US firm becomes latest to pull out of Asia with triple office closure
Troutman Sanders to close outposts in Hong Kong, Beijing and Shanghai
January 23, 2018 at 11:51 AM
3 minute read
Troutman Sanders has become the latest US firm to pull out of Asia, confirming that it will close its three offices across the continent by the end of May.
The firm – which in 2016 posted revenues of $490m, placing it 67th in the Am Law 100 – announced internally on Monday (22 January) that it will wind down offices in Hong Kong, Beijing and Shanghai by 31 May this year, ending its 21-year-old Asian operations.
Troutman, which is based in Atlanta and has 12 other offices across the US, confirmed the move in a statement sent to Legal Week sister titles The American Lawyer and The Asian Lawyer.
"As part of a strategic review and after careful consideration, we have concluded that there is not sufficient overlap between our China practice and our areas of greatest focus," the firm said. "As a result, we have decided to cease our operations in China and close our Hong Kong, Shanghai and Beijing offices effective 31 May 2018."
The 655-lawyer firm is the latest US player to leave Asia entirely. In 2016, Cadwalader Wickersham & Taft closed offices in Hong Kong and Beijing and laid off 25 lawyers, a move that followed the 2015 exits of Fried Frank Harris Shriver & Jacobson and legacy Chadbourne & Parke.
Several other firms have reduced the size of their Asian teams, if not leaving completely. Winston & Strawn closed two of its four Asian offices – Beijing and Taipei – in 2016, while Orrick Herrington & Sutcliffe switched to a much leaner team in Hong Kong.
Troutman has about 30 lawyers, including seven partners, across the three Asian offices. The Hong Kong office, the largest among the three, opened in 1997. Troutman international arbitration head Eric Szweda is managing partner in Hong Kong, where the firm focuses on international arbitration and capital markets work.
In 2007, the firm launched in mainland China by adding a Shanghai office, focusing on foreign direct investments to China from Atlanta-based businesses. The firm hired partner Edward Epstein from legacy Salans in Shanghai.
The Beijing office was opened in 2013, when Troutman recruited former Orrick Hong Kong partner Allen Shyu, a US securities listings specialist.
In the statement, Troutman stressed that 2017 had been a strong year for the firm, which had exceeded its goals for the third year in a row. It had done so largely by following a strategic plan, and the China practice no longer fit into that plan.
"Our strategic plan prioritises our areas of greatest focus, which include broadly serving the middle market, as well as representing clients in the energy, banking and finance, life sciences and insurance sectors," the firm said.
Meredith Hobbs in Atlanta contributed to this story.
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