Hong KongMilbank Makes Major Hong Kong Play With Allen & Overy Partner Hire
The hire is a rare move for the firm which currently has a small offering in Hong Kong.
June 02, 2020 at 09:50 AM
2 minute read
Milbank has made a rare Hong Kong hire with the addition of Allen & Overy partner Alex Tao.
U.S.-qualified debt capital markets partner Tao joins Milbank after four years at A&O. He joined the firm in 2016 from Davis Polk & Wardell, where he was of counsel.
His arrival at A&O was part of a wider push by the firm into capital markets work in the region.
In recent years, Milbank and other U.S. firms have faced strong competition from Magic Circle and Chinese firms over capital markets work, particularly IPOs, which has led to a decrease in hiring in the space.
Tao's arrival signifies a renewed push by Milbank into the region after it pulled out of local Hong Kong work in 2014. It currently operates a six lawyer office there, including two partners, according to the firm's website.
James Grandolfo, head of Milbank's Hong Kong office said in a statement: "Alex's addition to the Milbank team is testament both to our continued commitment to the Hong Kong and Greater China markets and our ability to attract top talent. Alex will help expand our China capital markets practice, support our growing regional capital markets and M&A practices and drive further growth."
The firm's overall revenue growth slowed in 2019 and its revenue-per-lawyer fell slightly as its head count grew, but the firm managed to grow its profitability, eking out a 1.3% rise in profits per equity partner.
Its topline revenue growth, about 3.4% to $1.07 billion, was the slowest since 2016. Lawyer head count rose 5% to 765 full-time equivalent lawyers last year, leading revenue-per-lawyer to contract about 1.5% to $1.4 million.
|Read more:
Milbank Posts Nearly 10% Revenue Increase in London as Firm's Overall Revenue Growth Slows
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