Letter from… Singapore: A warm welcome and slick offering keep Singapore ahead in the race to be Asia global hub

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Letter from… Singapore: A warm welcome and slick offering keep Singapore ahead in the race to be Asia global hub

The view from Fort Canning Hill is telling. You stand next to an early 20th century lighthouse, a testament to Singapore’s early success as a maritime trade hub. It shut in 1958, as the skyscrapers vaulting up rendered it hardly visible from the sea – a port at the crossroads of India and China was becoming a major financial centre.

Today instead of the sea, the view is of dozens of buildings hosting international banks, insurers, manufacturers, tech companies… and of course, lawyers. A city-state of just five and a half million is home to almost 1,000 national and 150 international law firms, making it one of Asia’s two dominant global hubs alongside old rival Hong Kong. Continue reading “Letter from… Singapore: A warm welcome and slick offering keep Singapore ahead in the race to be Asia global hub”

Asia GC perspective – Tencent on the dollar

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Asia GC perspective – Tencent on the dollar

When Brent Irvin joined Tencent as group general counsel (GC) nearly nine years ago, the Chinese upstart was already a tech wunderkind, boasting revenue close to RMB20bn. But few foresaw the trajectory it would take from there: with dramatic growth in 2017, the company is now valued at more than $477bn.

‘We have always been about combining social and content, but in the beginning we were more games-focused,’ notes Irvin. Continue reading “Asia GC perspective – Tencent on the dollar”

Special territory: Fintech in Hong Kong

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Special territory: Fintech in Hong Kong

‘You have to, to serve these markets, re-imagine how money can be managed and moved, because there’s going to be more change in the next five years in financial services than happened in the past 30.’

Dan Schulman, chief executive, PayPal

Global investment in fintech companies hit an all-time high of US$27.4bn in 2017, an increase of 18% year on year, with the market showing no sign of slowing. Led by China, the fintech revolution has spread across the rest of Asia, while simultaneously gaining traction in the UK, US and Europe. Continue reading “Special territory: Fintech in Hong Kong”

Global 100 Asia Focus: Long-term greedy

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Global 100 Asia Focus: Long-term greedy

The clichéd view of the Asia legal market is that it is a very difficult place for international firms to make money. Recent economic underperformance in China has not helped, although the flurry of office openings, hires and deals in the region over the last 12 months would suggest otherwise. Local alliances are the current vogue in China, with the likes of Linklaters and Ashurst opting for these often-complex arrangements.

But while the Asia region is dominated by China, based on recent activity it would seem the so-called secondary markets, like Japan, Singapore, South Korea and Indonesia, could be lucrative areas of interest. As Herbert Smith Freehills (HSF) Greater China managing partner May Tai notes: ‘China remains the driver of growth and the story of our careers. However, activity in South-East Asia is just as busy, from the developed markets of Singapore and Malaysia to rapidly emerging markets, such as Laos and Cambodia.’ Continue reading “Global 100 Asia Focus: Long-term greedy”

Seven wonders: Globetrotting Dentons combines with firms in Africa, the Caribbean and South East Asia

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Seven wonders: Globetrotting Dentons combines with firms in Africa, the Caribbean and South East Asia

The world’s largest law firm by fee-earners, Dentons,  is continuing its relentless global expansion as it announces new combinations with seven law firms across Africa, the Caribbean and South East Asia today (14 March).

Dentons is combining with Hamilton, Harrison & Mathews in Kenya, Mardemootoo Solicitors and Balgobin Chambers in Mauritius, Dinner Martin in the Cayman Islands, Delany Law in the Eastern Caribbean, Hanafiah Ponggawa & Partners (HPRP) in Indonesia, and Zain & Co in Malaysia. The combinations mean the firms become full voting, contributing and participating members of the Dentons group, and are expected to launch later this year subject to partner approval and meeting regulatory requirements. Continue reading “Seven wonders: Globetrotting Dentons combines with firms in Africa, the Caribbean and South East Asia”

Essex Court forced to clarify position after local Bar outcry over its Singapore play

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Essex Court forced to clarify position after local Bar outcry over its Singapore play

Allied branch will act independently to chambers

Essex Court Chambers strengthened its Singapore ties in November by bringing in four advocates to become overseas members, but was later asked by Singapore’s Ministry of Law to explain itself after initial media reports implied the set had formally opened a Singapore law branch. Continue reading “Essex Court forced to clarify position after local Bar outcry over its Singapore play”

International doubles – Bird & Bird and Herbert Smith Freehills open new hubs in Amsterdam and Sydney

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International doubles – Bird & Bird and Herbert Smith Freehills open new hubs in Amsterdam and Sydney

Bird & Bird continues to invest in its international operations, launching its second Dutch office in Amsterdam 16 years after opening in The Hague.

However the new base, operative in January 2018, will not have any permanent staff but act as a hub for the firm’s lawyers to meet with Amsterdam-based clients as well as providing a flexible working space. Continue reading “International doubles – Bird & Bird and Herbert Smith Freehills open new hubs in Amsterdam and Sydney”

Breaking China – Bird & Bird signs co-operation agreement with local leader AllBright

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Breaking China – Bird & Bird signs co-operation agreement with local leader AllBright

It has achieved long-term revenue growth through sustained international expansion – particularly in Asia in recent years – but Bird & Bird has made what it will consider a significant step forward for its ambitions in the region – a non-exclusive co-operation agreement with leading Chinese firm AllBright Law Offices.

The deal, which will see both firms work together on a preferred supplier arrangement, will enable Bird & Bird to build deeper relationships with Chinese clients. As part of the agreement, Allbright Law Offices will gain a base in Europe, with the firm opening its own operation within Bird & Bird’s Fetter Lane headquarters, staffed in the medium term by a permanent representative. Continue reading “Breaking China – Bird & Bird signs co-operation agreement with local leader AllBright”

Looking east: Linklaters cements Saudi partnership as Hogan Lovells shuts Mongolia base

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Looking east: Linklaters cements Saudi partnership as Hogan Lovells shuts Mongolia base

Two Global 100 firms have made opposing international moves this week, with Linklaters signing a partnership with a local firm in Saudi Arabia while Hogan Lovells announced the closure of its Mongolia base.

Linklaters announced today (11 October) it has entered a formal agreement with 20-lawyer Zamakhchary & Co (Z & Co), meaning two lawyers from the Magic Circle firm will be based in the kingdom. Continue reading “Looking east: Linklaters cements Saudi partnership as Hogan Lovells shuts Mongolia base”