As the country drives itself towards a low carbon economy, many firms are acquiring and expanding necessary expertise to better service clients in the emerging renewable energy industry. A few forward-looking and adventurous lawyers have even taken one step further - founding their own firms focusing primarily on the sector. Newly established Jin Neng in Shanghai is the most recent example of such a step.
Yue Wenhui, formerly a partner with Shanghai Sea & Sky law firm, has left the firm he co-founded in 2001 to set up Jin Neng. Now, in its first month of operation, Jin Neng has only three partners and several lawyers and staff. However, Yue revealed that the goal is to develop the firm into a large-sized, full-service firm focusing on the clean energy industry.
During his time at Sea & Sky, Yue gained considerable experience advising a large number of state-owned mining and natural resources companies on their joint-exploration and production projects and investments in countries such as Laos, Thailand, Burma, Vietnam, Kazakhstan and Kyrgyzstan. He currently serves as the chairman of the energy and resources and environmental law committee of the Shanghai Lawyers Association.
"The country's unwavering commitment to tackle global warming and cut its emissions has triggered hundreds of billions of dollars being invested into the renewable and clean energy sector," said Yue. "The sector has shown strong growth and will continue to realise its vast potential. The need for lawyers specialising in this area will undoubtedly be compelling in the near future."
Opportunities aside, new entrants in this area have to face intensifying competition from top and mid-tier firms, both for market share and legal talent. Firms that have established themselves as leading players in capital markets, M&A, PE and VC investment and IP hold the advantages in terms of attracting new clients and projects. Experienced lawyers, meanwhile, are most easily snapped up by established firms.
Hiring new team members for the firm may present some challenges to Yue and the other founding partners of Jin Neng. But as the old saying goes, "Big results require big ambitions".
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