Law firms survey sees rebound for Aussie manufacturers

by Steve Randall20 Oct 2017
Law firms survey sees rebound for Aussie manufacturers
There could be an opportunity for growth in Australia’s manufacturing sector according to a survey of law firms in Asia-Pacific.

The research into the future of work in the region was conducted by Corrs Chambers Westgarth, Deacons Hong Kong and the global Employment Law Alliance.

Among the findings were a challenge to the thinking behind off-shoring manufacturing to low-cost economies within Asia, as Corrs partner and report co-author John Tuck explains.

“There is clear evidence of competition within Asia-Pacific economies to attract manufacturing and other forms of investment. Rising labour costs in countries like China, along with the implementation of AI and robotics across Asia-Pacific, present Australian companies with a genuine opportunity to compete on the basis of advanced technological capability and a highly skilled workforce.”

The report, which draws on the responses of 15 top-tier law firms based on the views of their clients, also tackles the issue of modern slavery.

“Our Government’s proposal to introduce legislation similar to the UK’s Modern Slavery Act 2015, which requires large corporations to report on initiatives to eliminate forced labour and human trafficking from their global supply chains, is being noticed in the region,” said Tuck, adding that New Zealand may introduce similar legislation.

Goodwin hires prominent PE practice in Hong Kong
Douglas Freeman and Victor Chen have joined global law firm Goodwin in Hong Kong.

The duo has worked together for many years at firms including Paul Hastings and Fried Frank. They have extensive experience in private equity and M&A and join Goodwin’s global PE team comprising 160 lawyers across Asia, Europe and the US.

Freeman focuses on representing public and private companies, private equity firms and investment banking firms in connection with M&A, public offerings and corporate transactions.

Chen represents private equity sponsors, multinational corporations and institutional investors in their M&A transactions and investments, with a focus on Asia cross-border deals.

Johnny Depp blames lawyer for vanished fortune
Johnny Depp is suing his former lawyer for allegedly conspiring with former business managers who he says mismanaged hundreds of millions of dollars.

The Hollywood A-lister claims that entertainment lawyer Jacob Bloom is guilty of malpractice and is demanding the return of U$30 million in contingency fees paid over two decades, Bloomberg reports.

Depp says the Management Group and the lawyer arranged a loan which is draining the residual income from six of his movies and are still getting a cut of the profits from those films.

The Management Group has countered that it advised that the actor’s lifestyle was extravagant and unsustainable.

None of the claims have been proven in court.