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Senior Associate - Corporate & Commercial
Ashley Cheng

With a strong background in microeconomics, Ashley brings his unique expertise to the team at the intersection of finance and law. Fascinated by the concept of ‘mechanism design’ and ‘contract theory’, which take an outcomes first approach to designing incentive structures, he applies his skillset to novel client problems by developing creative solutions within the confines of the law to achieve the outcomes desired by his clients.

Highly valued for his niche expertise, Ashley’s practice is nonetheless proudly sector agnostic. He loves working with a diverse range of Start Ups and Scale Ups – from hospitality and aviation to software development and investment funds. Whether he is crafting tax effective incentive schemes to align employees with long term growth or negotiating capital raising strategies, he shines brightest when balancing stakeholder interests to achieve solutions which move businesses forwards.

With his international perspective (which focuses primarily on Singapore, China and the US), Ashley’s advice is frequently sought out by companies seeking to expand in Australia and beyond. From raising initial seed rounds to the B funding stage and beyond, he thrives on guiding young companies through to becoming self-sustaining entities.

One of Ashley’s biggest success stories saw him act throughout the start-up life cycle of sporting events company, whose innovative event design has now become a global showcase sport at the Olympics.


Prior to joining FCW Lawyers, Ashley was a lawyer at Aperion Law. Ashley also lectured in Microeconomics at the University of New South Wales.

  • Advising on fundraising deals including due diligence, deal structuring, negotiation of subscription agreements and shareholder agreements, preparation and negotiation of (pre- and post-money) SAFEs – Ashley assisting clients in a $1.85M seed-round raise and technology spinout, a two-part $5M pre-series-B capital raise and a $5.2M raise led by a major Australian VC.
  • Advising on mergers and acquisition deals including due diligence, structuring, document preparation and project management to achieve client outcomes – Ashley was part of a team representing the seller of a government-business consultancy (2019) and led the acquisition of a sporting event review platform by a UK-based buyer and the acquisition of a café/coffee-roasting business.
  • Developing and assisting companies to implement incentive schemes including ESS Tax incentive (including Start-Up Concession) compliant schemes, short-term bonus schemes, long-term incentive schemes, employee share trusts and phantom share schemes.
  • Advising on business structuring and restructuring including overseas expansion and flip-ups.
  • Providing advice and risk-management for clients through drafting commercial contracts and arrangements including shareholder agreements, option and vesting deeds, and major procurement and sales contracts.
  • Acting for a major food manufacturing and retail business in relation to a broad range of commercial issues including product liability, advertising standards and agreements with suppliers.
  • MSc (Law and Finance) – University of Oxford
  • LLB (Hons) – University of New South Wales
  • BCom (Hons) (Business Strategy and Economic Management) – University of New South Wales
  • Asian Law and Economics Association