Two Moves in Hong Kong Show U.S. Firms' Challenges and Opportunities
At almost the same time, Orrick, Herrington & Sutcliffe and Steptoe & Johnson LLP recently made decisions that showcased polar opposite views about the market in Hong Kong.
May 14, 2020 at 01:00 AM
4 minute read
Two U.S. firms recently made opposing moves in Hong Kong: Orrick, Herrington & Sutcliffe decided to close its office there after 15 years, whereas Steptoe & Johnson LLP launched a new office in the city.
Hong Kong is the most popular office location in Asia for global law firms. The city's legal market is fully liberalized and firms have a menu of options to practice local law, U.S. law or U.K. law; corporate or finance; litigation or arbitration—you name it. That has made Hong Kong an incredibly competitive market. Even without additional challenges that include recent protests and the coronavirus, Hong Kong's legal market requires carefully implemented strategies—and some luck—to succeed.
At almost the same time, Orrick and Steptoe ended up having polar opposite views about the market in Hong Kong. Orrick CEO Mitch Zuklie doesn't hide his pessimism. He doesn't think the firm can achieve in Hong Kong the success it has elsewhere in Asia. Meanwhile, Steptoe is betting on Hong Kong's role as a regional center for clients' legal needs, not only in China but in Asia more broadly.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Law Firms Mentioned
Trending Stories
- 1First Lawsuit Filed Alleging Contraceptive Depo-Provera Caused Brain Tumor
- 2BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 3The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 4The Growing Tension—And Opportunity—in Big Law Nonequity Tiers
- 5The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250