China Business Law Journal – April 2024

The power of recognition

The workplace can be frustrating, especially when your contributions are not fully appreciated in the big corporate machine that’s always tirelessly pushing forward, which, in turn, can impact the company’s balance sheet and ultimately harm the stakeholders’ interests.

The legal department and its managers, essential as they are, often serve as the middle and back-office functions within the group. They have an immense undertaking but rarely get the credit that they so deserve.

Inspired by passionate requests from our in-house readers, we created our unique annual in-house counsel awards for the China market, in a response to fill the existing gap. Our goal is to commend the unsung heroes, celebrate their achievements and eventually improve the visibility of the in-house roles beyond the legal community.

In our cover story, the In-house Counsel Awards 2024, we reveal winners from companies across industries and sectors in the country for the fifth consecutive year, while we navigate the harsh realities arising from geopolitics and heavy regulatory shifts.

The winning in-house counsel and teams – recommended in our survey by partners of law firms, corporate executives, fellow in-house counsel and various other members of the legal market in China and beyond – are recognised for their significant recent accomplishments, stellar expertise in their respective fields, and contributions to the world of law and business.

Challenges are witnessed not just by in-house counsel but also by external lawyers. Taking an international perspective, factors influencing law firm movements in the region range from elections and regulatory changes to rising interest rates and US-China tensions. In On the move, managing partners discuss the increasingly frequent law firm entries and exits in various neighbouring Asian jurisdictions, and the rise and fall of diverse legal businesses beneath these movements.

Among the many tests in the current downturn cycle, the private equity market is perhaps taking the biggest hit. According to a Bain & Company report in March, China’s 2023 deal value fell 58% compared with the previous five-year average.

In a serial analysis, Policy, economics and value chain, seasoned private equity lawyers delve into the consequential issues regarding the whole process of fundraising, investment, managing and exits for private equity firms and investors.

Back to the lawyering experience, long working hours may be part and parcel of the job, but it does not have to compromise other pursuits in life. In Grind and unwind, the winners of China Business Law Journal’s A-List 2023-24 share their thoughts on the work-life balance, and how they managed to make it work with a dazzling variety of their own pursuits beyond the legal realm.