YEAR IN REVIEW: ASIA 2009
THE RISE OF ASIA
Winston Churchill once said, “The longer you can look back, the farther you can look forward.” According to last month’s issue of The Economist, the new economic order is in fact a resurgence of a very old one. For 18 of the last 20 centuries Asia has accounted for over half of the world’s economic output. Whether or not you’re interested in Asia’s capital spending, consumption, or PPP (GDP measured at purchase-power parity), the importance of the Asian financial and legal markets in 2009 and beyond is undeniable. The “Rise of Asia” is not a myth, and we have seen Asia rebound from the global recession faster than the Western world, due in part to the strength of their banking systems and debt dynamics. In 2009, China became the world’s largest exporter and continued economic growth in several countries in the region, namely Australia and India, contributed to Asia’s attraction and the anticipation of further growth in 2010. The region has become increasingly important to bankers, lawyers, senior executives, and businessmen. As a result, the landscape of private practice in Asia has been forever altered. We have outlined below some of the major trends of 2009 related to Hiring, Investment Strategies/Deal Flow, Diversification, Localization and Office Openings. For information on last year‘s unprecedented partner movement, please visit our website‘s Partner Watch page.
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RECENT NEWSWORTHY ASIA DEALS
Deal flow is still active throughout Asia, particularly China, the most resilient emerging market in the current global economic downturn. Included below are some of the most newsworthy capital markets, M&A, energy, private equity and finance deals of 2009 and 2010, with Asia´s IPO volume and search for oil and other raw materials leading the region´s recovery.
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TRAILING SPOUSES AND OTHER DEPENDANTS
If you want to know how an international assignment is really going, ask your spouse. It is well known that the success or failure of a stint abroad can depend largely on the contentment of trailing family members. Below you will find some personal insights gathered from our candidates throughout Asia regarding the practicalities of a move abroad and what helps dependents make the adjustment to a new life. While no single solution will work for everyone, the following suggestions have worked very well for our candidates overseas.
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PARTNER WATCH
An economic downturn doesn´t necessarily mean that partners stay put or firms are discouraged to bring on lateral partners. For a partner level attorney, there are many opportunities for lateral movement. According to The American Lawyer´s 2010 Lateral Report, 2,774 partners made lateral moves in the year ending September 30, 2009, a 10.6% increase from last year.

This holds true in the Asia and Middle East markets as well as evidenced by Norton Rose's recent survey showing a significant perceived shift in economic power from the west to the east. This year, Norton Rose moved even more partners to their Hong Kong office and Clifford Chance saw more work in all of its offices in Asia. We have all seen the increasing number of positions for partner level candidates over the year throughout the region. While a few partner opportunities surfaced due to layoffs and office closing, the majority of these opportunities stem from the continued interest of western law firms in these emerging markets as US and UK law firms try to diversify and hedge their risks in a down US economy.
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JUST HOW MUCH WILL OUR FREEDOM OF SPEECH COST GOOGLE?
Everyone has now heard that Google executives decided to push Chinese search engines users to its uncensored Hong Kong website. But, did Google violate a written agreement? How much is freedom of speech worth to Google´s founders Sergey Brin and Larry Page, and its chief executive, Eric Schmidt who are said to be at odds over the issue of censorship.
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ASIA OFFICE OPENINGS
Over 45 law offices opened in 2009 and already 10 international law firms have opened up shop in 2010. The following is a list of the major openings in Asia, Middle East and Australia.
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PARTNER MOVES & PROMOTIONS
Paul Hastings has appointed Toshiyuki Arai as chair of its Tokyo branch. Arai has been with the firm for almost 20 years and specializes in the cross-border investment and M&A. With his new position, Arai will oversee the strategic development of the firm´s considerable but expanding Tokyo base.
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TESTIMONIALS
"I had a very pleasant experience working with Cypress Recruiting. Cypress was resourceful and reliable from the first phone call and throughout the entire process. They were always there when I needed something, and provided valuable guidance in this increasingly competitive market. I would highly recommend Cypress Recruiting to someone considering a position with leading law firms in Asia." Haitao Sun Corporate Associate, Clifford Chance, Hong Kong

"Cypress Recruiting is a superb recruiting team. Frankly, they are our #1 recruiter - and we will look at candidates Cypress sources more positively than others because, frankly, they have some ability to get the good ones."Ken Siegel, Managing Partner, Morrison & Foerster LLP, Tokyo
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ATTORNEY PLACEMENTS
Andy Chen (Northwestern University School of Law) - Hong Kong --
Ropes & Gray LLP - Corporate Associate

Greg Krafka (Harvard '06) - Beijing --
Skadden, Arps, Slate, Meagher & Flom LLP - Corporate Associate

Akira Inoue (Chuo University Ph.D., University of Virginia LL.M., Chou University B.A.) - Tokyo
Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office - Senior Litigation Bengoshi Assoc.

FREQUENTLY ASKED QUESTIONS
How do I know that my correspondence with Cypress Recruiting Group will be kept confidential?

Cypress Recruiting Group understands the importance of confidentiality in the hiring process, especially those unique to small legal markets, which require a delicate touch. As such, adheres to a strict confidentiality policy with both the firms and individuals with whom we work. It is our corporate pledge to deliver exceptional service coupled with professional discretion. Cypress Recruiting Group acknowledges that working with only exceptional candidates requires the utmost discretion, respect and professionalism.
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WHAT DISTINGUISHES CYPRESS RECRUITING GROUP FROM OTHER RECRUITING FIRMS?

Contacts: As the only recruiting company devoted to attorney placement in Asia, Cypress Recruiting Group has the most contacts of any recruiter in the region by far.

Specialization and Legal Knowledge: Cypress Recruiting Group does the research for you. We understand completely that it is our job to gather and present you with timely and relevant information to aid you in making the best possible decisions.

Dedication to Superb Candidates: We listen. We care about your career goals, your preferred work environment, and your personal growth. We always seek to build long lasting relationships with both our candidates and law firm clients to allow us to continue making informed and mutually beneficial placements.
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