China Legal Business 7.7

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The magazine for lawyers and in-house counsel with jobs, firm ratings, legal analysis and all the latest legal news and views

Transcript of China Legal Business 7.7

  • RMB revaluationCosts and gains for the legal profession

    ECFA ratification Landmark agreement boosts cross-Strait practicesECFA

    IPO rallyDomestic boards seize the dayIPOCHINA





    Why DBS chooses the partner not the firm


  • The most high-profile legal event of the yearJoin the whos who of in-house counsel, business and law at the 9th annual The Macallan ALB Hong Kong Law Awards 2010. Secure your place at the most popular night on the legal industry calendar and enjoy a gourmet dinner, fine wines, world class entertainment as well as invaluable networking opportunities.

    Celebrate the achievements and successes of the past twelve months as the winners for 2010 are announced.

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    Venue: JW Marriott Hotel, Hong Kong | Date: Friday 10 September 2010 | Time: 6:15pm Cocktails / 7:00pm Dinner & Award presentations

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    Event Partner Award Sponsors

    Organised byOfficial publication

  • News | editorial >>


    The courage to be small

    In this large country of over 1.3 billion people, the common perception is that bigger is better: bigger cars, houses, roads and shopping centres, bigger buildings, bigger companies and bigger careers.

    In todays fast-changing market, law firms feel pressured to develop new practices and build up critical mass quickly. Many firms have shunned organic growth and accelerated their expansion through mergers or acquisitions of both teams or individuals. This growth method is widely used as a cost-effective and time-saving way to win greater market share, particularly in regional cities.

    A few firms which broke into this years ALB China 20 list did so through a series of mergers and absorptions. In every case, merging with another firm or firms is a highly complex, high-risk decision. Yet some law firms have determined to go down this route just for the sake of growing.

    To really achieve success a law firm needs to go through a rigorous decision-making process: selecting the partner or team most in line with its strategic aspirations, goals and culture; evaluating the potential targets practice, performance, market position and client base; as well as considering compatibility between the potential recruit/s and those issues that could arise during integration.

    Often, the final conclusion turns out to be that the costs outweigh the benefits. And in this market where eagerness to merge and expand is prevalent it takes tremendous courage to turn down a merger proposal. Firms that have this courage should take pride in their decision to remain eligible bachelors.

    Smaller firms, in general, offer timely, low-cost and focused services. They will be a natural first choice for a wide array of clients. Their flexibility and agility, combined with in-depth knowledge and extensive experience in a particular area of practice, further sharpen their competitive edge against larger peers. Smaller partnerships also mean its easier to ensure consistency in quality of service, and minimise the performance differential between partners.

    As an American poet once said, it isnt by size that you win or fail be the best of whatever you are.

    There is also certainly a lot of interest from PRC securities firms coming to Hong Kong by way of IPOs, acquisitions or developing a practice hereEsther Leung, DLA Piper (p4)

    Given the rapid market development and emerging client demand, leading PRC firms now have a huge need to recruit lawyers and partners with extensive international exposure and experienceDavid Liu, Jun He (p32)

    Continental firms have traditionally relied more on strategic investors, which insulated us from the collapse of the financial markets we didnt lose as much as others lost Bernd-Uwe Stucken, Salans (p43)


    In this market where eagerness to merge and expand is the prevailing mood it takes tremendous courage to turn down a merger proposal. Firms that have this courage should take pride in their decision

  • ISSUE 7.72

    CONTeNTs >>


    The Updates section of ALB China is sponsored by the following firms:

    Azmi & Associates is reputably known as one of Malaysias leading firms in the areas of M&A, capital & debt market, corporate & commercial, energy & utilities, restructuring, projects, construction, privatisation and financing, litigation and arbitration. It is also rapidly building its reputations in the areas of IP and information technology.

    Investment into Malaysia

    Loo & Partners was founded in 1985 as a niche practice, handling mainly banking, corporate, securities and commercial work. With the support of a comprehensive network of correspondent law firms, the firm serves its clients in their regional needs. The firm has been regularly noted for its IPO, M&A and general corporate work.

    Singapore editor

    Guantao is a leading PRC firm with core businesses in capital markets, M&A, real estate, restructuring & insolvency, and energy & resources. With a team of nearly 150 lawyers nationwide, Guantao provides advice of high quality to clients home and abroad. Headquartered in Beijing, it has offices in Shanghai, Shenzhen, Xian, Dalian, Chengdu, Jinan, Xiamen, Tianjin and Hong Kong.

    Beijing editor International tax editor

    AzureTax Ltd provides transparent strategic and ethical tax advice. Through our professional corporate and International, tax advisory and trustee services your tax plan is comprehensively implemented. Our tax advice provides independent innovative and rigorous solutions which deliver results and long-term accountability. Qualified UK, US, Hong Kong and PRC tax advisors. Tax filings for UK, US and Hong Kong Tax returns.

    ANALYSIS8 Flexible RMB good for firms?

    The legal fraternity expects the gradual appreciation of the RMB will be a positive for the legal services market

    10 Economic Co-operation Framework Agreement On the first anniversary of Taiwain opening its borders to investment from the mainland, ECFA is good news for cross-Strait practices

    12 International firms still popular Despite the predominant trend of internationally trained lawyers moving to PRC firms, some still see good reasons to go international


    38 In-house Perspective:DBS Bank Shanghai Many in-house counsels speak of longevity with their employers but few can assert that they have truly evolved with their companies business agendas. ALB catches up with Janet Lin, legal manager of DBS China

    40 IPO marketWill domestic bourses seize the crown from Hong Kong this year?

    42 European firms in China European firms entered China late and are relatively small in size. Yet their growth strategies in the past few years, either through acquisitions or alliance building, warrant close attention


    14 NEWS

    ShanghaiHHPfindsEuropeanbest friend

    New Australian mining tax deal offers certainty to Chinese investors

    Simmons&SimmonshiresKing&Woodpartner for Beijing opening

    NewShanghaiboutiquetargetsmedium-sizedforeign companies

    DachenggainsHongKongofficethroughmerger with Xin Yang





    ALB China 20ALB Chinas annual review of the countrys largest firms




    Copyright 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 ALB China can accept

    no responsibility for loss.


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