We are now accepting submissions for the ALB 2012 Top 50 Largest Law Firms rankings. The Top 50 Largest Law Firm rankings will be published in our November 2012 issue.

The world waited in excitement on May 18 for Facebook to launch its highly publicised initial public offering (IPO). But eager anticipation turned into alarm as the social media giant’s share price plunged from $38 to $27 over the next 10 trading sessions, wiping out roughly $30 billion of its market capitalisation.

Baker & McKenzie and Linklaters have received a total of 18 nominations each, the most among law firms, while Goldman Sachs leads the in-house pack with 10 nominations for the 11th annual ALB Hong Kong Law Awards 2012, co-hosted by event partner The Macallan.

Baker & McKenzie has promoted 25 new partners across Asia, as part of a series of 63 promotions worldwide. The promotions take the total number of partners in the Asia-Pacific region to 346, and to 1,400 globally.

Following on from the Intellectual Property, Arbitration and Corporate M&A Rankings, ALB continues to offer a revamped methodology for upcoming rankings in 2012.

The Ontario Teachers’ Pension Plan (OTPP) has acquired a 9.9 percent stake in South Korean insurer Kyobo Life Insurance (Kyobo). The Korea Asset Management Corporation (KAMCO) sold the stake to OTPP for $400 million.

Reed Smith has appointed former Pfizer in-house lawyer John Tan as a counsel in its Global Regulatory Enforcement team. His specialties in China compliance investigation and litigation are expected to strengthen Reed Smith’s Shanghai office.

The results of ALB’s annual Employer of Choice survey have been tabulated and the top-rated firms, as chosen by their own staff, have been named.

Arbitration powerhouse Herbert Smith is the only firm in the top tier of the ALB 2012 Arbitration Rankings, with Allen & Overy, King & Wood Mallesons, White & Case and Hogan Lovells making up the second tier.

Orrick, Herrington & Sutcliffe has added partners Matthew Lewis and Seung Chong to its corporate team in Beijing and Hong Kong respectively. The two lawyers are capital markets and M&A specialists.