reservation plat-form firm Yanolja are both planning to go public this year.

Kwang-Wook Lee, partner at Yoon & Yang, says the COVID-19 pandemic has been the primary driver behind the “exponential” growth of the South Korean unicorns.

“The disruption caused by the pandemic has pulled investments into the newly-emerging industries such as the contactless and platform industries. These investments have, in turn, been supported by the unprecedented low interest rate in the finance industry,” Lee says.

“The successful IPOs of Big Hit Entertainment (currently HYBE Corporation) and Kakao Games in Korea, and of Palantir Technologies and Snowflake in the New York Stock Exchange have added a new level of confidence in the management of the South Korean unicorns,” Lee adds.

The successful listing of Coupang on NASDAQ in the U.S. may lead other South Korean unicorns to consider a similar path.

Sungmin Kim, a partner at Lee & Ko says for the start-ups in the industries that benefited from the pandemic, such as e-commerce and video games, “2020 was clearly a good year.”

“These start-ups saw increase in revenue, earnings, and investment. Coupang is a good example. Its revenue jumped 91 percent year-on-year to $12 billion; its operating loss was reduced by 20 percent year-on-year to $528 million; and its IPO in the United States raised $4.6 billion, making it the biggest U.S. IPO by an Asian company since Alibaba,” Kim adds.

In the second half of 2020, invest-ment increased and “the momentum is expected to continue,” says Kim.

“The overall investment to start-ups in the third and fourth quarters of 2020 was up quarter-on-quarter, and the investment would likely increase as we adopt to and overcome the COVID-19 pandemic. We had many M&As involving start-ups during the second half of 2020, and this trend would also continue into 2021,” Kim says.

The unicorns planning to go public this year are already attracting a lot of public attention, including “Krafton, a gaming firm valued at about six trillion won, and Market Kurly, an overnight grocery delivery service which is nearing a valuation of one trillion won,” Kim says.

Following the trend, Lee expects work relating to IPOs and M&As will grow, “especially with companies that show high potential for growth.”

“We also expect more intellectual property disputes to arise, as companies will try to protect their technology and intellectual property rights from others competing on similar business models. Issues relating to competition law will also emerge following mergers and acquisitions. Finally, intellectual prop-erty and competition law are areas where criminal liability may also exist,” he adds.

Kim says his firm has been kept busy by a number of large IPOs, which has created a need for work around structuring transaction and advising underwriters. “There are several IPOs currently underway for which we are providing legal advice. After the IPOs, companies often engage in mergers and acquisitions with the money they raised to expand the current business or enter a new market,” Kim says.

But as start-ups grow, they are also requiring non-IPO support. “Some start-ups receive big investments from the early stage and are willing to pay more money to receive high-quality legal service. Start-ups are more liberal, flexible, and creative. They bring novel issues to law firms and seek innovative solutions. As such, law firms or lawyers dealing with start-ups must themselves become more liberal, flexible, and crea-tive,” Kim says.

Johnathan21/Shutterstock.com


B R I E F S

Q & A

‘THE PANDEMIC HAS ACCELERATED A DRIVE FORINNOVATION, FLEXIBILITY AND EFFICIENCY’Linklaters appointed William Liu as its new regional managingpartner for Asia. A former head of China, and head of the Asiancapital markets practice, Liu talks about his priorities going forward.

ALB: As we slowly emerge from the pandemic, in 2021 what are your main business focuses for the year ahead?LIU: It has no doubt been a challenging year for our clients, our team and the communities we operate in. Thanks to the trust of our clients, the team has been at the forefront of some of the most significant landmark deals in Asia over the last year; with many of them being priced and closed while the clients and us were working from home. I am proud that the team have been able to continue supporting our clients throughout this uncertain period.

My focus is to ensure we continue supporting our clients as they emerge from the pandemic. The pandemic has accelerated a drive for innovation, flex-ibility, and efficiency in business. This is a very transformational phase and a lot of market and working practices have been rewritten during the pandemic. Clients are now focused on post Covid recovery and need that critical counsel to help navigate their challenges. We will continue to help our existing clients meet their business goals by leveraging both our deep practice and sector exper-tise in the region, whilst also drawing on the strength of our global network of lawyers in 20 countries around the world. In addition, we will double down on our investments in funds, tech, health care and ESG so that we can support our clients effectively. I am excited that our firm is leading the way in legal innovation with products like CreateiQ, which brings contracting into the digital age. Working alongside our clients, we are constantly

improving our processes and harnessing technology to achieve ground-breaking changes in how we deliver legal advice. I’m determined to continue focusing on this in the months and years ahead as it becomes an increasingly important part of our offering.

Investing in our people is the other key priority for me. Our colleagues have embraced agile working and proven our ability to adapt. However, many may have felt disconnected whilst working remotely. There is clearly pandemic fatigue among many of us. I am going to put extra emphasis on developing our “one team” culture and the health and wellbeing of our people whilst also supporting exceptional talent across the region as they forge their careers with us.

ALB: Longer term, what do you hope to achieve while in the role?LIU: Linklaters has one of the best regional practices with a depth envied by many of our peers in Asia. In my role I would like to lead the firm in leveraging our fantastic platform and talent to capi-talise on the growth opportunities in the region. I am committed to building a strong and diverse team in Asia who can adapt to our clients’ changing needs and the widely forecasted growth of the Asian economies. I believe if we empower our people, results will follow. Asia’s experi-ence in the pandemic has informed the

firm’s approach in many aspects during the last year. It is clear to me that Asia can lead and be a powerful force for positive change. I would like to see Asia becoming a powerhouse of the firm.

ALB: Where are the big areas of oppor-tunity for your firm — and how will you make the most of them?LIU: We believe funds, tech, healthcare and ESG present many opportunities for us. We are advising many of our clients on their path to becoming more sustain-able businesses; and ESG and tech are key focuses for many of our clients. As mentioned above, we’re pleased to have

been advising on some of the landmark green bond issuances in the region over the last year. We expect the trend for sustainable finance to continue to hold strong whilst governments, regulators and central banks around the world seek to create alignment of ESG standards.

We are also signifi-cantly expanding our

tech offerings in Asia and have been supporting many of our clients in devel-oping their tech investments, digitalisa-tion of their platform and other tech-nological upgrades. In the context of Asia, funds (private wealth, sovereign, private equity, credit, infrastructure and real estate) present opportunities for us to maximise the strength of our platform as the funds expand into tech, health-care and ESG. As we move out of the pandemic, I look forward to leading the region to maximise these areas of oppor-tunities, support employees’ return to offices and agile working practices and continue to serve our clients.

WILLIAM LIU


B R I E F S

AS U.S. WATCHDOGSTEPS UP SCRUTINY,GRAB DEAL SIGNALSBLANK-CHECKPARTY PEAK(Reuters) While the blank-check deals market reached new heights with Grab Holdings’ record $40 billion merger, some lawyers and regulatory experts said the exuberance was unlikely to last as the U.S. securities watchdog steps up scrutiny of such deals.

Southeast Asia’s largest ride-hailing and food delivery firm recently clinched a merger with special purpose acqui-sition company, or SPAC, Altimeter Growth Corp, paving the way for a U.S. listing and the biggest-ever blank-check company deal.

The blockbuster merger under-scores Wall Street’s mania for the deals in which listed shells take private compa-nies public, with a record $100 billion raised through initial public offerings (IPOs) in the United States as of mid-April.

Amid growing worries the market is in a bubble that will hurt investors when it bursts, the U.S. Securities and Exchange Commission (SEC) has been trying to rein in deals by issuing public warnings and more closely scrutinizing deal filings.

“The SEC seems to be banging every drum and waving every light it can find to make it clear to investors and companies that there’s a lot of risk in SPACs,” said Ty Gellasch, head of Washington-based think tank Healthy Markets. “It seems like the SPAC mania is likely to peak very, very soon,” he added.

The latest SEC action came in the form of new accounting guidance which suggested warrants issued by SPACs should be accounted for as liabilities

instead of equity instruments. That will cause a headache for some SPACs that have to review and re-state their finan-cials.

BurgerFi International, which went public through a SPAC in December, postponed its earnings recently, saying it needed more time to assess the impact of the new SEC guidance.

Although it is unlikely to deter companies from going public, the guid-ance “validates the concern of some that the SEC has a persistent hostility towards SPACs,” said Douglas Ellenoff, partner at law firm Ellenoff Grossman & Schole.

Wall Street’s biggest gold rush of recent years, SPACs are listed shell companies that raise funds to acquire a private company and take it public, allowing targets to sidestep the more onerous paperwork and regulatory checks faced by traditional initial public offerings.

The boom has been fueled by easy monetary conditions as central banks pump cash into pandemic-hit econo-mies, strong trading debuts, and a pref-erence among start-ups for an easier and more private route to the public market.

Investor advocates have warned for months, however, that many SPACs are

wildly overvalued and that targets may be trying to evade regulatory scrutiny. That has led the SEC’s new Democratic leadership to begin examining SPAC disclosures for misleading information and to warn of concerns over deal fees, conflicts and sponsor compensation.

Recently, the SEC’s acting corpora-tion finance director John Coates said he wasn’t pro or anti-SPAC, but that “new issues with both standard and innovative SPAC structures keep surfacing.”

The agency has also opened an inquiry into how Wall Street under-writers are managing the risks involved, seeking data on internal controls, and its enforcement unit is probing electric vehicle makers that went public via SPACs.

“The SEC is trying to be proactive here and not just react to what is likely to be an inevitable disaster,” said Howard Fischer, a partner with law firm Moses & Singer. “The Grab announcement shows that regulatory efforts to tamper down ‘irrational exuberance’ almost always lag behind investment trends.”

Still, with 434 SPACs boasting nearly $139 billion in cash looking for targets, according to information provider SPAC Research, lawyers were sceptical that the SEC’s recent efforts would deflate the market in the near term.

A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga


N O R T H A S I A A N D S O U T H E A S T A S I A / S O U T H A S I A L E A G U E T A B L E S

Any North Asia Involvement Announced M&A Activity - Quarterly Trend*

(*tie) Based on Rank Value including Net Debt of announced M&A deals (excluding withdrawn M&A)

North Asia Announced M&A Legal Rankings


North Asia Announced M&A Financial Rankings

Rank Legal Advisor Value ($MLN) Deals Market

Share

1 Linklaters 19,976.1 10 6.9

2 Jia Yuan Law Offi ces 19,447.9 8 6.7

3 Kirkland & Ellis 15,171.9 8 5.2

4 Nishimura & Asahi 14,326.8 38 4.9

5 Nagashima Ohno & Tsunematsu 13,887.8 26 4.8

6 Fangda Partners 10,766.4 48 3.7

7 Shearman & Sterling LLP 10,003.8 4 3.4

8 Davis Polk & Wardwell 9,974.3 6 3.4

9 AZB & Partners 9,600.0 1 3.3

10 Slaughter and May 7,792.2 2 2.7


Southeast Asia / South Asia Announced M&A Legal Rankings


Southeast Asia / South Asia Announced M&A Financial Rankings

Any Southeast Asia / South Asia Involvement Announced M&A Activity - Quarterly Trend*

*League tables, quarterly trends, and deal lists are based on the nation of either the target, acquiror, target ultimate parent, or acquiror ultimate parent at the time of the transaction. Announced M&A transactions excludes withdrawn deals. Deals with undisclosed dollar values are rank eligible but withno corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. NORTH ASIA: China, Hong Kong, Japan, South Korea, Taiwan; SOUTHEAST ASIA: Singapore, Malaysia, Philippines, Thailand, Vietnam, Brunei,

Cambodia, Indonesia, Laos, Myanmar, Timor-Leste; SOUTH ASIA: India, Afganistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan, Sri Lanka. Data accurate as of 5 May 2021.

93.5115.2122.8149.5142.8200.6

168.0191.5252.9

324.2

243.9

373.7

268.4218.7

256.1277.0

173.8243.5

280.3254.8229.5

353.3

219.6248.8

161.7174.8193.8

277.0

137.4164.1

405.0

277.2216.3

75.5

0

1,000

2,000

3,000

4,000

5,000

40

140

240

340

440

1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 3Q 15 1Q 16 3Q 16 1Q 17 3Q 17 1Q 18 3Q 18 1Q 19 3Q 19 1Q 20 3Q 20 1Q 21

No. of Transactions

Ran

k Va

lue

US$

Bill

ion Series1 Series2

26.052.739.044.247.6

64.042.1

77.346.741.8

79.965.948.353.5

68.373.670.144.6

72.973.774.5

118.1

74.966.4

178.8

85.170.585.583.674.778.2

62.5

102.475.8

02004006008001,0001,2001,4001,600

10

60

110

160

210

1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 3Q 15 1Q 16 3Q 16 1Q 17 3Q 17 1Q 18 3Q 18 1Q 19 3Q 19 1Q 20 3Q 20 1Q 21

No. of Transactions

Ran

k Va

lue

US$

Bill

ion

Series1 Series2


Share

1 JP Morgan 40,094.1 14 13.7

2 Goldman Sachs & Co 34,692.5 14 11.9

3 Credit Suisse 23,515.8 12 8.1

4 CITIC 21,926.0 21 7.5

5 China International Capital Co 21,764.5 14 7.5

6 Morgan Stanley 20,723.4 19 7.1

7 BofA Securities Inc 17,294.1 11 5.9

8 HSBC Holdings PLC 13,098.1 10 4.5

9 Nomura 12,560.8 30 4.3

10 Citi 11,810.2 14 4.1


Share

1 JP Morgan 40,586.0 9 36.6

2 Morgan Stanley 38,614.9 7 34.9

3 UBS 31,427.8 4 28.4

4 Evercore Partners 31,103.6 1 28.1

5 Goldman Sachs & Co 11,920.5 9 10.8

6 BofA Securities Inc 8,889.9 8 8.0

7 Credit Suisse 5,921.9 5 5.4

8 Citi 4,225.7 4 3.8

9 Jefferies LLC 2,941.7 4 2.7

10 Jones Lang LaSalle Inc 2,938.5 1 2.7

B R I E F S


Share

1 Skadden 38,730.7 4 35.0

2 Davis Polk & Wardwell 35,099.7 3 31.7

3 Sullivan & Cromwell 34,198.5 2 30.9

4 Hughes Hubbard & Reed 32,553.6 2 29.4

5 Ropes & Gray 32,222.1 3 29.1

6 AZB & Partners 11,383.7 43 10.3

7 Khaitan & Co 8,692.3 29 7.9

8 Trilegal 8,408.6 6 7.6

9 Cyril Amarchand Mangaldas 7,237.0 29 6.5

10 Latham & Watkins 3,986.1 6 3.6


O F F S H O R E

LIST BY ASIAN LEG AL BUSINESS, TE XT BY APARNA SAI

In its annual list, ALB picks out Asia’s outstanding lawyers working withoffshore law firms. These legal professionals have exceeded client expectations

and requirements, delivering high-quality advice and support, and beingrecognised by their clients for the same. The lawyers in the list (see Page 17)

were selected based on client recommendations sent directly to ALB.A few lawyers have been profiled.

TRUSTED LEGAL ADVISER

YOUR

conyers.com | cn.conyers.com

Legal Advice

Corporate & Trust Services

Global Experience

Local Knowledge

Proven Results

20 YEARS IN SINGAPORE | IN ASIA SINCE 1985

2021_01_GLB_ASIAN_LEGAL_BUSINESS_AD.indd 2 1/26/2021 1:54:59 PM


O F F S H O R E

C H R I S T O P H E R B I C K L E Ypartner and head of Hong Kong office, Conyers

Bickley, who has spent 27 years in the legal industry, has been with Conyers since 1994. A capital markets, corpo-rate, finance, and mergers and acquisitions specialist, he also advises on private equity, venture capital and secu-ritisation and structured finance.

Bickley is particularly experienced in initial public offer-ings and listings of shares of companies on the Main Board and the Growth Enterprise Market of The Stock Exchange of Hong Kong, Science and Technology Innovation Board (SSE STAR Market) in the PRC, and stock exchanges in other jurisdictions including Australia, London, Singapore and NASDAQ. His experience extends to debt financings, schemes of arrangements, restructuring exercises, fund raising exercises and private equity investment. He has also advised in a number of shareholder disputes and offshore contentious matters.

Some of the significant matters that Bickley has advised on include acting for Semiconductor Manufacturing International Corporation (SMIC) in connection with its award-winning RMB46.2 billion ($6.6 billion) listing of the A Shares on the SSE STAR Market. Bickley also assisted TPG Global and Ontario Teachers’ Pension Plan Board on its award-winning acquisition of 35 percent of Dream Cruises and also counselled MBK Partners HK in connection with the privatisation of eHi Car Services.

He was recognised in the 2019 and 2020 editions of Offshore Client Choice List by Asian Legal Business.

“It is always a pleasure working with Chris, who matches his quality, commercial advice with boundless energy. Chris is always available, no matter when the issues arise, and is very quick to focus on the crux of the issues. Put simply, he’s our go-to guy,” says a client. Another client says Bickley is “very proactive and knowledgeable with good customer focus. Ensures timely delivery of work.”

J E N N Y N I Ppartner and head of the PRC group, Campbells

Nip, who is the head of the PRC group at Campbells, is responsible for the China practice of the firm. She special-ises in all areas of corporate transactions including capital market transactions, mergers and acquisitions, privati-sation and downstream private equity investment deals.

Nip advises issuers in connection with pre-IPO financ-ings and listing of BVI and Cayman Islands companies on global stock exchanges, including Hong Kong, U.S and Mainland China. In addition, Nip counsels interna-tional banks, financial institutions, leasing companies and corporations on bank finance and debt capital market transactions.

She has acted on hundreds of IPOs, some of which include the Hong Kong IPOs of WH Group, Akeso, Peijia Medical, XD Inc, Redsun Properties Group and Huifu Payment, and U.S. IPOs like those of Hywin Holdings.

Nip was also featured in the ALB Offshore Client Choice List for the years 2016, 2017, 2019 and 2020. She has been pivotal to Campbells’ growing corporate finance practice and has helped the firm be recognised as one of the top four offshore law firms for HK IPOs by value in 2020. A few of Nip’s clients are New World Development Company Ltd, Jebsen Group, Jiangxiaobai (Baijiu) Group, Huafa Group, Seedland Group, Oppo Group and China Development Bank.

“Jenny is a commercially very sophisticated lawyer, having profound understanding and hands-on experience on corporate, funds and financing transactions,” says a client. “On top of that, she has come to form a deep under-standing of Chinese business culture and is very versatile and flexible when approaching Chinese clients or matters with a China background. She is truly one of a kind in terms of advising Chinese clients on complex offshore matters.” Another client says the experience of working with Nip is “very smooth and worry-free.”


1) What kind of work has kept you busy in the past year?

Apart from some of the first-of-its-kind IPOs, such as Semiconductor M a n u f a c t u r i n g I n t e r n a t i o n a l Corporation’s RMB46.2 billion IPO on the SSE Star Board, I‘ve also handled a number of significant M&A and priva-tisations such as Haier Electronics Group’s scheme of arrangement.

Ensuring high-quality client services and creating contingency plans during covid time have also kept me busy. My roles as the head of office and board member mean I work closely with my fellow partners and department heads to ensure our clients’ needs are met, and our lawyers and staff are well-equipped during these challenging times.

2) Can you describe one or two recent

of our job is when you consider things thoroughly and provide advice to a client which doesn’t just deal with the letter of the law but how it all works in practice and what the likely result will be in any given situation and then getting that result. Life is always full of surprises so it certainly doesn’t happen all the time but when it does, it can be very satisfying.

3) What principle or motto do you live by when it comes to client service?

The fact is we are providing a service and it should add value. We also need to provide our legal advice in a commercial context. Sometimes clients need specific legal and secre-tarial services which other lawyers or our Client Corporate Services team can provide. Other times I can identify other professional service providers to them.

ALB Offshore Client Choice Lawyer – Christopher Bickley

BROUGHT TO YOU BY CONYERS DILL & PEARMAN

instances where you went the extra mile for a client?

It goes without saying that in Hong Kong legal advisors need to be respon-sive. I think the most rewarding part

Christopher W.H. BickleyPartner, Head of Hong Kong OfficeE: [email protected]

Conyers Dill & Pearman29th Floor, One Exchange Square

8 Connaught Place, Central, Hong KongW: www.conyers.com

C H R I S T O P H E R B I C K L E YCONYERS, HONG KONG

F I O N A C H A NAPPLEBY, HONG KONG

V I N C E N T C H A NAPPLEBY, HONG KONG

A N N N GMAPLES AND CALDER, HONG KONG

I A N M A N NHARNEYS, HONG KONG

J E N N Y N I PCAMPBELLS, HONG KONG

J A M E S N O B L ECAREY OLSEN, SINGAPORE

A N T H O N Y O A K E SOGIER, HONG KONG

N I C H O L A S P L O W M A NOGIER, HONG KONG

P E T E R V A SLOEB SMITH, HONG KONG

ALB OFFSHORE CLIENT CHOICE LIST 2021


O F F S H O R E

J A M E S N O B L Epartner and Asia head of litigation,

insolvency and restructuring, Carey Olsen

Noble, who has more than 20 years of legal experience, is the Asia head of the litigation, insolvency and restruc-turing team at Carey Olsen which currently has the largest offshore litigation team in Singapore. He was formerly the managing partner of the Singapore office of another leading offshore firm and is said to be the only litigator in Singapore who is Cayman and BVI admitted.

Among his noteworthy matters, Noble had successfully obtained sanction from the Cayman Court to pursue third-party funding for a very wealthy claimant in a decision which drastically expanded the availability of litigation funding under Cayman law. He also acted in the first ever deriva-tive action brought on behalf of a Liberian company in the BVI Courts in which his client was successful in obtaining judgment in her favour.

Additionally, he acted in proceedings on behalf of an individual who invested more than $130 million in a hedge fund program administered by an international bank. The proceedings involved a two-month trial in the Financial Services Division of the Cayman Grand Court and culmi-nated in appeals which were heard before the Privy Council in London.

China Huarong International Holdings, China National Offshore Oil Corporation, Hillhouse Capital Management, Global Cord Blood Corporation, Golden Meditech Holdings, Deutsche Bank and Ernst & Young are a few of Noble’s clients.

“James is very prompt and thorough in providing legal advice and deliverables, and has a very pleasant, profes-sional approach in his communication and working rela-tionship. His relaxed, steady approach always gives you a lot of confidence,” says a client. Another praises Noble for being “highly knowledgeable with an emotionally intelli-gent persona.”

A N T H O N Y O A K E Spartner and head of banking and finance for Asia, Ogier

Oakes, who is a banking and finance, capital markets, struc-tured finance, corporate, non-contentious restructuring and insolvency expert, has spent more than two decades in the legal industry. He was earlier in Sydney and relocated to Hong Kong to join Clifford Chance, where he spent 12 years advising on capital markets transactions, private equity, structured finance and bank lending.

Oakes moved to Beijing in 2012 to spend a year and a half studying Mandarin at the Beijing Language and Cultural University. In 2014, he joined Ogier’s Hong Kong office and was promoted to partner in 2015. He is currently leading the banking and finance practice in Asia and over-seeing the growth of the 11-lawyer team.

He works with some of the leading investment banks and financial institutions in Asia and other parts of the world and advises on a number of landmark and award-winning transactions.

Oakes acted as Cayman counsel on an innovative $1 billion perpetual securities issue by Lenovo Group, the world’s biggest seller of personal computers as well as acting as Cayman Islands counsel to Garuda Indonesia on its $500 million sukuk. In addition, Oakes assisted as BVI counsel to Contemporary Amperex Technology (CATL) on its $1.5 billion debut offshore bond issuance.

Among his accolades, Oakes has been featured in Asian Legal Business’ Offshore Client Choice List for six consecu-tive years (2016-2021).

“Tony is proactive and provides clear and helpful advice,” says a client. “He understands the commercial aspects to a transaction and advises accordingly. He also has a good bench of associates who keep the process moving forward.” Another praises Oakes’ “great person-ality, expertise in his area and well-rounded advice that is readily usable.”

Legal Services British Virgin IslandsCayman IslandsGuernseyHong KongJerseyLondonLuxembourgShanghaiTokyo

ogier.com

Expert guidance.Clear direction.

Restructuring and Corporate Recovery

Spanning Asian, European and US time zones, our expertise extends to all aspects of restructurings, from consensual workouts to contentious schemes of arrangement. Our team includes some of the foremost names offshore and we are regularly instructed on the largest and most important matters in our jurisdictions.


O F F S H O R E

N I C H O L A S P L O W M A NHong Kong practice partner and

head of investment funds for Asia, Ogier

Plowman, who specialises in investment funds, established Ogier’s Hong Kong office in 2007 at the age of 33 and was made partner in 2010.

Plowman is presently the head of Ogier’s highly successful investment funds practice in Asia, which is now one of the largest in the region, with 14 dedicated funds specialists. As practice partner, he has overseen the growth of Ogier’s Hong Kong office, which currently employs over 110 people across its legal and fiduciary teams.

He has also established longstanding relationships with some of the region’s most sophisticated and respected fund managers.

Plowman, who has been featured in ALB Offshore Client Choice List for five consecutive years (2016 to 2020), has been a part of various deals.

Some of the important clients he advises include John Ho’s asset management firm, Janchor Partners, which manages over $3.6 billion in assets and also Partners Capital, a global multi-family office and advisory firm which Plowman has advised as Cayman legal counsel from incep-tion and which now manages over $25 billion in assets under management.

He is also the British Virgin Islands counsel to All-Stars Investment Cayman in relation to the establishment and offering of All-Stars XMI as a private equity fund raising vehicle in a $1.1 billion capital raising by Xiaomi Corporation by way of series F financing.

Furthermore, he is assisting as the Cayman Islands and lead counsel to Complus Asset Management, a macro fund manager that manages over $2.8 billion in assets.

A client calls Plowman “hugely professional and effi-cient,” while another lauds his “knowledge, pragmatism, timeliness, availability and to-the-point advice.”

P E T E R V A Spartner, Loeb Smith

Vas, who has been in the industry for close to a decade, recently joined Loeb Smith as a partner in its Hong Kong office in December 2020 with a focus on banking and finance, corporate and restructuring transactions.

Vas previously worked for an international offshore law firm in Hong Kong where he acquired in-depth knowledge of the Asian market. Before relocating to Hong Kong, he worked for Sidley Austin in London and for another offshore firm in Jersey. Drawing upon his prior experience at these firms, he is heavily involved in broadening Loeb Smith’s presence in the banking and finance areas outside of its traditional strong areas of investment funds and blockchain technology transactions in Asia.

Vas provided BVI law and Cayman Islands advice to China’s Shipbuilding Industry Corporation (CSIC) leasing on its first ever ship lease financing, a $65.5 million sale and leaseback transaction with Eletson Corporation, a Greek tanker owner and operator. He has also provided BVI and Cayman Islands law advice to the steering committee of bondholders of certain notes issued by Kaisa Group regarding its restructuring of nearly 17 billion yuan ($2.63 billion) in offshore debt involving around 70 offshore vehi-cles. Additionally, Vas provided BVI and Cayman Islands law advice in connection with China Vanke’s participation in a consortium to take Global Logistic Properties private, a transaction valued at approximately $11.6 billion which was Singapore’s largest M&A deal on record and Asia’s largest private equity buyout at the time of the transaction.

“Peter is very knowledgeable of offshore legal matters, and is able to provide succinct, commercial advice in a timely manner,” says a client. Another says: “You know you can always count on Peter when you encounter offshore matters. He will coordinate everything for the client, and will always think more and think ahead than you do.”


ALB Offshore Client Choice Lawyer – Nicholas Plowman

BROUGHT TO YOU BY OGIER

What kind of work has kept you busy in the past year?We’ve been really busy with new Cayman regulation relating to changes that impact the operation of Cayman private funds and mutual funds. A lot of these changes have been for the better of the Cayman funds product, which is in excellent shape to continue to provide managers and investors with a very strong platform for their new funds. We have also seen a flood of Cayman SPAC work in Hong Kong; these offerings are incredibly hot now in the Asian market. It will be interesting to see this market evolve over the next 12-18 months, partic-ularly if we see some SPACs unable to invest the capital they have raised.

Can you describe one or two recent instances where you went the extra mile for a client?The ongoing need for us to coordinate

service provider contemporaries is evidence of us going that extra mile for our funds clients in Asia. We have excellent relationships and I know our clients really appreciate leveraging that network.

What principle or motto do you live by when it comes to client service?Put yourself in the client’s shoes and imagine what you would expect from your lawyer. It’s also vital to stay on top of the myriad changes happening in our markets, in conjunction with continuing legal changes coming down the pipeline in our offshore jurisdic-tions. We cannot advise in a vacuum; our clients and referrers expect us to understand and consider a host of factors when we provide our advice - often referred to as ‘being commercial’ and an essential ingredient of what we do at Ogier.

Nicholas Plowmanpartner and head of

Investment Funds in Asia, OgierE: [email protected]

Ogier11th Floor Central Tower, 28 Queen’sRoad Central, Central, Hong Kong

E: [email protected]: www.ogier.com

ALB Offshore Client Choice Lawyer – Anthony Oakes

BROUGHT TO YOU BY OGIER

and refer tax, legal, accounting, admin-istration, audit, directorships and capital raising work to our deep network of

What kind of work has kept you busy in the past year?Much of our work last year related to lenders’ re-visiting existing loan trans-actions e.g. amendments, waivers, extensions, extra security and the like. In 2021, there have been more new money deals and the outlook gener-ally looks more positive but there will almost certainly be large scale restruc-turing/insolvency work in the sectors impacted most by COVID. We have also seen opportunistic M&A, some of which has been in relation to distressed assets.

Can you describe one or two recent instances where you went the extra mile for a client?While our work demands are gener-ally not as extreme as for lawyers in the international law firms, the same principles of moving transactions

behind Hong Kong. That tends to lead to late night work undertaking urgent searches or filings so that transac-tions can close the next day, Hong Kong time.

What principle or motto do you live by when it comes to client service?Early in my career, I was lucky enough to work in-house and received legal advice from a number of leading law firms. In that role, I quickly learnt the value of clear, concise and practical legal advice. That is, advice that is easy to understand and sets out a way forward. Accordingly, I always try to put myself in the shoes of the client. I also attempt to understand not only the question the client is asking but the background and reason for them asking. That way, I can provide a more complete and helpful response.

Anthony Oakespartner and head of

Banking and Finance in Asia, OgierE: [email protected]

Ogier11th Floor Central Tower, 28 Queen’sRoad Central, Central, Hong Kong

E: [email protected]: www.ogier.com

forward and keeping to client’s time-lines prevail. BVI and Cayman are twelve and thirteen hours respectively


T H A I L A N D

WANTED: CRYPTO CLARITYThailand’s digital assets industry has been booming in recent months. According to the country’s SEC, cryptocurrency trading accounts have rocketed from 160,000 at the end of 2020 to 470,000 by the start of February. In March, the Bank of Thailand (BOT) issued policy guidelines on how stablecoins are to be regulated, but these still leave many areas of ambiguity for lawyers and businesses in the market. BY ELIZABETH BEATTIE

The year 2021 has seen Thailand’s cryptocurrency landscape really take off. As the price of bitcoin skyrocketed this year, new and experienced inves-tors flocked to exchanges to cash in on the latest market upswing. The results have been mixed. with some collapsing unexpectedly, while others have drawn the ire of regulators. But what’s clear is that a massive number of new traders has entered the space.

As a result of the sudden surge, the authorities have been looking to regu-late the space. In March, the Bank of Thailand (BOT) issued policy guide-lines on how stablecoins are to be regu-lated, while the SEC also published proposed draft requirements for cryp-tocurrency investors qualifications, say Wongsakrit Khajangson, partner, and Panupan Udomsuvannakul, counsel, at Chandler MHM.

“These requirements would require crypto traders to have financial knowl-edge and an annual income of at least THB 1 million or net asset value worth at least THB 10 million. The draft was published for public hearing purposes and faced controversial feedback from the public,” Wongsakrit and Panupan say.

“Even though the draft has now been withdrawn, these types of regu-lations may be considered as specific potential legal risks for Thai crypto traders in addition to those risks which are inherent to the decentralised nature of the cryptocurrency,” the lawyers add.

The current legal regime includes mechanics for screening digital assets and information disclosure to support the decision-making of investors, say Wongsakrit and Panupan, while also including capital reserve requirements

of the digital asset business operators and the segregation of their assets.

“Therefore, we believe the regu-lators have already gained the confi-dence of traders that they are adequately protected in relation to Thai crypto related business operators. Nevertheless, continued issuance of regulations and clarifications to further clarify the appli-cation of the regulations to new types of blockchain assets on an ongoing basis would further increase the confidence of traders,” Wongsakrit and Panupan add, noting that another means to increase the confidence of traders is to conduct frequent public consultations and ensure that their opinions are taken into account.

NOT COMPREHENSIVEBut the guidelines issues by the BOT are not comprehensive as they only state the Bank of Thailand’s view at a high level, Wongsakrit and Panupan say.

According to the guidelines, the BOT states that Thai Baht-backed stablecoins may be considered elec-tronic money (e-Money) under the 2017 Payment Systems Act which are regu-lated by the BOT. But the bank encour-ages operators who are interested in launching Thai Baht-backed stablecoins to consult with the BOT before launching the coins, the lawyers says.

When it comes to other types of stablecoins, such as stablecoins backed by foreign currency or assets, and algo-rithmic stablecoins, “the BOT would arrange a hearing before considering how to regulate these types of stable-coins,” Wongsakrit and Panupan say, noting that the regulatory position of the BOT is similar to that of other coun-tries, but the market and investors are still waiting for clearer regulations of stablecoins to be issued.

But more detailed regulations are expected to emerge around cryptocur-rency trading in the market soon.

An Mazhor/Shutterstock.com


“Due to the vigilance of the regula-tors on decentralised digital currencies, the regulators seek to keep the market adequately regulated while following international norms. We expect to see more regulations which aim to protect investors and prevent money laundering and fraud,” they add.

The regulations show that there is a push to promote use of distributed ledgers or blockchain technology.

“For instance, from the Securities and Exchange Commission (SEC), we may see further requirements on inves-tors qualifications, regulations on the digital asset wallet providers, or some regulations aimed at overseas providers given the cross-border nature of the industry. This is because a wallet provider is not regulated nor licensed by the SEC,” say Wongsakrit and Panupan, noting that many digital asset operators are using wallet services from foreign providers that are not within the Thai jurisdiction.

“The new regulation might aim to regulate this type of business as a

sub-category of digital asset business and to impose on a wallet provider. which stores the digital assets of the customers, the same duties as that of some other digital assets business operators. We may expect to see from the BOT clearer and more comprehensive regulations on stablecoins in the near future. We may also expect to see regulations on the Retail Central Bank Digital Currency (CBDC), which is a digital currency to be issued by the BOT as an alternative to Thai Baht, from 2022 onwards,” they say.

Among the other new source of potential development is around the increasing interest in non-fungible tokens (NFTs) in Thailand, and in Asia more broadly. While currently, there aren’t specific regulations on NFTs in the market, “Generally, these should be legally possible in Thailand”.

“Nevertheless, we do expect NFTs of Thai creators to be launched on interna-tional renowned platforms rather than the domestics ones for the time being,” they add.

Those who take a step back will find that Thailand’s policy approach to digital assets generally falls in line with those of its neighbours — Singapore and Malaysia.

“The cryptocurrency business oper-ators are subject to licensing require-ments and the public offering of cryp-tocurrency is subject to prospectus requirements, limitation on types of investors and requirement on approval of platform, ongoing information disclosure and reporting requirements,” Wongsakrit and Panupan explain.

But the country could also benefit from greater collaboration that extends beyond borders.

“Given the borderless natures of these blockchain-based assets, person-ally we would hope to see an increase in international coordination. As for Thailand, Thai regulators have been very active and therefore we look forward to fast evolving, well-balanced regulatory regimes in these areas,” the lawyers say.

Thailand’s first data privacy law, the Personal Data Protection Act B.E. 2562 (2019) (“PDPA”) has been temporarily postponed until 31 May 2021. Assuming that there is no further post-ponement, the PDPA will become largely enforceable on 1 June 2021. However, to date, the necessary supplementary regulations have not been issued, therefore rendering some parts of the PDPA incomplete and subse-quently unenforceable. In February of 2021, the Ministry of Digital Economy and Society, the Office of Personal Data Protection Commission, and Chulalongkorn University jointly arranged unofficial public hearing sessions for Group 1 of the subordinate laws. This was to discuss the regulations urgently required to clarify certain details of the PDPA to enable businesses to understand and comply with the PDPA. The hearings were divided into seven sessions according to the type of industry. Academics from Chulalongkorn University presented on the concepts of the draft regulations and responded to questions raised by the participants. The supplementary regulations under this Group 1 are:

- Rules and procedure for obtaining consent from data subjects;

- Preparation of records for the processingof personal data, appropriate meas-ures on the right to access the personaldata of data subjects, and data breachnotification;

- Security measures for the processing ofpersonal data;

- In relation to an appointment of dataprotection officer, the criteria regardingthe controller or amount of data processed; and

- Complaint and administrative procedures.

During the hearing drafts of the supple-mentary regulations were not presented, only guidelines and frameworks indicating how each may look. Given the current status of the supplementary regulations and necessary process, it is unlikely that these supplementary regulations will be issued on or before 1 June 2021. It is important to be aware that even without the supplementary regulations, the PDPA itself is materially enforceable and compa-nies must take the necessary measures to comply with these already-functional provisions before they become effective on 1 June 2021.

PDPA in Thailand enforceable from 1 June 2021

0. CHANDLER MHM

- Notification of the purposes for and details of the processing of personal data;

- Appropriate measures for the processingof sensitive data;

- Rules and protective policy for thetransfer of personal data from Thailandto overseas;

Pranat LaohapairojPartner

E: [email protected]

Chandler MHM36th Floor, Sathorn Square Office Tower98 North Sathorn Road, Silom, Bangrak

Bangkok 10500, ThailandW: www.chandlermhm.com


C O V E R S T O R Y

Over a year into the pandemic, more accounts have emerged that detail the high costs of the global disruption. For the Asian intellectual property, 2020 was no doubt an equally challenging year, but it made the region more resilient and digital-ready.

The World Intellectual Property Organization (WIPO) reported that inter-national patent applications filed via its Patent Cooperation Treaty (PCT) grew by 4 percent year-on-year to 275,900 appli-cations in 2020. China, the first to be hit by the COVID-19 disruption, remained the largest user of the PCT system. It posted a 16.1 percent year-on-year growth in PCT filings last year. It was followed by the United States (U.S.) Japan, South Korea and Germany.

For South Korea, cited for its early success in managing the outbreak, 2020

marked the year when it reclaimed the fourth spot from Germany with the most PCT applications filed. Its PCT applications grew by 5.2 percent year-on-year in 2020, posting the third highest rate of increase following China and Switzerland.

Four of the top five filers of PCT applications were Asian companies. China-based telecoms giant Huawei Technologies led the group of top filers, followed by Samsung Electronics, Mitsubishi Electric, LG Electronics and Qualcomm. The top five fields of technology for PCT applications were computer technology, digital commu-nication, medical technology, electrical machinery and measurement.

“Longer term trends point to the globalization of innovation, with Asia accounting for 53.7 percent of all PCT filing

ASIA IPEven as the COVID-19 pandemic shook up the world, the IPlandscape in the Asian region remained buoyant thanks to

its agility and digital-readiness. This was reflected in the bestlaw firms for IP work, which went above and beyond when

it came to servicing their clients in a difficult time.

RANKINGS 2021BY MARICEL ESTAVILLO AND ASIAN LEGAL BUSINESS

HONG KONGPATENTS

TIER 1• AWA Asia• Baker McKenzie• Bird & Bird• CMS• Deacons• DLA Piper• Hogan Lovells• Mayer Brown• Orrick, Herrington & Sutcliffe• Ropes & Gray• Rouse• Wilkinson & Grist

TIER 2• Barron & Young• ELLALAN• MMLC Group• Fangda Partners• Freshfields Bruckhaus Deringer• Jones Day• Morrison & Foerster• Nixon Peabody• OLN IP Services• Quinn Emanuel Urquhart &

Sullivan• Stephenson Harwood• Winston & Strawn• Vivien Chan & Co

TIER 3• Dechert• Eagle IP• Morgan, Lewis & Bockius• Norton Rose Fulbright• Robin Bridge & John Liu• Squire Patton Boggs

COPYRIGHT/TRADEMARKS

TIER 1• AWA Asia• Baker McKenzie• Bird & Bird• CMS• Deacons• DLA Piper• ELLALAN• Hogan Lovells• Mayer Brown• MinterEllison• MMLC Group• OLN IP Services• Orrick, Herrington & Sutcliffe• Rouse• SIPS• Stephenson Harwood• Wilkinson & Grist• Vivien Chan & Co

TIER 2• Dechert• Fangda Partners• Freshfields Bruckhaus Deringer• Nixon Peabody• Norton Rose Fulbright• Ropes & Gray• Quinn Emanuel Urquhart &

Sullivan• Robin Bridge & John Liu• Simmons & Simmons


C O V E R S T O R Y

TIER 3• Barron & Young• Clifford Chance• Jones Day• Morrison & Foerster• Spruson & Ferguson• Squire Patton Boggs

INDIAPATENTS

TIER 1• Ajay Sahni & Associates• Anand and Anand• Chadha & Chadha• Fox Mandal & Associates• IndusLaw• Khaitan & Co• K&S Partners• Lakshmikumaran & Sridharan• L&L Partners• Remfry & Sagar• Singh & Associates

TIER 2• AZB & Partners• Beruar & Beruar• Cyril Amarchand Mangaldas• Ediplis Counsels• Khurana & Khurana• Krishna & Saurastri Associates• Rahul Chaudhry & Partners• Majmudar & Partners• Mason & Associates• R.K. Dewan & Co• Samvad Partners• Lall & Sethi• Subramaniam, Nataraj &

Associates

TIER 3• ALMT Legal• De Penning & De Penning• Fidus Law Chambers• Perfexio Legal• RNA Technology and IP Attorneys• Saikrishna & Associates• ZeusIP


TIER 1• Ajay Sahni & Associates• Anand and Anand• AZB & Partners• Beruar & Beruar• Chadha & Chadha• Cyril Amarchand Mangaldas• Ediplis Counsels• Fox Mandal & Associates• IndusLaw• Khaitan & Co• Krishnamurthy & Co./K Law• K&S Partners• L&L Partners• Lakshmikumaran & Sridharan• Remfry & Sagar• Sujata Chaudhri IP Attorneys• Saikrishna & Associates• Singh & Associates• Sujata Chaudhri IP Attorneys

TIER 2• Fidus Law Chambers• Khurana & Khurana• Krishna & Saurastri Associates

• Majmudar & Partners• Mason & Associates• R.K. Dewan & Co• RNA Technology and IP Attorneys• Samvad Partners• Lall & Sethi• Subramaniam, Nataraj &

Associates• ZeusIP

TIER 3• De Penning & De Penning• K&S Partners• Phoenix Legal

INDONESIAPATENTS

TIER 1• Am Badar & Partners• Dwipo Lubis Baskoro & Partners• HHP Law Firm• Rouse/ Suryomurcito & Co• SKC Law• Tilleke & Gibbins

TIER 2• Acemark IP• AMR Partnership• Assegaf Hamzah & Partners• Barumun International Patent• Biro Oktroi Roosseno• George Widjojo & Partners• Hadromi Adnan IP Group• Inter Patent Office• Januar Jahja & Partners• K&K Advocates• Pacific Patent Multiglobal• Roosdiono & Partners

TIER 3• Budidjaja International Lawyers• Citius Intellectual Property• Lumenta, Sitorus & Partners• Makarim & Taira S.• Pulungan, Wiston & Partners• Prawiranegara International

Patent & Trademark• Rajah & Tann• SS&R Legal Consultants• Walalangi & Partners (in

association with Nishimura & Asahi)

• Shin & Kim• Stephenson HarwoodCOPYRIGHT/TRADEMARKS

TIER 1• Assegaf Hamzah & Partners• HHP Law Firm• Inter Patent Office• Januar Jahja & Partners• K&K Advocates• Roosdiono & Partners• Rouse /Suryomurcito & Co• SKC Law• SIP Law Firm• Tilleke & GibbinsTIER 2• Acemark IP• Am Badar & Partners• Barumun International Patent• Biro Oktroi Roosseno• Budidjaja International Lawyers• Dwipo Lubis Baskoro & Partners • George Widjojo & Partners

• Hadromi Adnan IP Group• Kusnandar & Co• Pacific Patent Multiglobal

TIER 3

• Citius Intellectual Property• HeruLukito & Partners• Lumenta, Sitorus & Partners• Makarim & Taira S.• Walalangi & Partners (in

association with Nishimura & Asahi)

• Pulungan, Wiston & Partners• Prawiranegara• Rajah & Tann• Shin & Kim• Stephenson Harwood

JAPAN DOMESTICPATENTS

TIER 1• Abe, Ikubo & Katayama• Anderson Mori & Tomotsune• Mori Hamada & Matsumoto• Nagashima Ohno & Tsunematsu • Nakamura & Partners• Nishimura & Asahi• Shusaku- Yamamoto• TMI Associates• Oh-Ebashi LPC & Partners

TIER 2• Abe & Partners• Atsumi & Sakai• Fukami Patent Office• Itoh International Patent Office• Ohno & Partners• Onda Techno Int. Patent Attys.• Ryuka IP Law Firm• Seiwa Patent & Law• Shiga International Patent Office • Soei Intellectual Property Law• Sugimura & Partners


TIER 1• Anderson Mori & Tomotsune • Atsumi & Sakai • Mori Hamada & Matsumoto • Nagashima Ohno & Tsunematsu• Nakamura & Partners • Nishimura & Asahi• Shusaku-Yamamoto• TMI Associates

TIER 2• Abe, Ikubo & Katayama• Fukami Patent Office• Itoh International Patent Office• Oh-Ebashi LPC & Partners• Ohno & Partners• Onda Techno Int. Patent Attys.• Ryuka IP Law Firm• Seiwa Patent & Law• Shiga International Patent Office • Soei Intellectual Property Law• Sugimura & Partners

JAPAN INTERNATIONALPATENTS

TIER 1• Baker McKenzie• Finnegan, Henderson, Farabow,

Garrett & Dunner• Hogan Lovells• Morgan, Lewis & Bockius• Morrison & Foerster• Orrick, Herrington & Sutcliffe• Quinn Emanuel Urquhart &

Sullivan• Ropes & Gray

TIER 2• Foley & Lardner• Mayer Brown• Squire Patton Boggs


TIER 1• Baker McKenzie• Hogan Lovells• Morgan, Lewis & Bockius• Morrison & Foerster • Orrick, Herrington & Sutcliffe

TIER 2• Finnegan, Henderson, Farabow,

Garrett & Dunner• Foley & Lardner• Mayer Brown• Squire Patton Boggs

MALAYSIAPATENTS

TIER 1• Gan Partnership• LAW Partnership• Shearn Delamore & Co• Skrine• Tay & Partners• Wong & Partners• ZICO IP

TIER 2• Christopher & Lee Ong• Lee Hishammuddin Allen &

Gledhill• Rahmat Lim & Partners• Raja Darryl & Loh• Shook Lin & Bok• Wong Jin Nee & Teo


TIER 1• Christopher & Lee Ong• Gan Partnership• LAW Partnership• Marks & Clerk• Rahmat Lim & Partners• Shearn Delamore & Co• Skrine• Shook Lin & Bok• Tay & Partners• Wong & Partners• ZICO IP


C O V E R S T O R Y

TIER 2• Lee Hishammuddin Allen &

Gledhill• Raja Darryl & Loh• Wong Jin Nee & Teo

PHILIPPINESPATENTS/COPYRIGHT/TRADEMARKS

TIER 1• ACCRALAW• Castillo Laman Tan Pantaleon &

San Jose• Cruz Marcelo and Tenefrancia• C&G Law• Quisumbing Torres• Romulo Mabanta Buenaventura

Sayoc & De Los Angeles• SyCip Salazar, Hernandez &

Gatmaitan• Villaraza & Angangco

TIER 2• Baranda & Associates• Bengzon Negre Untalan• Betita Cabilao Casuela

Sarmiento• Carag Caballes Jamora & Somera• MarksPro• Puyat Jacinto & Santos

SINGAPOREPATENTS

TIER 1• Allen & Gledhill• Amica Law• Baker McKenzie Wong & Leow• Bird & Bird ATMD• Dentons Rodyk & Davidson• Donaldson & Burkinshaw• Drew & Napier• JurisAsia• Lee & Lee• Marks & Clerk• Rajah & Tann

TIER 2• CMS• Davies Collison Cave• Gateway Law Corporation• Harry Elias Partnership• Joyce A. Tan & Partners• Mayer Brown• Morgan, Lewis & Bockius• OC Queen Street• Ravindran Associates• RHTLaw Asia• Spruson & Ferguson• Viering, Jentschura & Partner


TIER 1• Advocatus Law• Allen & Gledhill• Amica Law• Baker McKenzie Wong & Leow• Bird & Bird ATMD• Dentons Rodyk & Davidson• Donaldson & Burkinshaw• Drew & Napier

• Gateway Law Corporation• Harry Elias Partnership• JurisAsia• Lee & Lee• OC Queen Street• Rajah & Tann• RHTLaw Asia• WongPartnership

TIER 2• CMS• CNP Law• Joyce A. Tan & Partners• Mayer Brown• Ravindran Associates• Robinson• Samuel Seow Law

SOUTH KOREAPATENTS

TIER 1• Bae, Kim & Lee• Kim & Chang• Lee & Ko• Ropes & Gray• Shin & Kim• Yoon & Yang• Yulchon

TIER 2• C&S Patent and Law Offi ce• Covington & Burling• Dr. Ahn International Patent Law

Offi ce• Finnegan, Henderson, Farabow,

Garrett & Dunner• Royal Patent & Law Firm• Lee International IP & Law Group

TIER 3• AIP Patent & Law Firm• AJU Kim Chang & Lee• Barun IP & Law• Central Intellectual Property &

Law• Cho & Partners• Kasan IP & Law Firm• Kim, Choi & Lim• Koreana Patent Firm• Muhann Patent & Law Firm• Stephenson Harwood• Yangjae Law Firm• YOU ME Patent & Law Firm• Y.P. Lee Mock & Partners• 5T International Patent Law Firm


TIER 1• Bae, Kim & Lee• Kim & Chang• Lee & Ko• Shin & Kim• Yoon & Yang• Yulchon

TIER 2• AJU Kim Chang & Lee• Finnegan, Henderson, Farabow,

Garrett & Dunner• KBK Patent Law Offi ce• Lee International IP & Law Group• Ropes & Gray

TIER 3

• Barun IP & Law• Central International Law Firm• Cho & Partners• Jipyong• Kim, Choi & Lim• Muhann Patent & Law Firm• Stephenson Harwood• YOU ME Patent & Law Firm• YP Lee Mock & Partners

TAIWANPATENTS

TIER 1• Baker McKenzie• Finnegan, Henderson, Farabow,

Garrett & Dunner• Jones Day• Lee and Li• Saint Island International Patent

& Law• Tai E International Patent & Law• TIPLO

TIER 2• Chen & Lin• Deep & Far Attorneys-at-Law• Eiger• Formosan Brothers• Formosa Transnational• Nishimura & Asahi• Perkins Coie• Tsar & Tsai• Tsai, Lee & Chen• Winkler Partners


TIER 1• Baker McKenzie• Chen & Lin• Eiger• Lee and Li• Saint Island International Patent

& Law Offi ces• Tai E International Patent & Law• Tsar & Tsai• TIPLO• Winkler Partners

TIER 2• Deep & Far Attorneys-at-Law• Finnegan, Henderson, Farabow,

Garrett & Dunner• Formosa Transnational• Formosan Brothers• Jones Day• Nishimura & Asahi• Perkins Coie• Tsai, Lee & Chen

THAILANDPATENTS

TIER 1• Baker McKenzie• Domnern Somgiat & Boonma• Rouse• SCL Nishimura & Asahi• Tilleke & Gibbins• ZICO IP

TIER 2

• Apisith & Alliance• Chavalit & Associates• Rajah & Tann• Satyapon & Partners• Siam Premier International• TMI Associates• Vidon & Partners


TIER 1• Baker McKenzie• Domnern Somgiat & Boonma• SCL Nishimura & Asahi• Tilleke & Gibbins• ZICO IP

TIER 2• Apisith & Alliance• Chavalit & Associates• Rajah & Tann• Rouse• Satyapon & Partners• Siam Premier International• TMI Associates• Vidon & Partners

VIETNAMPATENTS

TIER 1• Baker McKenzie• Pham & Associates• Tilleke & Gibbins• Vision & Associates

TIER 2• Hogan Lovells• Indochine Counsel• InvestConsult Group• Rajah & Tann LCT Lawyers• Rouse• SB Law• ZICO Law


TIER 1• Baker McKenzie• Bross & Partners• Hogan Lovells• IPMAX Law• Tilleke & Gibbins • Vision & Associates

TIER 2• Indochine Counsel• InvestConsult Group• Pham & Associates• Rajah & Tann LCT Lawyers• Rouse• SB Law• ZICO Law

Patents Litigation and Dispute Resolution Trademarks Designs | | |

Art and Antiquities Competition Antitrust Compliance Regulatory | | | |

| | |Plant Variety Biodiversity Contractual and Commercial IP Copyrights

IT law and Domain name disputes Sports law Fashion and Luxury law | |

Media and Entertainment law Licensing and Franchising Advertising law | |

Anti-Counterfeiting Criminal law Customs and Border Enforcement | |

PRACTICE AREAS

+91-120-4059300 [email protected] www.anandandanand.com+91-120-4243056 – 058


C O V E R S T O R Y

activity, versus 35.7 percent 10 years ago,” according to WIPO.

Among Asian countries, Singapore retained its overall top ranking as the region’s most innovative nation, placing eighth in the global rankings, in the 2020 Global Innovation Index (GII) by WIPO, Cornell University and INSEAD. The city-state was joined by South Korea in the top ten list, holding the tenth position.

While recognizing that the pandemic had indeed untimely hit the innovation landscape at a time when it was flourishing, the GII report still gave an optimistic view about the future of global innovation.

“Fundamentally, the pandemic has not changed the fact that the potential for breakthrough technologies and inno-vation continues to abound,” it said, adding that the slew of mobility restric-tions could further encourage innova-tion in many traditional sectors such as tourism, education and retail.

A MORE CHALLENGING YEARHowever, it was a slightly different story for international filings of trademark and an even harder year for industrial designs.

“The use of the international trade-mark system dipped, but only slightly. This was expected given that trade-marks tend to represent the introduc-tion of new goods and services – both of which slowed as a result of the global pandemic,” said WIPO.

International trademark applica-tions filed with the WIPO’s Madrid System dropped by 0.6 percent to 63,800 in 2020 - the first decline since the global financial crisis of 2008-2009. The biggest users of the Madrid System were the U.S., Germany, China, France and the U.K. The top five company applicants were Novartis AG, Huawei Technologies, Shiseido, ADP Gauselmann and L’Oreal.

For industrial designs, interna-tional applications filed with WIPO’s the Hague System fell by 15 percent to 18,580 designs in 2020, the first decline since 2006. The top users of the filing system were Germany, U.S., Switzerland, South Korea and Italy. The top five company applicants were Samsung Electronics, Proctel & Gamble,

Fonkel Meubelmarketing, Volkswagen and Xiaomi Mobile Software.

“Worldwide demand for IP rights, which help innovators and enterprises take their ideas to the market, has historically and broadly tracked global economic performance. However, growth over the past decade in the use of WIPO’s global IP services, most notably the PCT, has outperformed global GDP growth,” according to WIPO.

DIGITAL IS KEY TO SURVIVALIf last year has taught IP offices around the world anything, it is the value of fully embracing technology to cushion the impact of the pandemic. IP applications, dispute hearings, panel interviews and trainings all went online.

Efforts were made to make the digital platform even more convenient to use.

Among other new initiatives, the Japan Patent Office (JPO) introduced a new web-based application system called “Smooth Document Preparer” which got rid of the conventional burdens such as downloading, installation, and prior registration of necessary informa-tion like applicants and inventors. The JPO also released the report “Desirable Patent System in the Post-Corona/ Under the Corona Pandemic” which details work adjustments made amid the restrictions such as allowing parties to witness live, online oral proceedings.

“The adverse effects of the COVID-19 pandemic on the Japanese economy have been severe. The number of patent applications filed in 2020 also decreased from the previous year by approximately 20,000. Conversely, COVID-19 coun-termeasures has brought new business opportunities creating significant growth which includes acceleration of digitiza-tion and changes in social necessities,” wrote JPO Commissioner Kasutani Toshihide in JPO’s report for 2020.

The IP Office of Singapore (IPOS) announced that it has enhanced its mobile app for trademark applications, conducted fully-virtual IP dispute hear-ings, converted face-to-face trainings to online modules and increased the frequency of complimentary online IP business and legal clinics as part of its digital efforts amid the pandemic. It has also extended its accelerated program for patent applications to trademarks and registered designs.

In China, the China National IP Association (CNIPA) drew up over 70 documents on business continuity policies and have these distributed to multiple regions through printed docu-ments or QR codes. And in support of its push for IP financing, it created a green channel for the registration of patent and

METHODOLOGYOUR RESEARCH— The research covers the period spanning

from February 2020 to February 2021. This includes both ongoing work (contentious and non-contentious) and matters that were closed during this timeframe.

— ALB drew information from firm submissions, interviews, editorial resources, and market suggestions to identify and rank the top firms for Intellectual Property in Asia. Interviews were conducted only if needed.

— The IP rankings were separated into two tables: “Patent” and “Trademark/Copyright”. The rankings were also divided into tiers, with the first tier identifying the strongest IP firms in each jurisdiction.

— The rankings cover the following jurisdictions: China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. There is no Asia-wide table.

— The rankings feature both domestic and international firms. The following jurisdiction has separate tables for domestic firms and international firms: Japan.

— For the China tables, please see the May edition of ALB China

OUR RANKINGSOur rankings are based on the following metrics:— The volume, complexity and size of work

undertaken— Presence across Asia and in individual

jurisdictions— Key personnel hires and growth of the

practice group— Key clients and new client wins— Firm’s visibility and profile in the region— Year-on-year development and

momentum


trademark pledges, reporting that over 5,000 enterprises have availed of the fast-track registration process.

The shift to the online market amid the ongoing restrictions has its impact on IP protection and enforcement.

WIPO, for one, has seen an increase in cybersquatting cases fi led with its Arbitration and Mediation Center since the start of the pandemic. For the period January to October last year, it handled 3,405 cases or about 11 percent growth from the previous year.

IP FINANCING IN FOCUSThe value of IP fi nancing was similarly highlighted in the pandemic.

The Korean IP Offi ce (KIPO) reported that the total IP fi nance market in South Korea surpassed the 2-trillion-won ($1.77 billion) mark for the fi rst time in 2020. IP-backed fi nancing last year grew by 52.8 percent to 2.64 trillion won.

“The expansion of IP fi nancing has also contributed to supporting Korean SMEs overcome fi nancial diffi culties due

to the COVID-19 outbreak. In particular, support was focused on IP-based inno-vative companies regardless of having insuffi cient tangible collateral and/or low credit rating for securing conven-tional loans,” said KIPO Commissioner Yong-Rae Kim in a statement.

KIPO gave as an example how an SME looking for funds to conduct clin-ical tests to develop a COVID-19 vaccine was able to use seven of its patents on genetic scissors as collateral to success-fully receive a 2-billion-won loan and was able to continue vaccine development.

The China National IP Association (CNIPA) has identifi ed the promotion of innovation and service improvement in financing services as measures in ensuring a coordinated approach in epidemic prevention and control with economic and social development.

“Many micro and small enterprises face sluggish development, which is a common diffi culty caused by liquidity pressure despite their possession of IP rights such as patents and trademarks.

“Our fi rm adapted very wellto COVID mainly due to theexceptional cooperation onpart of all our employees,and tremendous efforts bythe fi rm’s IT department.

This was also possibledue to our management’s

foresight in embracingtechnology, developing a

fl exi-work culture andutilizing state of the arttools for data protection

and cybersecurity.”

— Anshul Saurastri, Krishna & Saurastri

On April 04, 2021, the Government of India through the Ministry of Law and Justice published the Tribunals Reforms (Rationalization and Conditions of Service) Ordinance, 2021 (“Ordinance”), which came into force immedi-ately. The ordinance route was taken since the Tribunal Reforms (Rationalization and Conditions of Service) Bill, 2021, introduced in Parliament on February 13, 2021, could not be taken up for passing in the House of People. The key effects of the amendments will bring about a major change in intellectual property appellate and invalidation practice, some of which are high-lighted hereunder:

• The Intellectual Property Appellate Board(“IPAB”) ceases to have any jurisdic-tion under the Copyrights Act, 1957, thePatents Act, 1970, the Trademarks Act, 1999 and the Geographical Indication of Goods(Registration and Protection) Act, 1999.

• All proceedings pending before the IPAB shall be transferred to the Commercial Court (incertain instances under the Copyrights Act,1957) or the High Court, as the case may be.

• The Copyrights Act, 1957o All rectifi cation proceedings under Section

50 and appeal proceedings under Section 72 of the Act shall lie at the High Court.

o All appeals under Section 117A of the Act shall lie at the High Court.

• The Trademarks Act, 1999o Any non-use cancellations under Section

47 of the Act shall lie at the Registrar orthe High Court only.

o Any rectification proceedings underSection 57 of the Act shall lie at theRegistrar or the High Court only.

o All appeals under Section 91 of the Actshall lie at the High Court.

• The Geographical Indication of Goods(Registration and Protection) Act, 1999o Any rectification proceedings under

Section 27 of the Act shall lie before theRegistrar or the High Court only.

o All appeals under Section 31 of the Actshall lie at the High Court instead of atthe IPAB.

• The Protection of Plant Varieties andFarmers Rights’ Act, 2001o The Plant Varieties Protection Appellate

Tribunal ceases to have any jurisdiction,power or authority under the Act.

o All appeals under Section 56 of the Actshall lie at the High Court.

o All proceedings pending before thePVPAT shall stand transferred to the HighCourt.

Appellate Board No More

BROUGHT TO YOU BY KRISHNA & SAURASTRI ASSOCIATES LLP

• The Patents Act, 1970o Revocation powers under Section 64 of

the Act lie with the High Court and persons interested can only revoke a patent on a petition at the High Court or on a counter claim in a suit for infringement of said patent.

Anshul Sunil SaurastriPartner

E: [email protected]

Krishna & Saurastri Associates LLPNew Excelsior Building, 7th Floor,

Wallace Street, A.K. Nayak Marg, Fort,Mumbai – 400001

T: (91) 22 2200 6322E: [email protected]: www.krishnaandsaurastri.com


C O V E R S T O R Y

“Our IP practice groupincludes both attorneysat law (bengoshi) and

patent attorneys (benrishi),which enables us to provide

one-stop IP services coveringcontentious matters as well as

transactional matters.”

— Yasufumi Shiroyama,Anderson Mori & Tomotsune

IP pledge fi nancing allows enterprises to attract fi nancing support through intellectual property pledge, broadening their fi nancing options and creating new opportunities for their development,” it said in a statement.

CNIPA reported that total confi rmed amount of patent and trademark pledge fi nancing reached 218 billion yuan ($34 billion) in 2020, a year-on-year growth of 43.9 percent.

IP OPPORTUNITIES IN RCEPIn November last year, ASEAN econo-mies signed the mega free trade deal with Australia, China, Japan, South Korea and New Zealand called the Regional Comprehensive Economic Partnership (RCEP) Agreement. This is seen to improve market access within the RCEP region by eliminating tariffs and quotas in over 65 percent of goods trades and by the implementation of more transparent and common rules within the region, including on IP protection.

For IP exporting economies to the ASEAN region like South Korea, RCEP is seen to increase protection for Korean companies catering to the growing ASEAN market.

“ASEAN is an important region as they account for a large share in exports by Korean companies. It is expected that detailed provisions on IP rights will be applied to ASEAN as the RCEP becomes effective, thus effec-tively protecting the IP rights of Korean companies that have advanced or plan to advance into the region,” KIPO said in a statement.

Last year, KIPO even launched the Overseas Online Counterfeit Product Monitoring Group aimed at strength-ening measures against counterfeit products on its priority markets in ASEAN. It reported that its fi ve-month operation last year resulted in a total 144,000 online posts of counterfeit prod-ucts blocked, preventing an estimated 420 billion won in losses.


INDIALike anywhere else, counterfeiting remained a problem in India. In its unilat-eral 2020 Review of Notorious Markets for Counterfeiting and Piracy, the U.S. Trade Representative found Snapdeal, one of India’s largest e-commerce platforms, as a cause of concern for American right holders, along with the four physical markets of Heera Panna in Mumbai, Kidderpore in Kolkata, Palika Bazaar in New Delhi and Tank Road in Delhi.

One law firm has observed that personal protective equipment were added to the list of items subject to counterfeiting during the pandemic. Enforcement of rights was a fixture in the workload of most firms last year.

Among landmark dispute cases, Anand and Anand handled what was said to be India’s first anti anti-suit injunction that was granted by the Delhi High Court for InterDigital against

Xiaomi in a case that concerns standard essential patents.

Anshul Saurastri, a partner at Krishna & Saurastri Associates, who is also a patent attorney, lists a number of the noteworthy developments in the IP landscape in India in the past year. “First, there was the promulgation of the Tribunals Reforms (Rationalization and Conditions of Service) Ordinance, 2021 and its corresponding amend-ments to the Patents Act, 1970, Trademarks Act, 1999, Copyrights Act, 1957, Protection of Plant Varieties and Farmers Rights’ Act, 2001,” he says. “Additionally, there were the notifica-tion of the Patents (2nd Amendment) Rules, 2020 and Patents (Amendment) Rules, 2020; notification of the Copyrights (Amendment) Rules, 2021, and publication of the revised Form 27 (working statement) under the Patent (Amendment) Rules, 2020.”

Additionally, Saurastri says, there were “several notable disputes and/or

decisions in the areas of copyrights – such as royalty rates, taxation on soft-ware use or re-sale, abstraction test; trademarks – such as descriptive use, trademark use in domains; trade secrets – such as protection in court proceed-ings, overlap with patents; patents – such as patentability of computer related inventions, coverage and disclosure; and so on.”

When asked how all these develop-ments have impacted the IP work that the firm has been undertaking, he says that the firm continues to operate as usual. “However, it is important to talk about how our firm has acted in the wake of COVID-19,” he notes. “When the news about COVID-19 started to stream in, the management had several internal meetings and the unanimous view was that the health and wellbeing of our employees was of utmost importance. Accordingly, our firm put in place a protocol to shelter all our employees much prior to the imposition of the


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national lockdown by the Honourable Prime Minister.”

Saurastri feels that the firm adapted very well to the measures mainly due to the exceptional cooperation on part of all our employees, including attorneys and staff, and “tremendous efforts” by the firm’s IT department. “This was also possible due to our management’s fore-sight in embracing technology, devel-oping a flexi-work culture and utilizing state of the art tools for data protection and cyber security,” he says. “In addi-tion, motivated by our management’s care for employees, they have all taken extra efforts to collaborate seamlessly while working remotely. This has a been a key factor in our continued success and growth.”

When asked about some of the key ways that Krishna & Saurastri’s offering sets itself apart in the market, Saurastri offers a few: “Boutique approach and expertise in all areas of intellectual property, technology and related laws;

highly experienced and well recognized practitioners; rendering high quality advice at very reasonable rates; taking on high volume and different varie-ties of cases; handling different types of clients including MSMEs, large companies, multinationals, univer-sities, research institutions and on; handling clients from different parts of the world including India, the U.S., Europe, Japan, mainland China, Taiwan, Canada, Australia, and so on; looking for opportunities to expand offerings into new areas of law; focusing on sustain-able growth; a commitment to inclu-sion and diversity in the workplace; a strong focus on maintaining a proper work-life balance for all employees; always embracing change; constantly realigning and reassessing systems, processes, aims and objectives; prac-ticing with ethics and integrity; adopting environmentally friendly measures; and finally giving back to society through pro bono and other charitable programs.”

JAPANJapan saw a decline in both patent and trademark applications last year.

Patent applications fell to 288,472 in 2020 from 307, 969 in 2019 while patent registrations only suffered a slight year-on-year drop to 179,383 in 2020 from 179,910. Bulk of patent applica-tions were filed by Japanese companies, while top foreign filers were from the U.S., China, South Korea, Germany and Switzerland.

Trademark applications also fell to 181,072 in 2020 from 190,773 the previous year, but registrations grew to 135, 314 in 2020 from 109, 859 in 2019. The applicants were mostly Japanese firms and the top five sources of foreign applications were China, U.S., South Korea, Germany and the U.K.

In IP regulations, Japan’s revised design law which expands the scope of eligible subject matters became effective in April last year. This extends protection


to graphical user interface, building, and interior designs.

Law firms in Japan saw their usual load of prosecution, licensing, opposi-tion, infringement and enforcement cases last year. Enforcement cases involving standard-essential patents were also seen and some firms handled work related to the 2020 Tokyo Olympics that got cancelled and moved to this year.

Among the top firms for IP in Japan is Anderson Mori & Tomotsune. Yasufumi Shiroyama, a partner who heads all aspects of the firm’s intellectual prop-erty group practice, talks about some of the noteworthy developments in the IP landscape in Japan in the past year. “An amendment to the Patent Act became effective on April 1, 2020,” he says. “The amendment introduced a new system of expert inspection in patent infringe-ment actions. Under this new inspection system, a court presiding over a patent infringement action may appoint neutral

technical experts and allow them to visit the accused infringer’s site (such as a factory) to conduct necessary inspec-tions to prove (or disprove) patent infringement. These technical experts would then submit a report to the court detailing their findings.”

Shiroyama says the amendment also changed certain provisions of the Patent Act relevant to calculation of damages. “The amendment has clarified that a court presiding over a patent infringement action may order an accused infringer to compensate for damages based on lost profits of the patentee as well as reasonable royalty in circumstances where the patentee was not able to sell its own products in the same amount as the infringer sold the infringing products,” he notes. “Further, the amendment has also clarified that the court may consider an ‘infringement premium’ in setting the royalty rate and set a reasonable royalty rate higher than the average rate in the market.”

The recent amendment has boosted the work that his firm has been doing. “The amendments to the Patent Act are expected to facilitate collection of evidence to establish patent infringe-ment and to allow for higher amounts of infringement damages,” says Shiroyama. “Both developments will likely encourage patentees to enforce their patent rights more proactively. Our firm has been hiring additional attorneys to prepare for more patent actions to be brought before the Japanese courts.”

He also highlights some of the key ways he feels AMT’s IP practice sets itself apart in the market. “As one of the largest full-service law firms in Japan, Anderson Mori & Tomotsune has long history of serving the international business and legal communities,” says Shiroyama. “Unlike some of the other large full-service law firms, our IP prac-tice group includes both attorneys at law (bengoshi) and patent attorneys (benrishi), which enables us to provide

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one-stop IP services covering conten-tious matters as well as transactional matters. Our IP attorneys (bengoshi) are veterans in patent litigation and also have extensive experience in IP licensing and transactions. Our patent attorneys (benrishi) specialize in the prosecution of patents, utility models, designs, and trademarks. The members of our patent prosecution team come from a variety of professional, technical, and academic backgrounds and are constantly handling matters involving cutting-edge technologies and the latest legal and regulatory issues.”

MALAYSIAAt least for international filings with WIPO’s major filing systems, the pandemic did not stunt Malaysia’s numbers. Its PCT filings grew by 26 percent to 255 while Madrid filings went up by 385 percent to 102 in 2020. The state applied research and development center Mimos Berhad was its top PCT applicant while the Asian Institute of Chartered Bankers was its top Madrid applicant last year.

Among the top firms for IP in Malaysia is Skrine. Charmayne Ong, head of both the intellectual property practice and the technology, media and telecommunications (TMT) practice of the firm, and Khoo Guan Huat, head of the TMT disputes practice, discuss some of the noteworthy developments in the IP landscape in Malaysia in the past year. “The new Malaysian Trademarks Act 2019 and its accompanying subsidiary legislation, the Trademarks Regulations 2019, came into force at the end of 2019 which constituted a substantive over-haul of the existing trademark regime in Malaysia,” they say.

“Some key changes include (a) Malaysia has ascended to and implemented the Madrid Agreement concern ing the Internat ional Registration of Marks, adopted on 27 June 1989 (Madrid Protocol); (b) non-traditional marks (e.g. colours, sounds, scents) can now be registered as trade-marks; (c) multi-class applications (i.e. one single trademark application listing goods or services of several classes) are

now allowed; (d) the scope of trademark infringement has now been widened to include unauthorised use of identical or similar marks in respect of similar goods or services for which a mark is registered, whereas previously trademark infringe-ment could only occur where unauthor-ised was in respect of identical goods or services for which a mark is registered,” add Ong and Khoo.

Another development on the trademark front, the lawyers say, was a recent decision where the High Court refused to grant interim injunctions against Shopee Malaysia, a popular e-commerce platform in Malaysia, which would compel Shopee to prevent sellers on its platform from selling products similar to the Plaintiffs’ products and takedown any such product listings, pending disposal of the suit. “This was the first reported judgment in Malaysia regarding an application for interim injunctions against an e-commerce platform for its third-party sellers’ acts of trademark infringement,” observe Ong and Khoo. “We believe this decision provides some assurance to e-commerce platforms operating in Malaysia that our local Courts are reluctant to grant orders requiring mass takedowns and “autoblocks” which may be viewed as impractical and difficult for e-commerce platforms to conduct.”

Separately, they add, a noteworthy development in the copyright landscape is that last year saw the three licensing bodies/collective management organi-sations in Malaysia – Music Authors’ Copyright Protection Berhad (MACP) representing composers, lyricists and music publishers; Public Performance Malaysia Sdn. Bhd. (PPM) representing recording companies; and Recording Performers Malaysia Berhad (RPM) representing singers and musicians of sound recording, each introduce new licences for communication to the public rights of their respective rightsholders’ copyrighted musical works. “With the Covid-19 pandemic forcing many busi-nesses to move online, the introduction of this new communication to the public licence (also known locally as “digital licence”) is very timely,” note Ong and Khoo.

Finally, from the patents perspec-tive, they say a development worth noting was the implementation of a new bilateral Patent Prosecution Highway (PPH) pilot programme, which was recently agreed to between the Intellectual Property Corporation of Malaysia (MyIPO) and Korea Intellectual Property Office.

All these have been reflected in the work that the firm has been undertaking, say Ong and Khoo. “The Trademarks Act 2019 introduced changes in the procedure and also in the substantive law for trademark prosecution,” they note. “We have been actively keeping up to date with these changes and taking the necessary steps to incorporate necessary developments in our standard operating procedures. With the recent implementation of the Madrid Protocol in Malaysia, the Firm has seen an increase in interest among new and existing local clients seeking to apply for registrations of their trade-marks in foreign jurisdictions. Local clients with an international portfolio of trademarks are now able to consider the option of filing an application for international registration under the Madrid Protocol and we play an active role in educating and guiding clients through this process.”

They add that the introduction of the new communication to the public licence/digital licence by the three licensing bodies of copyrighted musical work has also contributed to Skrine receiving increased work from clients for legal advice on copyright licensing in Malaysia, especially among clients in the online media and entertain-ment industry. “In fact, we have been engaged by a major global entertain-ment company to represent it in licensing negotiations with the licensing bodies for the launch of its subscription video on demand service in Malaysia,” say Ong and Khoo.

When asked about some of the key ways Skrine’s IP practice sets itself apart in the market, Ong and Khoo list a few. “Our firm have been engaged by brand owners and copyright holders for continuous and long-term online moni-toring and enforcement programmes,


C O V E R S T O R Y

where we periodically monitor Malaysian e-commerce platforms for listings which infringe upon our clients’ IP rights and proactively lodge takedowns against such listings through the e-commerce platforms’ relevant complaints and notice channels,” they say. “Coinciding with the recent global lockdowns from the Covid-19 pandemic, clients have seen a proliferation of counterfeits and pirated copies of their works being sold online. We believe that our online moni-toring and enforcement programmes programmes help us serve their busi-ness needs in this digital age in a cost-effective manner.”

They add that the fi rm’s IP prac-tice group is also one of the largest in Malaysia, with more than 17 lawyers specialising in IP prosecution and/or IP litigation. “This guarantees that our teams have the resources and manpower to take on large volumes of prosecu-tion work as well as complex court matters without having to compromise

on quality and effi ciency,” say Ong and Khoo. “Further, being one of the oldest IP practices in Malaysia, our IP lawyers have a depth of experience, giving us an upper hand in handling objections from MyIPO for IP prosecution as well as in crafting nuanced and novel legal arguments in IP court cases.”

SINGAPOREFirms in the city-state saw their usual mix of IP cases from prosecution to enforcement cases. There were also unprecedented cases handled by some fi rms.

For fi rms with clients in the new technology space of AI, blockchain and fi ntech, the SG Fast Track program for patent applications has been found useful. The program makes possible for fi rms to secure patents for as fast as six months from fi ling.

In patents, the Singapore High Court handed down its decision on a

“Our IP lawyers have adepth of experience,

giving us an upper hand inhandling objections fromMyIPO for IP prosecution

as well as in crafting nuancedand novel legal arguments

in IP court cases.”

— Charmayne Ong and Khoo Guan Huat,Skrine

Khoo Guan Huat

T +603 2081 3999 (737)E [email protected]

Charmayne Ong

T +603 2081 3999 (736)E [email protected]

Key Partners

Key Practice Area

IP Litigation and EnforcementIP Registration and ProsecutionTechnology, Media and TelecommunicationsBranding, Franchising and LicensingEntertainment, Gaming and MediaPrivacy and Data Protection

Skrine is recognised as a pioneer in the Intellectual Property practice in Malaysia. Clients report that our service is "very efficient and proactive” (Chambers Asia-Pacific). Another source enthuses: "They have distinguished themselves with excellent service" (Chambers Asia-Pacific).

Charmayne Ong leads this practice which has been described as a “towering presence on the Malaysian IP landscape” (IAM Patent 1000). Khoo Guan Huat, our senior counsel in IP, has been described as “an outstanding lawyer who really builds up client confidence” (IAM Patent 1000) having secured landmark decisions shaping the development of IP laws in Malaysia.

Our IP team advises clients in protecting, licensing and enforcing their IP rights, whether in the form of patents, trademarks, designs, copyright, trade secrets or know-how. We act for clients in trademark infringement and passing-off claims as well as in patent, design and copyright litigation. The practice has a wide range of clients in all areas of commercial and industrial activity which includes pharmaceutical, luxury goods, technology & telecommunications, international airlines and manufacturers of industrial and consumer products.

LEVEL 8 WISMA UOA DAMANSARA50 JALAN DUNGUNDAMANSARA HEIGHTS50490 KUALA LUMPUR MALAYSIA

CONTACT US

T +603 2081 3999F +603 2094 3211E [email protected]

For more information about Skrine, visit www.skrine.com.

INTELLECTUAL PROPERTY PRACTICE


C O V E R S T O R Y

highly technical patent infringement case involving lab-grown diamonds. The court agreed with Illa Technologies, represented by Drew & Napier, that one of Element Six’s patents was invalid, but also found one patent of the De Beers Group subsidiary as to have been infringed. This case has been sent to the Singapore Court of Appeal.

The city-state also saw an increase in cases related to geographical indica-tion (GI). Dentons Rodyk represented the French trade association CIVIC that handles the “Champagne” appellation in successfully opposing the trademark “Champengwine” of a local fi rm.

Drew & Napier has an established reputation as one of the top IP prac-tices in the country. Tony Yeo, managing director of the fi rm’s intellectual prop-erty talks about some of the noteworthy developments in the IP landscape in Singapore in the past year. “From May 2020, Intellectual Property Offi ce of Singapore (IPOS) started offering a pilot

programme – the SG Patent Fast Track, to accelerate grants of patent applica-tions in all technology fi elds fi rst fi led in Singapore to just six months. It is the world’s fastest application-to-grant process of its kind,” says Yeo. “This is a game changer for many in the high-tech industries which require quick patent grants to cement their rights. This partic-ularly requires a lot of resources from IPOS and we have to commend IPOS for its commitment.”

Yeo adds that in the past year, there has also been a substantial increase in filings in patents and designs espe-cially for COVID-19-related innovations. “There has also been some consolida-tion in terms of the patent and design portfolios of a number of our clients. Some clients have trimmed their port-folios to focus on new technologies and innovations,” he notes. “On the copy-right front, the government is looking at the most signifi cant amendments to the Copyright Act since the Act came

“As part of the world’slargest law fi rm, we arealso well-positioned to

help our clients protect theirIP around the world and

also resolve legal regulatoryissues arising from their

expansion, wherever theychoose to go.”

— Gilbert Leong, Dentons Rodyk & Davidson

W: dentons.rodyk.com E: [email protected] T: 6225 2626

© 2021 Dentons Rodyk

Dentons Rodyk’s Intellectual Property practice is ranked Tier 1 once again.We would like to thank our clients for their support.


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into force in 1987. In fact, it is very much a revamp of the Copyright Act. A lot of feedback has been obtained from key players in the market and from the public. Interestingly, a scheme relating to collective management organisa-tions to regulate on code of conduct, and transparency in fees collection will be featured in the amendments to the Copyright Act.”

The impact of all this has been “surprisingly minimal” to Drew & Napier, says Yeo. “Whilst some clients have allowed a few of their patents and designs to lapse, other patents and designs for the new economies that have emerged during this period have increased filings,” he notes. “The amendments to the Copyright Act are still in the drafting stage but there will be impact on the IP work, given the scale of the amendments to the Act.”

When asked about the ways that Drew & Napier’s IP practice sets itself apart in the market, Yeo offers a few.

“Drew & Napier has the largest and most established Intellectual Property (IP) practice in Singapore,” he says. “We have always maintained a dominant position in IP. Drew is a market leader in trademark, patent and design filings, thanks to the long-time support from our clients who come from a wide spec-trum of industries. Besides Singapore, we are also able to assist our clients with IP filings throughout Southeast Asia through our Drewmarks offices in the region. We have also been singled-out for our in-depth experience in contentious IP matters and our lawyers are regu-larly instructed in high profile matters. As Drew is a full-practice law firm, we are also able to tap on the expertise of our colleagues from the other areas of specialisation, if required. In short, we present a holistic experience to our clients which completely addresses all their needs when they come to us.”

Another top firm for intellec-tual property in Singapore is Dentons

“We are able to tap on theexpertise of our colleagues

from the other areas ofspecialisation, if required…

We present a holisticexperience to our clients

which completely addressesall their needs when they

come to us.”

— Tony Yeo, Drew & Napier


Deep & Far is confident to be the best IP firm, and is prepared to take challenge for verification of its competence by receiving from the client, e.g. 1) a pending or granted patent for comments about how it can improve the claims, 2) a pending patent specification without the claims for drafting the claims for comparison with the original claims, or 3) an initial disclosure for preparing a claim set at the same time with the firm the client is currently using so that the client can compare and find out which firm can provide the better claims. The claims Deep & Far prepares always trap therein all competitors of the clients.

台北市中山北路三段27號13樓業務涵括知識產權之申請、侵權及訴訟13th Fl., 27 Sec. 3, Chung San N. Rd., Taipei 104, Taiwan, R.O.C.Phone: 886-2-25856688 Fax: 886-2-25989900/25978989

Email: [email protected] Website: www.deepnfar.com.tw

A D V E R T I S E M E N T

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Rodyk & Davidson. Gilbert Leong, senior partner and head of the firm’s IP and technology Department, talks about some of the noteworthy developments in the IP landscape in Singapore in the past year. “Likely due to the pandemic, we have observed a trend of clients increasing the intensity and speed at which they undergo digitisation and the switch to e-commerce, and also other clients that come up with new and innovative solutions to support these digitisation efforts,” says Leong. “A direct consequence of this trend is the greater awareness of the intellec-tual assets a company owns, and the creation and generation of IP, which can take many forms, from the domain names and trademarks that are used for an e-commerce venture, to an entire app designed to replicate services that would otherwise be provided in a more traditional context.”

As for how that has impacted the IP work that the firm has been under-

taking, Leong says that the firm has been “privileged to have more clients approaching us” with their new business model or ideas, seeking assistance on how best to protect their IP in this new business climate. “With the greater push to digitisation and shift in purchasing habits of consumers around the world, we have also supported many local clients as they venture out of Singapore and provide their products and services ‘remotely; from Singapore to the region and globally,” he notes. As a full-service IP practice, we are able to advise a client on different aspects of their business models and ideas, not just on traditional IP, but also technology and data protec-tion.”

When asked about the ways that Dentons Rodyk’s IP practice sets itself apart in the market, Leong lists a few. “We are proud to say that we run a completely integrated practice, involving IP, technology and data protection,” he says. “Each of the

“Everyone knows theimportance of IP rights.

But the IP market in realitystill likes low-priced serviceor value-added services atthe original price… We try

not to expand our services atthe price of lower service fees

in order to stay healthy.”

— CF Tsai, Deep & Far Attorneys-at-Law


professionals in our team have wide experience across these diverse but very much related legal fi elds. In this technological age, issues of IP, tech-nology and data protection very often intersect in the business world. Within our team, we are able to service our clients in these areas concurrently and also identify and advise on the implications of intersecting issues. As a full-service fi rm, we are also able to support our clients across their varied legal needs.”

He adds that as part of the world’s largest law fi rm, Dentons Rodyk is also well-positioned to help clients protect their IP around the world and also resolve legal regulatory issues arising from their expansion, wherever they choose to go. “The Dentons network is in over 200 locations across 81 countries, and this reach enables us to seamlessly connect and support our clients in any city or country they choose to exploit their IP,” says Leong.

TAIWANWhile patent applications in Taiwan also took a hit last year, trademark applica-tions reached a record high at 94,089. This was the highest number recorded since the founding of the Taiwan IP offi ce in 1999, reportedly as a result of a 17 percent increase in resident applica-tions.

Total patent applications fell by 3 percent to 72,238 cases with invention and design patent applications down by 3 percent and 9 percent, respectively. Leading contract chipmaker TSMC was the top domestic application, a posi-tion it held for the fifth consecutive year. Meanwhile, Qualcomm was the top foreign patent applicant.

One of the most well-known law firms for IP in Taiwan is Deep & Far Attorneys-at-Law. CF Tsai, managing partner of Deep & Far, talks about some of the noteworthy developments in the IP landscape in Taiwan in the past year.

C O V E R S T O R Y

“The expertise of ourlegal and paralegal staff

is consistently recognizedby our clients and peers

in the industry…We provide comprehensive,

straightforward andcost-effective solutions to

clients’ IP concerns.”

— Alex Ferdinand S. Fider, ACCRALAW

The Intellectual Property Department

Richmond K. Lee

Partner

Alex Ferdinand S.

FiderSenior Partner

John Paul M. GabaPartner

Jose Eduardo T. Genilo

Partner

Aleli Angela G. Quirino

Of Counsel

Victor N. De Leon

Partner

Angara Abello Concepcion Regala & Cruz Law OfficesAngara Abello Concepcion Regala & Cruz Law Offices

Head Office: 22nd - 26th Floors, ACCRALAW TOWER, 2nd Ave. cor 30th St., Crescent Park West, BGC, Taguig, Metro Manila, Philippines 1635 Branch Offices: Cebu City and Davao City • Tel. No.: (632) 8830 8000 • [email protected] • [email protected]

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C O V E R S T O R Y

“We have an oral hearing system before the Taiwan Intellectual Property Office (TIPO) for the invalidation proceedings,” he notes. “The Taiwan government tries to encourage the creation of intellectual property rights. For example, the tax authority recognizes the profit allocation propriety from the economic activities including development, enhancement, maintenance, protection and exploita-tion. Also, the IPRs value may be fixed based on ‘risk bearing’ because high compensation comes from high risk. TIPO also proposes to reform the remedy and litigation proceedings.”

As for his take on the market for IP legal services, Tsai says that while “everyone knows the importance of the IP rights, but the IP market reality is still like low-price service or value-added services at the original price.” As a result, his firm’s strategy is to “try not to expand our services at the price of lower service fees in order to stay healthy.”

PHILIPPINESIP filings in the Philippines were hit hard by the pandemic. The Philippine IP Office reported that for the first time since the agency’s establishment in 1998, filings across all types of IP dropped last year. Trademark applica-tions fell by 10 percent year-on-year to 35,274; patents by 9 percent to 3,648; utility models by 45 percent to 1,235; industrial design by 23 percent to 1,259; and copyright deposits by 44 percent to 940.

On the other hand, reports and complaints of alleged counterfeiting and piracy filed with the IP office surged in 2020. Of the counterfeiting reports, alleged fake apparels were the most reported, followed by gadgets and cosmetics. For piracy, movies and shows were the most reported and followed by e-books and software products.

One of the top law firms for intel-lectual property in the Philippines is ACCRALAW. Alex Ferdinand S. Fider, head of the intellectual property depart-ment at the firm, talks about some of the noteworthy developments in the IP landscape in the Philippines in the past year. “Notwithstanding the challenges

brought by the pandemic, IP owners continue to maintain their trademark, patent and copyrights and monitor the market for infringement issues, he says. “For its part, the Intellectual Property Office (IPO) responded to the challenges by adopting policies and practices that enabled it to remain accessible via their e-platforms.”

Despite the challenges posed by the COVID-19 pandemic, the firm expe-rienced minimum impact to its IP prac-tice, says Fider. “ACCRALAW was ready to meet the challenges brought by the lockdown from day one of the pandemic lockdown,” he notes. “Our firm’s existing IT infrastructure allowed our lawyers and paralegal staff to efficiently work from home.”

He adds that aside from attending to the immediate actions of the IPO, the firm was also busy advising clients related to infringement issues on the Internet,” says Fider. “This was brought about by a shift in consumer preference to online shopping.”

He notes that there are few key ways in which the firm’s IP practice sets itself apart in the market. “ACCRALAW’s intellectual property department is a full-service IP team. Our lawyers give counsel on the entire process from appli-cation to registration, commercializa-tion, and enforcement of IP rights,” says Fider. “Moreover, the firm’s existing IT infrastructure allowed our lawyers and paralegal staff to deliver services without interruption from day one of the pandemic lockdown.

Fider adds that the expertise of the firm’s legal and paralegal staff is consistently recognized by clients and peers in the industry as a top-tier-ranked IP practice team both locally and abroad. “We provide comprehensive, straightforward and cost-effective solu-tions to clients’ IP concerns,” he says. “All these distinguish our practice team from other IP firms.”

Another leading firm for IP in the Philippines is Romulo Mabanta Buenaventura Sayoc & de los Angeles. Rogelio Nicandro, Benjamin Z. Lerma and Joaquin V. Sayoc, who jointly act as intellectual property heads, talk about some of the noteworthy developments

in the IP landscape in the Philippines in the past year. “The pandemic has necessitated a shift in the procedures and practices before the IPOPHL from paper-based filings to purely online filings, among others,” they say. “Proposed changes to the Intellectual Property Code, rules on inter partes proceedings, rules on IP rights cases, among others, are in the pipeline and our firm intends to be at the forefront in adapting to these new laws and regula-tions.”

Nicandro, Lerma and Sayoc also note a proliferation of online piracy in view of the expansion of online trade due to the pandemic. “Aside from initi-ating take-down remedies and cancel-ling business permits and licenses of offenders, we continue to review varying measures and approaches aimed at maximizing protection of our clients,” they say.

The lawyers add that the COVID-19 pandemic, coupled with the manda-tory government lockdowns, presented challenges to continued servicing of clients, in the past year. “While we experienced an initial shock brought about by the new working environ-ment, we have successfully been able to adjust our work protocols and adapt to the new systems of the IPOPHL. This has allowed us to continue to serve our clients properly,” say Nicandro, Lerma and Sayoc.

When asked about some of the key ways they feel their firm’s IP prac-tice sets itself apart in the market, the lawyers offer a few. “Our firm has been in existence for over 100 years. As with all our practice groups, we have built the IP practice on a foundation of integrity and competence,” say Nicandro, Lerma and Sayoc. “Due to our reputation, as well as the quality of work produced, our client base continues to grow and we have maintained our status as a top tier firm. We are also heavily invested in the continued education of our lawyers to address the vastly changing landscape of IP practice. We intend to maintain the integrity and competence that has marked our practice for over 100 years as we strive to remain a leader in Philippine IP practice.”


OTHER ASIAN COUNTRIESINDONESIA: In November last year, Indonesia passed the Omnibus Law on Job Creation. This brought key changes to the country’s IP law such as making the importation and licensing of a patented product or a process an act of implementing the patent in Indonesia. This also prohibits the registration of a trademark that contains a shape that is functional. Amid the pandemic, law firms saw an increase in enforcement actions in both the online and offline environments.KOREA: The pandemic did not stunt the growth of international filings from South Korea in 2020. PCT filings grew by 5.2 percent year-on-year to 20,060 last year. Homegrown brands Samsung Electronics and LG Electronics were two of the ten biggest PCT applicants. International trademark filings from South Korea via the Madrid System also bucked the downward trend to post a 13.4 percent growth to 1,578 in 2020.

THAILAND: Despite restrictions, the work for the proposed amendments to Thailand’s Patent Act made some progress last year. These are expected to result in major overhaul to the country’s patent and design regimes.

In prosecution, the Thai Department of IP strongly encouraged the use of the e-filing system, available even before the pandemic, to reduce physical contact. In a trend that was also noticed in other jurisdictions, Thailand also saw a growth in the number of raids and seizures last year.VIETNAM: Two years ago, Vietnam began work to put in place a compre-hensive IP system through the release of the IP Strategy 2030 which sees IP as a tool to spur economic development and national competitiveness.

Last year, Vietnam’s IP Office has tightened the requirements for legal representatives of IP applicants to sign documents on their behalf, a step seen as aligned with the bigger IP agenda.

“We have built the IP practiceon a foundation of integrityand competence. Due to our

reputation, as well as thequality of work produced,

our client base continues togrow, and we have maintainedour status as a top tier firm.We are also heavily investedin the continued educationof our lawyers to address

the vastly changinglandscape of IP practice.”

— Rogelio Nicandro, Benjamin Z. Lermaand Joaquin V. Sayoc, Romulo Mabanta

Buenaventura Sayoc & de los Angeles

1) What are the ingredients to building a successful IP practice?

Our firm has been in existence for over 100 years. As with all our practice groups, we have built the IP practice on a foundation of integrity and compe-tence. Due to our reputation, as well as the quality of work produced, our client base continues to grow and we have maintained our status as a top tier firm. We are also heavily invested in the continued education of our lawyers to address the vastly changing landscape of IP practice.

We continue to represent large conglomerates such as The Coca-Cola Company, Johnson & Johnson, and Qualcomm, among others, with respect to their intellectual property requirements.

2) Who have been your standout personnel in the past year in terms of IP work? Can you talk about their contributions?

The success of our IP practice is a result of contri-butions from every single member of the IP Department, led by Rogelio Nicandro (Chairman), and ably assisted by Joaquin V. Sayoc and Benjamin Z. Lerma (Vice-Chairmen), and the other lawyers and staff members.

The current pandemic, coupled with the occasional shutdown of various government offices, including

with the changing landscape brought about by the pandemic, we continued to achieve success in applications before the IPOPHL, inter partes proceedings, as well as court cases and enforce-ment actions.

3) What are your plans to develop your IP prac-tice in the next few years?

We strive to remain up to date with latest trends and innovations in IP practice in the Philippines and worldwide. The pandemic has necessitated a shift in the procedures and practices before the IPOPHL from paper based filings to purely online filings, among others. Proposed changes to the Intellectual Property Code, rules on inter partes proceedings, rules on IP rights cases, among others, are in the pipeline and our firm intends to be at the forefront in adapting to these new laws and regulations. We have also noted a prolifera-tion of online piracy in view of the expansion of online trade due to the pandemic. Aside from initi-ating take-down remedies and cancelling business permits and licenses of offenders, we continue to review varying measures and approaches aimed at maximizing protection of our clients.

We intend to maintain the integrity and compe-tence that has marked our practice for over 100 years as we strive to remain a leader in Philippine IP practice.

Romulo: Maintaining Excellence in IPBROUGHT TO YOU BY ROMULO

the IPOPHL, has brought about many challenges the past year. Despite this, the IP Department continued to ably serve our clients without inter-ruption. This was only made possible through the concerted effort of all lawyers and staff, with the cooperation and patience of our clients. Even

Rogelio Nicandro, Senior PartnerE: [email protected]

Benjamin Z. Lerma, PartnerE: [email protected]

Joaquin V. Sayoc, PartnerE: [email protected]

Romulo21st Floor, Philamlife Tower, 8767 Paseode Roxas, Makati City 1226, Philippines

T: (63) 2 8555 9555E: [email protected]

W: www.romulo.com


I M M I G R A T I O N

IRELAND CALLINGThe pandemic and prolonged work from home arrangementshave given many causes to carefully consider where they basethemselves, their families, and their assets — particularly astravel restrictions complicate mobility. One compelling, butperhaps not obvious, choice, is Ireland. BY ELIZABETH BEATTIE

In recent years, Ireland has emerged as a top immigration choice for high-net-worth (HNW) families and individuals, says Jeffrey Ling, regional director at Bartra Wealth Advisors.

“Ireland is not only a beautiful green island with moderate climate, clean fresh air and abundant natural resources, it is also one of the most open economies in the world with a large and vibrant international business sector. It is a member of the European Union and the only country in the EU whose first language is English,” Ling says of its perks.

The country, which ranked joint second place with Switzerland, in the United Nations Human Development Index for 2020, is actively encouraging investment immigration through its IIP programme, which Ling describes as “simple and extremely quick, with processing times averaging between four and six months.’

It also offers multiple options for potential investors including, enter-prise investment of 1 million euro ($1.21 million) in an Irish enterprise, invest-ment fund option in the value of 1 million euro, Real Estate Investment Trust investment of 2 million euro, or a 500,000-euro philanthropic donation to a project which is of public benefit to the arts, sport, health, culture or educa-tion in Ireland.

“As well as offering investors more flexibility in their investment options, the IIP allows applicants to add their spouse and dependent children below the age of 24 to their application. And unlike many residency-by-investment programmes,

the IIP does not require long periods of residency for the applicant to maintain their residency but instead requires them to stay only one day within Ireland per year,” Ling says.

For clients with families to consider, the IIP programme offers access to the country’s top educational facilities, and “top-tier” businesses in the job market in Ireland.

“Branded Europe’s Silicon Valley, Ireland is among one of the few countries in Europe that has a rapidly-growing employment rate in recent years,” says Ling, noting this increase was a result of “the attractive corporate tax rate of 12.5 percent, which pulled many of the world’s largest financial institutions, technology companies, and pharma-ceutical firms to set up their European headquarters there.”

According to Ireland’s National Skills Bulletin 2019, the country requires talent in the fields of technology and IT, science and engineering, finance, healthcare, and construction.

“The means that people who have been working in these indus-tries would have the opportunity to continue pursuing their careers there,” says Ling. “Many students consider that when choosing their place of education, and Ireland is rapidly leading the list in regards to opportunities post-gradua-tion. The country has attracted titans of various industries to its shores, such as Amazon, Johnson & Johnson, Microsoft, Apple, the creator of the first COVID vaccine Pfizer, and many more.”

Despite Brexit, the UK and Ireland have a joint agreement under the

Common Travel Area (CTA), which provides associated rights between the two countries, “such as the right to work, study, vote in certain elections, access social welfare benefits and health services, and travel freely between the two jurisdictions endures,” Ling says, noting for investors, the IIP provides their children with “the luxury of choice; they may pursue their studies in the UK or Ireland without the hassle of dealing with student visas.”

LOW-TA X ENVIRONMENTOther attractions for the IIP programme include those that are looking for a low-tax environment.

“An individual can only be regarded as an Irish tax resident for a given tax year if he or she spends 183 days or more in Ireland during the tax year, or 280 days or more in Ireland in the current tax year and the previous tax year combined,” Ling notes. “In other words, given the flexibility of IIP, which requires a minimum stay of just one day in a year, investors spending less than 183 days a


I M M I G R A T I O N

year who are domiciled outside of Ireland would not be liable to Irish tax. It is worth noting that investors who stay in Ireland for more than 183 days in a tax year, as long as their earnings are not remitted into Ireland, they may not fall within the Irish income tax net,” he adds.

For those interested in pursuing the option, applications are typically approved within four to six months.

“The IIP has no limit on applica-tion quotas,” says Ling, who adds that approvals are based on meeting the fundamental requirements and fulfilling background checks.

“Applicants will only make their investments once their application is approved, further eliminating finan-cial risks for them. Once the applicants received their Stamp 4 Visa which is equivalent to PR status, we provide one-stop-shop services on the ground with our local partners, such as airport pick-up service, city guide, site inspection trip, butler service, education consultant, legal consultant, tax consultant, prop-erty consultant and insurance service,

to cover the needs of our clients from all aspects,” he adds.

While the immigration process can at times be stressful, and full of ambi-guities, Ling says the IIP cuts through many of the typical issues.

“At present, investment immigra-tion programmes of other English-speaking countries either have prob-lems with long application windows, processing times and limited quotas, or problems with visa rejection rates. This might impact on children’s educa-tion and people’s plans of career devel-opment or retirement in the destination country,” he explains.

“Another advantage of the IIP is that requirements are comparatively lower. For instance, no language requirements, interviews, or medical examinations are needed when applying. Successful appli-cants would only need to stay in Ireland for one day each year to retain their permanent residence status, providing the added flexibility that Asia ‘astro-nauts’ may need to take care of their families and businesses,” Ling adds.

“At present, investmentimmigration programmesof other English-speaking

countries either haveproblems with long

application windows,processing times

and limited quotas,or problems with

visa rejection rates.This might impact on

children’s education andpeople’s plans of career

development or retirementin the destination country.”

— Jeffrey Ling, Bartra Wealth Advisors

Fanad Head, co. Donegal, Ireland - October 2018. 4H4 Photography/Shutterstock.com


G R E A T E R B A Y A R E A

WEALTH CONNECTEDThe recent announcement of the launch of a cross-boundarywealth management connect pilot scheme, known as the WealthManagement Connect, in the Guangdong-Hong Kong-MacaoGreater Bay Area (GBA) has generated a lot of interest andsupport from both the financial and legal sectors in Hong Kong.

BY ELIZABETH BEATTIE

Financial regulatory bodies that span the Greater Bay Area — the HKMA (Hong Kong Monetary Authority), SFC (Securities and Futures Commission) and AMCM (Monetary Authority of Macao) — have joined forces, entering into an MoU with mainland China authorities in order to collaborate under the Wealth Management Connect scheme.

The agreement will see regula-tors issuing guidance to banks across a variety of areas including product due diligence, investor protection and personal data protection, and ensuring more cohesion and clarity. The scheme, which is promoted as a means of allowing residents of Hong Kong, Macao and major Guangdong cities, to invest across borders, is expected to trigger an increase in legal work too.

The most recent development — which spans across personal data protection, investor protection and mitigates against money laundering,

should be taken into careful considera-tion by those who plan to make use of the Wealth Management Connect scheme, Eric Lui, a partner at Ince, explains.

“As a pilot initiative, the Wealth Management Connect will be a testing ground for new products, new systems and new regulations that investors may be unfamiliar with. Investors should always read the product information and standard terms carefully before purchasing a financial product, which applies not only to when they partici-pate in the Wealth Management Connect but to any situation in which investment decisions are being made,” says Lui.

He adds that investors are also encouraged to “fully utilise the investor protection measures that are going to be implemented, which might include the provision of product explanations or suitability and risk assessments that banks will be required to conduct to make informed decisions and choose the

products most suitable for each inves-tor’s personal circumstances.”

Meanwhile, when it comes to matters of AML/CFT, investors should be prepared to provide supporting docu-ments and information in order to help satisfy know-your-customer and other relevant compliance requirements, Lui explains.

Akin to earlier programmes Stock Connect and Bond Connect, the Wealth Management Connect will be launched through two different channels.

“The Northbound Scheme will allow Hong Kong and Macau residents to invest in wealth management products offered by Mainland banks in the Greater Bay Area, while the Southbound Scheme will allow Bay Area residents to invest in wealth management products offered by Hong Kong and Macau banks,” Lui says.

The aggregate quota of the Wealth Management Connect is currently set at 300 billion yuan ($46 billion), with individual investors given a quota of 1 million yuan each, says Lui, noting that all cross-boundary remittances will be conducted in renminbi “in a closed-loop system bundling designated accounts.”

DIVERSE OPTIONSFor investors, the Wealth Management Connect scheme means access to more diverse investment options. “Although the product scope of the Wealth Management Connect is expected to constitute only simple, low-risk prod-ucts such as mutual funds and bonds in its initial phase, investors can keep an eye out for more complex products to be made available in the future,” he adds, noting residents have already shown interest in “increasing their investments on both sides of the border,” Lui says.

For lawyers, the launch of Wealth Management Connect will also spark new opportunities, from “drafting standard terms and conditions for new wealth management products, assisting banks conduct due diligence, or helping investors set up personal investment companies, trusts and/or family offices (if investment through such legal enti-ties is permitted),” Lui explains.

He also predicts that advice on legal and regulatory compliance requirements


G R E A T E R B A Y A R E A

would also be sought after as a result of developments in this area.

According to the MoU, the scheme is expected to operate “on the principle of regulation by the jurisdiction where the business is conducted,” Lui notes, adding that there are currently no specific provi-sions for dispute resolution made within the MoU, but this is another area where advice and legal assistance are likely to be required.

While the MoU outlines a general framework, many of the specific mecha-nisms are still awaiting guidance of defi-nite regulations and policies. Among the questions still hovering are those such as “will there be any eligibility require-ments, such as minimum assets require-ments, imposed on individual investors? How may individuals prove their resi-dency in the Greater Bay Area? What are the criteria of ‘low-risk, simple invest-ment products’?” Lui says.

Additionally, lawyers are still awaiting detailed guidance around

the procedures and requirements for conducting due diligence on eligible management products as well as guid-ance across other areas including investor protection and management operations.

“Another important area in which regulations would be helpful and in fact are highly anticipated is the procedure for opening accounts. In normal circum-stances, an individual would have to be physically present at a bank to open an account. However, with the ongoing COVID situation and cross-border travel restrictions yet to be lifted, the authori-ties are discussing the possibility of mini-mising the number of cross-border trips that investors would have to make to one,” Lui says.

Looking ahead, the Wealth Management Connect is outlined to stimulate financial markets develop-ment in the Greater Bay Area.

“There have been reports on several banks already establishing a number of

branch offices and increasing their head-count in the region. Facilitation of the scheme will incentivise the rapid growth of the whole industry chain; apart from diverse financial products, product management and client services will have to become increasingly sophisticated as well to meet investors’ needs,” Lui says.

He adds that the scheme can also stimulate the development of the region’s fintech landscape.

“Digital asset management plat-forms and payment systems which support transactions across all three jurisdictions, enhancing the scheme’s accessibility, are examples of potentially attractive and useful products worth exploring,” Lui says.

“Already one of the regions with the highest density of high net-worth indi-viduals, the Greater Bay Area’s status as a key financial centre is anticipated to be further cemented by the global interest and surge in capital flows which the scheme will bring,” he adds.

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L A W A W A R D S 2 0 2 1


INAUGURAL ALB MIDDLE EASTLAW AWARDS A GRAND SUCCESS

The ALB Awards made its foray into the Middle East region with the inaugural event celebrating the outstanding achievements of individ-uals, law firms, and in-house legal teams.

The virtual event, held on Mar. 31, saw Al Tamimi & Company pick up five glittering awards, namely Middle East Law Firm of the Year, UAE Law Firm of the Year, Deal Firm of the Year, M&A Deal of the Year and Intellectual Property Law Firm of the Year. “We are very proud to have been recognised for multiple awards in the inaugural ALB Middle East Law Awards,” said Samer Qudah, managing partner. “Our clients are at the core of everything we do, so we highly value and are extremely grateful for their support and trust and of course these awards would have not been won without our team so a big thank you to the entire Al Tamimi team for their hard work and dedication.”

Meanwhile, Dentons claimed three gongs, including Corporate Citizenship Law Firm of the Year, Construction and Real Estate Law Firm of the Year and Energy and Resources Law Firm of the Year. “Dentons is delighted to receive these prestigious awards at the Thomson Reuters ALB Middle East Law Awards 2021. We are immensely proud to see the skill and dedication of our lawyers and support teams recog-nised in what has been an extraordi-narily challenging year, and thank our clients for their continued support,” said Alastair Young, Dubai managing partner and head of Dentons’ Middle East disputes practice.

Badri and Salim El Meouchi Law Firm was the winner of Lebanon Law Firm of the Year, as well as the

Managing Partner of the Year (for Chadia El Meouchi). “This award is particularly meaningful in this difficult year. Resilience, excellence, teamwork, innovation and ethics have proven to be essential values for our team. We are proud and thank ALB awards for this recognition. Congratulations ALB on the launch of this new and prestigious award,” said El Meouchi, managing partner of the firm.

Baker McKenzie was named Arbitration Law Firm of the Year. Andrew Mackenzie, partner and head of international arbitration, construc-tion and offshore litigation at Baker McKenzie Habib Al Mulla, commented: “We are thrilled to be recognised as the Arbitration Law Firm of the Year at ALB Middle East Awards 2021. This further recognition is a testament to the strength of our firm’s global and regional dispute resolution practices. The team has gone from strength to strength over the last few years, winning appointments on the largest and most complex disputes across the MENA region. Our eternal thanks to our clients for the continued trust and confidence they place in us and my personal congratulations to the team for all their hard work.”

The Bench was awarded Rising Law Firm of the Year, while Khodeir & Partners, Naschitz Brandes Amir and Khoshaim & Associates claimed the Egypt Law Firm of the Year, Israel Law Firm of the Year and Saudi Arabia Law Firm of the Year titles, respectively.

Tal Eliasaf, managing partner of Naschitz Brandes Amir, said: “We are honoured and gratified to be recog-nised for having worked on some of the most important and far-reaching

transactions in the region. This award is a great indication of our firm’s success in 2020, and it sets the tone for what’s to come over the next year.”

Stephenson Harwood was awarded the Labour and Employment Law Firm of the Year title. “We are delighted to have been named Middle East Labour and Employment Law Firm of the Year. This prestigious accolade is a fitting testament to the hard work of all our team members (in particular Emily Aryeetey and Laura Anderson) and their dedication to excellence, delivering the best client service and developing the employ-ment law regime in the region. Our thanks to our loyal clients, Thomson Reuters and Asian Legal Business,” said Kiersten Lucas, partner and head of the Middle East employment, pensions and incentives team.

In the individual categories, Fatema Fathnezhad of Virgin Mobile was awarded Woman Lawyer of the Year while Hage-Chahine Law Firm’s Najib Hage-Chahine won the Young Lawyer of the Year (Law Firm) category.

Hage-Chahine, managing partner of the firm, said, “Thank you to Thomson Reuters for presenting me with this award. I am delighted and overwhelmed to win the Young Lawyer of the Year award. It is an honour to have my work recognised. I could not have achieved this without all the support and dedication from the team at Hage-Chahine Law Firm and those who have supported me throughout my career.”

Gulf Law’s Barney Almazar was named Pro Bono Practitioner of the Year. “I was overwhelmed with joy and happiness to be awarded this


L A W A W A R D S 2 0 2 1


prestigious award from Thomson Reuters and ALB. My heart is filled with energy to continue helping others who do not have the means to engage an attorney,” Almazar said. “It is always an honour to be recognised by my peers in the legal profession who continue to assist and support me in my quest. Eight years ago, we started the legal aid and have assisted more than 80,000 migrant workers in the Middle East. I will continue my journey in awe of many of attorneys who share their time and resources to support the league of pro bono attorneys.”

In the in-house categories, Flash Entertainment was named Middle East In-House Team of the Year, while Saudi Aramco was awarded the Energy and Resources In-House Team of the Year. Nabeel Al Mansour, senior vice pres-ident and general counsel at Saudi Aramco, said: “My special thanks go to all members of our organisation for the great efforts exerted in this difficult time of COVID-19. I would like also to thank ALB for this recognition. I am very proud of what we, as a company and organisation, were able to achieve this past year.”

Meanwhile, the award for Young Lawyer of the Year (In-House) went to Shadi Mallah of Dow Chemical. Mallah said: “I am honoured to have been selected as the 2021 Young Lawyer of the Year (In-House). To be honoured by your peers in the region is incredibly gratifying and is a truly humbling expe-rience. Thank you to Thomson Reuters and Asian Legal Business for hosting the ALB Middle East Law Awards.”

Maria Kavaratzis from The Entertainer was awarded In-House Lawyer of the Year. “I am overwhelmed with gratitude to be the winner of the “In House Lawyer of the Year” award at the ALB Middle East Law Awards 2021. I share this prestigious achievement with my amazing team at the ENTERTAINER - a team I am extremely proud of,” said Kavaratzis. “Congratulations to all winners and finalists and a huge thank you to ALB, Thomson Reuters and the esteemed judges.”


T H E B A C K P A G E

HOW POOR VALUEIN LEGAL SERVICEDELIVERY CAN COSTLAW FIRMS BIGBY JEN DEZSO

The impact of delivering poor value can be devastating to your fi rm’s key client relationships; yet this is typically a concept intuitively understood — but not formally measured. We discovered, based on more than 750 interviews conducted with general counsel in 2020, that a client’s perceptions of the value being delivered by their outside law fi rm impact more than client satisfaction — it has a noticeable effect on how much they spend.

When a general counsel rates the law fi rm that they use the most a 9 or 10 in value delivery, on average, they simul-taneously report spending 28 percent of their external budget with that fi rm. That fi gure is 14 percent higher than when a fi rm is rated a 7 or 8 in value, and 35 percent more than when a fi rm is rated a 6 or lower. While the change in actual percentage points of legal spend may seem minimal, this shift can translate into an opportunity for the law fi rm to gather additional revenue of between $585,000 and $1.2 million a year, per client.

Perhaps more importantly is the other side of the coin. What’s not quan-tifi able is the potential loss of new busi-ness due to a perception of poor value on service delivery. And when general counsel tell us that they do not recom-

mend one of the law fi rms they use the most, a full 40 percent say it is because of that fi rm’s poor value delivery.

Yet, law fi rms can help change the shape of what value-focused client rela-tionships look like by using and tracking the same metrics as their clients do. And this is key, because general counsel are increasingly reliant on objective fi nancial metrics to evaluate the value their own department delivers internally to other business units.

This presents a tremendous oppor-tunity for law fi rms to become a true trusted partner and work to help clients meet their fi nancial goals. Indeed, this status is a level that our research shows

is typically missing from the client/law firm relationship. As one chief legal offi cer of a California-based technology company noted: “I’d like to feel like there is someone managing the experience — that the bills refl ect the type of work being done, and somebody was looking [at that]. I don’t have confi dence that anybody is looking out for us in that way.”

The bottom line is always going to be important to clients and their internal stakeholders. Being able to provide cost savings is almost universally appreciated, but it can quickly turn into a slippery slope for law fi rm profi tability. This is where the wider defi nition of value comes into play. And, of course, rate and budget pressure

from clients can reduce the opportunities for your fi rm to help clients quantify other measures of value, as well.

Yet, even if the opportunity is reduced, it doesn’t vanish completely, and law fi rms should always be prepared to identify for the client other measures of value the fi rm can offer, such as:

Predictability in costs: Ask yourself how accurate is your fi rm’s actual spend-to-budget for matters? What work can you move into a fi xed fee arrangement that might better serve the client?Cost and time effi ciencies: How is your fi rm optimising a process or leveraging a technology tool to save time or money? Could a different mix of staffi ng save your client money? Or, how can the cycle time between opening and closing a matter be shortened?Business impact: Ask yourself whether your fi rm’s legal advice helped the client generate revenue, avoid risk, reduce any unexpected operational downtime, secure fi nancing to invest in company growth, or minimise any potential repu-tational damage.

These fi nancial and value metrics are how clients talk internally — more specifi cally, it’s how the business leaders in the top ranks within your client’s organisation talk.

For a law fi rm, being able to address costs and value in these same terms and demonstrate value by showing your fi rm’s performance on these metrics is critical to making clients see your fi rm as better value in the long-term.

Jen Dezso is vice-president ofThomson Reuters’ Acritas U.S., andleads the Americas arm of Acritas’global client services team.

A version of this piece waspublished by the Thomson ReutersLegal Executive Institute(www.legalexecutiveinstitute.com).

“Ask yourself how accurate is your fi rm’s actual spend-to-budget for

matters? What work can you move into a fi xed fee arrangement that might better serve the client?”

Asian Legal Business is seeking thought-provoking opinion pieces from readers on subjects ranging from Asia’slegal industry to law firm management, technology and others. Email [email protected] for submission guidelines.

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