According to a report in Legal Week (UK) “Increasing volumes of work going through mainland China and Singapore leaves partners anticipating double-digit Asia revenue growth over the next 12 months”
Legal Week’s survey of partners reveals that many are very bullish about prospects in the region….
They write:
At a time when many City firms cite Asia as their best opportunity for growth, nearly half of partners are predicting double-digit revenue hikes in the region over the next 12 months.
The latest Legal Week Big Question survey found that some 47% of partners believe they will see Asian revenues increase by more than 10% over the coming year, with 32% predicting turnover increases of between 10% and 15% and a further 16% expecting growth of more than 15%.
Thirty four percent of respondents think revenues will increase by between 5% and 10%, with the remainder expecting an increase of up to 5%. Not a single respondent thought revenues in the region would stay static or drop.
Barlow Lyde & Gilbert international operations partner Tim Strong said: “There are expectations that workloads will increase. Asia has come out of the recession quicker and there is a lot of money going out of China and a lot of money coming back in.”
Allen & Overy (A&O) global corporate head Richard Cranfield added: “In greater China there continues to be a shift north, while in Southeast Asia we are seeing an increasing amount of work going through Singapore. There is no doubt that it will continue to be an important region.”
Mainland China is set to be the most important legal centre in Asia over the next 10 years, with 66% of respondents citing Shanghai and 50% Beijing when asked to name the two Asian locations offering the best prospects for growth. Hong Kong secured votes from 40% of respondents, with Singapore gaining votes from 29% of respondents.
The full reports can be found at?? http://www.legalweek.com/legal-week/analysis/1559409/partners-eye-rapid-revenue-growth-asia
