Despite the highly competitive market that law firms are operating in, our research suggests that in-counsel continue to see value in building longer term partnerships with law firms. Sources highlight that, given the fast turnaround required by businesses, having this partnership in place means that the right legal advice is available when needed at short notice.
This point was highlighted by Kenji Tagaya, Head of Legal at JERA, during an interview for the Chambers Asia-Pacific launch. “When challenging situations happen, you have to make a decision — there is no luxury to start explaining then. So, in normal times, we make the effort to cultivate the relationship with selected external law firms.”
The legal market in APAC offers a greater range of options to clients than ever before. Clients are frequently segmenting work according to matter complexity and expertise required.
A wide range of international law firms continue to offer clients the benefits of extensive coverage in the region. This may be via offices in locations such as Greater China, Singapore, Australia, Japan and South Korea, or through close relationships with local law firms in the region. In the last decade, national law firms have also expanded their reach and become important regional players, including in South-East Asia where firms such as Rajah & Tann, Drew & Napier and Allen & Gledhill have established offices and tie-ups in multiple countries.
Finally, it is worth noting that, despite this wide range of considerations, ultimately the personal relationship still plays a key role in legal procurement. GCs and their business leadership still place importance on finding the right individual partner as much as trusting the wider institutional strength of a law firm.