Five years ago the tiny special administrative region of China, Macau, replaced Las Vegas as the world's top gambling destination.

Now, as private wealth continues to soar both within China and Asia more generally, and regional markets remain resilient despite the wider global economic turmoil, the UK's largest law firms are attempting to guarantee they retain a significant slice of the market.

Linklaters, Hogan Lovells, Ashurst and Clifford Chance all have big plans to increase both their Asian revenues and their office count in the region.

Most of the UK's leading firms already have sizeable presences across Asia, with even Ashurst – which only opened in Hong Kong at the end of 2008 – now generating around 7% of its revenues from the region.

But given China is expected to replace the US and top the rank of global economies within the next decade, it isn't surprising that UK firms are more than keen to increase their coverage.

Even so, the plans are ambitious to say the least, with CC aiming to double Asia fee income in the coming years from the current mark of around £146m, while Ashurst is looking at no fewer than three office openings – as well as a tie-up with a leading Australian firm that could potentially lead to a full-blown merger.

But as demonstrated by last month's Hong Kong assault by Kirkland & Ellis, which saw the firm hire no fewer than eight partners from local rivals including Allen & Overy, market share will be keenly fought, with the top US players also now firmly setting their sights on the region.

The summer alone has seen Sullivan & Cromwell launch a Hong Kong law practice with hires from Freshfields, Mayer Brown launch in Singapore, Ropes & Gray open in Shanghai and Squire Sanders & Dempsey agree an Australia launch by taking on the bulk of Minter Ellison's Perth office.

While few if any of these US firms look likely to set up Asian operations of the size or geographic spread of those established by UK competitors, their expansion is definitely looking like a full assault on the market, and not only are UK firms losing partners, it is hard to see how they won't lose market share in key practice areas such as equity capital markets.

The question now will be whether it is the UK firms' approach of putting flags all over the map or the US tactic of concentrating on key financial centres while relying on relationships with New York investment banks that will prove most successful. Assuming, of course, that in the same way Asian gambling has outstripped activity in Las Vegas, local leaders such as King & Wood don't rise to the international challenge in their own back yard and steal a march on both UK and US players alike.