Learning from the mistakes of others
March did not start well for Silicon Valley Bank. Its demise represents one of the largest bank failures since the 2008 US financial crisis, and when the storm finally hit, it hit hard. The impact was immediate and far-reaching, sending shock waves throughout the global financial landscape and bringing down Signature Bank, Credit Suisse and First Republic Bank.
In the midst of this chaos, jitters were evident throughout Asia, but this time there was a glimmer of hope. Stronger regulatory oversight and a tendency towards more conservative lending practices have buffered the domino effect from reaching Asia. While manageable, the danger has been enough to send regulators scrambling for messages of support.
Asia Business Law Journal
The first class-action suits have rolled in over the banking turmoil in North America and Europe, and Asian investors are reportedly seeking legal action to recover funds. Our Cover story, Who’s next, explains the potential ramifications arising from the financial crisis, while lenders and regulators in the region have played down the likely spillover effects.
Some lawyers say there could be some hidden benefits behind the wobbles in Europe and North America, as investors seek to diversify portfolios into Asia, especially China and Hong Kong. Legal professionals are expected to hold a key role in calming markets against the crisis and its long-term ramifications, which are difficult to ascertain at this stage.
Lawyers have always acknowledged the significance of promoting access to justice and establishing a culture that emphasises the importance of social responsibility. In one of our more heart-warming stories, A greater good, highlights how law firms endeavour to provide meaningful opportunities and a solid growth plan for staff, promoting diversity and inclusion, as well as support others less fortunate in the community.
For this special report, we invited law firms to submit their efforts in creating meaningful workplaces and contributing to solving social and environmental issues. The project gained lots of traction with hundreds of law firms submitting their various initiatives in improving society. We could not publish them all, but hope the article provides a meaningful cross-section of the big hearts within the legal sector.
We are also excited to bring you an exclusive interview with The patent protector, Rowel Barba, director general of the Intellectual Property Office of the Philippines and the new chair of the 21 member countries of Asia-Pacific Economic Co-operation’s Intellectual Property Rights Experts Group. He shares his vision with us and sheds light on the state of IP in the region.
Another prominent figure in the legal sector, Teresa Cheng, immediate past Secretary for Justice of Hong Kong, also shares her insights on the Inventive incentive to make the special administrative region the world-class venue for arbitration. The latest mutual enforcement of awards with mainland China and flexible fee arrangements are among the unique selling points for parties to settle cross-border commercial disputes in Hong Kong.
We are also thrilled to bring you the third edition of our annual Japan Outbound Investment Guide. This is a collaborative supplement in association with the Japan In-house Lawyer Association, which has insights from expert lawyers in some of the most exciting economies around the Asia-Pacific and Africa including India, the Philippines, South Africa, Taiwan and Thailand. The guide provides practical advice to Japanese in-house counsel and senior management on managing their investments overseas.
This issue also packs in our inaugural Vietnam Law Firm Awards 2023, recognising an elite mix of traditional independent law firms and international players in the country’s vigorous legal market. We have identified four law firms proven to be the best of the best, and among them, VILAF has risen to the top as Law Firm of the Year.
Finally, be sure not to miss our annual Indonesia A-List, which showcases the top 100 lawyers in the country relied on by businesses at home and abroad, as well as by international law firms.
Best wishes,
Putro Harnowo
Editor,
Asia Business Law Journal
