Expert Interview: Japan's Legal Industry: Talent Acquisition, Market Opps & Trends (Damion Way)
Guest: Damion Way, Chief Operating Officer, Experis Legal Futures
Host: James Santagata, Publisher, FirstPoint Japan and Executive Director, The High-Impact Coaching Alliance.
Host: James Santagata, Publisher, FirstPoint Japan and Executive Director, The High-Impact Coaching Alliance.
Running Time: 32 minutes, 42 seconds
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High Quality Version (192 kbps @ 44 khz, stereo)
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Mobile Device Version (128 kbps @ 44 khz, mono)
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For this segment we spoke with Damion Way, Chief Operating Officer, Experis Legal Futures.
Topics Covered Include:
- Damion' background, how and why he made the move from being a qualified solicitor (admitted in England & Wales and Hong Kong and commencing his articles in London with leading international law firm Allen & Overy) to establishing Legal Futures in 1999 and together with his partners built into one of the region's leading legal and compliance recruitment agencies before selling it to Manpower Group in 2013.
- Legal Futures began as an executive search firm, specifically as business by lawyers for lawyers to leverage the domain expertise and industrial knowledge that Damion had gain while working as a lawyer.
- The dynamics and environment of the legal market and demand for legal services in Japan contrasted against that found in the UK, Continental Europe and North American.
- The effects and impact of both the dot com bubble and financial restructuring post-GF on the Japanese industry.
- According to the Amerian Bar Association (ABA), there are approximately 1.2 million active lawyers in he US while in Japan, the Japanese Bar Association states there are only 30,000 active attorneys which seems very small given the size of the Japan economy. What are the differences and reasons why?
- It's been said that in New York you can always find a lawyer but never a taxi while in Japan the reverse it true.
You can always find a taxi but never a lawyer.
- Japanese bar is very hard to pass with a high failure rate.
- There are few large Japanese law firms, so newly admitted Japanese attorneys may still have trouble getting a position at a large law firm that offers a good thorough training program.
- The education system is producing more attorneys but the law firms themselves don't have the infrastructure in place to absorb and train them all.
- This wasn't wasn't really thought through even though the intention were good, leaving Japan as still perhaps an under- lawyered market.
- Foreign lawyers are "gaiben" (foreign registered attorneys) and are mostly employed at foreign companies and foreign law firms.
- What percentage of these Japanese lawyers are bilingual, such as Japanese and English language pairs?
- There are several different markets for these attorneys with most primarily serving foreign law firms in Japan and Hong Kong.
- Most of the foreign laws firms in Japan are focused on big ticket transactions, such as IPOs, large M&A, large infrastructure financing and generally large margin-based transactions.
- Some growth areas include:
As Japanese domestic firms expand again overseas outbound M&A whereby a Japanese firms, buys, acquire or merges with an overseas firm is increasing. This coincides with Japanese firms desire to move their revenue base overseas.
- Litigation and Litigators vs ADR
Rule of thumb: It takes 13 years to resolve litigation in Japan (an exaggeration but you get the point)
Black Letter law vs Applied law and creative problem solving
Japanese law is often very structured form of civil law contrasted to common law
- Some types of lawyers and legal staff found in Japan
- Inhouse Counsel / General Counsel
Previously we often say foreigners holding the position of Inhouse Counsel or General Counsel in Japan. This was often made possible as the had Japanese staff or a domestic Japanese law firm working for them. However, as the number of total Japanese lawyers and, in particular, bilingual lawyers has increased it much harder for non-J-E speaking foreign attorney to land one of these positions.
- Once a lawyer has transitioned from a law firm to inhouse work it is extremely difficult to move back to a law firm
- The method and path for foreign law firm market entry
- Many foreign law firms in Japan, immediately restructured and downsized following the Lehman shock / financial crisis
- Where are the opportunities, trends, under-served segments or holes in the market?
Conversely, capital markets and securities are not doing so well.
Topics Covered Include:
- Damion' background, how and why he made the move from being a qualified solicitor (admitted in England & Wales and Hong Kong and commencing his articles in London with leading international law firm Allen & Overy) to establishing Legal Futures in 1999 and together with his partners built into one of the region's leading legal and compliance recruitment agencies before selling it to Manpower Group in 2013.
- Legal Futures began as an executive search firm, specifically as business by lawyers for lawyers to leverage the domain expertise and industrial knowledge that Damion had gain while working as a lawyer.
- The dynamics and environment of the legal market and demand for legal services in Japan contrasted against that found in the UK, Continental Europe and North American.
- The effects and impact of both the dot com bubble and financial restructuring post-GF on the Japanese industry.
- According to the Amerian Bar Association (ABA), there are approximately 1.2 million active lawyers in he US while in Japan, the Japanese Bar Association states there are only 30,000 active attorneys which seems very small given the size of the Japan economy. What are the differences and reasons why?
- It's been said that in New York you can always find a lawyer but never a taxi while in Japan the reverse it true.
You can always find a taxi but never a lawyer.
- Japanese bar is very hard to pass with a high failure rate.
- There are few large Japanese law firms, so newly admitted Japanese attorneys may still have trouble getting a position at a large law firm that offers a good thorough training program.
- The education system is producing more attorneys but the law firms themselves don't have the infrastructure in place to absorb and train them all.
- This wasn't wasn't really thought through even though the intention were good, leaving Japan as still perhaps an under- lawyered market.
- Foreign lawyers are "gaiben" (foreign registered attorneys) and are mostly employed at foreign companies and foreign law firms.
- What percentage of these Japanese lawyers are bilingual, such as Japanese and English language pairs?
- There are several different markets for these attorneys with most primarily serving foreign law firms in Japan and Hong Kong.
- Most of the foreign laws firms in Japan are focused on big ticket transactions, such as IPOs, large M&A, large infrastructure financing and generally large margin-based transactions.
- Some growth areas include:
- IP (intellectual property), predominantly in trademarks
- ADR (alternative dispute resolution)
- Litigation (shows some signs of growth)
- Outbound M&A
As Japanese domestic firms expand again overseas outbound M&A whereby a Japanese firms, buys, acquire or merges with an overseas firm is increasing. This coincides with Japanese firms desire to move their revenue base overseas.
- Litigation and Litigators vs ADR
Rule of thumb: It takes 13 years to resolve litigation in Japan (an exaggeration but you get the point)
Black Letter law vs Applied law and creative problem solving
Japanese law is often very structured form of civil law contrasted to common law
- Some types of lawyers and legal staff found in Japan
- Bengoshi (admitted to the Japanese bar)
- Gaiben (foreign registered attorney)
- Zeirishi (Tax attorney)
- Shihoshoshi (a judicial scrivener which is similar to a paralegal)
- Inhouse Counsel / General Counsel
Previously we often say foreigners holding the position of Inhouse Counsel or General Counsel in Japan. This was often made possible as the had Japanese staff or a domestic Japanese law firm working for them. However, as the number of total Japanese lawyers and, in particular, bilingual lawyers has increased it much harder for non-J-E speaking foreign attorney to land one of these positions.
- Once a lawyer has transitioned from a law firm to inhouse work it is extremely difficult to move back to a law firm
- The method and path for foreign law firm market entry
- Many foreign law firms in Japan, immediately restructured and downsized following the Lehman shock / financial crisis
- Where are the opportunities, trends, under-served segments or holes in the market?
- Outbound M&A
- Infrastructure financing
- Resources lawyer (e.g., Japanese firms are heavily investing in Australia in the oil, gas, coal and energy sectors)
- Trademarks
- Litigation /ADR (mandates Japanese speaking attorneys)
Conversely, capital markets and securities are not doing so well.
Experis Legal Futures Contact Details:
Damion Way:
Tel: +81 3-4530-9734
Email: [email protected]
Japan Office:
Experis Legal Futures Co., Ltd.
Level 7, Toranomon 40 MT Building
5-13-1, Toranomon
Minato-ku, Tokyo, 105-0001
Japan
Tel: +81 3-4530-9733
Fax: +81 3-4530-9744
Email: [email protected]
Hong Kong Office:
Legal Futures (HK) Limited
Units 601-6, Tai Yau Building
181 Johnston Road
Wanchai
Hong Kong
Tel: +852 8100-1039
Email: [email protected]
Tel: +81 3-4530-9734
Email: [email protected]
Japan Office:
Experis Legal Futures Co., Ltd.
Level 7, Toranomon 40 MT Building
5-13-1, Toranomon
Minato-ku, Tokyo, 105-0001
Japan
Tel: +81 3-4530-9733
Fax: +81 3-4530-9744
Email: [email protected]
Hong Kong Office:
Legal Futures (HK) Limited
Units 601-6, Tai Yau Building
181 Johnston Road
Wanchai
Hong Kong
Tel: +852 8100-1039
Email: [email protected]
