Withers makes further Asia push with Japanese opening
King & Spalding chose Tokyo last month as its second base in Asia, hiring a team of Ashurst partners led by Tokyo managing partner John McClenahan to spearhead its launch, while private client specialist Withers also made moves in the region by establishing a Japanese tax practice.
King & Spalding’s hire of Ashurst partners McClenahan, Mark Davies and Chris Bailey in Tokyo, and Rupert Lewi, relocating from Perth, will form the launch team in the Japanese capital as the firm looks to build its energy advisory network.
Project finance specialist McClenahan will continue his management position in the team recognised for representing major Japanese and Korean energy firms, and advising on related work with export credit agencies, trading houses and financial institutions.
Singapore-based partner Kelly Malone, who heads the firm’s global power team, said: ‘Japan as a market favours incumbents and people who have been there for a while, so we knew we couldn’t just parachute people in. We needed to acquire a team and partners with Japanese experience. There are not that many band-one energy teams operating in Tokyo, so it took a while.’
‘Japan as a market favours incumbents and people who have been there for a while, so we knew we couldn’t just parachute people in.’
Kelly Malone, King & Spalding
The firm’s 18th office, which is aimed at eventually housing a 20-strong lawyer team plus staff, will be split into two broad practices similar to the firm’s Singapore offering. Bailey will build an international arbitration practice, while the remaining trio will focus on transactions and sponsor-side lending work, acting for oil and gas-focused trading companies.
Malone added: ‘Tokyo has a higher barrier to entry. It’s a more challenging location for non-Japanese speaking expats to reside. You tend to have a revolving-door effect and the culture of Japan takes longer to build relationships. You need a longer-term view when you enter.’
Withers, also recognising the need for experienced laterals, turned to Morrison & Foerster corporate tax duo Chizuko Tomita and Takeo Mizutani for its Tokyo launch. Managing director Margaret Robertson said: ‘In terms of Asia, Japan has one of the largest investment bases. It needs to invest externally because the market internally is not as buoyant as it might be. But for families and their businesses investing in Asia, having appropriate corporate tax expertise so they can structure these inbound/outbound Japanese investments is incredibly important.’
Named Withers Japan, Zeirishi Houjin, the launch comes during a period of fast international expansion for the firm, which is aiming to boost Asian revenues to a third of the firm’s total.
sarah.downey@legalease.co.uk