HONG KONG — Foreign law firms in China and Hong Kong are shedding staff at a rapid pace, with one company laying off at least 20 lawyers this year as China’s economic downturn and geopolitical tensions continue to squeeze business.
Lawyers and legal recruiters told Nikkei Asia that the redundancies highlight not only the downturn in the market but also the reliance of top international companies on Chinese activity. More than a dozen partners from different firms said China-related business has started to dry up, and several said corporate Chinese clients are increasingly asking for lengthy payment delays.
London-headquartered firm Linklaters has let go around 20 lawyers in Hong Kong and in mainland China, according to people familiar with the matter.
Read more at https://asia.nikkei.com/Business/Business-trends/Law-firm-layoffs-rise-in-Hong-Kong-as-China-business-slows
