Shearman & Sterling is attempting to rebuild its Hong Kong law capital markets practice after losing at least 10 lawyers, including its team leader, in recent months.

Sources familiar with the matter said Shearman has been approaching potential candidates from outside the firm. In addition to external hires, the firm will also promote lawyers internally, according to one source, who added that the new Hong Kong law capital markets team will be smaller than the previous one.

The previous team had about a dozen lawyers, focusing on midsize listings of companies in the healthcare, biotech and media sectors from mainland China and Hong Kong. The practice was led by former partner Colin Law, who left the firm last month to join China's Fangda Partners alongside former partner Peter Chen and four additional lawyers. Apart from Law's team, at least four additional Hong Kong IPO lawyers have left Shearman since October.