Hong Kong > Employment
Employment
Johnson Stokes & Master was recently renamed JSM after its tie-up with Mayer Brown. The firm’s employment practice has expanded its client portfolio of investment banks and Hong Kong institutions, thanks to the fine reputation of Duncan Abate and his team. Clients admire the group’s efforts to familiarise themselves with business operations and its swift and relevant delivery of advice. Notable recent instructions include representing HSBC in seeking to enforce the contractual obligations of a former senior employee who was joining Citibank. The firm promoted Hong Tran as a second full-time employment partner in October 2007 and, with the additional presence of contentious employment consultant Anita Lam, now has a weightier echelon of senior lawyers than do its close rivals. Hence, it richly deserves its promotion to the top tier.
Simmons & Simmons is developing its profile beyond the financial institutions sphere, and has attracted several well-known blue-chip Hong Kong corporate clients. Clients admire the 'thorough’ and 'clear’ advice, although some would prefer a little more commercial context. Fiona Loughrey is broadly regarded as the leading employment lawyer in Hong Kong, while dispute resolution partners such as Gareth Hughes and Robert Lewington provide strategic input in litigious matters. Employee compensation specialist Wanda Tong left the firm to join a private equity fund.
Baker & McKenzie augmented its Hong Kong and Asia-wide practice with the promotion of Jennifer Van Dale to special counsel. The 'practical’ and responsive Van Dale is a popular figure among investment banks and other multinational clients. Hong Kong-based Andreas Lauffs is considered the pre-eminent name concerning PRC labour law matters. Partners Gary Seib, Paul Tan and senior associate Diana Purdy-Tsang provide additional firepower on the contentious side.
Clients acknowledge Deacons’ 'well-versed’ expertise in employment law and its peerless knowledge of the Hong Kong environment, with partners Keith Cole and Cynthia Chung at the forefront of the department’s advisory service. The group has particular expertise in relation to Mandatory Provident Fund and Occupational Retirement Schemes Ordinance (ORSO) schemes, maintaining a prestigious client portfolio that includes Jardines, MTRC and CLP Power. Joseph Kwan, Richard Hudson and Paul Kwan provide assistance on litigious employment matters.
Linklaters continues to make good progress in the employment sector, with the experienced Rowan McKenzie leading a team of five dedicated employment lawyers in Hong Kong. A thriving portfolio of investment banking clients is testament both to the firm’s solid presence in Hong Kong and its wider global resources, both of which were utilised on Royal Bank of Scotland’s pioneering takeover of ABN Amro. The team is recommended for its transactional support and its employee-incentives expertise.
Minter Ellison’s efforts to gain traction in Hong Kong have been rewarded by instructions from several investment banks, a number of insurance companies and accountancy firms. The small Hong Kong team is led by newly elected partner Pattie Walsh and now includes two PRC lawyers.
Newly elected corporate partner Pádraig Walsh heads Barlow Lyde & Gilbert’s employment department, which handles both contentious and advisory matters. Much of the group’s work centres on the employment contracts of senior executives, such as advising Techtronic Industries on employment terms for its new CEO.
Clifford Chance lacks a dedicated employment partner but makes effective use of its extensive resources to represent a variety of investment funds and investment banks. Tax specialist Kenneth Leung weighs in with expertise in shares schemes and executive remuneration, and partner Jim Jamison provides substantial contentious capabilities; the contentious team was further enhanced by the arrival of Brian Gilchrist from Johnson Stokes & Master (now JSM) in 2008.
Herbert Smith has heightened its efforts in the employment segment, with senior consultant and litigator Michael Withington having been handed the reins to expand this side of the business. The firm recently advised a bank in connection with the mass defection of approximately 40 former employees.
Laracy Gall focuses exclusively on contentious matters. It dramatically enhanced its already esteemed employment credentials recently through the recruitment of Jeff Lane from Wilkinson & Grist. 'We know he will look after the client,’ one prominent employment lawyer says of Lane. Name partner Nick Gall frequently serves as counsel to senior executives.
Paul, Hastings, Janofsky & Walker is one of few firms to invest considerable resources into both Hong Kong and mainland China. Michael Downey is the lead partner in Hong Kong. The team recently advised a Fortune-50 software developer and Fortune-100 telecoms operator on enforceability of non-compete agreements.
Jonathan Green at Richards Butler in association with Reed Smith LLP has emerged as a favoured lawyer among banks, who regard as invaluable his employment expertise in connection with compliance and regulation. Clients describe him as 'sensible’, 'available at short notice’ and able to 'strike a balance’ between employment issues and regulatory obstacles.
Tanner De Witt’s employment practice represents numerous senior executives, banks, brokerages and Hong Kong corporations. The firm has acted on several of the biggest restrictive covenant cases to occur in Hong Kong, with leading litigator Mark Side having a strong record in the sector. The firm recently defended a senior investment banker against a former employer seeking to enforce a non-compete clause. The firm promoted Kim Boreham to partner in June 2008 to replace Russell Bennett, who departed to an in-house position in 2007.
Further recommendations go to Blank Rome LLP’s litigation partner Andrew Hart; the practice at Haldanes; Rupert Skrine and Richard Bates at Kennedys; and Tim Fletcher and Allan Leung at Lovells.
Press releases
Legal Developments in Hong Kong
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BRITISH VIRGIN ISLANDS CORPORATE ARRANGEMENT SCHEMES
With a global economic downturn in full swing, companies around the world are looking for ways to safeguard their future existence. The strategies employed to do so are numerous and varied but a number of companies have employed the use of corporate arrangement schemes entered into with their creditors, investors and other stakeholders as a way to refocus and preserve their business. -
A Primer to Buying Securities Firms, Asset Managers, Insurers and Banks
The meltdown in global financial markets has triggered a consolidation of the financial services industry as securities firms, asset managers, insurers and banks alike spin-off assets and restructure their operations to shore up capital. These transactions are often global in nature, involving substantial Hong Kong operations. In this article, we review the basic Hong Kong legal and regulatory framework for these transactions and present some lessons learned. -
The PCCW Privatization: A Guide to the Applicable Law for Schemes of Arrangement
Allegations of share splitting in the proposed privatization of PCCW have raised an important question as to how the statutory majority to approve a scheme of arrangement should be determined. This question is significant both in the short-term for investors trading PCCW and in the long-term in the context of future schemes of arrangement. In this article, we examine the applicable laws and regulations with a view to providing hedge funds and other investors with guidance. -
New Proposals to Regulate Mis-Selling of Investment Funds & Structured Products in Hong Kong
The recent global financial crisis has resulted in an upswing in regulatory action throughout world markets. In Hong Kong, the Securities and Futures Commission (“SFC”) has proposed a slew of new requirements, some of which have already been implemented retroactively and without industry consultation. In this article we examine these ongoing developments in SFC policy and their effectiveness in reaching a fair balance between investor protection and costs to the investor and the financial industry. -
Cross-border transactions and the advantages of using a BVI joint venture vehicle
As cross-border transactions and international business partnerships become part of everyday life, parties are increasingly looking towards offshore jurisdictions for a neutral vehicle which can be tailored to all of the parties’ needs. This article will take a look at why companies incorporated in the British Virgin Islands (BVI) are suited for such transactions and, given the current economic climate, will also highlight some of the remedies available to a shareholder when a joint venture relationship takes a turn for the worse. -
The lender’s Holy Grail
Indira Birkwood of Harneys outlines the advantages of using a BVI company for financing transactions -
THE USES OF VISTA TRUSTS
The Virgin Islands Special Trusts Act, 2003 (" VISTA ") is now a little under 5 years old, having come into force in March 2004, and it is perhaps an interesting point to consider how the Act has been used and applied by the trust industry in the British Virgin Islands (" BVI "). -
Distressed Debt in Hong Kong: An Insolvency Primer for Private Equity
Recent shocks to the financial markets as well as deteriorating economic conditions have brought insolvency issues sharply back into focus. For some hedge funds and private equity funds, insolvency has come unwelcome in the form of the deteriorating financial condition of a portfolio company to whom loans have been made or whose debt the funds have acquired. In this article, we review basic Hong Kong insolvency law concepts and outline debt recovery options. -
Managing the Risk of Prime Broker Default: A Guide for Hedge Funds
The collapse of Bear Sterns, Lehman Brothers and Merrill Lynch globally and the collapse of Opes within the Asia Pacific Region have brought to the forefront the risk of prime broker default. In the aftermath of these collapses, what steps can hedge funds take to manage the risk of this important counterparty relationship? -
Launching Innovative Retail Investment Funds in Hong Kong without SFC Authorization
It is commonly believed that an asset manager who wishes to offer an investment fund to the investing public in Hong Kong must seek authorization from the SFC. In this article, we challenge this belief and explore a possible new approach that may avoid SFC authorization altogether and open up new possibilities for asset managers to offer innovative investment funds that fall outside categories recognized by the SFC.
Press releases
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Agrofert Successful in Law Suit against PKN Orlen
PRAGUE (30 June 2009) – The Arbitration court in Prague has decided in favour of company Agrofert Holding (“Agrofert”) in its claim against Polish company Polski Koncern Naftowy Orlen (“PKN Orlen”). The Polish company has to pay, on the basis of decision of the arbiters, a contractual penalty which exceeds EUR 77.2 million (over 2 billion CZK) with accessories. -
UBS CHF 3.8bn share placement
On June 25, 2009, UBS AG (SIX: UBSN) announced that it is offering 293,258,050 newly issued shares from authorized capital to a small number of institutional investors at a price of CHF 13.00 per share. After deducting cast associated with the placement, the amount of new equity capital expected to be raised is approximately CHF 3.8 billion. -
DWS reprises advisory role for MENA Infrastructure fund's investment in Oman's power sector
Denton Wilde Sapte continues to act as legal advisor for MENA Infrastructure Fund, picking up an instruction to advise on its second investment, in which it has taken 32.8% of the shareholding in Oman's United Power Company SAOG (UPC). -
Three partner admissions at Carey Olsen in Jersey
Carey Olsen is strengthening its corporate, finance and fiduciary teams in Jersey by admitting three partners to these key practice areas. -
Penningtons celebrates SRA and Farriers Registration Council tender wins
Penningtons Solicitors LLP's professional regulation group is celebrating two key appointments with the news that it has been successful in tenders to advise both the Solicitors Regulation Authority (SRA) and The Farriers Registration Council. -
Penningtons advises on Trans-Siberian Express luxury travel deal
Penningtons Solicitors LLP has advised international tour operator Australian Pacific Touring (UK) Limited on its purchase of a majority share in GW Travel Limited, the market-leader in long-distance luxury rail tours. GW Travel's flagship holidays are trips on the world-famous Trans-Siberian Express. -
Penningtons trainee encourages young Londoners to choose a career in law
Catherine McCann, a trainee solicitor at Penningtons Solicitors LLP's City office, has been invited to contribute to a new guide published by the London Chamber of Commerce & Industry to help young people consider the many types of jobs available in the capital. -
BAKER & MCKENZIE ADVISES FIBERWEB ON JOINT VENTURE WITH PETROPAR
London/Chicago/Sao Paolo, 26 June 2009 - Baker & McKenzie has advised Fiberweb plc on its proposed joint venture with Petropar S.A. The 50/50 joint venture, which will be named FitesaFiberweb, is intended to create the second largest producer of spunbond and non woven fabrics in North and South America. Completion of the transaction is subject to the approval of both Fiberweb and Petropar shareholders. -
Salans awarded Best European Law Firm
Salans has been awarded a Special Distinction in the Best European Law Firm award category at the 2009 International Legal Alliance Summit & Awards (“ILASA”). -
unit specialising in transaction and financing consultancy
HERMANN Rechtsanwälte Wirtschaftsprüfer Steuerberater and the Munich-based team at Grub Brugger join forces: Joint establishment of a unit specialising in transaction and financing consultancy