Linklaters is mulling plans to ally with a top tier Chinese law firm under incoming regulations allowing joint working between international and local outfits in the Shanghai Free Trade Zone (FTZ).

The magic circle firm, which has offices in Beijing and Shanghai, is looking at the possibility of tying up with a Chinese outfit so it can offer PRC law advice to clients in core practices such as corporate, finance and litigation.

Marc Harvey, Linklaters' managing partner for Asia, told Legal Week that the firm was awaiting clarification on the new rules for lawyers.

"The pronouncement is that the benefits of the SFTZ will be extended to law firms. We've been looking at our next move in China for some time and that is something that interests us a great deal," he said.

"We're looking very closely at the detail of that announcement and what it really means and what you have to do should we decide to tie up with a firm.

"We talk to our friends in the mainland all the time, but there's a waiting game being played slightly. There are some broader brush strokes that look quite appealing – they would give an opportunity for us to second in PRC lawyers and then be in a position to offer China law opinions. But how you accomplish that and whether there are any limitations are yet to be nailed down."

Launched in September 2013, the Shanghai FTZ is the first significant step by the Chinese government to begin opening up the country's service sectors.

As a pilot scheme, it aims to test liberalisation in key areas such as telecoms, financial and legal, with reforms set to allow increased foreign ownership and participation in the economy.

According to recent reports, the regulation will allow a foreign law firm with a representative office in China to enter into an agreement with a Chinese outfit to mutually dispatch lawyers to each other's offices. It will also allow firms to set up joint ventures in the FTZ, whereby they could jointly advise clients on PRC and international law.

"[Whether we tie up with someone] will depend on the final fall of the regulations," said Harvey, adding that the choice of firm would also be affected.

"It might be easier to integrate with a smaller firm but there may not be any point if what you want to achieve is access to a greater client base or a particular practice area that is not in that firm."

Outside of Shanghai, Linklaters is also looking to grow its offices in Korea and Singapore, having opened an office in Seoul and acquired its Qualifying Foreign Law Practice (QFLP) licence in Singapore last year.

Currently in Seoul it has two partners on the ground – corporate finance partner Hyung Ahn and energy and projects lawyer Stephen Le Vesconte – while in Singapore the focus has been predominantly on cross border work.

"Korea has worked out quite well for us, but it needs to grow," said Harvey. "We want to have the finance side, the corporate side and ultimately depending on where we get to with the full liberalisation, we could have litigation.

"In Singapore we want to grow out Singapore law. I think there is a great opportunity for us to expand in South East Asia."

Elsewhere in the region he said the existing offering was mostly complete, both in terms of practices and geographical coverage.

Last year the firm saw an increase in Asia revenues, with banking, capital markets and litigation among its busiest areas.

In addition to three lateral hires in the region, it also promoted six new lawyers to partner and added seven new counsel. In 2014, the plan is to achieve double digit revenue growth.

"I think the markets are coming back, so I think it is realistic that we could grow our revenues in Asia by 15% this year," Harvey added. "Politically things have been very active in Asia, but once things settle down, corporate stands to be the single greatest beneficiary, along with of course our contentious practice."

Related: Linklaters reveals largest increases in 2014 associate pay