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The article discusses the financial performance of law firm Davis Polk & Wardwell LLP. Managing partner Thomas Reid highlighted how the firm was able to capitalize on good opportunities, citing how low U.S. interest rates had boosted leveraged finance activity across the firm. It notes that partners are concerned about cultural concerns and short-term economics which weighed against the company's launching of practice in Hong Kong, China.

The article compares Shanghai, China to New York City. The author comments that though lots of law firms are moving to Beijing to grab some outbound work from Chinese state-owned companies, Shanghai has its own attractions. Shanghai hosts the largest stock exchange in China. Some international law firms believe that a Shanghai office is expendable. Featured companies include Sullivan & Cromwell, Simpson Thacher & Bartlett and Davis Polk & Wardwell.

The article discusses the growth of Korean law firms that have foreign-qualified lawyers, as international law firms enter the Korean legal market. Korean law firms Kim & Chang has nearly 20 percent of its 670 lawyers as foreign-qualified, while Lee & Ko has 12 percent out of its 430 lawyers foreign-qualified. The author asserts that the phenomenon is partly about demographics and Korean firms recognizing the need to cater to foreign clients.

The article deals with the focus of King & Wood Mallesons to achieving its goal of being a global law firm that is based in Asia. The law firm was established following the merger of China's King & Wood and Mallesons Stephens Jaques of Australia. Stuart Fuller, managing partner for the combined firm, explains the rationale behind the decision of Mallesons to merge with a Chinese firm instead of a Western firm.

The article discusses the developments in the legal profession in China, particularly the international law firms. It focuses on the firm Vinson & Elkins, whose China-based lawyers represent companies like BP plc, Coastal Energy and Enron Corp. in exploration and production transactions. The opinion of Vinson & Elkins' James Cuclis on their operation is also cited.

The article discusses the developments in the legal industry in the Asia-Pacific region. It claims that Australia and China are the dominant legal players in the region, in which they account for 12 and 17 of the top 50 companies, respectively. Among the legal firms included in the list are Chinese firms Dacheng Law Offices and Yingke Law Firm, as well as Australia-based Mallesons Stephen Jaques.

The article profiles Amarchand & Mangaldas & Suresh A. Shroff & Co., one of the largest law firms in Asia with 550 lawyers. The firm enjoys ties with India's biggest conglomerates, including Tata Group of Companies and Reliance Industries Ltd. as well as mining giant Vedanta Resources. The article also informs that the firm is planning to double in size and revenues by undertaking a reorganization plan, dubbed Amarchand 3.0.

The article discusses the legal market in Japan which has seemingly diminished in importance as the legal market establishes itself in China. It states that the last major firm to open in Tokyo was in the year 2010 while Hong Kong has more than 20 firms for the last five years. It states, however, that international lawyers still see potential in Japan's legal market as it is increasing its overseas assets due to its strong yen, and is active in intellectual property cases outside Japan.

The article describes the Asia strategy of Philadelphia, Pennsylvania-based middle-market law firm Duane Morris. On The Am Law 100, Duane Morris has ranked 67th. The firm's Asian presence depends on its locations in Singapore and Vietnam. Several problems were encountered by the firm when it launched its office in Singapore. One of which was the resignation of partners that the firm recruited within two years after its launch in 2007. In 2010, a joint venture was launched by Duane Morris with corporate firm Selvam.

The article focuses on the plan of third-party litigation funder IMF (Australia) Ltd. to target the U.S. market. Considered a pioneer of the litigation-funding business in Australia, the total value of settlements and awards from cases funded by IMF Ltd. was 900 million U.S. dollars. A comparison between legal fees and costs in the U.S. and Australia is discussed. Several factors considered by IMF Ltd. before funding a case include the strength of claims, their potential value and the ability of the defendants to pay.

The article focuses on the growing number of lawyers, especially those of Chinese origins, who are transferring from Western to Chinese law firms, as of February 2011. Lawyer Mary Utterback relates how her previous notion of Chinese law firms has changed when she joined the law firm King & Wood in Shanghai, China. The tendency of multinational corporations investing in China to turn to local firms for inbound legal work is noted. Utterback says that practicing Chinese lawyers in Chinese law firms is a critical resource lacking in foreign firms.

The article discusses the international expansion plans of the Chinese law firm King & Wood. Chairman Wang Junfeng explains his belief that the company is ready to go global, citing international initiatives such as the establishment of offices in New York City, Japan, and California. He also talks about how Chinese companies who are expanding abroad should have a Chinese law firm to represent them. The company's plan to compete with foreign law firms in representing Chinese companies in major outbound transactions is also discussed.

The article discusses the success of the New York City-based law firm Cleary Gottlieb Steen & Hamilton's operations in South Korea and the challenges it faces in other Asian markets. The Korea practice of Cleary and other foreign law firms is based in Hong Kong, China because they are barred from having offices in Korea. Cleary's representation of about 30 countries on overseas bond issues is explored. The company had to close its office in Tokyo, Japan in 2006 due to business failure. Its competition with international law firms in China is considered.

The article assesses the outlook for India's legal process outsourcing (LPO) industry. Although LPO firms such as Pangaea3 LLC, Quislex, and Integreon Management Solutions have experienced steady growth in 2010, LPOs mainly perform back-office functions and other tasks such as document review for litigation and due diligence for corporate transactions. However, it suggests that while many Indian LPO firms remain focused on work from the U.S. and other countries, LPOs may hold the potential for transforming the legal profession in India.

The article focuses on the move of law firms worldwide to groom their Western-educated lawyers to lead their practices in China. Lawyer Z. Julie Gao, who left China for the U.S. in the 1990s after graduating from Peking University with a law degree, works as a corporate partner working out of the Hong Kong office of Skadden, Arps, Slate, Meagher & Flom. Like other Westeners, Chinese Americans are said to face many of the same cultural obstacles despite having strong Chinese language ability.

The article focuses on the growing interest of big law firms to find partners in Australia with an eye to doing business in Asia. Norton Rose of London, England announced that it is merging with Australia's 500-lawyer Deacons by 2010. Other law firms who are considering a merger with Australian firms is British legal giant Clifford Chance who is planning to partner with Mallesons Stephen Jaques, one of Australia's top three firms. It is noted that the focus on Australia is attributed to China's growing interest in Australian coal and iron ore.

The article focuses on the leading law firms in Korea. Korea's largest law firm Kim & Chang maintains a 450-professional staff and has an annual revenue of over $350 million, according to a Korean newspaper, "The Chosun Ibo." The author discusses the improvements in the management of law firms in Korea including mergers between law firms, and restructuring their companies. Foreign law firms are showing their interest in establishing a presence in Seoul, Korea. Lawyers enjoy an elite status and considerable job security in Korea.

The article reports on the implications of the emergence of the anti-immigration measures on international law firms in Singapore. Foreign lawyers and firms say they are worried that the profession will eventually be affected by more general measures being implemented in response to the public opposition. It notes that immigration politics is believed to have been a factor in the government's stance on renewal of Qualifying Foreign Law Practice (QFLP).

The article features Chinese electronic commerce giant Alibaba Holdings Ltd. It notes that as of January 3, 2014, Chinese electronic commerce (e-commerce) giant Alibaba Holding Ltd. is planning what is expected to be the world's largest initial public offering since the 16 billion dollar Nasdaq debut of Facebook Inc. in 2013. Alibaba Chairman Jack Ma discussed the shareholder structure that he wants to have.

The article reports that the U.S. law firm Simpson Thacher & Bartlett has decided to launch a law practice in Hong Kong, China. The firm already has a Hong Kong office since 1993, but the unit only advises Chinese companies about investing in the U.S., getting listed in the New York Stock Exchange or launching an initial public offering (IPO) in the U.S. The decision to launch an actual Hong Kong practice is reportedly motivated by the rising profile of Hong Kong as a venue for launching IPOs.

The article discusses the heavy recruitment made by U.S. law firms in Hong Kong, primarily from British legal firms. It states that a strong rationale is to hedge against a possible future deal that will have minimal U.S. law component, or that one-stop shops might be preferred by capital markets clients. It also states that the nature of the market in Hong Kong as well as the vast opportunity in China make it worthwhile for law firms to operate a Hong Kong law practice.

The article reports on the economy and businesses in Japan following the earthquake and tsunami in March 2011. According to Kenneth Siegel, head of the Tokyo, Japan office of Morrison & Foerster, Japanese companies are focused on closing and completing major transactions that were in the works before the disaster occurred. Some major manufacturers in Japan which are expecting the financial impact of the disasters include Sony Corp. and Toyota Motor Corp. Several concerns over the energy needs in Japan are described.

The article reports on the protests held by trainees of the Judicial Research and Training Institute (JRTI) against a proposed plan of the Korean Ministry of Justice to hire graduates of U.S.-style postgraduate law schools in the country as public prosecutors. Passing tough bar examinations is a requirement to enter JRTI. The emergence of new law schools in Korea has clashed with JRTI. Statements have been issued by the Korean Bar Association and other lawyer groups to call on the Ministry of Justice to reconsider its proposed plan.

The article discusses efforts by foreign law firms to gain market access in China, where they are banned from practicing local law. A plan is being developed by the American Chamber of Commerce in China to outline who benefits from the current regulations and how those benefits can be widened through liberalization. According to Timothy Stratford, a partner in the Beijing office of Covington & Burling, making it easier for foreign firms to employ Chinese attorneys could result in more job opportunities for Chinese law graduates.

The article focuses on China's growing anticorruption campaign as shown by the arrest on spying charges of local leaders of a mining firm and the stock fraud detention of a retail electronics founder. It is stated that the growth in white-collar defense practices has not happened due to the lack of clear-cut rules on evidence and that a lawyer has been imprisoned for fabricating the same. The restrictions on foreign law firms in Chinese courts is also noted.

Reports on a scorching voicemail sent to Jonathan Baumstark, an associate at Latham & Watkins, by Winston & Strawn associate Ankur Gupta in August 2004. Impact of the voicemail on Winston & Strawn; Action taken by the law firm on the issue; Statement issued by James Thompson, chairman of the law firm, regarding the voicemail.

An introduction is presented in which the editor discusses several reports within the issue on topics including the strategy of U.S. law firms investing in Asia and the optimism and cynicism of lawyers in Yangon, Buma.

The article high levels of competition between lawyers in Asia. According to the author, the best solution for the competition is to wait for the competition to leave. The author further explains that the weaker firms will eventually depart, and will leave the stronger ones with more opportunities.

An introduction is presented in which the editor discusses various reports published within the issue on topics including the rules to allow the blockbuster initial public offering of Alibaba Group Holding Ltd., Shanghai as the likely leader for the future course of China's growth, and market conditions facing lawyers in Australia, Japan and India.

The article discusses the issue of low fees paid for legal work in Asia. Historically, the author notes that there is less execution risk on big deals in Asia, compared to the U.S., as well as lower risk of mistakes by lawyers to affect a deal. Aside from the general rarity of suits and lower available damages in Asia, the author points out that regulatory fines are much lower. The author explains that with the competition in Asia, clients do not pay more for cachet and services.

The article discusses the developments in the legal industry in Korea. It examines the moves by several American and British firms to enter the Korean market, as well as the feasibility of said moves. Based on the data from the World Bank, Korea had a gross domestic product of around one trillion dollars in 2010 and its demand for legal services comes from a small group of big companies. The opinion of Paul Hastings' Jong Han Kim on the Korean market is also cited.

The article comments on how competition in the Asian legal scene is being played out by global law firms. It opines that there is reason to be skeptical of the firms' Asian strategy as it observes that while there is plenty of legal work, Asian clients don't dish generous fees. The article also discusses the cut-rate pricing strategy of new firms eager to build a track record and willing to work cheap to win deals.

The article looks at the trend in which international law firms operating in Asia have been avoiding controversial causes in the region. Although several lawyers in Asia are involved in political controversies, they are not part of major firms. Those who take political controversies, particularly human rights lawyers, they experience harassment and some are even arrested. One form of harassment faced by opposition politicians in Singapore are libel suits.

The article focuses on comments concerning a recommendation released by the American Bar Association (ABA) about the accreditation of foreign schools. The first law school outside the U.S. accredited by ABA is the Peking University School of Transnational Law (STL). According to Steven Moore of Kelley Drye & Warren, the ABA proposal is expected to affect the employment of current and future lawyers from the U.S. On the other hand, Harvard Law School's Jack Goldsmith believes that training lawyers abroad will spread the influence of the U.S. legal system.

The article reports on the international expansion of the Japanese law firm Nagashima Ohno & Tsunematsu by opening an office in New York City and forging an alliance with the Australian law firm Allens Arthur Robinson. According to Nagashima chairman Hisashi Hara, the company will address the Southeast Asian market through the Allens Arthur partnership. He also talks about how the firm's New York office will help Japanese clients in the U.S. and establish deeper connections with New York's legal community.

The article reports that Shanghai, China is trailing behind Beijing when it comes to the legal profession, despite efforts to showcase the city as the capital of commerce, industry and culture. According to the article, the biggest and prestigious Chinese law firms are all based in Beijing such as Jun He Law Offices and King and Wood. It adds that industry watchers considered Shanghai law firms to be second-best in terms of practice integration and firm management.

The article reports on the role played by Paul Deemer, a partner at Vinson & Elkins law firm, as China-based Sinopec Corp.'s counsel during the petroleum company's acquisition of Canada-based Addax Petroleum Corp. for 7.2 billion U.S. dollars in 2009.

The article provides a sense of caution to global law firms who wish to do business in China. It cites three Hong Kong-based lawyers, Donald Koo and Vivien Fan of Paul, Hastings, Janofsky & Walker and Simon Lai of Deacons who were jailed without bail for their role in concealing documents from investors and regulators. The article explains that all three lawyers were acting on behalf of their client, Shanghai property developer Zhou Zhengyi who was jailed for illegally procuring property and loans.

The article discusses the legal prospects for foreign law firms in India. It says that India is not yet ready to accept foreign law firms in India inspite of the calls by Indian law and Justice Minister Hansraj Bhardwaj for liberalization by allowing foreign firms to open offices in the country. It points out that unlike in China, there has not been a substantial move towards privatization of state-owned enterprises in the country which could warrant the entry of new foreign firms aside from the British firms which had partnered with Indian law offices.

The article considers the increasing presence of lawyers in the National People's Congress (NPC) of China. The government participation of lawyers is said to benefit from the growth of the Chinese legal profession and the increase in substantial law firms. Participating in bar associations is cited as one of the ways for lawyers to influence the debate outside the NPC. Among the challenges facing Chinese lawyers are their limited power and the politicking required to rise in Chinese politics.

The article discusses the effect of the financial crisis on the employment of qualified lawyers or bengoshi in Japan as of March 2009. It is suggested that the main problem of securing jobs for lawyers in Japan is that there are too many of them while the government and other organizations in Japan are hiring very few individuals. The effects of the recession on one of the four largest law firms in Japan and the quality of life of associates in Japan are also presented.

The article reports on the plans of the Singapore government to open the local market to selected global firms. In December 2007, deputy prime minister Shunmugam Jayakumar announced that Singapore will give licenses to five foreign firms for them to practice Singapore law and hire Singapore lawyers. Supreme Court of Singapore judge Vijaya Rajah stated that such decision was brought about by the small size of the country's legal industry.

The article features Pangea3, a law firm based in Mumbai, India. Lawrence Graev is the firm's chairman who started the firm from a $4 million investment from his Glen-Rock Group, LLC. Prices of Pangea3's services ranges from $30 to $75 an hour.

The article focuses on the memorandum released by the Shanghai Bar Association in China accusing foreign law firms operating in the city of illegally practicing Chinese law. Baker & McKenzie intends to organize a seminar to promote contacts between Chinese and Brazilian business leaders. Foreign law firms have reminded Chinese lawyers about the networking opportunities they can provide. It details the major benefits of the memorandum.

Reports on the appointment of Frode Jensen as a partner in the New York office of Holland & Knight in July 2004. Statement issued by Jensen regarding his appointment; Lawsuit filed by Jensen against his former firm Pillsbury Winthrop.

Presents a travel guide to Vietnam. Tourist attractions; Available hotels and restaurants; Transportation.