The pandemic might be (almost) over, but the sense of unease remains strong in Asia’s legal industry. While life might have returned to normal, and supply chains appear back on track, the region is continuing to experience uncertainty over slowing global economic momentum, tightening monetary policy affecting credit growth, and lingering concerns about inflation. China’s seemingly irreversible economic decline is also hanging heavy.
Offshore law firms have had a challenging 2023, with stiffer regulations, increased onshore competition from "Cayman-style" funds and slow M&A recovery holding back growth. Law firm leaders talk about some of their big themes for 2024, including the advent of financial technology and digital asset regulations, the rise in competition from "onshore" centres like Singapore and Hong Kong, and the potential for emerging areas like ESG and AI to grow in importance.
Is the global economy heading towards a recession, or is this just a passing phase? As companies prepare to handle the turbulence, offshore jurisdictions have offered much-needed stability, at least in certain operational and regulatory aspects. With 2023 beckoning, offshore firms talk about how they are ready to help their clients tackle uncertain economic conditions and put in place strategies for the future.
New listing rules are paving the way for plenty of SPAC activity in Hong Kong and Singapore in the coming months. With Singapore already seeing its first SPAC IPOs, and Hong Kong recently approving a listing framework of its own, offshore law firms are gearing up to take advantage of this nascent opportunity.
New listing rules are paving the way for plenty of SPAC activity in Hong Kong and Singapore in the coming months. With Singapore already seeing its first SPAC IPOs, and Hong Kong recently approving a listing framework of its own, offshore law firms are gearing up to take advantage of this nascent opportunity.