Source: China Business Law Journal
After 18 years of operating in the mainland, Perkins Coie has decided to close its Shanghai office leaving only its Beijing branch standing, marking the fifth major foreign law firm to wind down in China, following Proskauer Rose, Latham & Watkins, Winston & Strawn and Akin.
Perkins Coie’s website shows the Shanghai office has eight lawyers, with partners Michael House, Geoffrey Vance, Wang Yingli and Michael Wise based in the US, and partner Louise Lu being the only partner based in Shanghai.
A spokesperson at Perkins Coie told China Business Law Journal: “We are providing significant support to our lawyers and staff in Shanghai during this transition and truly appreciate their commitment to the firm and our clients.”
In a separate downturn, Kirkland & Ellis, the world’s highest-revenue US-based law firm, recently laid off at least nine Hong Kong capital markets lawyers, Law.com reported. Kirkland did not confirm the news, saying in a statement that the firm’s Asia capital markets team, which now has eight partners and more than 30 fee earners, remains one of the largest in the region.
DLA Piper and Deacons’ downsizing of its Hong Kong office has also sparked speculation as several foreign law firms in a row have scaled back their China operations.
Similarly, Deacons has decided to sublet one floor of its Alexandra House in Central, Hong Kong. The firm’s decision to reduce office space stems from the need to optimise space utilisation, promote e-filing and a paperless work environment, cut back library space through e-publications, enhance collaboration among practice groups, and embrace a more flexible work style in the aftermath of the pandemic.
Read full article: https://law.asia/foreign-law-firms-downsize-china/
