ALB’s Next-Generation Cities identifies the best full-service law firms in emerging commercial centres across Asia. As Osaka, Guangzhou, Bangalore and Penang become increasingly important to the global economy; the market demands a corresponding growth in superior and sophisticated legal services. ALB has identified and profiled the top full-service law firms in these next-generation cities.
Osaka
Despite the earthquake and tsunami that hit Japan’s economy in March last year, the world’s third-largest economy is bouncing back, buoyed by robust consumer spending and rebuilding in the disaster-struck areas. In fact, the Japanese economy grew a revised 1.2 percent in the first quarter of 2012, compared to the last three months of 2011. This was a welcome figure above the preliminary expectation of 1 percent growth, signalling that domestic demand is fuelling economic recovery. The revised annual growth figure stands at 4.7 percent, compared to the preliminary forecast of 4.1 percent.
Osaka, historically the commercial centre of Japan, stands to benefit from the country’s rebound in the market. Practitioners note an increase in outbound M&A transactions by expanding Japanese companies, spurred on by an appreciating yen.
Interestingly, some economists have suggested that domestic companies may consider shifting operations to Osaka in light of last year’s earthquake. Several business executives have asserted that production hubs in Japan should be moved to the west of the country – away from Tokyo – to minimise disruptions to the nation’s supply chain in case of future unforeseen events. A rise in businesses setting up shop in Osaka is certainly going to present lucrative opportunities for lawyers in the city.
(Firms are arranged in alphabetical order)
Chuo Sogo Law Office
A market leader in Osaka, Chuo Sogo Law Office has worked with clients for more than four decades on M&A, intellectual property, and local and cross-border litigation, among others. The firm has a distinct prowess in financial matters, assisting banks and financial institutions on cross border M&A. The practice’s 15 partners and 41 lawyers work closely with foreign enterprises, and leading Japanese companies including Panasonic, Sumitomo Mitsui Banking Corp, Mizuho Bank, and Tokio Marine & Nichido Fire Insurance Co.
Chuo Sogo expanded into Tokyo in 2003, and opened an office in Kyoto in 2009, strengthening its presence on the ground in Japan. Serving as a further boost, Shigeru Morimoto, a former professor at Kyoto University and an expert on corporation law in Japan, joined the firm in October 2011.
Corporate partner Masahiro Nakatsukasa has been praised by both lawyers and clients. “His deep legal expertise, and his capability to understand our business needs makes him invaluable to us,” says one approving client. Nakatsukasa led the team that advised Sanyo Special Steel on establishing a joint venture company with Mahindra Ugine Steel to manufacture special steel in India. The group advised Sanyo on several cross border aspects of the transaction, assisted with its negotiation with Mahindra, and drafted agreements.
“Chuo Sogo is one of the most renowned firms in Osaka,” comments a client. “The office has a fleet of highly qualified lawyers, including labour relations specialists, corporate law specialists, and international experts. All in all, we hold them in high regard,” he explains.
Dojima Law Office
Dojima Law Office commands a strong presence in Osaka. Established in 1965 as Kimura & Matoba Joint Law Office, the firm was renamed to Dojima Law Office three years later in 1968. The firm operates with more than 20 capable lawyers, including the highly experienced Yuki Matoba and Toshio Kawamura. Key areas of focus for the firm include corporate restructuring and bankruptcy, environmental law, labour law, intellectual property, and criminal law. The team is also well known for its corporate law work, advising a range of corporations on banking and finance, trading, manufacturing, construction and IT.
In 2010, Dojima Law office became a limited liability partnership, and opened an office in Tokyo. The recent expansion of operations has been a boon to the firm, whose clients are benefiting from the team’s ability to act quickly on cases that take place across Japan.
Oh-Ebashi LPC & Partners
Established in 1981 in Osaka, Oh-Ebashi LPC & Partners is growing its reputation across Japan. The outfit offers a full range of services to its clients, from corporate law and finance, to environmental law and litigation.
The Osaka office alone boasts a team of 25 partners and over 40 lawyers, underscoring the large volume of work being done in the city. Oh-Ebashi also has an office in Tokyo, and had opened a branch in Shanghai in 1995 which specialises in litigation and arbitration matters.
“Oh-Ebashi is a very good law firm in Osaka,” comments a peer, who adds that “the quality of their lawyers is very impressive”. Another peer singles out partner Seigo Takehira for his expertise in corporate and M&A work.
Osaka International Law Offices
Founded in 1994 by Koshi Yamaguchi, Osaka International Law Offices has grown steadily, and now includes, in addition to Yamaguchi, partner Nobuaki Matsuoka, five associates, and a resident foreign legal consultant.
Yamaguchi, who a peer describes as “knowledgeable and very well known in the market”, helms the firm that offers a variety of services including M&A, real estate and construction, intellectual property, employment law, and international purchase agreements.
Moreover, the firm has a wealth of experience in litigation. The team represents foreign enterprises in Japanese courts, and supports Japanese companies entangled in litigation proceedings abroad.
Other notable firms in the city include H. Okada International Law Office, Kitahama Partners, Midosuji Legal Profession Corporation, and Yodoyabashi & Yamagami.
As this issue went to press, Nishimura & Asahi, one of Japan’s Big Four law firms, announced plans to open offices in Osaka and Nagoya. The Osaka office will have two partners and up to four associates.
Guangzhou
As China grows rapidly, Guangzhou – the capital of Guangdong province in southern China – is emerging as a significant economic powerhouse in the country. An economic report forecast that the city’s GDP is poised to catch up with that of Hong Kong and Singapore by 2015, and Taiwan by 2024. In fact, Guangzhou’s economic growth of 11 percent is in stark contrast to the sub-four percent figure seen in the three other jurisdictions.
Guangzhou’s economy is fast developing as an important industrial base in China. The industrial output value of the three main industries – automobile manufacturing, electronic communications, and petrochemicals – accounts for about a third of the city’s output value. Other sectors are heating up too, say lawyers, who observe intellectual property, joint ventures, and M&A as some areas of growth. Guangzhou’s rise as an epicentre of activity has led to numerous foreign enterprises seeking to do business in the southern city. This has sparked several foreign law firms to set up shop, and spurred domestic law firms to bolster their existing practices in the region.
(Firms are arranged in alphabetical order)
Dacheng Law Offices
One of the largest law firms in China, Dacheng Law Offices commands an impressive presence, sporting 35 offices on the mainland. In addition, the firm has seven overseas offices spanning the U.S. (New York, Los Angeles, Chicago), Paris, Hong Kong, Singapore and Taiwan. The outfit’s specialties include corporate M&A, capital markets, foreign direct investment, energy and mining, real estate, intellectual property, criminal law, and litigation and arbitration.
The Guangzhou team consists of seven lawyers, and profits from the experience of senior partner Bin Jiang who focuses primarily on financial securities, real estate, corporate law, and criminal matters.
Dacheng Law Offices joined the World Services Group (WSG) in 2009 as its only China member. The WSG is a leading professional service organisation encompassing members from law firms, accounting firms, and financial and investment companies.
Guangda Law Firm
One of China’s prominent full-service law firms, Guangda Law Firm wields a team of more than 250 legal professionals who operate out of key cities including Beijing, Shanghai, Shenzhen, and Guangzhou. The firm has capabilities in capital markets, banking and finance, real estate and construction, and intellectual property, with a specialisation in corporate and securities, cross-border investment, and dispute resolution.
The firm’s Guangzhou office has benefited from an array of work over the last year, including advising on several cable, radio and television network reorganisations for Guangdong province, negotiating on behalf of Opple Lighting with Apple on a global trademark registration of the mark Opple, and acting as legal adviser to CITIC Bank International and the Guangdong branch of the Agricultural Bank of China. The team also advised Brightoil Petroleum on its HK$1.5 billion ($193 million) stock acquisition from another petroleum company.
Guangda is also a founding member of the Sino-Global Legal Alliance (SGLA), which includes Hogan Lovells and eight other leading PRC law firms.
Mayer Brown JSM
Commanding a strong legal presence globally, Mayer Brown JSM has also tapped into the Guangzhou market. The firm has had a busy year working with blue chip clients on real estate, construction, and engineering matters.
The team is involved in transactions that total over 11 million square feet in gross floor area in cities such as Beijing, Shanghai, and Guangzhou. Advice is also given to numerous foreign companies building manufacturing facilities in China, particularly on issues including procurement models, drafting of contracts, and consultancy agreements for the projects.
On the contentious side, the firm is acting for several developers and institutions on cross-border matters involving legal and arbitration proceedings in Hong Kong and China.
Mayer Brown’s team has also advised several MNC clients on environmental law in China, including carbon credits, carbon emissions trading, and implementation models.
Wragge & Co
UK firm Wragge & Co’s Guangzhou office, which opened in 2008, comprises eight legal professionals, headed by the experienced Tom Carver. Founded initially with a focus on intellectual property, the firm’s office has grown substantially in the last few years to encompass corporate, employment, real estate, finance, and dispute resolution among others via its international network. The consistent quality of the firm’s offering in Guangzhou has led it to acquire and retain clients including Aston Martin, Dyson, Triumph Motorcycles, Zaha Hadid, and several top UK and U.S. universities.
The Guangzhou office was further strengthened by the arrival of Daniela Shaw in February 2012. A Chinese qualified lawyer and trademark attorney, Shaw has a wealth of experience on intellectual property strategy and IPR transactions.
The firm is assisting Aston Martin on its Chinese employment contracts, and advising the car maker on PRC intellectual property issues. The team also acted for Dyson in its successful civil action against Chinese home electrical appliances manufacturer Ninghai Wansheng. The issue surrounded the alleged design patent infringement by Ninghai of Dyson’s bladeless fan, in which the latter was awarded 500,000 yuan ($78,000) in damages.
Besides intellectual property work, the firm has had a busy year advising clients on international arbitrations, joint ventures, and general corporate M&A matters.
Zhong Lun Law Firm
Headquartered in Beijing, Zhong Lun Law Firm also has offices in Shanghai, Shenzhen, Guangzhou, Wuhan, Chengdu, Hong Kong, Tokyo and London. The Guangzhou office covers a range of practice areas including, but not limited to, real estate and construction, corporate M&A, capital markets, foreign direct investment, and dispute resolution. The Guangzhou office alone boasts 14 partners, including real estate specialist Jianqing Ding, underlining the scope of the firm’s operations in Guangdong province’s capital city.
The size of the team, coupled with its reputation in the market, has led many blue chip companies to seek out Zhong Lun Law Firm for its expertise. ING Real Estate, Sun Hung Kai Properties, HSBC, General Electric, Sony China, and American Oil Company are just a few of its clients on an extensive list.
Other notable firms in the city include GFE Law Office, Guangxin Lawyers, Jun He Law Offices, King & Wood Mallesons, Trust Law, and Yingke Law Firm.
Bangalore
Bangalore stole the spotlight earlier this year when lawyers clashed with journalists on the steps of the city’s civil court over allegations that they had been unjustly portrayed in the media. A fracas that left over several lawyers and media personnel hospitalised, and a pending judicial inquiry at the time of printing.
But leaving aside political confrontations, the outlook for the legal marketplace in Bangalore holds steadily positive. Sources report that despite a general slowdown, given the national economy, there is increasing activity in certain industries such as e-commerce and real estate. Venture capital and private equity funds are also continuing to take a closer look, and propelling deal activity in the region.
Well known as an IT hub, lawyers have seen a continuous entry of software and internet companies into the city, with a heavy weighting towards international clients over domestic ones. The most recent example are media reports that Ebay has announced plans to set up a new software development centre in Bangalore to tap into the large pool of software expertise. There is also a distinct shift towards mid-level foreign companies who are now looking at Bangalore, as opposed to previous years in which only the larger Fortune 500 corporations staked a presence.
Sources also note traction in the defence sector, with heavy interest being shown in setting up defence-oriented companies in the area.
More generally however, the market continues to evolve as national firms pour into Bangalore, setting up meaningful offices, as opposed to mere outposts. Smaller firms also persist in spinning off from larger national or Bangalore-headquartered firms, creating a deeper market for clients.
(Firms are arranged in alphabetical order)
Amarchand & Mangaldas & Suresh A. Shroff & Co
A force when it comes to corporate matters, this national firm has a renowned team in Bangalore that handles big-ticket restructurings, M&A, private equity, and capital markets transactions. The group also advises on real estate and litigation matters, focusing on corporate financing and property acquisitions.
Highlight work from the last year includes advising Doosan Heavy Industries & Constructions in their $27 million acquisition of AE&E Chennai Works, and representing DSP Merrill Lynch in relation to the $2.1 billion sale by Petronas of 14.9 percent of Cairn India on the Bombay Stock Exchange and the National Stock Exchange of India. Other notable representations include advising the Kotak Alternate Opportunities (India) Fund in relation to the structuring of its investment in Century Real Estate Holdings.
Notable clients include GMR, Landmark/Lifestyle, Sequoia Capital, OnMobile, Premji Investments, Mantri Developers, Indiabulls, and BAMIL.
Peers hail the firm for being “very active in the market”, and key contacts in Bangalore include partners Reeba Chacko and Nivedita Rao.
Indus Law
A Bangalore-headquartered firm, Indus Law has a strong track record of representing clients in complex corporate, real estate, and dispute resolution matters. The team is especially sought after for its strength in capital markets, private equity, fund formation, and M&A work.
Recent key work includes representing Oak India Investments in its investment into Ybrant, advising Walden Investments on its $6 million investment into Bankbazar.com, and handling ASM Technologies in its 100 percent acquisition of U.S.-based Abacus Corporation.
Key clients include Orbimed, Helion Venture Partner, Just Dial, and Elevar.
Clients affirm that “we only have good things to say about Indus Law”, while peers reveal that the firm has “strong solid lawyers, and is a significant player.”
Kartik Ganapathy, Srinivas Katta and Suneeth Katarki are the main partners in Bangalore.
Khaitan & Co
This distinguished five-partner practice earns accolades for its expertise in corporate/commercial, real estate, litigation, and banking and finance matters. The team frequently undertakes M&A, private equity, venture capital, securitisation, intellectual property, debt recovery and licensing matters.
Key work includes advising Vilmorin & Cie on the acquisition of shares in Bisco Bio Sciences with the objective of forming a joint venture company with the promoters; representing Happiest Minds Technologies in a $45 million Series A Investments led by Canaan Partners and Intel Capital; and handling InMobi Technologies’s acquisition of certain assets worth $ 8.5 million from Sprout Inc.
One client revealed that the team is “responsive, focused and easy to deal with” while another pointed out that they are “excellent value for money.”
O.P. Agarwal and Rajiv Khaitan helm the team in Bangalore, while other key contacts in the city include Ganesh Prasad.
Krishnamurthy and Co/ K Law
Established in Bangalore in 1999, this four-partner team is adept at handling corporate/commercial and intellectual property matters. The firm is active in various industries, and represents software, pharmaceutical and hospitality companies as well as banking and finance clients.
In the last year, the team advised Captronic Systems in a $2.6 million investment by Forum Synergies India Trust and IMI Investments One Limited, represented IndoUS Venture Partners II in a $2.8 million investment in Simplilearn Solutions, and handled the Muthoot Group in the $8 million purchase of property in Bangalore.
Clients compliment the firm for their “knowledge, experience, ease of working as a team and good accessibility”. Sources further note that “they deliver excellent legal advice and support and understand our needs”.
Primary contacts include managing partner Naina Krishnamurthy and head of the Bangalore practice Nikhil Krishnamurthy.
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