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OCTOBER 2013
World Report - Asia & Australasia 13
Progress on liberalisation of Malaysian legal services market
Following the latest talks between the Law Society and the Malaysian Bar Council and the Attorney General's chambers
in
Malaysia, Malaysian Bar Council President Chris Leong has confirmed that progress has been made on liberalisation of legal services in Malaysia.
At a Law Society hosted roundtable meeting with the Malaysian Bar Council and representatives of a number of City firms on 1 October, Chris Leong confirmed that long-awaited amendments to the Legal Profession (Amendment) Act 2012 were tabled and passed by Malaysian Parliament’s Dewan Rakyat
(lower
house) on the 24 September. The amendments the Act
controversial clauses the
Legal legal
remove the in
Profession
(Amendment) Act 2012 that sought to prohibit fly- in/fly-out
services
provided by foreign lawyers. They also seek to clarify the provisions on foreign lawyers acting
arbitrations. to Nankunda Katangaza,
Head of International Policy at the Law Society, said: "The passing of
these
amendments marks the next step towards liberalisation of
the Malaysian legal services market.
"UK law firms are highly regarded around the globe. The success of these talks is good news for both our members and the Malaysian profession. We look forward to continuing to work with colleagues in Malaysia so that Malaysians will soon see the benefits of more choice of high-quality legal services."
The Act is expected to be tabled and passed by the Dewan Negara (upper house)
in the coming month and gazetted shortly.
Mr Leong also confirmed that the Bar Council was open to receiving applications for licences in advance of the implementation date and keen to work with firms and the Law Society to build its capacity to regulate foreign lawyers and to ensure liberalisation benefits the Malaysian legal profession.
It is expected that foreign law firms should be able to be up and running by the second quarter of 2014. The application process,
soon as the
Implementing regulations will be published at the same time.
allen & Gledhill only Singapore law firm in Who’s Who Legal 100 list of world’s top firms
Allen & Gledhill is once again the only Singapore law firm to be named in a list of the world’s top firms in the 2013 edition of Who’s Who Legal 100. This is the second consecutive year that the Firm is named on the list, having also been the only Singapore law firm included in the inaugural 2012 edition of Who’s Who Legal 100.
for
which the rules are available on request from the MBC, will open as
amended Act has been passed.
Who’s Who Legal 100 is an assessment of the world’s top 100 law firms based on research conducted by Who’s Who Legal
by Who’s Who Legal as the leading firm in Singapore and
accorded the
Singapore Firm of the Year 2013 award. This will be the eighth consecutive time that it has won the award.
Lucien Wong, A&G
Chairman and Senior Partner, said:
“We are into
the global business law marketplace. Of over 2,000 firms listed in the Who’s Who Legal series, only 100 firms have been selected by Who’s Who Legal as having the depth and breadth of talent to be featured in the Who’s Who Legal 100 list.
in Malaysian
In relation to the above, the Firm has also been named
pleased by the recognition accorded to us by Who’s Who Legal 100, and to be the only Singapore firm ranked amongst the world’s top 100 law firms. This is indeed a noteworthy achievement
for home-grown law firm.”
Who’s Who Legal 100 is published by Law Business Research Ltd, the official research partner of the International Bar Association and the strategic research partner of the American Bar Association Section of International Law.
allen & overy tops asia Pacific M&a league tables
Allen & Overy has topped the Asia Pacific (ex Japan) M&A league tables for 2013 at Q3, by value, as reported by Bloomberg and Thomson Reuters.
Bloomberg Asia Pacific M&A Legal Advisory League Tables - Q3, 2013 • Ranked #1 for M&A deals (by value) in Asia Pacific (ex Japan)
• Ranked #1 for M&A deals (by value)in South East Asia Thomson Reuters Asia Pacific M&A Legal Advisory League Table - Q3, 2013
• Ranked #1 for
Announced M&A deals (by value) in Asia (ex Japan)
• Ranked #3 for
Announced M&A deals (by value) in Japan
This follows particularly strong results for the firm in 2011 and 2012 Asia Pacific (ex Japan) tables (full year by value) where the firm was ranked #1 and #2, respectively, by Mergermarket.
“We are delighted to be recognised as a leading M&A legal adviser in the Asia
Pacific region at a time when there are signs that confidence in deal-making may be returning. While levels of activity appear to be slowly catching up to 2012 levels (at least by value) in Asia Pacific, it will be interesting to see where the year comes out, and to this end I refer you to our M&A Index which provides insight and commentary on this subject from a regional and global perspective.” Gary McLean – Head of Asia Pacific Corporate practice
Some global trends from the
firm’s recently released M&A Index:
• Aggressive tax
management is in the public and political spotlight like never before, exposing companies to significant reputational risks. Reforms and
greater tax
harmonisation are on their way.
• China’s new
administration is prepared to use the law to clean up governance in key sectors and to achieve other political objectives.
• TMT was the standout sector of
the quarter
globally, with the biggest value of deals since 2007 and a spate of high-profile transactions.
a