While law firms weren’t caught completely off-guard by the COVID-19 pandemic, its extended duration has caused many to rethink how they are delivering services to clients, in addition to making the most of their remote workforce. While the past 18 months have brought both challenges as well as more pleasant discoveries, lawyers can agree that how they work has changed permanently.
Japan’s hostility towards crypto assets is unlikely to change anytime soon, as the new head of the financial industry watchdog recently reiterated the country’s tough regulatory stance.
The 17th ALB Japan Law Awards, a virtual event which was held on Sept. 30, honoured the outstanding achievements of individuals, law firms, in-house teams and legal work in and related to the country.
King & Spalding and SyCip Salazar Hernandez & Gatmaitan have advised Japan’s Jera on its $1.58 billion acquisition of stake in Philippines’ Aboitiz Power from its parent company Aboitiz Equity Ventures (AEV), which was represented by Skadden Arps, Slate, Meagher & Flom and Cruz Marcelo & Tenefrancia.
Japan has had an up-and-down year so far, with the COVID-19 pandemic continuing to disrupt life and business, even as the country successfully hosted the Olympic and Paralympic Games. Leaders of law firms in Japan say that while they had to institute new ways of work in order to adapt to this “new normal,” they have been heartened by the resilience shown by their firms, which will hold them in good stead going forward.
White & Case has advised U.S. payments giant PayPal Holdings on its $2.7 billion agreement to acquire Japanese buy now, pay later (BNPL) firm Paidy, which was represented by Cooley and Mori Hamada & Matsumoto.
Latham & Watkins has advised U.S. investment bank Houlihan Lokey on its 65-billion-yen ($591 million) offer to buy Tokyo-based M&A advisory firm GCA Corp, which was counselled by Morrison & Foerster.
King & Wood Mallesons (KWM) has advised Australia’s Westpac Banking Corp on the A$900 million ($660 million) sale of its domestic life insurance unit to Japan's Dai-ichi Life Holdings.
Mori Hamada & Matsumoto and Davis Polk have advised Japanese beauty company Shiseido on the 160 billion yen ($1.5 billion) sale of its personal care business to private equity firm CVC, which was represented by Nagashima Ohno & Tsunematsu and White & Case.
Following a pandemic-induced lull, Japan Inc is resuming its focus on overseas acquisitions. Lawyers in Japan say that as vaccinations continue apace and borders reopen globally, the world’s largest investor will continue its outbound acquisition spree for the foreseeable future.
COVID-19 has wrought havoc on international business. While many Japanese companies have weathered the storm so far, some of their business partners overseas have not. As a result, many Japanese companies, as creditors, have found themselves drawn into the unfamiliar terrain of US bankruptcy law and bankruptcy courts. To provide some familiarity with US Chapter 11 proceedings, this article discusses the basics in a FAQ format.