5 ASIAN LEGAL BUSINESS – OCTOBER 2023 WWW.LEGALBUSINESSONLINE.COM BRI EFS not only inherit the risks associated with operating as a professional services firm, but also must bear an additional risk load, which is inherent to providing legal services that are universally taken to be high on the scale of confidentiality, privacy, and sensitivity. Keeping this in mind, the importance of having an internal, integrated, risk management, compliance and internal audit framework at law firms is underscored. The presence of such an internal, integrated framework empowers law firms to control not only their own exposure to financial impact, regulatory scrutiny, and reputational loss, but also control, very importantly, for any adverse impact on the client. The top risks that stand out for law firms today are related to the fairly recent and ongoing adoption of artificial intelligence into the daily fabric of legal work; the protection of client data from an information security and privacy perspective; the ongoing compliance to an ever-evolving and complex regulatory regime (such as for the requirements for prohibition of insider trading, and crossborder requirements for service provisioning); and, the ongoing management of client and vendorrelated risks (such as for anti-money laundering / anti-terrorist funding considerations, and supplierspecific ethics and related service consumption considerations). DEALS $1.5 BLN Vietur Consortium’s winning bid to build a terminal at Long Thanh Airport Deal Type: Projects Firm: Herbert Smith Freehills Jurisdictions: Turkey, Vietnam $1.27 BLN ZG Group’s listing on the Hong Kong Stock Exchange (HKSE) through SPAC merger with Aquila Deal Type: M&A Firms: Allen & Overy; Freshfields Bruckhaus Deringer; JunHe; Kirkland & Ellis; Shihui Partners Jurisdictions: China, Hong Kong $1 BLN Cainiao Smart Logistics Network’s planned listing on HKSE Deal Type: IPO Firms: Fangda Partners; Freshfields Bruckhaus Deringer; Jingtian & Gongcheng; Simpson Thacher & Bartlett Jurisdictions: China, Hong Kong $841 MLN Cheche Group’s SPAC merger with Prime Impact Acquisition I Deal Type: M&A Firms: Goodwin Procter; Han Kun Law Offices; Jingtian & Gongcheng; Wilson Sonsini Goodrich & Rosati; Zhong Lun Law Firm Jurisdictions: China, U.S. $750 MLN Kokusai Electric’s proposed IPO on the Tokyo Stock Exchange Deal Type: IPO Firms: Anderson Mori & Tomotsune; Davis Polk & Wardwell; Nishimura & Asahi; Simpson Thacher & Bartlett Jurisdiction: Japan $680 MLN Glenmark Pharmaceuticals’ sale of Glenmark Life Sciences to Nirma Deal Type: M&A Firms: Khaitan & Co; S&R Associates; Trilegal Jurisdiction: India $541 MLN Creation of Vertex Holdings’ fifth fund targeting SE Asia, India Deal Type: Funds Firm: Baker McKenzie Jurisdictions: Singapore, India $250 MLN KKR’s investment in Reliance Retail Ventures Deal Type: M&A Firms: Cyril Amarchand Mangaldas; Davis Polk & Wardwell; Shardul Amarchand Mangaldas; Simpson, Thacher and Bartlett Jurisdiction: India
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