Norton Rose’s acquisition of Deacons Australia not only created headlines in 2009, but will continue to do so in 2010 … perhaps for different reasons

Although Norton Rose’s announcement that it would merge with Deacons Australia from January this year stole a fair share of headlines in 2009, there is more than enough to suggest that the combined firm— which will become one of, if not the, largest international law firm in the region— will continue to be to one to watch.

For one, the firm has outlined its commitment to further expansion, both in terms of its presence in the region and its core areas of practice. “Asia Pacific is a strategically important market for Norton Rose Group and we intend to continue to expand our business and improve the depth and breadth of our service to clients in the region, focusing on our key strengths of financial institutions, energy, infrastructure and commodities, transport, and technology,” said the firm’s group chief executive, Peter Martyr. Expect the firm to look to strengthen its manpower in these “headlight” areas in the year ahead.   A few headlines may also be generated by the logistics of the union itself.

Apart from the challenges associated with obtaining full financial integration, which Australia managing partner Don Boyd says is about “18 to 24 months away,” the transition of the merged entity to limited liability status is also set to throw up hurdles of its own. Either way, the Norton Rose Group will be one to keep an eye on in 2010. “The financial crisis has not affected our development plans materially.  We instigated some strategies such as our staff ‘flex’ work program which has given us flexibility to cater for the downturn without adversely impacting business. It has been well received by staff and management across the firm. We are committed to growth and development for the long term and we will stay focused on what we do best,” said Peter Martyr. 

SHIN & KIM

A merger involving one of the ‘big-four’ could create a mega-firm

Shin & Kim’s admission that it is on the look out for a merger partner in 2010 means it truly merits inclusion on our Watchlist. A slowdown of work in its core areas of practice has hastened the need for diversification, and the firm is seeking out a synergy to knit with its market-leading banking & finance, securities and M&A practices and has highlighted litigation, IP and health and pharmaceuticals as key areas in any merger.

 “We are currently seriously thinking about an acquisition or a merger – it’s one of the growth objectives we have for 2010,” a spokesperson for the firm said. And, it’s the very real possibility of a mega-merger that is exciting. “We can’t rule anyone out at this stage,” the spokesperson said. But mergers aren’t the only thing to look for from Shin & Kim in 2010. It has, like many of its fellow Korean law firms, established an international dispute resolution group with the hire of former Shearman & Sterling lawyer

Benjamin Hughes as its co-chair and will no doubt be looking to bring its offering in this area to critical mass in the year ahead. In addition, the firm has also said that it will open its second PRC office (in Shanghai) in March or April this year in addition to seeking out alliance partners in emerging markets such as Vietnam, Central Asia and Russia.

WITHERS

How will the firm that has a knack for ‘breaking new ground’ in the legal market keep up the trend in 2010?

2009 was a year of firsts for Withers. Not only did it set up its first Asia office in Hong Kong but, in an unprecedented move, it became the first onshore law firm to enter the offshore legal market when it established a presence in the BVI. On top of this, it has seen growth in its Asian client base, ostensibly made up of high net worth individuals such as entrepreneurs, family offices, CEOs, private banks, entertainers and professional sportsmen. But even though the world’s wealthy weren’t immune from the downturn, Withers kept busy, helping restructure around £20bn of client wealth in the last year alone.

But just how will it keep the momentum going in 2010? Apart from the very real possibility of opening in Singapore, the firm will be looking to partner-level lateral hires to grow its practice in the region and will be pursuing some innovative strategic directions. “In 2010 we intend to create the world’s first international family practice, providing clients with advice on pre-nups, divorce and dynastic trust planning,” said the firm’s newly installed Asia senior partner, Joe Field.

“This is especially critical where family interests are situated internationally. The globalisation of private wealth requires expert cross border and cross disciplinary legal advice, which from a private-client perspective is hard to find in Asia. Adding to this the continued political drive for increased tax sharing of information between governments, and the continued erosion of privacy for wealthy people, suggests continued growth for the services we provide,” he said. ALB

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