US-based firm Dorsey & Whitney has opened an office in Sydney to service US clients in the Asia-Pacific region.
Working in conjunction with its two other Asia offices, in Shanghai and Hong Kong, the Sydney office will be headed by partner John Chrisman to serve companies and banks based in Asia. Commenting on the opening, the firm’s managing partner, Marianne Short, said the firm saw “favourable prospects” for work in the region.
“We look forward to building long-term relationships with banks, companies and law firms [in Sydney] who can use our US and capital markets expertise,” Chrisman said.
April 30, 2010
Report Shows HK Hiring Expectations Low
Recruitment firm Hudson has released a report surveying the hiring expectations of nearly 3,000 respondents in multinational organisations across industry sectors.
The report shows:
The report shows:
- 14% of executives plan to hire in the second quarter of 2009, compared with 18% in the first;
- Twice as many respondents are exopected to reduce headcount this quarter;
- Hiring expectations in Hong Kong are lowest compared to all other Asian countries;
- 51% of respondents have cut HR-related costs in the past six months;
- The most popular cost cutting methods include headcount reduction and lower bonus payments;
- To maintain staff morale, companies say open communication, CEO messages are most effective in economic climate.
Lex Mundi Secures Pro Bono Grants
Lex Mundi has obtained grants from three foundations towards its Pro Bono Foundation, which will allow its members to work on a range of new initiatives.
Grants from The Lemelson Foundation, John S and James L Knight Foundation, and the Kellogg Action Lab will provide members of the Lex Mundi Pro Bono Foundation (LMPBF) with finances to provide pro bono legal services to worldwide social entrepreneurs, inventors of new technologiea and creators of interactive legal resources.
“The social entrepreneurship movement is receiving increasing support and enhanced prominence around the world,” said Chloe Holderness, managing director of the LMPBF. “The Foundation aims to be and remain the premier provider of legal services and resources to the global community of social change makers.”
Active LMPBF members in the Asia-Pacific region include Australia’s Clayton Utz as well as US-based Baker & Daniels and Canada’s Blake, Cassels & Graydon, both of which have offices in China.
Grants from The Lemelson Foundation, John S and James L Knight Foundation, and the Kellogg Action Lab will provide members of the Lex Mundi Pro Bono Foundation (LMPBF) with finances to provide pro bono legal services to worldwide social entrepreneurs, inventors of new technologiea and creators of interactive legal resources.
“The social entrepreneurship movement is receiving increasing support and enhanced prominence around the world,” said Chloe Holderness, managing director of the LMPBF. “The Foundation aims to be and remain the premier provider of legal services and resources to the global community of social change makers.”
Active LMPBF members in the Asia-Pacific region include Australia’s Clayton Utz as well as US-based Baker & Daniels and Canada’s Blake, Cassels & Graydon, both of which have offices in China.
April 20, 2010
BKL ‘too busy’ to worry about financial crisis
The financial crisis may be hitting other Asian law firms severely, but Korea-based Bae, Kim & Lee says that a rush of work has been flooding into the firm since February.
“[The financial crisis] did have a little impact on our business, but from late January to early February, we have totally recovered,” said partner, Tony DongWook Kang. “I don’t know if that will be a permanent thing but we haven’t been hit as severely [as others]. I have heard that our clients are reducing their legal expenses, but we are now so busy we don’t have time to worry about those issues.”
The firm has made a number of appointments since the beginning of March to meet its needs in its litigation, international arbitration and white collar crime practices.
“[The financial crisis] did have a little impact on our business, but from late January to early February, we have totally recovered,” said partner, Tony DongWook Kang. “I don’t know if that will be a permanent thing but we haven’t been hit as severely [as others]. I have heard that our clients are reducing their legal expenses, but we are now so busy we don’t have time to worry about those issues.”
The firm has made a number of appointments since the beginning of March to meet its needs in its litigation, international arbitration and white collar crime practices.
Liberalisation begins… slowly
The Korean government will allow foreign law firms from some Free Trade Agreement (FTA) signatory countries to set up local consultancy offices as early as September and has said that full market liberalisation could occur by 2016 at the earliest.
However, in order to qualify as local consultants, foreign firms will not be allowed to hire locally qualified lawyers, patent attorneys or accountants. Foreign lawyers cannot be self-employed consultants, practise local law or represent clients in court. Lawyers will need to have at least three years’ overseas work experience. Those with two years’ local experience will have to work overseas for a year and, after qualifying, all lawyers will be required to commit to living in Korea for at least 180 days a year.
The move comes in anticipation of a full legal market liberalisation pursuant to FTAs signed with the US and ASEAN, and negotiations are currently under way with Australia, the UAE and EU nations.
A spokesman from Korea’s Ministry of Law said the intention of the bill was not to provide job opportunities for foreign lawyers but to upgrade the local legal industry. “[This] law will not shake the local legal services market,” he said. “A real showdown between overseas and domestic lawyers, and law firms will occur around 2016 when the market will be fully opened to foreign competition. This announcement will help galvanise home-grown lawyers and law firms, and lead relevant organisations such as the Korean Bar Association to take steps to prepare for the ultimate opening.”
A similar view was echoed by Koreabased foreign lawyer Thomas Pinansky, who said the bill was not likely to cause an immediate overhaul, as the status of FTAs signed with various countries are still pending. “The key event will likely be if and when the US FTA gets ratified by the respective legislative bodies… In my view, this will be finalised eventually and then gradually changes will begin… in the Korean legal services market,” he said.
However, in order to qualify as local consultants, foreign firms will not be allowed to hire locally qualified lawyers, patent attorneys or accountants. Foreign lawyers cannot be self-employed consultants, practise local law or represent clients in court. Lawyers will need to have at least three years’ overseas work experience. Those with two years’ local experience will have to work overseas for a year and, after qualifying, all lawyers will be required to commit to living in Korea for at least 180 days a year.
The move comes in anticipation of a full legal market liberalisation pursuant to FTAs signed with the US and ASEAN, and negotiations are currently under way with Australia, the UAE and EU nations.
A spokesman from Korea’s Ministry of Law said the intention of the bill was not to provide job opportunities for foreign lawyers but to upgrade the local legal industry. “[This] law will not shake the local legal services market,” he said. “A real showdown between overseas and domestic lawyers, and law firms will occur around 2016 when the market will be fully opened to foreign competition. This announcement will help galvanise home-grown lawyers and law firms, and lead relevant organisations such as the Korean Bar Association to take steps to prepare for the ultimate opening.”
A similar view was echoed by Koreabased foreign lawyer Thomas Pinansky, who said the bill was not likely to cause an immediate overhaul, as the status of FTAs signed with various countries are still pending. “The key event will likely be if and when the US FTA gets ratified by the respective legislative bodies… In my view, this will be finalised eventually and then gradually changes will begin… in the Korean legal services market,” he said.
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