Trading Places

As Australian firms jostle for a foothold in a rapidly shifting Indo-Pacific, Herbert Smith Freehills Kramer (HSF Kramer) is already there. In addition to being well-versed in law, its lawyers are fluent in the rhythms of Tokyo dealmaking, Jakarta infrastructure, and Singaporean capital flows. For HSF Kramer, Asia isn’t a growth market, it is home turf.  

The firm’s senior leadership views Asia capability as a key Australian competitive advantage. “The trading and investment corridors are important,” says Kristin Stammer, the firm’s Executive Partner for Asia and Australia. “Asia is a growth market. Australia’s exports into Asia have doubled over the last decade.” The inward investment story is just as striking, she says. “A number of Asian countries are in our top ten trading partners for investment into Australia.” 

Damien Roberts, a partner who leads the firm’s Australia-Japan practice from Sydney and who has spent close to two decades in and out of Japan, comments, “Australia is a very diverse nation. Geographically, we’re located most closely to various parts of Asia and being able to integrate properly is important, not just in a business context, but politically and culturally. It’s a vital part of Australia’s future, and ours as a truly global firm.” 

From legal literacy to Asia fluency 

It is this principle that drove HSF Kramer to partner with the Asialink Leaders Program more than a decade ago. At first, the rationale was simple: Australia’s lawyers needed a better understanding of the region. “Having people who are Asia literate, Asia capable, and then giving them those skills they could either utilise here in Australia or potentially take them to different parts of the Asian region was hugely important,” says Roberts. “It seemed like a no-brainer at the time.” 

From there, the firm has methodically embedded cultural fluency across other business functions, not just among its legal teams. More than 30 members of the firm, ranging from senior associates to business development, HR, and office managers, have now completed the Program. “This is not just for our lawyers working with clients,” says Stammer. “This is our business. Having people from various teams undertake the Program is important to confirm our commitment to this region.” 

“The diversity of the Program is incredible,” says Roberts. “From Asia’s big corporates to future unicorn founders… it broadens our team’s thinking. People see this and go, ‘Oh, actually, this is part of what we do,’” says Roberts. “It’s been a really good springboard to grow our story.” 

Capability as culture 

Unlike many firms that enter Asia gingerly or opportunistically, HSF Kramer has invested more than 40 years. “We have our 30th anniversary in Singapore this year,” says Stammer, “and 25 years with our association in Indonesia, where we are market leading.”  

Crucially, this presence is backed by depth. “We’re probably one of the few firms that has a leading position in Australia and has depth across a number of offices in Asia,” she says. “Our CEO is based in Hong Kong. That’s a strong signal.” 

In Tokyo, the approach is equally embedded. “It’s not on a fly-in, fly-out basis,” notes Roberts. “When I was working in the Tokyo office, many partners are there well over a decade. It’s a commitment to that jurisdiction.” 

Today, there is also a new, more diverse generation, with over two-thirds of the firm’s Asia partners of Asian origin. “It’s not just about the numbers, it’s about leadership and a commitment to real local growth. Six of our seven Asia offices are led by local-national partners, developed within our firm and are standard bearers for their local culture, industries, and markets within our global operations.” 

The art of the pivot 

These strengths have served the firm well in choppier times. “Amidst geopolitical and trade instability, we’re used to navigating complexity and change, with a team that is so deeply invested in their regions that they can look beyond the headlines for our business and for clients, who look to us to navigate that complexity with them,” says Stammer. In markets such as China, where other firms have retreated, HSF Kramer has stayed the course. “We’re committed. We just work out: where’s the growth? What does it look like? Where do we position ourselves?” 

Roberts sees a similar dynamic at play in Japan. Japan is increasingly being seen as an investment destination. “People are realising Japan’s actually not that hard. Maybe we can do business here. It’s about time in market. Sending people up there for longer than just six or twelve months. You realise: we can do this. There are people who want to collaborate with us.” 

A regionally focused future 

Today, the firm is targeting growth in energy, private capital, and infrastructure in particular, areas where HSF Kramer has identified a competitive edge in both disputes and transactional advice. “It’s an intentional focus on our strengths, and where we see the growth.” Cross-border synergies are part of the plan. “We’re also working very much with our US colleagues now,” Stammer adds, “particularly the Tokyo corridor into the US.” 

The firm’s deeply embedded Asia presence also unlocks less obvious advantages. “One of the luxuries you have being long term in these jurisdictions is that you can develop relationships with other advisors such as the tax firms, the investment banks, the local government,” says Roberts. “It helps not just us, but our clients. We can build cross-border teams that already know how to work together.” 

What makes someone Asia capable, then? “It’s the expertise and depth of our offering,” says Stammer. “It’s being immersed in the market over a long period.” That, she believes, is what earns a firm credibility. And what builds the kind of cross-border trust on which lasting relationships, and lasting firms, are made. 

Kristin Stammer is the Executive Partner for Asia and Australia, and Damien Roberts is a Partner at HSF Kramer. Asialink is deeply grateful for the longstanding commitment, partnership, and generous support of HSF Kramer over the years.