Big fall in M&A activity involving S'pore firms

Business Times – 26 Mar 2012
Deals in Q1 down to 187 from 273 a year ago, while their value fell 36.5%

By LYNETTE KHOO

(SINGAPORE) A bleak picture on the local merger and acquisition (M&A) scene has emerged, showing M&A activity involving Singapore-domiciled companies sliding to the lowest level in value since the second quarter of 2009.

The total value of announced Singapore M&A deals in the first quarter registered year-on-year and quarter-on-quarter declines of 36.5 per cent and 24.6 per cent, respectively, to US$5.7 billion, latest data from Thomson Reuters shows.

The number of deals stood at 187 in the first quarter, down from 273 in the same period last year.

A similar trend unfolded in the South-east Asian region, with the total deal value slipping 19.2 per cent from a year ago and 11.9 per cent from the fourth quarter to US$20.3 billion.

Wong Ai Ai, principal at Baker & McKenzie.Wong & Leow, noted that deals are taking a longer time to negotiate and close due to gaps in pricing expectations and buyers’ concerns over risks. ‘Deals that were being looked at in the last half of 2011 have either not been completed or have fallen away for these reasons,’ she said.

Singapore companies have slowed down their buying spree abroad, with the overseas deal count falling from 104 in the first quarter last year to 68 this year, though the aggregate value of these deals were 12.3 per cent higher year-on-year at US$2.9 billion.

The total deal value was bolstered by United Fiber System’s proposed acquisition of Indonesia’s Golden Energy Mines through a reverse takeover valued at US$987.8 million.

At the same time, Singapore companies were also less targeted by overseas acquirers, with 30 announced inbound M&A deals in the first quarter compared to 50 deals in the same quarter last year.

This resulted in a 91.6 per cent plunge in the aggregate value of inbound M&A deals to US$224.3 million – the lowest quarterly level since the first quarter of 2004. Chinese acquirers still accounted for the bulk of Singapore’s inbound M&A deals with a 35.1 per cent share.

According to data from Thomson Reuters, Malaysian companies are most targeted in the region by acquirers, followed by Indonesia, Vietnam and then Singapore.

‘There’s been a lot of recent excitement over deals announced across the Causeway, and over the potential assets for sale in Indonesia, so relative to all that activity, Singapore may not look so exciting or well-priced,’ Ms Wong said.

‘But a lot of deal structuring is being done through Singapore, even though the companies involved may not be Singapore companies.’.

Private equity (PE) firms closed smaller M&A deals in the first quarter, with PE-backed deals involving Singapore companies falling by 95.4 per cent year-on-year to US$10.2 million although the deal count remained at five.

In the South-east Asian region, PE-backed M&As marked a 87.8 per cent fall to US$70.2 million while the number of deals declined from 19 in the first quarter last year to 13 this quarter.

Than Su Ee, head of Mezzanine Capital Unit (Private Equity & Special Opportunities) at OCBC Bank, noted that the let-up in M&A activity among PE funds in the last six to nine months is a reflection of the uncertainties surrounding global economic conditions.

‘This is changing as investors are increasingly of the opinion that the eurozone crisis and US economic troubles may have turned the corner,’ he said.

With improvements in economic climate and market liquidity, PE investors are expected to take advantage of better market conditions to undertake M&A financing or exit from their investments, he added. ‘Unless there are any major global economic or political surprises, we should see a return of private equity funds activities in M&A over the next 24 months.’

Slower M&A activities in the first quarter has translated to lower fees for advisors. Estimates from Thomson Reuters/Freeman Consulting Co show M&A advisory fees from completed transactions involving Singapore companies fell 39 per cent from a year ago to US$50 million this quarter.

Leading the pack is Morgan Stanley, which chalked up fees of US$4 million and accounted for 8 per cent of total fees. Daiwa Securities enjoyed the highest jump in estimated fees, enjoying an increase of more than 19-fold from a year ago to US$1.7 million in the first quarter.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

Quotes to inspire you toward becoming a good leader

Giftedness, Core Values & Purpose:

“Life is a place of service. Joy can be real only if people look upon their life as a service and have a definite object in life outside themselves and their personal happiness.” – Leo Tolstoy

“Too many people overvalue what they are not and undervalue what they are.” – Malcolm Forbes

“Life is good when you live from your roots. Your values are a critical source of energy, enthusiasm, and direction. Work is meaningful and fun when it’s an expression of your true core.” – Shoshana Zuboff

“Try to forget yourself in the service of others. For when we think too much of ourselves and our own interests, we easily become despondent. But when we work for others, our efforts return to bless us.” – Sidney Powell

“When a man realizes his littleness, his greatness can appear.” – H. G. Wells

“A meaningful life will not be found in the next job or the next car. The way you get meaning in your life is to devote your self to helping others and creating something that gives you purpose.” – Morrie Schwartz, in “Tuesdays with Morrie” by Mitch Albom

“The only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking.” – Steve Jobs

“When you ask people what it is like being part of a great team, what is most striking is the meaningfulness of the experience. People talk about being part of something larger than themselves, of being connected, of being generative. It becomes quite clear that, for many, their experiences as part of truly great teams stand out as singular periods of life lived to the fullest.” – Peter Senge

“How does one become a butterfly? You must want to fly so much that you are willing to give up being a caterpillar.” – Trina Pallus

“However mean your life is, meet it and live it: do not shun it and call it hard names. Cultivate poverty like a garden herb, like sage. Do not trouble yourself much to get new things, whether clothes or friends. Things do not change; we change. Sell your clothes and keep your thoughts.” – Henry David Thoreau

“Whatever you can do, or dream you can, begin it. Boldness has genius, power, and magic in it.” – Goethe

Servant & Transformational Leadership:

“It is amazing how much people can get done if they do not worry about who gets the credit.” – Sandra Swinney

“If your actions inspire others to dream more, learn more, do more, and become more, you are a leader.” – John Quincy Adams

“Far better it is to dare mighty things, to win great triumphs, even though checked by failure, than to rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows neither victory nor defeat.” – Theodore Roosevelt

“Leadership is lifting a person’s vision to higher sights, the raising of a person’s performance to a higher standard, the building of a personality beyond its normal limitations.” – Peter Drucker

“In the end, it is important to remember that we cannot become what we need to be by remaining what we are.” – Max DePree

“We are not looking for blind obedience. We are looking for people who, on their own initiative, want to be doing what they are doing because they consider it a worthy objective. I have always believed that the best leader is the best server. And if you’re a servant, by definition, you’re not controlling.” – Herb Kelleher

“It could be argued that all leadership is appreciative leadership. It’s the capacity to see the best in the world around us, in our colleagues, and in the groups we are trying to lead. It’s the capacity to see the most creative and improbable opportunities in the marketplace. It’s the capacity to see with an appreciative eye the true and the good, the better, and the possible.” – David L. Cooperrider

“Leadership is not so much about technique and methods as it is about opening the heart. Leadership is about inspiration – of oneself and of others. Great leadership is about human experiences, not processes. Leadership is not a formula or a program, it is a human activity that comes from the heart and considers the hearts of others. It is an attitude, not a routine.” – Lance Secretan

“If you’re the leader, you’ve got to give up your omniscient and omnipotent fantasies – that you know and must do everything. Learn how to abandon your ego to the talents of others.” – Warren Bennis

Emotional Intelligence & Employee Engagement
(Balancing Head & Heart):

“He who has learning without imagination has feet but no wings.” – Stanley Goldstein

“When people are made to feel secure and important and appreciated, it will no longer be necessary for them to whittle down others in order to seem bigger in comparison.” – Virginia Arcastle

“The development of people is an equal partner with the actual results of your organization’s purpose” – Ken Blanchard

“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” – Franklin D. Roosevelt

“The axe forgets, the tree remembers.” – Anonymous

“My day is better when I give people a bit of my heart rather than a piece of my mind.” – Pam Conley

“A special workplace has many ingredients. The feeling that you are part of a team, a sense of community, the knowledge that what you do has real purpose – all these things help to make work fun. But by far the most important factor is whether people are able to use their individual talents and skills to do something useful, significant, and worthwhile.” – Dennis Bakke

“The greater part of happiness or misery depends on our dispositions, and not on our circumstances.” – Martha Washington

“We who lived in concentration camps can remember the men who walked through the huts comforting others, giving away their last piece of bread. They may have been few in number, but they offer sufficient proof that everything can be taken from a man but one thing: the last of the human freedoms – to choose one’s attitude in any given set of circumstances, to choose one’s own way.” – Viktor Frankl

Wong Kar Wai – "Fallen Angels" (1995) Ending

Fallen Angels is a 1995 Hong Kong neo-noir crime comedy-drama film written and directed by Wong Kar-wai. It features two intertwined storylines—one tells the story of a hitman wishing to leave the criminal underworld (Leon Lai), the prostitute he starts a relationship with (Karen Mok), and his agent (Michelle Reis), who is infatuated with him. The other story is of a mute ex-convict on the run from the police (Takeshi Kaneshiro) and a mentally unstable woman dumped by her boyfriend (Charlie Yeung). Set in 1995 pre-Handover Hong Kong, Fallen Angels explores the characters’ loneliness, their alienation from the situations around them, and yearning for connections in a hectic city.

Forget blood, it's all about the money

Despite the stereotypes and media hype, Hong Kong’s gangsters are motivated by just one thing – profit – and they’ll even put aside rivalries to get a share of it

Clifford Lo and Simpson Cheung

SCMP Jan 19, 2012

“If a rooster is dead, another one will arise and crow,” they like to say in triad circles – and especially so since the brazen murder two years ago of gang leader Lee Tai-lung.

The so-called Baron of Tsim Sha Tsui and a leader of the powerful Sun Yee On triad, Lee was hacked to death on the forecourt of the Kowloon Shangri-La hotel by members of the rival Wo Shing Wo gang. After Lee’s death, three of his former henchmen, known as Kai Fai, Man Ying and Ah Gwei, took control of his lucrative entertainment businesses to stop rivals moving into Lee’s territory – in particular, the leader of another faction in the Sun Yee On known as Tai Hau, who is active in Tuen Mun.

Tai Hau tried to take advantage of Lee’s death by extending his crew’s influence in West Kowloon, including Tsim Sha Tsui, with the help of other triad leaders. His attempts were thwarted by an undercover police operation, as a result of which 222 people were arrested three weeks ago.

He wasn’t the only interloper. A year ago, Lee’s three henchmen were tracked by “Ko Tat”, who like Lee was a “red pole fighter” or senior foot soldier, for the Sun Yee On crew in Wan Chai. However, he failed to win support across the harbour.

A police officer said Ko Tat’s setback in Tsim Sha Tsui paved the way for another red pole fighter, “Ko Chun”, to take over Lee’s businesses. Ko Chun was already active in Hart Avenue, a bar district in Tsim Sha Tsui. But the strength of Ko Chun’s grip on these operations is not yet known, says an officer with the Organised Crime and Triad Bureau.

“It is too early to say whether he will succeed,” the officer said. Colleagues in the bureau’s intelligence unit were “watching Ko Chun’s every move”.

According to prosecutors, Lee was killed at the behest of Leung Kwok-chung, a senior member of a Wo Shing Wo crew in Tai Kok Tsui. During a bar fight in July 2006 in Prat Avenue, just around the corner from Hart Avenue, Lee smashed a whisky bottle over Leung’s head, which left him permanently scarred and bearing a three-year grudge. While three Wo Shing Wo members were sentenced to life imprisonment in November for Lee’s killing, Leung (known as “Man Sun Chung” or “heavily tattooed” Chung) and three other suspects remain on the run.

Despite Lee’s high-profile assassination, bloody conflicts among gangs are rare, with most disputes resolved around a table instead of on a back street.

Far from the action-movie image of brawling gangsters, most triad members “just want to make money and that is their governing principle”, the anti-triad officer said. “They will explore any opportunity, whether the business is illegal or legitimate. They don’t mind working together with their rival gangs. For them, making money always comes first.”

Mandi, a reformed drug addict, former triad member and now youth counsellor, agrees. He said although triads called on their “brothers” to fight enemies, it took money to hire the men – for weapons, bail, medical treatment, as well as incentives.

“Do you think you don’t need any money when you call upon people?” Mandi asked. “You have to treat them to food and drink. While they’re waiting to be called out, at some point they’ll get hungry. They can’t fight for you on an empty stomach.”

Mandi, the son of a triad gangster and a member himself until about 10 years ago, confirmed that the gangs nevertheless preferred to avoid fighting each other, and that many disputes were solved around a table with money changing hands. He said his time as a triad was largely about hanging out and making money rather than fighting.

Hong Kong’s triads have their roots in dialect groups, trades or political affiliation. The Sun Yee On, probably the most influential, best organised and wealthiest triad society, was founded by Chiu Chow and Hoklo immigrants from northeastern Guangdong who speak a Fujianese dialect. Tsim Sha Tsui East is its traditional stronghold, but its influence extends to areas including Wan Chai, Tuen Mun and Tseung Kwan O. Its activities include drug trafficking, loan sharking, extortion and smuggling.

The Wo Shing Wo, the first of the “Wo” family of triads, is indigenous to Hong Kong. It was first active in Tsuen Wan but its influence has spread to West Kowloon, Sheung Shui and Fanling. It controls red-minibus routes and is involved in underground casinos, drug trafficking, pirated goods and vice. Other triads from this group are the Wo On Lok, also known as “Shui Fong”. Based originally in Sham Tseng, they are also active in West Kowloon. The Wo Hop To is active in Western and Aberdeen, where it engages in extortion, loan sharking and controls red-minibus routes.

The 14K triad, the Sun Yee On’s main rival, has a long history in the city and is active in West Kowloon, Yuen Long, Kwun Tong and Eastern District. Formed by a Kuomintang general in 1945 to fight the Communists, its illegal activities now involve drug trafficking, prostitution, extortion and pirated goods.

Superintendent Chan Lok-wing of the anti-triad bureau said triads today were mainly involved in seven types of illegal business: drug trafficking, extortion, bookmaking, prostitution, loan sharking, counterfeit goods and cross-border smuggling.

Cross-border organised crime has a long history in Hong Kong, which during the 1960s and 1970s was the world’s leading producer and exporter of heroin. In recent years, trafficking of various drugs and goods has been on the rise to and from the mainland, Macau and Southeast Asia.

Extortion remains one of the main sources of triad income.

“Victims know well that police cannot protect them around the clock forever. So they are willing to pay protection money and do not seek help from police,” another senior anti-triad officer said.

Common practices for extorting protection money include visiting newly opened bars or restaurants and occupying all the tables during peak business hours to block their trade, sending in beggars or posting well-built men to guard the entrance.

“Fear and threat become self-generating. Victims usually give in to these demands and pay,” he said.

According to Chan, triads also run legal businesses, such as licensed premises, public light buses and taxis, which can also provide cover for illegal activities such as drug running and loan sharking.

At the top end, big triad money is linked to the film industry, property and finance. Triads also have connections in politics, and private and public organisations.

Knowing where government development will take place and big developers will build houses, triads buy farmland near these sites which they resell for large profits. Building private columbariums in the New Territories is a big earner.

Successful arrests of senior triad members depend on undercover operations, Chan said. Eight of the most recent exercises, ranging in length from several months to two years, lead to more than 420 arrests.

Finding a suitable officer for such an operation is difficult. “Undercover agents face huge pressure and the operations are dangerous,” Chan. “Not too many officers are willing to take those risks.”

Chan also said that triad members have been more alert to undercover operations, in part due to movies and TV programmes about double agents, notably Infernal Affairs, the award-winning 2002 film directed by Andrew Lau Wai-keung and Alan Mak Siu-fai.

The triads’ top leadership stays out of the limelight. Most trouble is caused by young gang members who want to prove their mettle to their peers, a veteran police officer said.

The officer pointed out that the traditional structure of triads today has become looser, as recruitment of young members is less regulated.

“Nowadays, it is easy for young people to join triads,” he said. “They know a triad member and then become his henchman. They do not go through a formal initiation ceremony due to the risk of police raids. That’s why a lot of young people claim they are triads members.

“Most may not even know who their crew leader is. To police, they are just hooligans.”

Chan said triads had been glorified in the media and film, helping perpetuate the myth. This leads youngsters to believe that joining triads can help solve their problems.

“Such a myth is appealing to some youths, especially to those from low-income families,” he said.

However, a social worker specialising in youth crime prevention said not many young people were willing to join triads today. Lam Yeung-chu, from the Society of Rehabilitation and Crime Prevention, said today they were more self-centred and concerned about their own safety than before, so were put off by the risk of joining triads.

“In the past, kids just hung out on the streets, football pitch or at the video game arcade. Usually they wanted protection or just to be cool. So they were easy targets for triads,” she said. “Today, youngsters hide at home to play on the computer. They seldom go out. That’s a main reason that triads recruit fewer youngsters.”

If Superintendent Chan’s optimism is well founded (arrests for triad-related crimes rose last year), the triads’ roosters will fall silent for good. Triad activity has been on the wane in Hong Kong in recent years, thanks in part to the multiple approaches taken to tackling the gangs.

Dalai Lama Quote of the Week

Greed is a form of desire. However, it is an exaggerated form of desire, based on overexpectation. The true antidote of greed is contentment.

For a practicing Buddhist, for a Dharma practitioner, many practices can act as a kind of counterforce to greed: the realization of the value of seeking liberation or freedom from suffering, recognizing the underlying unsatisfactory nature of one’s existence, and so on. These views also help an individual to counteract greed. But in terms of an immediate response to greed, one way is to reflect upon the excesses of greed, what it does to one as an individual, where it leads. Greed leads one to a feeling of frustration, disappointment, a lot of confusion, and a lot of problems.

When it comes to dealing with greed, one thing which is quite characteristic is that although it arises from the desire to obtain something, it is not satisfied by obtaining it. Therefore, it becomes limitless or boundless, and that leads to trouble. The interesting thing about greed is that although the underlying motive is to seek satisfaction, as I pointed out, even after obtaining the object of one’s desire, one is still not satisfied. On the other hand, if one has a strong sense of contentment, it doesn’t matter whether one obtains the object or not; either way, one is still content.(p.32)

–from Healing Anger: The Power of Patience from a Buddhist Perspective by the Dalai Lama, translated by Geshe Thupten Jinpa, published by Snow Lion Publications

Affluence Intelligence

Money, Happiness, and Sustainability

By Stephen Goldbart , Ph.D.
Dec 29 2011

2012: The great wheel of time is making its inexorable turn, granting us a new beginning and an opportunity to step back, review, and renew.  You can use this moment of transition to start the new year with a fresh attitude and a doable plan about the spending, saving, and sharing of your money—to live your priorities with greater satisfaction and happiness.  Perhaps you are among the many who have suffered from the financial anxiety epidemic—you want to shed your fears, and regain a sense of being in charge of your financial destiny.

But how to get there?  What will make this year different from all the rest?  Yes, you have started many a new year with good intentions, maybe tried a new tack, and then found yourself once again, adrift on the seas of old patterns and habits. How can you get on a positive financial track when we see (and feel the effect of) world economies struggling to accomplish this goal? How can you live a happy and satisfying life making decisions that result in financial sustainability?

We know you can,  And the fact that there is change in the air, and butterflies in your gut, will help motivate you to step outside of old habits and patterns, increase your Affluence Intelligence, and take actions that will give you a life that is aligned with your values, that is fun, and that is sustainable.

Let’s start with an attitude adjustment.  Too many of us make financial decisions based on impulse (“I must have it now”); finding comfort in old ideas and habits; and well worn, obsolete facts.  It is time to wake up to the fact that the economics of today is not the economics of your past, or the economics of your fantasy life.   You can blame it on the internet, globalization, population growth, rising 3rd world economies, expensive wars, too much or too little government, or the Great Recession.  It is all of the above, and more.  Truth be told:   Your psychological and economic operating system is going through a major firmware revision. You need to upgrade your program or find that your software won’t run very well or may not run at all.

So we need to think about our money and our lives with a broader perspective, with a mindset/operating system that can handle the dynamics of economic and systemic change in our lives and in the larger community.  Certainly, we can no longer expect or rely upon any single institution, whether it is a corporate employer, or the government, to be a reliable contributor toward your financial sustainability.  But how do we make decisions that will result in the ongoing sustenance of our personal and financial resources?  Instead of asking the economists, who don’t seem to have any great answers these days, let’s consider some key ideas from Environmental Science.  All living systems are characterized by either regenerative (growing, building, spiraling upward) or degenerative (reducing, depleting, spiraling downward) processes.  Regeneration creates and harnesses energy, degeneration depletes and wastes energy.  In our financial lives, we make financial decisions that are regenerative, such as starting a business that grows and thrives, or saving money to attain long term objectives—purchase of a home, or retirement.  And we make decisions that are degenerative, such as living outside of our actual means, accruing a massive creating credit card debt, or buying gifts that we can’t afford.  Degenerative processes can get progressively worse, in which (for example) your debt becomes the primary driving force of your financial destiny.

In fact each of us has a unique balance of both degenerative and regenerative financial processes.  Few of us will only make only regenerative financial decisions; we live in a culture that continually pushes us to ‘have fun and pay later’; to enjoy immediate gratification and not think of its price.  But if we want money and happiness, if we want sustainability and financial resilience, then we need to make sure that our regenerative actions trump our degenerative actions.

Therefore, sustainability in and of itself is a moving target.  What you really want to aim for is what we call Regenerative Economics, in which you make money and lifestyle decisions that support you, your family, and your community’s capacity to grow and regenerate.  Each of us needs to craft a plan, a personal lifestyle design that is attuned to your unique personal and financial ecology that will guide your financial decision-making so you can reach your unique balance point.  Simply put:  there can be no sustainability without regenerativity!

So it is time to turn up the thermostat on your Affluence Intelligence: Take the test, determine your Affluence Intelligence Quotient, and make a plan to leverage or improve your AIQ.

Here are some tips to inform your new year’s intentions and actions, based on our many years of working with people who have attain both personal and financial success:

1.  Have your values drive your money not your money drive your values.  Money is a tool to live your values, to help provide for your sustenance, care, and satisfactions.  This is the single most important lesion we have learned from our successful clients.  Know that your self worth is not equal to your financial worth.   Don’t let money become your primary value.  It is not a substitute for self esteem, love, connection, real productivity, or personal integrity.

2.  Use a Regenerative Economics mindset:  Review your spending and saving decisions.  Are these decisions regenerative or degenerative?   What do you need to do to shift the balance?

3. Practice conscious consumption:  Ask yourself:  is this purchase a need or a want?

4. If you need to earn or save more money, keep in mind: Spending less is earning more.

5. Nourish your physical and emotional health.  Don’t defy common sense:  if a financially related activity is making you sick, stop doing it….now!  Your health, your time is precious, and not for sale.

6. Take Action:  Create a three month plan for yourself, with doable action steps that you will implement tomorrow.   In our book we describe a step by step method for creating such a plan.

  • No excuses. Walk your talk, implement your plan.

7.  Get support.  Find a person (not your spouse) who is willing to be your Affluence Intelligence Buddy, a source of support and accountability.

8. Buy Local: Purchasing from local business enterprises put money back into your neighbor’s pockets, an activity that is regenerative for you and the community in which you live.

9.  For each discretionary dollar of spending,  put a predetermined percentage of that amount into saving and or charity.

10. Give to a charity or cause that matters to you.  Giving, whether it is in the form of money or your time, will make you feel rich, and is regenerative. We have been amazed by the powerful sense of fulfillment and satisfaction that many of our successful clients experience through their generosity in giving both their money and their time.  Whatever you can afford, no matter how little time you have to give, it will make a difference-for you and for the receiver of your gift.

World’s Largest Law Firms

This list of the world’s largest law firms by revenue is taken from The American Lawyer and is ordered by 2010 revenue:

Rank Name Revenue Office Reach Headquarters
1 increase Baker & McKenzie $2,104.0m International United States US
2 increase Skadden, Arps, Slate, Meagher & Flom $2,100.0m International United States US
3 steady Clifford Chance $1,874.5m International United Kingdom UK
4 decrease Linklaters $1,852.5m International United Kingdom UK
5 increase Latham & Watkins $1,821.0m International United States USA
6 decrease Freshfields Bruckhaus Deringer $1,787.0m International United Kingdom UK
7 decrease Allen & Overy $1,644.5m International United Kingdom UK
8 steady Jones Day $1,520.0m International United States USA
9 increase Kirkland & Ellis $1,428.0m International United States USA
10 decrease Sidley Austin $1,357.0m International United States USA
11 decrease White & Case $1,307.0m International United States USA
12 increase Weil Gotshal $1,233.0m International United States USA
13 increase Greenberg Traurig $1,173.0m National? United States USA
14 decrease Mayer Brown $1,118.0m International United States USA
15 increase Morgan, Lewis & Bockius $1,068.5m International United States USA
16 increase K&L Gates $1,034.5m International United States USA
17 decrease DLA Piper USA $1,014.5m National… United States USA
18 increase Gibson Dunn $995.0m International United States USA
18 increase Sullivan & Cromwell $995.0m International United States USA
20 increase Cleary Gottlieb Steen & Hamilton $965.0m International United States USA
21 increase Reed Smith $942.0m International United States USA
22 increase WilmerHale $941.0m International United States USA
23 decrease Dewey & LeBoeuf $941.0m International United States USA
24 decrease DLA Piper International $910.0m International United Kingdom UK
25 decrease Paul, Hastings, Janofsky & Walker $889.0m National? United States USA
26 increase Morrison & Foerster $884.0m National? United States USA
27 decrease Simpson Thacher & Bartlett $870.5m National? United States USA
28 steady Hogan & Hartson $864.5m National United States USA
29 increase Bingham McCutchen $860.0m International United States USA
30 decrease Lovells[3] $849.0m International United Kingdom UK
31 increase Orrick, Herrington & Sutcliffe $847.5m International United States USA
32 increase Davis Polk & Wardwell $846.0m International United States USA
33 decrease McDermott Will & Emery $829.0m International United States USA
34 decrease O’Melveny & Myers $826.5m International United States USA
35 decrease Shearman & Sterling $801.0m International United States USA
36 increase Ropes & Gray $789.5m International United States USA
37 increase Akin Gump Strauss Hauer & Feld $719.0m International United States USA
38 decrease Dechert $713.0m International United States USA
39 increase Winston & Strawn $705.0m International United States USA
40 decrease Herbert Smith $704.5m International United Kingdom UK
41 increase King & Spalding $677.5m International United States USA
42 decrease Debevoise & Plimpton $668.0m International United States USA
43 steady Foley & Lardner $667.0m National? United States USA
44 increase Paul Weiss $665.5m International United States USA
45 increase Goodwin Procter $658.0m International United States USA
46 increase Proskauer Rose $643.0m International United States USA
47 decrease Fulbright & Jaworski $642.5m International United States USA
48 decrease Slaughter & May $628.5m International United Kingdom UK
49 decrease Hunton & Williams $615.0m International United States USA
50 increase Milbank, Tweed, Hadley & McCloy $601.5m International United States USA
51 increase Wachtell $585.0m International United States USA
52 increase Covington & Burling $583.0m International United States USA
53 decrease Baker Botts $575.0m International United States USA
54 increase Cravath, Swaine & Moore $568.5m International United States USA
55 decrease Vinson & Elkins $562.0m International United States USA
56 increase Eversheds $556.5m International United Kingdom UK
57 increase Bryan Cave $555.0m International United States USA
58 increase Alston & Bird $551.0m International United States USA
59 decrease Willkie Farr & Gallagher $549.5m International United States USA
60 decrease Holland & Knight $545.5m International United States USA
61 decrease Squire Sanders $545.0m International United States USA
62 decrease Pillsbury Winthrop $533.5m International United States USA
63 increase Arnold & Porter $524.0m International United States USA
64 increase McGuireWoods $509.0m National United States USA
65 decrease Cooley Godward $507.0m International United States USA
66 decrease Wilson Sonsini Goodrich & Rosati $501.0m International United States USA
67 decrease Norton Rose $481.0m International United Kingdom UK
68 decrease Howrey $480.0m International United States USA
69 decrease Sonnenschein Nath & Rosenthal $472.5m International United States USA
70 increase Garrigues (law firm) $466.0m International Spain Spain
71 increase Nixon Peabody $465.0m International United States USA
72 decrease Ashurst $459.0m International United Kingdom UK
73 decrease Cadwalader $456.5m International United States USA
74 increase Seyfarth Shaw $453.5m National United States USA
75 increase Perkins Coie $433.0m International United States USA
76 increase Kaye Scholer $432.0m International United States USA
77 decrease Fried Frank $424.5m International United States USA
78 steady Katten Muchin $420.5m International United States USA
79 increase Quinn Emanuel Urquhart & Sullivan $419.0m International United States USA
80 increase Fish & Richardson $417.0m International United States USA
81 decrease Fidal $411.0m National France France
82 increase Locke Lord Bissell & Liddell $399.0m International United States USA
83 increase Minter Ellison $398.5m International Australia Australia
84 decrease McCarthy Tetrault $397.0m International Canada Canada
84 increase Schulte Roth $397.0m International United States USA
86 decrease Loyens & Loeff $396.0m International Netherlands Netherlands
87 decrease Mallesons Stephen Jaques $392.0m International Australia Australia
88 decrease Simmons & Simmons $391.5m International United Kingdom UK
89 increase Duane Morris $387.5m International United States USA
90 steady Allens Arthur Robinson $380.8m International Australia Australia
91 decrease Freehills $378.0m International Australia Australia
92 increase Troutman Sanders $376.5m International United States USA
93 increase Drinker Biddle & Reath $373.5m National United States USA
94 increase Littler Mendelson $370.5m International United States USA
95 increase Jenner & Block $367.5m International United States USA
96 increase Sheppard Mullin $361.0m International United States USA
97 decrease Clayton Utz $351.0m International Australia Australia
98 increase Venable $349.5m International United States USA
99 decrease Finnegan Henderson $349.0m International United States USA
100 decrease Dorsey & Whitney $342.0m International United States USA

Jesus Teaches about Worry

1) Matthew 6:25-34

“Therefore I tell you, do not worry about your life, what you will eat or drink; or about your body, what you will wear. Is not life more important than food, and the body more important than clothes?

Look at the birds in the air; they do not sow or reap or store away in barns, and yet your heavenly Father feeds them. Are you not much more valuable than they?

Who of you by worrying can add a single hour to his life?

And why do you worry about clothes? See how the lilies of the field grow. They do not labor or spin.

Yet I tell you that not even Solomon in all his splendor was not dressed like one of these.
If that is how God clothes the grass of the field, which is here today and tomorrow is thrown into the fire, will he not much more clothe you, O you of little faith?

So do not worry, saying, ‘What shall we eat?’ or ‘What shall we drink’ or ‘What shall we wear?’
For the pagans run after all these things, and your heavenly Father knows that you need them.

But seek first his kingdom and his righteousness, and all these things will be given to you as well.

Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.”

2) The Serenity Prayer by Reinhold Niebuhr

God grant me the serenity
to accept the things I cannot change;
courage to change the things I can;
and wisdom to know the difference.

Living one day at a time;
Enjoying one moment at a time;
Accepting hardships as the pathway to peace;
Taking, as He did, this sinful world
as it is, not as I would have it;
Trusting that He will make all things right
if I surrender to His Will;
That I may be reasonably happy in this life
and supremely happy with Him
Forever in the next.
Amen.