Almost anywhere you went in Asian legal circles over the past year, conversation would inevitably turn to one topic: what’s going on with all the recruitment by the U.S. firms in Hong Kong?
Several elite New York firms, previously content to practice only U.S. law in the Asian financial capital, launched Hong Kong law practices over the past year. They did it mainly by poaching from the British firms that traditionally have dominated the work, and they did it in fairly rapid succession, at least for firms known for hiring conservatively. Davis Polk & Wardwell made its move in the fall of 2010; Cleary Gottlieb Steen & Hamilton last December; Simpson Thacher & Bartlett this past April; and Sullivan & Cromwell in June.
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