Among the many firms around the region that are cutting a swathe or carving a niche, some stand tall above the rest. These firms have used mergers to bulk up, aggressive recruitment strategies to explode into new practice areas or jurisdictions, or their own verve to achieve lightning-quick organic growth. ALB singles out the top 30 performers by percentage revenue and headcount growth.
Broad & Bright
Managing partners: Multiple
Number of partners/other fee earners: 10 partners/24 total lawyers
Asian offices: Beijing, Shanghai
Whichever way you look at it, it's been an impressive year for Broad & Bright. Not only did the Beijing-based firm branch out with the opening of a Shanghai office, but its partner headcount also increased by 30%. The firm brought seven new lawyers on board - a major factor behind revenue growth of 21% in this period. But the quality of deals coming through the door at the firm has also contributed to its strong showing in 2008's ALB Fast 30. Broad & Bright successfully represented Yamaha Motor of Japan against companies including Zhejiang Huatian Industrial Co. for trademark infringement. The appeal for compensation was upheld by the Supreme People's Court and an RMB8.3m award was given.
The firm also represented Singapore New Media Corp in acquiring its state-owned equity and increasing its registered capital - the first transaction of its kind in China. It also represented Keenward in acquiring an equity stake in the owner of the Shanghai World Financial Center - the world's tallest building. Inspiration, perhaps, as the firm seeks to climb to new heights in 2009.
Managing partner: Wang Zhongde
Number of fee earners: 598 total lawyers
Asian offices: Beijing, Shanghai, Wuhan, Sichuan, Jinan,
Chongqing, Hainan, Harbin, Tianjin, Yinchuan, Zhengzhou,
Shenzhen, Xining, Xiamen, Yinchuan, Haikou, Hangzhou
It's not every financial year that a law firm can claim to have opened eight offices - nor is it every financial year that one can say it has added 80 partners to its roster and increased its feeearner headcount by 76% and revenue by 72%. However, these are all claims that Chinese mega-firm Dacheng can justifiably make. The firm opened offices in Zhengzhou, Tianjin, Shenzhen, Xining, Xiamen, Yinchuan, Haikou and Hangzhou during this period and now boasts a massive 17 offices in mainland China - many more than its nearest rival.
Managing partner: Lv Hongbing
Number of partners/other fee earners: 93 partners/450 total lawyers
Asian offices: Beijing, Chengdu, Guangzhou, Hangzhou, Hong
Kong, Kunming, Shanghai, Shenzhen
What started out as the 1998 union of Beijing-based Michael Zhang & Associates, WanGuo Law Firm in Shanghai and TangRen Law Firm in Shenzhen has grown into a legal leviathan. Not only did Grandall celebrate its 10th anniversary in 2008, but it also ventured into Hong Kong by opening a dedicated office there. These activities bespeak impressive growth. In the 2007-08 financial year, the firm added 12 partners to its roster - an increase of nearly 9%. The number of fee earners increased by 30% allowing the firm to reap a revenue increase of 40%. And while it already boasts an impressive network of domestic offices, it has made no secret of its desire for further expansion, with sources close to ALB noting that the opening of branch offices in Ningbo and Fuzhou are believed to be imminent. The firm's capital markets and M&A expertise could be the key to further expansion - Grandall was the top legal adviser to successful A-share listings in this period. Look for this firm to consolidate its strong position organically in the year ahead.
Managing partners: Multiple
Number of partners/other fee earners: 9 partners/45 total lawyers
Asian offices: Beijing, Shanghai
Llinks has executed its lightning-fast growth in a different way. Partner numbers at the firm have remained stable throughout the 2007-08 financial year, but it has been extremely acquisitive at the lower levels, increasing the number of fee earners by almost 11% over this period. The firm now boasts a dedicated corpus of 45 lawyers, all of whom were responsible for increasing revenue by almost 38% - a milestone that bespeaks the firm's high-calibre business acumen. The period also saw it achieve a number of 'firsts' as Llinks was instrumental in sealing the first deal involving a partial tender offer for the shares of a PRC-listed company and the first announced takeover of a PRC-listed company using comprehensive approaches, including share transfer by agreement, targeted placement and a tender offer: SEB Internationale's strategic investment in Shenzhen-listed Zhejiang Supor. In addition the firm also acted on the first authorised actively managed listed Chinese equity fund with a closeended structure in the Hong Kong-HSBC China Dragon Fund's global offering and HKEx listing.
Managing partners: Multiple
Number of partners/other fee earners: 21 partners/145 total lawyers
Asian office: Shenzhen
Although Guanghe was only founded in 1995, this southeast China heavyweight has had a meteoric rise. Under the guidance of a young but astute management team, including the highly regarded Peter Tong and Frank Shi, the firm has grown solidly
across the board. And it hasn't just been growth for growth's sake - Guanghe has opted for organic growth rather than the standard growth through acquisition. In
the 2007-08 financial year, the firm elevated 22 of its own to the partnership while
reinforcing its junior ranks with a number of new fee earners and associates. But it's
this firm's revenue figures that are most impressive. Guanghe claims to have increased revenue over the same period the year before by almost 94% - racking up total fees of RMB164m in 2007 - making it one of the top performers in the region. The firm, which figured strongly in ALB's feature on China's largest firms, is ideally placed in the booming Special Economic Zone to continue its strong growth in 2009.
Managing partner: Zhang Xuebing
Number of partners/fee earners: 96/96
Asian offices: Beijing, Guangzhou, Shanghai, Shenzhen, Tokyo
Despite losing a number of key personnel to rival firms, Zhonglun posted impressive growth figures for the 2007-08 financial year. It welcomed 25 new recruits at partner level but also lost 13 partners. According to the firm, however, the loss wasn't enough to stop it posting revenues of RMB436m, a 46% increase over the previous year. A joint winner of the 'Real Estate and Construction Deal of the Year' at the ALB China Law Awards in 2008 for its role in the record-breaking IPO of Soho China, the firm will no doubt look to more lateral hires in the year ahead to maintain its strong growth.
Managing partner: Cheng Shoutai
Number of partners/other fee earners: 26 partners/163 total lawyers
Asian offices: Beijing, Chengdu, Guangdong, Hong Kong*
* Representative office
Once referred to as the 'new kid on the block,' Tahota has now well and truly established itself as one of the premier firms in China's west and has been recognised as such by being named Western Law Firm of the Year at the ALB China Law Awards in 2008. Recording a 50% spike in the number of partners in this period, the firm has experienced similarly strong growth on the fee-earner front, bolstering ranks with a 20% increase in the number of lawyers. Revenue figures tell a similar story with the firm realising a record year and a 35% increase in revenues. Furthermore, it not only kicked off its Southern ambitions by opening the allied Guangdong Shun Tahota law firm, but its longstanding agreement with Hong Kong firm Woo Kwan Lee & Lo and entry into the Sino-Global Legal Alliance earlier 2008 give it unprecedented access to the international firms vital to consolidate growth in the years ahead.
Managing partners: JSM team
Number of partners/other fee earners: 93/330
Asian offices: Bangkok, Beijing, Guangzhou, Hanoi, Ho Chi Minh City, Hong
Johnson Stokes & Master made headlines earlier 2008 when it announced its merger with US giant Mayer Brown. Already one of the largest domestic firms in Hong Kong, JSM is now head and shoulders above the rest in terms of headcount and revenue. JSM saw its partner numbers increase by 13% across after welcoming 11 new partners on board with a large portion of this growth emanating from its rapidly growing Vietnam offices, both of which almost doubled in size in the 2007-08 financial year. It's a similar story for JSM's mainland offices. The firm's offerings in Beijing, Shanghai and Guangzhou also recorded stellar years. The total number of lawyers there increased by 18% with eight new recruits joining the ranks. The global presence that the firm has gained from its merger should stand it in good stead to post similarly strong growth figures in the years ahead.
Simmons & Simmons
Managing partner: Paul Li
Number of fee earners: 74
Asian offices: Abu Dhabi, Doha, Dubai, Hong Kong, Shanghai, Tokyo
Its been another impressive year of growth in Asia for this London City firm. Simmons & Simmons increased both partner and fee-earner numbers across its Asian operations by 7% and 2% respectively. In addition, revenue figures for the period skyrocketed 15% over those from the 2006/07 financial year. 2007 also saw the firm secure the Employment Law Firm of the Year award at the ALB China Law Awards for the sixth consecutive year. An exemplary corporate citizen, the firm was also the first in the world to achieve carbon neutral status across all its international offices, a feat it achieved in 2007. That growth is still at the forefront of the firm's mind is manifest in the high-profile lateral hire of Wachovia Bank's senior legal counsel and senior vice-president, Sau-Wing Mak, to bolster its China financial markets practice.
Managing partner: Alistair Da Costa
Number of fee earners: 285 (in Asia)
Asian offices: Abu Dhabi, Bangkok, Beijing, Doha, Dubai, Hong Kong, Kuwait City, Shanghai, Singapore, Tokyo
Despite its size, DLA Piper posted growth figures that were hard to ignore - figures
that were all the more impressive given partner numbers decreased by nearly 4% in the 2007-08 financial year. However, according to the firm, it attracted 67 new fee earners to its Asian offices, an increase of just over 7%. In this same period, it noted that gross billings for its Asian operations increased by 35% - a figure no doubt aided by involvement in a number of watershed transactions. The firm's Asia capital markets group advised on the largest PRC IPO, which at the time was also the first A- then H-share listing ever completed. It also pioneered a new model for the dual listing of PRC companies, perfectly demonstrated by China Railway Group Limited's mammoth IPO. Similarly, strong growth is also expected 2008 if the firm's activities in the last few months are any indication. Not only has it commenced operations in Doha and Abu Dhabi, but it has also made a number of key lateral hires. Earlier 2008, funds specialist Luke Gannon was snared from Freehills to launch the firm's Asia transactional funds practice. In addition, M&A specialist Daniel Lee left Kim & Chang to join DLA Piper's Tokyo-based Korea desk. Watch for DLA Piper to be one of the first firms into Korea should the country liberalise its legal market.
Luthra & Luthra
Managing partner: Rajiv K Luthra
Number of fee earners: 153
Asian offices: Bangalore, Delhi, Mumbai
Of all the firms catalogued by ALB in this feature, no other firm has experienced such impressive growth as Indian firm Luthra & Luthra. Not only did it manage to increase partner and fee-earner numbers by 130% and 39% respectively, it also managed to increase revenue during this period by almost 70%. These are pretty good statistics in their own right but they are even more impressive considering the restrictions on partner numbers, advertising and marketing imposed on law firms in the subcontinent. Nominated in no less than six categories at the 2008 ALB South East Asian Law Awards, the firm worked on some of the country's most complex and significant deals during the year, including DLF's structured finance transactions for which it was awarded Structured Finance and Securitisation Deal of the Year. Not only did the firm open a new tax office in this period but it also greatly expanded its corporate offering, increasing headcounts in its antitrust/competition, real estate and IP departments - a sure sign of things to come from this firm in 2009.
Managing partner: Rahmat Bastian
Number of fee earners: 15
Asian offices: East Java*, Hong Kong*, Jakarta (*Representative office)
ALB sat down with BT's managing partner, Rahmat Bastian, earlier 2008 to discuss its evolution from a niche commercial practice to one of the more reputable firms in Indonesia. "We are continually growing in terms of headcount and in matters handled, so growth is definitely a work in progress," he said. "Moving from a boutique firm to almost close to a full-service firm has been very quick ... but we are still looking to become bigger and better." This is seen in BT's figures for the 2007-08 financial year when partner numbers at the firm exploded by 100% and fee earners too, by 25% - figures that are behind BT's increase in revenue by 25% in this period. An increase in its client portfolio 20and a number of new recruits at all levels is highly probable this year and the latter should be made easier by the fact that BT was crowned ALB's Indonesia Employer of Choice for 2008.
Hutabarat Halim & Rekan
Managing partners: Nini Halim, Pheo Hutabarat
Number of partners/total fee earners: 5/18
Asian offices: Batam, Jakarta
It is a story of sustained growth for this burgeoning Indonesian commercial firm. It now boasts a list of international clients that it is the envy of much larger firms in the archipelago, including PT Duta Wisaka Loka, Export-Import Bank of Malaysia Berhad, Sindicatum Carbon Capital, PT. Indomobil Sukses Internasional Tbk, Turner Broadcasting Systems and Pikko Group. The firm acted on the development of one of Jakarta's most prominent entertainment precincts - the Taman Ria Senayan - and was counsel on the development of Crystal Square in Medan, which will be one of the largest and most modern mixed-use complexes, comprising offices, hotels, apartments, shopping malls and an entertainment centre. And it's this high-calibre cross-border work that is behind the firm's growth figures for the 2007-08 financial year, notably the 21% boost to revenue figures over the same period last year. Watch out for further growth from HHR this year as the firm seeks to expand its already sizeable number of blue-chip clients and challenge the ascendancy of the larger firms in the marketplace.
Melli Darsa & Co
Managing partner: Melli Darsa
Number of partners/fee earners: 5/31
Asian office: Jakarta
The firm that started as a splinter of Indonesian heavyweight Hadiputranto Hadinoto
& Partners in 2002 has now become a force to be reckoned wth in itself. Although numbers in the firm's two-tier partner system remained static during this period, in
the 2007-08 financial year, those of associates and junior solicitors increased by 21%
and, from June 2003 to the present, the number of fee earners went up nearly 420%.
At this time, the firm also enhanced its already strong reputation as a large-deal firm
by representing Lehman Brothers in the issuance of 11.25% guaranteed senior notes
due 2013 by Mobil-8 Telecom Finance Company B.V., guaranteed by PT Mobile-8 Telecom, in reliance of Regulation S. Its crowning achievement, however, was its representation of Temasek in the sale of BII to Malayan Banking Bhd for US$1.5
billion. The complexity, quantum and value of these deals was no doubt a major
factor behind the firm's revenues increasing by over 71% this period.
Anderson Mori & Tomotsune
Managing partner: Kunihiko Morishita
Number of fee earners: 257
Asian offices: Beijing, Tokyo
Anderson Mori already boasted an impressive cache of lawyers before its 2005 merger with Tomotsume Kimura but, since then, this firm has truly established itself as one of the more formidable firms in Japan, through a growth policy predicated on organic growth. In the 2007-08 financial year the firm not only bolstered its partner ranks with five new additions - an increase of nearly 9% - but also reinforced its number of fee earners by almost 17%. The firm has boosted its many practice groups throughout this period with regular associate hires, the most recent of which saw it add 10 fresh graduates in September, a move which will no doubt keep it ahead of the pack in a tight employment market.
Managing partners: Matthew Bubb (Singapore), John McClenahan (Tokyo)
Number of fee earners: 47
Asian offices: Abu Dhabi, Mumbai*, Hong Kong**, Singapore, Tokyo
*Liaison office only
** To open January 2009
It's been an incredibly successful 12 months for Ashurst by anyone's standards. Not only did the firm kick off its Abu Dhabi operations but it cemented its position as a major player in the Southeast Asian energy, transport and infrastructure sectors through a number of key lateral hires and groundbreaking transactions. Carl Dunton joined the firm as a partner in its banking and restructuring practice and the firm also welcomed former Norton Rose lawyer Melanie Williams as counsel. In the same period, the Tokyo office was bolstered by the appointments of Matthias Schemuth as partner and Harvey Weaver as counsel. With these hires, the firm registered a 33% increase in partner numbers across its Asian offices and it also recorded similarly strong growth among fee earners. The number of fee earners in the Singapore office increased by 128% while the Tokyo office recorded growth of 23%. The growth in these categories bespeaks similarly impressive revenues. According to the firm, in the 2007-08 financial year it generated US$6.2m turnover, a premium of 55% on the previous reporting season. It has worked on three of the most significant deals in the power and infrastructure sectors last year. It not only advised PowerSereya in relation to its US$1bn negotiation and drafting of an engineering, procurement and construction contract for an 800MW cogeneration combined cycle plant, together with associated service and maintenance agreements, but it was also counsel for the Brunei Methanol company on the groundbreaking US$362m limited recourse project financing.
Managing partner: Tan Chong Huat
Number of fee earners: 150
Asian offices: Bangkok*, Ho Chi Minh City*, Kuala Lumpur*, Shanghai, Singapore
* Associate office
The 2007-08 financial year has, in many ways, been a watershed period for KhattarWong as it stepped up the implementation of its 'blue ocean' expansion strategy. Not only did the firm cement its greater-Asia presence with new associate offices in Vietnam, Malaysia and Thailand, but it also came close to finalising joint venture agreements with firms in Abu Dhabi and Doha. In this period the firm also expanded its human capital base by both organic and inorganic means. On the inorganic front,the merger with TM Hoon & Co. in June 2007 provided the injection of key partners for several practice areas from corporate and securities to litigation and IP. The merger with Hee Theng Fong & Co has also served to cement the firm's already strong position in China, while the merger with Koh Ong & Partners has provided valuable inroads into the Middle East. On the other hand, the firm managed to bring 15 new partners on board, increase its fee-earner headcount by 45% and bolster revenue by nearly 29%. This period has also seen the firm invest heavily in training and human capital development, an investment that has yielded higher staff retention rates with 94% of employees rating themselves as "highly satisfied" with the firm. It represents just one of many cards that this firm has up its sleeve to help it grow by attracting high quality candidates in 2009.
Rajah & Tann
Managing partner: Steven Chong SC
Number of fee earners: 255
Asian office: Kuala Lumpur*, Shanghai**, Singapore
* In association with Kamilah & Chong
** Representative office
As one of the largest players in a domestic legal services market the size of Singapore, opportunities for growth - whether by organic or inorganic means - are often few and far between. Not so for Rajah & Tann, which has found both modes of expansion fruitful in this period. The firm not only brought 18 new partners on board but also struck an important strategic alliance with Malaysian law firm Kamilah & Chong, designed to increase the ability of the firm to service the Malaysian needs of its domestic and international clients. During this period, Sundaresh Menon from the firm's international arbitration group and Lee Eng Beng from the business finance and insolvency group were appointed as senior counsel, bringing the total number of senior counsel at the firm to six. Rajah & Tann has established a major projects group during this period to spearhead deals in international projects while also developing its sports law practice by building up its expertise and making important contributions to this fast-developing area of the law. Getting into new areas such as these may be the key to solid future growth for this firm.
Gibson, Dunn & Crutcher
Managing partner: Jai Pathak
Number of fee earners: 10
Asian offices: Dubai, Singapore
In a phase of spectacular growth, this US-based firm took the plunge into the booming Singapore market in May, by opening an office staffed by a number of 'big name' lateral hires. It poached Jai Pathak, Emad Khalil, John Viverito and Saptak Santra from rival Jones Day in a move that ALB described at the time as evidence of its India aspirations. Impressive as that was, it also managed to increase revenue across its global network by 12.2% in the period - no mean feat in the 2007-08 financial year that can best be described as one of economic and legal market contraction. Its portfolio of blue-chip clients, including Chevron, Singapore Refining Company, the Brunei Economic Development Board, Kuwait Energy Company, the Government of Laos, Ashmore Energy International, Vitol and Bharti Airtel, is likely to see the firm's Asian operations continue to grow steadily.
Managing partner: Lee Suet Fern
Number of fee earners: 36
Asian office: Singapore
The 2007-08 financial year had been one of strong growth for this boutique corporate firm as it not only added to its established offerings in corporate banking, corporate real estate, IP and litigation, but also managed to increase personnel at all levels across the firm. This period saw the addition of five new partners - an increase of 14% on the previous year - while fee-earner numbers similarly increased by 36%. Add to this, a considerable its revenue increase of 25% and it's easy to see why this is one firm that's on the fast track - and worth watching.
Managing partners: Alvin Yeo SC, Dilhan Pillay Sandrasegara
Number of fee earners: 240
Asian offices: Abu Dhabi, Doha, Shanghai, Singapore
The 2007-08 financial year has been a busy one for WongPartnership. Not only did it become the first Singaporean firm to establish a physical presence in the Gulf region - opening offices in both Doha and Abu Dhabi - but it also scored several high profile lateral hires at both the partner and lawyer/foreign law consultant level. In July 2007, the firm snared the services of former Harry Elias Partnership co-managing partner Tan Chee Meng, who had been with HEP for 14 years - three as managing partner. As a consequence of this and other lateral hires, the firm saw its partner ranks swell by 23%. At the lower levels, the firm brought talent in a variety practice areas, resulting in a 38% spike in its fee-earner numbers. Watch for this firm to look to more growth by acquisition in the months ahead.
The Fast 30 list of law firms is based on a survey distributed to over 350 firms throughout the region. Partner, fee earner and revenue figures were supplied by the firms themselves and ranked to produce the 'Fast 30'. Only firms who participated in the survey were considered for the final ranking and all information is accurate to the end of October 2008. International firms were judged on their Pan-Asia growth but they are listed under the jurisdiction in which the most notable growth occurred.