Vinson & Elkins to shut Shanghai office
Vinson & Elkins (V&E) is to shut its Shanghai office later this year in a move to consolidate its China offering. The Texas firm is yet to announce a date on which the base will close, but said it wants to turn its attention to offices in Hong Kong and Beijing as the main hotspots for energy dealflow.
July 12, 2013 at 07:13 AM
2 minute read
Vinson & Elkins is to shut its Shanghai office later this year in a move to consolidate its China offering.
The move, which comes after a vote by Vinson's management committee, will see the US firm's mainland China operations centralised at its existing Beijing base. The firm also has an office in Hong Kong.
The firm is anticipating some staff cuts as a result of the closure, but did not specify a number, while the exact date of the closure is also currently unclear.
According to its website, Vinson has 10 associates in Shanghai and one resident M&A partner Tju Liang, alongside two other corporate partners David Blumental and China managing partner Jay Kolb, who split their time between Shanghai and Beijing.
In a statement, chairman Mark Kelly said: "[Our] management committee has voted to consolidate the firm's China practice into our Beijing and Hong Kong offices and to close the Shanghai office later this year.
"Given our firm's historic ties to the energy industry, concentrating more on our mainland Chinese resources in Beijing, where many of our energy clients are based, allows us to more effectively serve those clients.
"As is the case with all prudent international law firms, we carefully manage our practices to ensure their alignment to client needs and the firm's overall strategic goals.
"We will continue to operate three offices in Asia, where we are consistently recognized for our work on the region's most significant cross-border transactions, particularly in natural resources, and resolving our clients' critical international disputes.
"Where possible, we will provide opportunities for attorneys and staff to remain with the firm in the region, though we realize our decision to consolidate may result in the loss of some dedicated and talented people. We will work closely with all of our Shanghai personnel in the coming months to effect a smooth transition."
Vinson, which also has a base in Tokyo, was unavailable for further comment.
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