A major development over the past year in Malaysia is the growth of the country as a centre for Islamic finance.
"Looking ahead, we see a growth in sophistication of Islamic financial products, particularly in the area of structured finance," says Cheong Kee Fong, name partner of Cheong Kee Fong & Co.
There have also been some substantial changes in capital markets laws and regulations in Malaysia, generally aimed at better investor protection and corporate governance. A new code on takeovers and mergers is expected to be issued in the next few months.
Recruiting and retaining lawyers with the required skills and aptitude remains a big challenge in the country.
Banking
Islamic finance plays a large part in the Malaysian banking industry, and law firms which are strong in Islamic finance score highly.
Law firms
Adnan Sundra & Low is often praised for its clear communications and the strength of lawyers such as Deepak Sadasivan.
Despite the loss of Lim Teong Sit, head of the firm's financial services practice, Shearn Delamore & Co is in Asialaw's tier one thanks to its unrivalled Islamic financing experience.
The banking group at Shook Lin & Bok was involved in two innovative transactions: Islamic lease bonds used to finance the construction of a coal-fired power station in China, and the issue of Islamic profit-sharing bonds used for the acquisition of vessels.
Zul Rafique & Partners has big names including Deutsche Bank, ABN AMRO and AmInvestment Bank on its client list.
Cheong Kee Fong & Co, in tier two, has only two partners and one legal assistant, but boasts clients including Allco Finance Group and Barclays Capital. The firm provides advice on funded and unfunded credit derivative transactions, the provision of convertible loans, and recovery of indebtedness under Islamic financing facilities.
Kadir Andri & Partners has advised major institutions including Khazanah Nasional and CapitaLand.
The banking and finance practice at Skrine has four partners including Asialaw Leading Lawyer Chen Kah Leng who also heads the firm's corporate division.
Zaid Ibrahim & Co is Malaysia's largest law firm. It was founded by Datuk Zaid Ibrahim who was recently appointed as a Minister in the Prime Minister's Department. Nik Norzul Thani has assumed the role of chairman and also heads the firm's Islamic finance practice.
Dispute resolution
Corporate misconduct and accountability are two areas in which lawyers in Malaysia expect to see major developments in the year ahead.
Law firms
Shearn Delamore & Co, taking a spot in tier one, has dispute resolution departments in both its Kuala Lumpur and Penang offices. There are 13 litigation partners at the firm, with Robert Lazar being one of the most renowned.
Also recognized for being strong in litigation and alternative dispute resolution (ADR) is Skrine. The team which has been creating the firm's success includes partners Anantham Kasinather, Vinayak Pradhan and Wong Chong Wah.
Zul Rafique & Partners handles arbitration and ADR involving commercial and non-commercial issues, and construction or engineering disputes. The firm recently acted for the government of Malaysia in an arbitration at the International Centre for Settlement of Investment Disputes.
Known for its capability in mastering facts and formulating strategies, Cheang & Ariff makes Asialaw's tier two. It acted pro bono in the Foo Fiona case, which broke new ground in the field of medical negligence. Notable litigation lawyers in the firm include Kelvin Seet.
Lee Hishammuddin Allen & Gledhill divides its dispute resolution practice into four areas: arbitration, banking litigation, corporate litigation and real property disputes. Senior partner Datuk DP Naban and partner Ben Chan Chong Choon are two key practitioners.
The litigation practice at Shook Lin & Bok is headed by senior partner Sarjit Singh Gill, SC, who also leads the firm's banking practice.
Tommy Thomas is a wholly litigation and dispute resolution practice which is modeled upon the barristers' chambers in England. It has acted for a wide range of clients including statutory authorities and shipyards. Partners include Tommy Thomas, Sitpah Selvaratnam and Alan Adrian Gomez.
Intellectual property
In 2007, Malaysia became the second Southeast Asian country to set up a specialized IP Court. Although it was intended to reduce a backlog in cases, there are reports of extensive delays in the new court, although it is not entirely clear who is to blame.
Law firms
Again appearing in tier one is Shearn Delamore & Co, whose senior partners are frequently consulted on proposed amendments to IP legislation. Karen Abraham is a renowned IP specialist. The firm provides training to customs officers with the long-term objective of enhancing the protection of clients' IP assets.
Skrine is one of Malaysia's oldest firms specializing in intellectual property. Partners Lee Tatt Boon and Charmayne Ong sit on the Federation of Malaysian Manufacturers, which the government consults on IP policy and legislation. One notable case saw the firm advising Shachihata in a landmark suit brought against the Registrar of Industrial Designs.
Tier two firm Shook Lin & Bok has experience in a variety of IP disputes. It also provides services in IP rights enforcement through quasi-criminal seizure actions and other legal proceedings.
The intellectual property and technology team at Raja, Darryl & Loh is headed by partners Tong Lai Ling and Chew Phye Keat, an Asialaw Leading Lawyer.
RamRais & Partners boasts Hariram Jayaram, Caroline Francis and WA Shahila as three of its best-known IP practitioners. The firm provides both advisory and litigation services.
Tay & Partners is staffed by around a dozen IP lawyers, including Asialaw Leading Lawyers Su Siew Ling and Linda Wang. Clients come from a range of industries, including luxury goods, automotive and entertainment.
A member of Baker & McKenzie International, Wong & Partners has a recognized IP practice, supported by such talents as Asialaw Leading Lawyer Chew Kherk Ying.
Wong Jin Nee & Teo is a Malayisan IP and technology boutique law firm. Its team includes Wong Jin Nee and Teo Bong Kwang, who are both Asialaw Leading Lawyers.
Mergers and acquisitions
Local lawyers anticipate a new code on takeovers and mergers to be introduced in the near future. The provisions relating to takeovers and mergers in the Capital Markets & Services Act 2007 are also expected to come into force soon.
Law firms
Kadir Andri & Partners earns a place in Asialaw's tier one. It represented Bumiputra-Commerce Holdings in its Rm6.7 billion (US$2.1 billion) acquisition of Southern Bank, which marked the first time in Malaysia's corporate history that shareholder approval was a condition for a voluntary general offer.
Shearn Delamore & Co's corporate and commercial practice group is headed by the highly respected Grace Yeoh. Recently, the firm represented ST Microelectronics in its flash memory joint venture with Intel and Francisco Partners.
Skrine acts for both Malaysian and foreign corporations in takeovers, M&A and listing exercises. Partners who specialize in this area include Janet Looi Lai Heng and Cheng Kee Check.
Zaid Ibrahim & Co is regularly consulted on M&A deals. The firm has been playing a role in the merger of Sime Darby, Kumpulan Guthrie and Golden Hope to establish the world's largest listed operator of palm oil plantations.
A strong corporate and securities player in the Malaysian legal market, Cheong Kee Fong & Co has clients including Allco Finance Group, Barclays Capital and Euroclear Bank.
Raslan Loong enjoys an excellent reputation for corporate matters among Malaysian companies. In early 2007, the firm acted as counsel to Lion Forest Industries on its disposal of Sabah Forest Industries to Ballarpur Industries, an Indian manufacturer of printing and writing paper.
Shook Lin & Bok recently advised a foreign incorporated entity in its voluntary general offers for the shares and other securities of two Malaysian public companies listed on the Main Board of Bursa Malaysia Securities Berhad.
Wong & Partners has demonstrated its strengths in some very innovative M&A transactions, which are largely focused on the financial services sector. Partner Christopher Lee is particularly well-known for his work.
Zul Rafique & Partners has advised Mubadala Development Company in its indirect acquisition of land in Iskandar Malaysia from a wholly owned subsidiary of Iskandar Investment Berhad through special purpose vehicles.
Project finance
As Malaysia pursues a policy of reform and development, infrastructure and power needs are bound to increase. Islamic financing will again play a very significant role in raising project funds.
Law firms
Shearn Delamore & Co acted for Public Bank Berhad in its long term regional strategic alliance agreement with ING Asia/Pacific Limited.
Shook Lin & Bok had a role in the financing of a 125MW coal-fired power plant through Islamic lease bonds.
Chin Sook Kwan and Lilian Liew are among the partners who advise on project finance at Zaid Ibrahim & Co.
Zul Rafique & Partners advised Tanjong and its subsidiaries in the financing obtained for acquiring interests in Globeleq Ltd, including offshore financing.
Adnan Sundra & Low is recognized by rivals as leading the way in Islamic finance. It played a role in the world's first exchangeable Islamic bond issued by Khazanah Nasional, the government's investment holding arm.
Albar & Partners was involved in the Islamic project financing of US$454 million for the Third Container Terminal at the Re-Export Zone of the Jeddah Islamic Port in Saudi Arabia.
Kadir Andri & Partners also advised on Khazanah Nasional's issuance of US$750 million-worth of Islamic exchangeable bonds.
Premilla Ann David is one of the partners at Shahrizat Rashid & Lee advising on project management.
At Skrine, project finance is a speciality of partners Chen Kah Leng, Theresa Chong, Dato' Philip Chan Hon Keong and Goh Kuan Hock.
At Baker & McKenzie affiliate Wong & Partners, Christopher Lee works in the project finance area. n