Entitled:? The Recession’s Not Over for China’s Law Firms: Most of China’s big-name law firms continue to count on multinational corporations doing business in China
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The article says …? China’s recovery — at least as it applies to law firms — shouldn’t be overstated. “It’s getting somewhat better,” he notes, “but it’s still not at the level it was before.”
Here’s how they introduce the piece
On the eve of the Oct. 1 national holiday marking the 60th birthday of the People’s Republic of China, associates at one of the nation’s largest law firms got some welcome news. Jun He Law Offices announced that it was rolling back cost-saving measures introduced in April. Back then, the Beijing-based firm had mandated a four-day work week and made a larger portion of associate pay contingent on hitting billable targets.
Jun He partner Kirk Tong says that China’s improving economy, which is barreling out of recession ahead of the West, has obviated the need for such austerity. “[Initial public offering] work has been picking up,” says Tong. “[Mergers and acquisitions] is getting busier.”
Jun He is not the only firm taking a cautious approach. Arch-rival King & Wood, China’s largest firm, is continuing with a hiring freeze and ban on non-essential spending. At Zhong Lun Law Firm, another leading Chinese firm, Shanghai partner Lefan Gong notes that new hiring, while not frozen, continues to be restricted.
