Top firms relocate more senior lawyers to Asia as East's rise continues
UK and global law firms are increasingly relocating senior partners and practice group heads to the Asia-Pacific region as they continue to pin their hopes on the market, despite the recent downturn in activity in areas such as capital markets. A survey of 30 UK and US law firms by Legal Week found that 57% of those firms now have at least one global practice head, department co-chair or deputy chair based in Asia, with the majority of these appointed since the start of 2010. Freshfields Bruckhaus Deringer, Clifford Chance (CC) and Herbert Smith Freehills each now have at least two international practice heads based permanently in the Asia-Pacific, compared with one or fewer in 2010.
March 27, 2013 at 08:03 PM
3 minute read
UK and global law firms are increasingly relocating senior partners and practice group heads to the Asia-Pacific region as they continue to pin their hopes on the market, despite the recent downturn in activity in areas such as capital markets.
A survey of 30 UK and US law firms by Legal Week found that 57% of those firms now have at least one global practice head, department co-chair or deputy chair based in Asia, with the majority of these appointed since the start of 2010.
Freshfields Bruckhaus Deringer, Clifford Chance (CC) and Herbert Smith Freehills each now have at least two international practice heads based permanently in the Asia-Pacific, compared with one or fewer in 2010.
At Freshfields, global arbitration co-head Lucy Reed relocated from New York to Hong Kong last May and global investigations co-head Geoff Nicholas moved from London to Hong Kong last summer. A year earlier, Stephen Revell, co-head of global capital markets, moved to Singapore.
Meanwhile at CC, Mark Hyde, global head of restructuring and insolvency, formally moved from London to Hong Kong at the start of the month to take up a role as Asia-Pacific finance head. Mark Shipman, CC's global head of funds and investment management, has been based permanently in Hong Kong for some time.
Other UK firms with one or more global practice heads based in Asia include Linklaters, Allen & Overy, Norton Rose, Olswang, SJ Berwin, Stephenson Harwood, Berwin Leighton Paisner and RPC.
As for US firms, Skadden Arps Slate Meagher & Flom, Orrick Herrington & Sutcliffe, Reed Smith and Baker & McKenzie each have at least two practice heads in the region. Shearman & Sterling has one in addition to Asia-based partners involved in firm management.
Other examples of recent relocations include SJ Berwin's co-head of international private funds George Pinkham from Paris to Hong Kong in September, and the transfer of Clyde & Co's global corporate insurance head Andrew Holderness from London to Singapore earlier in the year.
Commenting on the trend, Hyde said: "It's a reflection of the fact that we believe we can grow our business more quickly in Asia than we can in other parts of the world. We've invested a lot in Asia as evidenced by our last partner promotions round. At the same time, you also need senior people out here."
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