Here's something positive for you to read rather than bubbles and collapsing law firms ... Go east young man/woman !
Here's the introduction to the piece and link to full article
http://www.thelawyer.com/1012473.article
In the increasingly international and competitive Hong Kong legal market, independent firms continue to enjoy success
At the end of March, self-made businessman Leung Chun-ying was voted in as Hong Kong?s new chief executive following a turbulent campaign. Although it has won the tough election, the special administrative region?s new government faces remarkable challenges, including maintaining Hong Kong?s economic prosperity and ?status as an international financial centre in a new era of slower growth in China.
Many international law firms in Hong Kong, particularly those that expanded significantly in 2011, may also find this year challenging, given Europe?s escalating debt crisis and a slow market for IPOs and listings in Hong Kong. However, the general sentiment in the market remains upbeat, with most lawyers agreeing that Hong Kong has been through many ups and downs over the past 15 years, and its economy is fundamentally strong and resilient.
The expansion of international firms into Hong Kong is continuing, albeit at a smaller scale, indicating their confidence in the city state?s growth potential as a key regional hub for high-end legal services. In addition to US law firms, a number of UK and European firms are also trying to make inroads into Hong Kong.
Watson Farley & Williams is the ?latest UK firm to have entered Hong Kong. It launched its third Asian ?office there in March, with the appointment of corporate finance partner Loretta Lau from Goodwin Procter. The new office is in association with Lau Leong & Co and is led by Lau and two partners who relocated from Singapore,Madeline Leong and Nicholas Hanna.
Watson Farley managing partner Michael Greville notes that as the economic activity in Asia has increased, the requirement for a complementary presence in Hong Kong and direct access to mainland China has emerged.
Fellow City firm RPC appointed four legacy Barlow Lyde & Gilbert (BLG) partners from Clyde & Co in a bid to launch in Hong Kong. The four partners joining RPC are Hong Kong senior partner David Smyth, marine insurance partner Andrew Horton, insurance partner Antony Sassi and disputes partner Gary Yin.
Taylor Wessing is also seeking a base in Hong Kong. The firm has two offices in mainland China and has been in the Greater China market since 1996.
?At the moment, Hong Kong is all about China: a route into China and China?s gateway to the rest of the world. We?ve done a huge amount of work advising Continental European business into China and now we?ve seen a high level of activity coming out of China. We?re looking closely at the market in Hong Kong,? says Robert Fenner, a London-based partner atTaylor Wessing and chair of the firm?s China group.
Among a growing volume of Chinese mandates, the firm has helped all four Chinese banks to establish and develop operations in the UK.
?Our model for expansion is to have local expertise and knowledge. We?ll look for established local teams to join the group and lead our Hong Kong initiatives,? he says. ?Hong Kong?s economy is more cyclical than London and New York. Establishing in Hong Kong?s market is a long-term project and people shouldn?t just look at a year or two.?
