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Nagashima Ohno & Tsunematsu

noandt.com ↗

Japanese Big Four law firm handling megabank and cross-border corporate deals.

Hard to displace
Assessed 26 July 2026 · Evidence as of 26 July 2026
Strong structural protection; the business model survives ai pressure.
On the recordSince 26 July 2026 · Checkable from August 2026 · Every call on the record Checkpoint: Silicon Valley office opens, part of US expansion
The call

NO&T sits behind Japan's bengoshi licensing wall, which keeps AI and foreign firms out of its core legal work while it expands into London and Silicon Valley.

Nagashima Ohno & Tsunematsu is a large law firm in Japan that handles major deals, court cases, and legal advice for big banks and Japanese companies. It is hard to replace because only Japanese-licensed lawyers can do this work, which keeps out foreign competitors and blocks AI from doing the most valuable tasks like signing legal opinions or appearing in court. The real question is whether AI will shrink the routine work that junior lawyers do (like reading contracts and organizing documents), which could squeeze the path for young lawyers to become partners over the next few years.

Why
01
AI pressure: AI contract-review and due-diligence tools used inside law firms. AI cuts junior-lawyer hours on contract review and diligence, but cannot sign opinions or appear in Japanese court. Could AI do the core job? Unlikely.
02
Bigger players: Foreign Big Law firms in Tokyo, e.g. Baker McKenzie Tokyo. Foreign firms already operate in Tokyo but stay capped near 144 lawyers since only bengoshi can practice Japanese law. Could a giant copy it? No, they are blocked.
03
What protects it. Only bengoshi-licensed lawyers can practice Japanese law, sign opinions, or argue in Japanese courts, blocking both foreign firms and AI from the core work.
What would change this call
Completion and staffing levels of NO&T's Silicon Valley office by August 2026. Shows whether cross-border expansion is translating into real client wins abroad.
NO&T lawyer headcount and partner count reported in next Chambers Global or Legal 500 update. Indicates whether growth trajectory and associate-track economics are holding.
Any Japan Diet or regulatory move to ease the bengoshi qualification monopoly for foreign firms. Would signal erosion of the regulatory moat protecting NO&T from foreign Big Law competition.
Key numbers
  • 685 lawyers firmwide (2026-06-01)
  • Headcount grew +28% (2023 to 2026) (2026-06-01)
  • Acted as Japan counsel on Takeda's $62B Shire deal (2026-04-23)
Named risks
  • AI compression of junior-associate billable hours in contract review and due diligence could tighten partnership-track economics. Severity: medium
  • Deregulation admitting foreign law firms or AI-generated legal work into Japan's bengoshi monopoly. Severity: low
  • Execution risk on new Silicon Valley office opening August 2026 and scaling to 10 lawyers over 3 to 5 years. Severity: low
  • Falling behind Anderson Mori & Tomotsune, which surpassed NO&T's headcount by March 2026. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Nishimura & Asahicontesting655 lawyers vs NO&T 534 in June 2023, stable Big Four rivalry
Anderson Mori & Tomotsunegaining on700+ lawyers by March 2026, ahead of NO&T's 685 in June 2026
Baker McKenzie Tokyolosing tocapped at ~144 lawyers by Japan's bar rules, far behind NO&T's 685 as of June 2026
Mori Hamada & Matsumotocontestinglargest domestic office network and strong Asia presence as of August 2025
TMI Associatescontesting563 lawyers in June 2023 versus NO&T's 534 same period
Questions people ask
Is Nagashima Ohno & Tsunematsu profitable?
NO&T is a private Japanese partnership that does not disclose revenue or profit figures publicly. Traction is instead visible through headcount growth, reaching 685 lawyers by June 1, 2026, up from 534 in June 2023, alongside new London and Silicon Valley offices, signaling strong demand rather than disclosed financials.
Could AI replace lawyers at Nagashima Ohno & Tsunematsu?
AI is compressing commodity work like contract review, due diligence, and legal research, and the firm runs a LegalTech practice using tools like MNTSQ's CORE8 (seminars Dec 2024, Feb 2025). But only bengoshi-qualified lawyers can sign opinions or appear in Japanese courts, so core liability-bearing work stays with humans as of 2026.
Who is Nagashima Ohno & Tsunematsu's biggest competitor?
Its closest rivals are Japan's other Big Four firms: Nishimura & Asahi (655 lawyers, June 2023), Anderson Mori & Tomotsune (700+ lawyers, March 2026), Mori Hamada & Matsumoto, and TMI Associates (563 lawyers, June 2023). Foreign firms like Baker McKenzie Tokyo (144 lawyers) are capped by Japan's bar-admission rules.
Who owns Nagashima Ohno & Tsunematsu?
NO&T is a private Japanese law partnership (bengoshi hojin), not publicly traded or VC-funded, so it has no external owner. It operates as an LLP in New York and Singapore and was formed January 1, 2000, via the merger of Nagashima & Ohno and Tsunematsu Yanase & Sekine.
Is Nagashima Ohno & Tsunematsu expanding internationally?
Yes. NO&T opened its first permanent European office in London on August 11, 2025, and announced a Silicon Valley office on July 6, 2026 targeted to open that same month, its second US office after New York (opened 2010), planned to grow to about 10 lawyers over 3 to 5 years.
What deals has Nagashima Ohno & Tsunematsu handled?
NO&T acted as Japanese counsel on Takeda Pharmaceutical's 62 billion dollar acquisition of Shire plc, per Chambers 2026 reporting. Its client roster includes Bank of Tokyo-Mitsubishi UFJ, Goldman Sachs, Mizuho Bank, Nomura Holdings, Tokyo Stock Exchange, and TEPCO.
Timeline
  • 2026-07-09David G. Odrich, ex-Winston & Strawn, joins NO&T as senior counsel in the US
  • 2026-07-06NO&T announces Silicon Valley office, targeted to open August 2026
  • 2026-06-01Headcount reaches 685 lawyers, including 70 qualified outside Japan
  • 2025-11-01Headcount reaches 638 lawyers and 165 partners per Chambers
  • 2025-08-11London office commences operations, firm's first permanent presence in Europe
  • 2025-03-01NO&T publishes client alert on Japan IP High Court ruling that AI cannot be a patent inventor
  • 2024-11-01NO&T announces plan to open London office
  • 2023-06-01Headcount at 534 lawyers, ranked 5th among Japan's largest firms
  • 2010-01-01NO&T opens New York office
  • 2000-01-01NO&T formed via merger of Nagashima & Ohno and Tsunematsu Yanase & Sekine
Revision history
26 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
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