With its dense skyline, pulsing streets and cosmopolitan vibe, Shanghai never fails to remind visitors of another noncapital world city. “Shanghai is New York!” says Allbright Law Offices partner Victor Wang, describing the popular perception in the West. And he agrees that the cities are alike in terms of their look, feel and attitude.
But, despite hosting China’s largest stock exchange, Shanghai simply doesn’t compare as a financial—or legal—center. Not to New York, not to Hong Kong, not even to Beijing. To some international firms, a Shanghai office has become expendable. Vinson & Elkins closed theirs last year, and Wall Street firms such as Sullivan & Cromwell, Simpson Thacher & Bartlett and Davis Polk & Wardwell never even bothered to open there. Among domestic firms, Wang acknowledges that those originating from Shanghai, of which Allbright is the largest, have fallen behind Beijing firms like King & Wood Mallesons, Jun He Law Offices and Zhong Lun Law Firm, in terms of both reach and reputation.
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