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" Nakamura & Partners was established as a patent and law firm in 1917 by patent attorney Mr Morio Nakamatsu, who served as the ninth commissioner of the Japanese Patent Office from 1907-13. The eldest son of Mr Morio Nakamatsu, Mr Kannosuke Nakamatsu, acceded to his father’s position in the firm..." read more
" Established in 1994 with five lawyers, Atsumi & Partners now numbers 84 lawyers and nearly 50 support staff, paralegals and translators, ranking the firm among the top ten largest independent Japanese law firms. The firm’s phenomenal growth has led to the development of a comprehensive range of..." read more

Overview

Though the Japanese economy proved more robust in the latter stages of 2008 than some of those in the West, the country’s legal market has not remained entirely unaffected by the global credit crisis. Firms saw renewed activity for insolvency practices that were just beginning to see the tail off of work from the restructuring boom of the ‘lost decade’, while structured finance practices saw a decline in instructions.

Most notably, offshore M&A activity was a huge driver for transactional practices heading into 2009. Japanese corporates and funds set about acquiring foreign assets and companies, particularly those based in the US. Mitsubishi UFJ Financial Group’s acquisition of a 20% stake in Morgan Stanley is a deal emblematic of the ambitions of cash-rich Japanese companies to take advantage of the circumstances in order to expand. Meanwhile, interest in emerging markets has also soared, fuelling the need for innovative financing techniques to fund companies’ forays into the energy and technology spaces of these jurisdictions.

Domestic M&A has also flourished, but it is the roles on big-ticket cross-border deals that have been the most sought after by both local and foreign counsel. As such, a glance at the recent achievements of the largest law firms in Japan reveals a shift in balance toward these outbound transactions across the board.

The local market remains dominated by the Big Four firms: Anderson Mori & Tomotsune, Mori Hamada & Matsumoto, Nagashima Ohno & Tsunematsu and Nishimura & Asahi. Such is the dominance of these four firms that there is a very tangible feeling in the market that, in order to compete on a level footing, the future for smaller firms is to set up a merger or alliance with offshore firms or seek a merger with a larger local outfit. That said, after a flurry of such mergers and alliances in recent years, 2008/09 saw very few.

Despite the confluence of the Japanese legal market, there are still sufficient differences to justify the existence of two separate tables within our editorial, reflecting the reality that, for the most part, purely domestic work is handled by the independent firms, while the international elements of cross-border transactions are taken care of by the foreign firms. These lines continue to blur, however, and the extent to which foreign companies feel able to give domestic law firms roles that were once exclusively the remit of foreign firms continues to have an impact on the legal landscape of the Tokyo market.

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  • Mandatory Transfer pricing documentation requirements introduce into French tax law

     
    - Melot & Buchet Avocats
  • CORPORATE DEPARTMENT NEWSLETTER

    JANUARY 2010 Newsletter
    - George Y Yiangou & Co
  • DIRECTOR’S RESPONSIBILITIES IN A LIMITED LIABILITY COMPANY

    In a Limited Liability Company (”Company”), the Director is one of the Company’s organs who oversees the activities of the Company. In overseeing the activities of the company, the Director has the right and authority to act for and on behalf of the Company.
    - Frans Winarta & Partners
  • Federal Law "On the Principles of State Regulation of Trading Activity in the Russian Federation"

    On 1 February 2010, the Federal Law "On the Principles of State Regulation of Trading Activity in the Russian Federation" (the "Law") comes into force, which will substantially change the rules applicable to trade activities.
    - Baker & McKenzie
  • New Rules for Issuing Domestic Secured Bonds In Russia

    Starting January 2010, amendments to Federal Law No. 39-FZ “On the Securities Market” dated 22 April 1996 entered into force, affecting the issue of domestic bonds by Russian issuers. The new rules will apply to all domestic bond issues to be placed in the market after 31 December 2009.
    - Baker & McKenzie
  • Funds find a New Home in Gibraltar

    Despite numerous proposed changes, Gibraltar is well placed to capitalise on to the proposed European Directive controlling Fund Managers, argues Joey Garcia
    - ISOLAS
  • 2010 quota for foreign workers distributed. List of quota-exempt professions for 2010 approved.

    In accordance with the order distributing the 2010 quota of work permits, a fixed number of work permits can be issued in each Russian region to work in different professions. Thus, for example, for Moscow the general quota for all professions is established at 250,000 work permits (which is considerably less than in 2009), and for St. Petersburg – 210,066 work permits.
    - Baker & McKenzie
  • Plant variety rights in the distribution chain

    Under the system of plant breeders rights, also known as plant variety rights, the breeder of a new variety can obtain an exclusive right to perform certain acts with respect to material [1] of his protected variety. This exclusive right comes in the form of a certificate which is granted by a body mandated to do so,[2] provided that the variety meets the grant criteria laid down in the law. Upon grant of the certificate, and sometimes ever even before, only the breeder of the protected variety[3] is entitled to (re)produce material from the variety, condition it for the purpose of propagation, offer it for sale, sell it or otherwise put it to market, export it, import it, or stock it for any of these purposes. Subject to a number of exceptions and unless authorization from the breeder is obtained, these acts are thus reserved for the breeder of the protected variety. They are referred to as the ‘reserved acts’.
    - ALTIUS (in cooperation with Tiberghien)
  • Changes to the child visitor immigration rules from 1 January 2010

    From 1 January 2010, students from countries outside the European Economic Area will be able to apply to enter the UK for up to six months on an exchange or educational visit to a state-maintained school, a non-maintained special school, an independent fee-paying school or an independent non fee-paying school. They will not require entry clearance, unless they are nationals of countries who require a visa to enter the UK.
    - Penningtons Solicitors LLP
  • Introduction of biometric processing for tier 2 in-country applications  - a reminder

    Regulations extending identity cards for foreign nationals (ICFN) to skilled workers came into force on 6 January 2010. All tier 2 applications made inside the UK now involve the enrolment of the applicant's biometric information (fingerprints and photograph).
    - Penningtons Solicitors LLP

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
  • Three new partners and shareholders in Andreas Neocleous & Co LLC

    We are pleased to announce the election of three new partners and shareholders in Andreas Neocleous & Co LLC with effect from 1 January 2010
    Andreas Neocleous & Co
  • Salans Advises Renaissance-Amstar JV on €60m financing of green shopping complex in Russia

    International law firm Salans has advised SibStroyInvest, a joint venture between Renaissance, one of the leading shopping mall development companies, and Amstar Global Partners, a private equity real estate fund active in emerging markets including Russia, on a €60m debt financing consisting of a €40m senior loan from the European Bank of Reconstruction and Development and UniCredit Bank Austria as 50% participant and €20m subordinate loan from the EBRD for the new Aura Shopping Centre in the city centre of Novosibirsk, Russia.
    Salans
  • Ogier to offer Guernsey and Jersey legal and fiduciary services in Asia

    Ogier, one of the leading offshore legal and fiduciary firms, has announced plans to offer Guernsey and Jersey services in Asia. In May, Guernsey and Jersey lawyers will be relocating to the firm’s Hong Kong office, where the firm has an established BVI and Cayman legal practice. This latest move comes in response to increased client demand for Channel Islands legal and fiduciary services in the Asian time zone. This is yet another first for Ogier as it will be the first time that Guernsey and Jersey lawyers will operate in this region.
    Ogier
  • Hassans ‘treble’ called to the Gibraltar Bar

    Hassans is delighted to announce that three associates (pictured from left to right, Lizanne Noguera, Grahame Jackson and Joelle Hernandez) were called to the Gibraltar Bar/ Admitted to the Role of Solicitors last week.
    Hassans
  • Mourant and Ozannes to merge creating offshore law firm leader

    Mourant du Feu & Jeune and Ozannes, two of the leading law firms in the Channel Islands, have announced their intention to merge.
    Mourant du Feu & Jeune
  • Hengeler Mueller advises AudioNova on proposed acquisition of GEERS Group

    AudioNova International - the hearing aid retail subsidiary of the Dutch investment company HAL Investments - and shareholders of GEERS Hörakustik have reached an agreement in principle on the acquisition by AudioNova of a 75% stake in GEERS, the Dortmund-based hearing aid retailer.
    Hengeler Mueller
  • Sarrau Thomas Couderc a conseillé Air Liquide dans le cadre de l’acquisition de DinnoSanté

    Paris, le 3 février 2010. Le cabinet Sarrau Thomas Couderc a conseillé Air Liquide, 1er acteur européen des soins à domicile, dans le cadre de l’acquisition de la société DinnoSanté entreprise spécialisée dans les prestations médico-techniques pour le diabète.
    Sarrau Thomas Couderc
  • Nestor Nestor Diculescu Kingston Petersen Assists Ford in a New Complex Transaction

    Bucharest, January 21st - Nestor Nestor Diculescu Kingston Petersen (NNDKP) provided assistance to Ford with respect to the negotiation and conclusion of the guarantee agreement and of the movable and immovable security agreements for the purpose of securing a EUR 320 million guarantee from the Romanian state.
    Nestor Nestor Diculescu Kingston Petersen
  • A first on the Romanian insolvency market

    Nestor Nestor Diculescu Kingston Petersen lays the foundation for a permanent collaboration with Casa de Insolventa Transilvania
    Nestor Nestor Diculescu Kingston Petersen
  • New Partners at AFR Advocates

    AFR Advocates has appointed two new partners, Advocates Sara Mallett and Simon Geall
    AFR Advocates