In what Cadwalader, Wickersham & Taft has called an attempt to refocus on its core clients, the Wall Street firm confirmed Thursday its withdrawal from bases in Beijing and Hong Kong.
It’s the third major firm in the past 15 months to pull back from China, an increasingly tough market for foreign outfits. In mid-2015, firms, Fried, Frank, Harris, Shriver & Jacobson closed its outposts in Hong Kong and Shanghai, while Chadbourne & Parke shuttered its office in Beijing that same year.
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