Global Legal Post reports another first from Bakers……
Bakers makes China breakthrough with permit to practice local law
http://www.globallegalpost.com/global-view/bakers-makes-china-breakthrough-with-permit-to-practice-local-law-17105428/
Baker & McKenzie has finally broken the barrier which prohibited foreign law firms from practising Chinese law – by winning a licence which allows it to offer local advice through a joint venture with a Chinese firm in Shanghai.
The 77-office law firm has a history of firsts – and was the first foreign firm into China in 1993. The regulators have now offered it the permit to advise on local law through the joint venture with five-partner FenXun Partners, based in the Shanghai free trade zone. For Bakers, the big advantage is that it can now offer clients a single standard of advice and approach around the world. A statement from the Shanghai Bureau of Justice read: ‘The ‘joint operation’ and ‘mutual secondment of legal advisers’ models now practiced in the China (Shanghai) Pilot Free Trade Zone do away with this unitary, isolationist service model and represent a milestone in the further liberalization and development of China’s legal service market.’
Shanghai free trade zone
Bakers is the first international firm to get the permit in its own right. Other firms have managed it through merger – Dentons through its Dachung tie-up, for instance. Much has been hoped for from the Shanghai free trade zone – and this move is likely to heighten the interest of other foreign law firms. Source: Legal Business
