Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Shook Lin & Bok is a “consistent achiever of the highest degree”, says a partner at a rival firm. It maintains its hold on a top tier position in the rankings, with another competitor saying: “The firm balances a good mix of banking work with both international and domestic interests.” A highlight last year was the firm’s work on an Islamic term financing facility granted by a retirement fund corporation that is a holding company of a leading property developer in the country. Leading partner Jal Othman was part of the team on this RM300 million (US$100 million) deal, which was completed in June 2010. A client says: “We found the people we worked with to be meticulous and thorough in covering all legal issues and being responsive in their service.”

“Shook Lin & Bok has continued to remain pivotal in the market. We see it often on the other side of the table,” says a competitor. The firm advised clients Hong Leong Financial Group, Hong Leong Assurance and HLA Holdings on a multiple stage transaction in the past year. The first segment was a merger of the non-life insurance businesses of client Hong Leong Assurance and MSIG Insurance (Malaysia). The second part involved HLA Holdings’ disposal of its equity interest in HLA to Mitsui Sumitomo Insurance for RM940 million (US$315 million). The transaction completed in October 2010 with a total value of over RM1.5 billion. A client says: “The lawyers there are efficient and effective legal professionals.”

“Shook Lin & Bok’s legal advice is of a high quality in terms of accuracy, comprehensiveness and relevance,” says a client. The firm’s dispute resolution prowess boosts its capabilities in the areas of construction and real estate. One partner at a rival firm says: “The firm has great exposure in this market.” Senior partner Patricia David Saini and her team are recommended by clients, with one saying: “We find Patricia David and her team to be meticulous. It is comprehensive in covering all legal issues and prompt in its service.” The firm has been involved on several transactions in the past year, one of which involved the purchase of a boutique building within the MSC Malaysia Cybercentre by a client of the firm. This matter was valued at over RM 92 million (US$31 million) and completed in December 2010.

“Historically, Shook Lin & Bok is among the best firms in the country for dispute resolution,” says a partner at a rival firm. It remains in the top tier of the rankings this year, with its continued emphasis on and excellence in this area of practice. One client says: “The firm is an exquisite combination of technically superb lawyers with keen commercial minds. It’s our preferred firm in the country.” Partner Cyrus Das is recognised by the legal market as one of the top legal minds in Malaysia, with a competitor recommending him for his “peerless ability in the courtroom”.

“Shook Lin & Bok is a preeminent name in the IP industry in Malaysia,” says one competitor. Head of practice Michael Soo is highly respected in the market, with a client noting: “He is one of the top litigators, and its sets our mind at ease once he’s on the job.” The strength of the firm’s overall dispute resolution practice augments its proficient IP team. The firm provides advice to multinational clients such as Chivas Regal, which is owned by Pernod Ricard Europe, BMW, and Colgate-Palmolive. “The lawyers provide a well versed practice and always ensure a reliable service,” says one satisfied client.

“Shook Lin & Bok is among the best in the country at labour and employment law,” says one competitor. The firm maintains a strong dispute resolution presence in Malaysia, which reinforces the overall quality of its labour and employment practice. One peer says: “With the rich history it has in this area, I wouldn’t expect the firm to be any lower than the top tier.” Partner Steven Thiruneelakandan is highly regarded by both clients and peers, with one peer noting: “He’s a superb professional.”

This year Shook Lin & Bok advised financiers and borrowers on a wide range of credit products. These included secured and unsecured bilateral and syndicated loans, short, medium and long term credit facilities, leveraged and acquisition finance, asset finance, project finance, property finance, structured finance, trade finance and refinancings.

Notable deals include the establishment of a US$800 million syndicated term loan facility granted to Lanco Infratech to finance its acquisition of Griffin Coal Mining and Carpenter Mine Management. This was the largest investment by an Indian enterprise in Australia to date.

Partners Tan Woon Hum and Markus Blenntoft also advised HSBC Institutional Trust Services, the trustee of Sabana Sharia Compliant Industrial Reit in its IPO. This is Singapore’s first sharia compliant Reit and raised S$491 million (US$378 million). It is a particularly innovative transaction, as Hum and Blenntoft had to work around shariah structures to create what is reportedly the largest shariah compliant Reit in the world.

Shook Lin & Bok’s standing in the M&A sector has gone from strength to strength, prompting a promotion this year from tier three to tier two.

This year, the firm demonstrated its growing prowess in the REIT space through a number of significant mandates.

One highlight saw corporate partner Nicholas Chong assisting HSBC Institutional Trust Services’ acquisitions of Starhill Gallery and Lot 10 Property from Mayban Trustees Berhad as trustee of Starhill REIT, which is one of the largest acquisitions by an S-REIT of real estate assets in Malaysia.

Chong also advised HSBC Institutional Trust Services on it’s A$114.5 million acquisition of David Jones Building from Centro through a special purpose unit trust known as ‘SG REIT (WA) Trust’ constituted in Victoria, Australia, as well as in the formation of SG REIT (WA) Trust. The deal was the first acquisition by an S‐REIT of real estate assets in Australia using the managed investment scheme structure.

Other names to note in this area include practice head David Chong, and partners Gwendolyn Gn and Bethia Su.

Led by two senior counsel and comprising nine partners, Shook Lin & Bok’s litigation and dispute resolution practice has established a strong base for itself in banking and finance disputes, contractual and commercial disputes, company and shareholder disputes, local and cross border insolvency restructuring and infrastructure, construction and engineering disputes.

The firm also has a strong international arbitration practice across a number of industry sectors ranging from sports to fraud, asset tracing and trusts.

Over the past 12 months, the team has been actively involved in several high profile matters. These include a dispute over a sale and purchase agreement for shares in Golden Oriental, an appeal against a High Court decision in relation to Singapore’s first civil lawsuit for market manipulation, and the US$500 million liquidation of Petroprod. Sarjit Singh Gill and David Chan are key contacts.

Shook Lin & Bok’s IP team is actively involved in advising on trade marks, copyright, designs, patents and the law of confidentiality and trade secrets. It also advises on strategic and worldwide protection of IP and assists on cross border transactional work.

This year, partner Connie Loo advised on the joint venture between Temasek Life Sciences Ventures and Emergent Biosolutions. Loo also assisted ST Electronics on the review of an end user licence agreement and privacy policy for the 2010 Odyssey website in conjunction with the first Youth Olympic Games in Singapore. Partner David Chong is also an active contributor in the group.