Practice of law: best practice in legal work

The eight sets of case studies showcased here feature examples of the most innovative work and legal services that lawyers have developed in the Asia-Pacific region for clients, whether operating in the region or globally.

All of the case studies were researched, compiled and ranked by RSGI. “Winner” indicates that the organisation won an FT Innovative Lawyers Asia-Pacific award for 2023.

Sustainability

Winner: Pinsent Masons
Originality: 9; Leadership: 8; Impact: 8; Total: 25
Working with professional services business KPMG, the law firm helped the Asian Development Bank to create a financing structure, known as an energy transition mechanism (ETM), to support Vietnam, Indonesia and the Philippines through the decarbonisation process.

The ETM funds the decommissioning of coal-fired power plants while also backing new renewable projects, thereby helping to accelerate energy transition in those countries.

Standout

Gilbert + Tobin
O: 8; L: 8; I: 8; Total: 24
The law firm advised the Commonwealth Bank of Australia on a model to provide A$1.7mn ($1.1mn) in funding for an agricultural project that could help cut carbon in the atmosphere. The bank provided financing upfront in return for an agreed number of Australian carbon credit units, to be delivered over five years.

The lawyers helped to navigate regulations and provide risk mitigation, which can be complex for agricultural projects designed to deliver future carbon reduction benefits.

Shearman & Sterling
O: 8; L: 7; I: 8; Total: 23
The firm advised the International Finance Corporation, the private sector arm of the World Bank, on its first bond investment in Bangladesh. A bond investment enables the IFC to provide funding in local currency. The lawyers designed a special agreement with the key elements of an IFC loan — such as environmental, social and governance (ESG) requirements — to go alongside its subscription to the bond offering issued by Bangladesh’s Brac Bank.

Commended

Hogan Lovells
O: 6; L: 8; I: 7; Total: 21
The lawyers helped the IFC with two bond issuances in the Philippines, one in the healthcare sector and one financing renewable energy for the hospitality sector. Injecting capital into the Philippines market in this way can help to overcome scepticism in the region around bonds linked to the UN sustainable development goals, by proving that they are able to generate value.

Kim & Chang
O: 7; L: 7; I: 6; Total: 20
When a South Korean manufacturing group required all its companies to consolidate their approach to ESG reporting, the law firm created a multidisciplinary team to negotiate between the large number of stakeholders to agree a common framework. 

Shardul Amarchand Mangaldas
O: 7; L: 6; I: 6; Total: 19
In advising on the first issuance of a “green” bond by a real estate investment trust in India, the firm drew on international standards to design a framework, including a reporting and disclosure process, for the financing of “green” buildings, covering questions such as their use of water and energy.

Nishimura & Asahi
O: 5; L: 7; I: 7; Total: 19
To advise on project financing for an offshore wind power project near Hokkaido in northern Japan, the lawyers had to reach agreements with financial institutions across the globe. As it was the first of its kind in Japan to include financing for battery storage, and because of its offshore location, the project required a novel security arrangement, involving the value of physical assets used and of the project in the future.

Digital assets

Winner: Allen & Overy
Originality: 8; Leadership: 9; Impact: 9; Total: 26
The firm advised the Hong Kong government on its first bond issuance via blockchain token, which uses Hong Kong dollar cash tokens, Hong Kong’s centrally issued cryptocurrency. The lawyers led the creation of the bond and automated the administrative processes on Goldman Sachs’s digital asset tokenisation platform. Using a blockchain platform for bond issuance makes payment settlement faster, speeding up secondary trading.

Standout

Yulchon
O: 8; L: 8; I 9; Total: 25
An alliance of South Korea’s five biggest cryptocurrency exchanges all delisted crypto coin wemix in November 2022 in order to protect consumers. When the coin’s issuer, video game company Wemade, challenged the action as anti-competitive, Yulchon successfully argued in court that Wemade had issued misleading disclosures about the coin and that the exchanges, one of which was a client, took independent decisions to delist. This sets a precedent for self-regulation by crypto exchanges in South Korea.

Anand and Anand
O: 8; L: 8; I: 8; Total: 24
Indian conglomerate Tata Sons asked the law firm to assist when London-based business Hakunamatata began selling cryptocurrency with the name “Tata coin”. Pursuing this case in London would have been hard because of the time and on-the-ground resources needed. The lawyers successfully argued that an Indian court had jurisdiction and that the coin constituted an infringement of the Tata trademark because Hakunamatata’s website had a demonstrable online presence for consumers in New Delhi. This has been used as a precedent for similar disputes over digital assets.

Dechert
O: 8; L: 7; I: 8; Total: 23
The firm helped asset manager Fore Elite Capital Management set up and launch a fund in Hong Kong in February 2022 that invests solely in virtual assets. It had to convince the regulator by establishing safeguards, such as a process to ensure only authorised individuals could make trades in crypto coins and derivatives.

Commended

Baker McKenzie
O: 8; L: 7; I: 7; Total: 22
Led by partner Kammalard U-rapeepatanapong, the firm’s Thailand office has done pioneering work on digital assets in the region. It helped digital asset management firm XSpring Digital obtain approval from Thailand’s securities regulator to create SiriHub, a platform for real estate backed investment tokens. It also advised on regulatory frameworks for initial coin offerings and security token offerings.

Morgan Lewis & Bockius
O: 8; L: 7; I: 7; Total: 22
The firm helped digital asset exchange Zipmex develop a restructuring plan, which was approved by the Singapore courts in March. The lawyers needed to establish a centre of main influence for the company, which was decentralised, before going ahead with the restructuring. They argued this should be Singapore as the business’s most relevant market, although its operations were based in other countries, and also co-ordinated a large number of stakeholders including 400,000 or so creditors.

Rajah & Tann
O: 7; L: 6; I: 7; Total: 20
In a case of cryptocurrency stolen from a US citizen in Mexico, the individual’s US counsel approached Rajah & Tann, due to the firm’s expertise in the Singapore legal market. The firm successfully argued to the Singaporean courts that the cryptocurrency amounted to property subject to trust and that, as the coins passed through crypto exchanges based in Singapore, the courts could freeze the assets.

Clifford Chance
O: 6; L: 6; I: 7; Total: 19
Zodia Custody, a UK-based crypto asset custodian launched by Standard Chartered bank in association with Northern Trust, approached the firm for advice on a joint venture with Japanese financial conglomerate SBI Group to launch a crypto asset custodian in Japan. The lawyers managed complex legal questions around intellectual property and share price structure.

Yulchon
O: 6; L: 7; I: 6; Total: 19
When Japanese messenger app Line decided to launch a platform for consumers to trade non-fungible tokens, Yulchon’s digital asset specialists advised on all legal aspects relating to the issuance, marketing and commerce of the tokens. The lawyers helped design a membership model and system for payments and foreign exchange transactions.

Transforming industries

Winner: Clifford Chance
Originality: 8; Leadership: 8; Impact: 9; Total: 25
The firm provided legal support for a joint venture set up between financial services firms DBS Bank, JPMorgan and Temasek, that was supported by the regulator, the Monetary Authority of Singapore, to create Partior: a platform that simplifies and speeds up interbank payment settlements, using blockchain.

The firm managed negotiations with shareholders and drafted an original set of documents that defined the rules of the network and the regulatory constraints of participants.

Standout

Simmons & Simmons
O: 8; L: 8; I: 8; Total: 24
The firm partnered with UBS’s wealth management team on the launch of Circle One — a mobile banking app for the bank’s high-net-worth clients. It provides them with access to financial advisers and market information through curated articles and podcasts.

The firm advised on product design and compliance with Hong Kong and Singaporean banking regulations.

DLA Piper
O: 8; L: 8; I: 7; Total: 23
The firm has created a dedicated team of more than 100 lawyers and professionals from across DLA Piper to cover health tech — combining intellectual property, regulatory, data privacy, contracting, logistics and life sciences resources. The team offers a global perspective on telehealth, which is the use of technology to access healthcare and related digital health products.

Commended

Nishimura & Asahi
O: 7; L: 8; I: 7; Total: 22
The agri-food practice group at the law firm advises the Japanese Cabinet Office and the ministry of agriculture, forestry and fisheries on legal practice in sustainability. It also mentors small businesses in project financing and technology.

Pinsent Masons
O: 5; L: 8; I: 7; Total: 20
The firm is supporting Singapore’s growing “alternative” food sector.
It advised on the S$2.2mn ($1.6mn) seed funding round for Float Foods’ plant-based egg substitute OnlyEg and with the launch of Love Handle, Asia’s first plant-based “butcher”.

King & Wood Mallesons
O: 6; L: 6; I: 7; Total: 19
The firm acted for Hong Kong-based reinsurance specialist Peak Re on the issue of the first 144A catastrophe bond transaction in Hong Kong. The bond covers losses to industry from typhoons in Japan.

LNT & Partners
O: 6; L: 7; I: 6; Total: 19
The law firm acted for Singapore-based financial technology company Atome Financial in its 10-year strategic partnership with banking group Standard Chartered to launch a pioneering buy-now-pay-later credit platform in Vietnam.

Cyber security and data governance

Winner: Rajah & Tann
Originality: 8; Leadership: 7; Impact: 9; Total: 24
Rajah & Tann advised life sciences company Bayer on the use of drones to collect data on farms in south-east Asia, which can help farmers target their pesticide spraying and improve soil quality — thereby increasing crop yields. The firm worked on a data governance model for the collected data that accounts for different laws and rules across the region.

Commended

Corrs Chambers Westgarth
O: 6; L: 8; I: 7; Total: 21
Corrs Cyber proactively offers specialist advice and scenario planning to clients now facing new cyber security obligations under the 2022 amendments to Australia’s Security of Critical Infrastructure Act. The scheme includes cyber breach war games and boot camps.

Khaitan & Co
O: 7; L: 7; I: 7; Total: 21
In 2022, the lawyers helped draft data protection legislation, which is now under review in India’s parliament. They crafted a novel system that aims to balance competing interests, while also allowing for greater self-regulation than other jurisdictions are offering.

Lander & Rogers
O: 7; L: 7; I: 6; Total: 20
The firm developed a tool for clients that simplifies completion of data privacy impact assessments, to ease administrative burdens created by data protection laws.

Tilleke & Gibbins
O: 6; L: 7; I: 6; Total: 19
Uniquely in the Thai legal market, the firm has taken on financial liability for data breaches on behalf of leading tech platforms. This makes it more feasible for social media companies such as Line and Meta to manage the risk of legal compliance.

Restructuring

Winner: Mori Hamada & Matsumoto
Originality: 8; Leadership: 8; Impact: 8; Total: 24
The firm secured ¥430.1bn ($3.2bn) of debt forgiveness for Japanese auto parts maker Marelli using expedited court insolvency proceedings. It launched this action to run alongside a faltering alternative dispute resolution process after anticipating the rescue deal would not receive unanimous consent from creditors. This case will help inform the government’s plans to reform Japan’s bankruptcy protection regime and help ease corporate rescues when the full support of creditors cannot be secured..

Standout

Latham & Watkins
O: 8; L: 7; I: 8; Total: 23
The firm used novel combinations of insolvency proceedings to restructure foreign and onshore debts in two significant instances in China. The lawyers combined a Hong Kong scheme of arrangement with a UK restructuring plan to secure a $6.2bn debt restructuring for Hong Kong Airlines. They also worked with Huachen Energy, a distressed power supplier, to secure US Chapter 15 recognition for a debt restructuring agreed in the People’s Republic of China.

WongPartnership
O: 7; L: 8; I: 8; Total: 23
The firm acted for Singapore’s Olam Group in a reorganisation and subsequent demerger of its food ingredients and agriculture businesses.

It led on listing Olam’s ingredients division on the Singapore Stock Exchange and the sale of a significant shareholding in its agribusiness subsidiary to the Saudi Agricultural and Livestock Investment Company, ahead of a proposed listing on Saudi Arabia’s stock exchange.

Commended

Veritas Legal
O: 7; L: 8; I: 7; Total: 22
The firm advised US investment group JC Flowers on the purchase of bad loans from India’s Yes Bank. Under the terms of the deal, a branch of the US group paid an initial 112bn rupees ($1.4bn) to acquire a portfolio of non-performing loans originally valued at 480bn rupees. The transaction was the single largest sale of such distressed assets in India.

Eversheds Sutherland
O: 6; L: 6; I: 8; Total: 20
After Covid-19 greatly reduced passenger volumes, the firm ensured Hainan Meilan International Airport Co could operate without interruption by enabling the leasing of land, buildings and equipment from its parent company. The firm structured pricing adjustment mechanisms to deal with fluctuations in passenger volumes and streamlined disclosures to comply with Hong Kong listing rules.

Sidley Austin
O: 5; L: 7; I: 7; Total: 19
The firm advised on offshore debt restructurings for several distressed Chinese real estate companies, after the crisis caused by the default of property developer Evergrande in 2021. As well as advising Evergrande, Sidley Austin has acted for Modern Land in restructuring nearly $5bn of debt, and China Fortune Land Development following its default on its offshore borrowing.

Deal making

Winner: King & Wood Mallesons
Originality: 9; Leadership: 8; Impact: 8; Total 25
The firm structured Woodside Energy’s acquisition of the entire share capital of BHP Petroleum to create Australia’s largest energy provider. The share capital was acquired in exchange for new Woodside shares, which meant Woodside avoided having to raise capital for the A$63bn deal. The lawyers also led Woodside’s simultaneous listing on the London and New York stock exchanges.

Standout

Mori Hamada & Matsumoto
O: 8; L: 8; I: 8; Total 24
Amid growing foreign investment in Japanese public companies, the firm acted for US investor KKR in Japan’s largest M&A deal in 2022. Using stub equity and favourable tax laws, the firm was able to structure KKR’s acquisition of Hitachi Transport System, a logistics subsidiary.

Deacons
O: 8; L: 8; I: 8; Total: 24
The firm achieved the listing of a suite of investment products on the Hong Kong Stock Exchange on behalf of Taiwanese asset management firm Fubon Fund Management, including the first exchange-traded fund listed in Hong Kong focused on the Taiwanese semiconductor industry. The lawyers navigated geopolitical complexities to craft a disclosure process that balanced regulatory concerns with the interests of investors.

Corrs Chambers Westgarth
O: 7; L: 8; I: 8; Total: 23
The firm devised a novel financing structure using bank borrowed stock, for gold explorer Gold Road Resources to buy shares in Australia-based competitor De Grey Mining. This enabled the client to acquire additional stock in De Grey Mining where there was insufficient market liquidity.

Mayer Brown
O: 8; L: 8; I: 7; Total: 23
Acting for Indonesia in a “switch” tender offer to redeem sovereign bonds and issue new ones, the firm mitigated the risk of bondholders’ not paying for the new issuance by sharing that risk among a syndicate of banks. This enabled Indonesia to optimise its debt-service levels in the face of volatile markets.

Commended

Sidley Austin
O: 7; L: 7; I: 8; Total: 22
The firm advised special purpose acquisition company Hong Kong Acquisition Corporation in its $128.2mn initial offering and listing on Hong Kong’s stock exchange. This was believed to be the first Spac with entirely Hong Kong-based promoters, many of which were hedge funds rather than the private equity investors typically involved in Spac deals.

JunHe
O: 7; L: 7; I: 7; Total 21
The firm devised an agreement for Chinese biopharmaceutical company Antengene’s collaboration with US pharmaceuticals group MSD (Merck) establishing how they would share intellectual property from a global clinical study using Antengene’s proprietary biomedical research.

Paul Hastings
O: 6; L: 7; I: 7; Total: 20
The firm advised South Korean pharmaceutical company SD Biosensor and South Korean private equity fund SJL Partners on the acquisition of US-listed pharmaceutical business Meridian Bioscience. The deal was complex because of a US justice department investigation into a Meridian subsidiary, which required careful contingency planning from the lawyers.

Corrs Chambers Westgarth
O: 7; L: 6; I: 6; Total: 19
The firm devised a deferred consideration and earn-out structure for Liechtenstein-based private lender LGT Group’s acquisition of Crestone Wealth Management, the first such structure accepted by Australian courts on behalf of a foreign purchaser.

Facilitating global business

Winner: Kim & Chang
Originality: 9; Leadership: 8; Impact: 8; Total: 25
The firm’s research centre for international taxation, a collaboration of lawyers and tax professionals, advised South Korea’s ministry of economy and finance on the second part of the OECD’s rules for global tax reforms. The centre’s advice on interpreting the rules, co-ordinating them with the country’s tax law, and researching other tax regimes, played a role in South Korea being the first OECD member to codify global minimum tax rules into domestic legislation.

Standout

Nagashima Ohno & Tsunematsu
O: 8; L: 8; I: 7; Total: 23
The firm works with Japanese companies to help them comply with differing human rights laws in the countries where they operate. For example, the firm advised on guidelines for Kobe Steel about human rights due diligence.

Paul Hastings
O: 7; L: 8; I: 8; Total: 23
In anticipation of rising tensions in US-China relations, the firm expanded its white-collar investigations practice. It focuses on advising US-listed Chinese companies that risk being delisted under US rules requiring greater access to companies’ financial audits.

Commended

Freshfields Bruckhaus Deringer
O: 6; L: 8; I: 7; Total: 21
Freshfields advised Li & Fung on the sale of its logistics arm, LF Logistics, to Danish shipping group Maersk, and the buying back of the global freight business from within LF. The complex deal needed the buyback to be via staggered completions in different jurisdictions at different stages.

Pinsent Masons
O: 7; L: 7; I: 7; Total: 21
The firm acted for China State Construction International as part of its consultancy work for the Qianhai Board, a Chinese governmental body, in the development of the Qianhai economic zone between Hong Kong and mainland China. It established a legal framework, adopting international procurement and construction contract methods and a new construction dispute resolution process.

Sidley Austin
O: 6; L: 7; I: 7; Total: 20
The firm acted for fast food group Yum China to prevent it being delisted in the US following new rules on audits. Lawyers advised Yum China on converting its secondary listing in Hong Kong into a dual-primary listing.

Morgan Lewis & Bockius
O: 5; L: 6; I: 8; Total: 19
The firm devised a financing structure for Chinese state-owned financial investment fund Silk Road Fund, as part of an international investor consortium that acquired a 49 per cent stake in Aramco Gas Pipelines, a subsidiary of Saudi Aramco.

Creating a new standard

Winner: Nagashima Ohno & Tsunematsu
Originality: 8; Leadership: 7; Impact: 10; Total: 25
Acting for hotel group Kokusai Kogyo Kanri, owner of resorts in Hawaii, the firm brought the first successful litigation of its kind against the Japanese tax authority at the Supreme Court. The court declared the tax in question, concerning the treatment distributions from a US subsidiary to the parent company, unlawful. The Supreme Court decision invalidating all previous rulings based on the misapplied regulations led to the rectification of past enforcements.

Standout

Freshfields Bruckhaus Deringer
O: 8; L: 9; I: 7; Total: 24
The firm represented wind farm investor Eurus Energy of Japan in its action against Spain following reforms to the country’s tax and incentive regime for renewable electricity a decade ago. The changes cut subsidies and imposed a new 7 per cent tax on revenue from all power generators. The tribunal ruled that the reforms included an unfair retroactive clawback of profits already earned by the firm’s client, which was awarded €106.2mn.

Shearman & Sterling
O: 8; L: 8; I: 8; Total: 24
Advice to a steering committee led to the closure of the fifth issuance of the Women’s Livelihood Bond Series for Singapore-based investment organisation Impact Investment Exchange. This $50mn issuance is the world’s first Orange Bond, a new category demanding still tighter conditions for gender-focused investments. across Asia and Africa.

Commended

Mayer Brown
O: 8; L: 7; I: 7; Total: 22
The firm acted for China Construction Bank (Asia) in the creation of a new debt product. The bond uses an offshore trustee and gives global investors direct access to issuers of renminbi-denominated debt in the Shanghai Free Trade Zone.

Anand and Anand
O: 7; L: 8; I: 7; Total: 22
The firm acted for US wireless tech company InterDigital against Chinese smartphone maker Oppo in claims and counterclaims concerning alleged patent infringement heard in the Delhi High Court. Lawyers won security for costs against Oppo at a newly recognised pre-interim injunction stage.

Gibson Dunn & Crutcher
O: 7; L: 8; I: 5; Total: 20
The firm led the design of a model clause for contracts that expressly recognises parties’ right to choose their supervisory court for arbitration-related proceedings in Singapore.