In the past I had a habit of sending to my clients an email reflecting on the past year – what had gone well, what hadn’t and how things could be improved, trends that I have observed etc. Now that I am in private practice I thought it would be useful to reflect in a broader sense of how the past year went.
Having crossed the Pacific Ocean more times in one year than ever before, it is blindingly clear that the level of economic activity in Asia is much higher compared to the United States. No doubt the recession has had an impact in Asia but it seems to be viewed as a large pothole in the road of economic success. The recession is probably good pause for a number of countries that were facing runaway growth. My fear has been that the past growth had bubble-like attributes, and we have seen what happens when the bubble bursts. The recession should mean more organic economic growth based on fundamentals. In short, I am optimistic about Asia – very optimistic in fact.
Stepping away from being in-house counsel has helped me see larger trends and to experiment with technology more. Some technology trends I have observed:
Tech trends
Smartphones: Smartphones are becoming the default phone of consumers. Just observing phone usage in the Singapore subway is telling. The number of Blackberrys, Nokias, and iPhones used by people from all walks of life is quite astounding.
Netbooks: Small form factors are prized in Asia and this favors OEMs such as ASUS, MSI and Acer who got onto the netbook bandwagon early. The Taiwanese brands seem to have a larger marketing presence in Asia in this segment compared to the US brands.
Facebook growth: The lure of FB seems to transcend any inhibitions Asians may have about posting publicly. FB’s growth is amazing but I am still waiting to see how they can monetize their massive user base without compromising the privacy of their users.
Twitter: While Twitter usage in the US has been huge, my observations suggest that it has yet to take off in a meaningful way in Asia. While I am also waiting to see how Twitter can monetize their user base, I fully understand the power of Tweeting – from the Tweets by protesters in Iran to Dell’s Tweets on special offers. Will 2010 be the year Twitter takes off in Asia?
eReaders: Interest level is high and the mature telecom networks in most Asian countries will make eReaders very desirable. If Apple introduces a tablet (and I think they will), this segment will take off.
Green tech: Green technology is becoming adopted in Asia as governments and organizations realize that continued growth cannot be based solely on the easy availability of fossil fuels. I believe there are legal and regulatory work opportunities here.
Legal trends
As for legal trends, a large number of firms, particularly foreign law firms with offices in Singapore, are bulking up their dispute resolution teams. The Singapore International Arbitration Centre has done an impressive job in developing Singapore as an arbitration center. The results of their work is really becoming obvious now.
The number of niche practices in areas such as intellectual property is increasing. This is in general a good sign as it indicates a healthy IP ecosystem.
The increased number of intellectual property matters being heard by the High Court in Singapore has resulted in a number of thoughtful decisions which I will need to review more than once to fully understand the impact.
Building a legal practice in the midst of a recession has been interesting and enriching experience. As mentioned in an earlier post the recession has opened new opportunities for law firms who are willing to embrace new business models, and be competitive and imaginative in their fee structure. I am still working out the kinks in my business model but so far my clients have been receptive and supportive.
The Singapore legal landscape is undergoing major changes now that six Qualifying Foreign Law Practices have been permitted to practice Singapore law (with a few exceptions). I continue to believe that the large Singapore law practices will continue to have an important role to play so long as they listen to their clients, deliver quality work and embrace change.
Personal note
On a personal front, 2009 was a blast. Having worked for 25 years without a meaningful pause, I took the opportunity to take some pauses. Attending Wimbledon and the US Open were priceless moments (as the MasterCard advertisement states). My year wasn’t as great as Mr. Federer’s (below) but it was close.
My welcome back to the Singapore legal profession was very encouraging and I am super grateful to friends and classmates who have offered me no small amount of support and advice. It has not gone unappreciated. Thank you and see you soon.
To end on a happy note – here’s Earth, Wind & Fire and their classic song, That’s the Way of the World. Peace!
One reason why Twitter ain't as big in Singapore as it is in the US is that the free text message alerts to Singapore phone subscribers' phones ain't available.
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