Hong Kong

The U.K. firm Reynolds Porter Chamberlain kept a relatively small presence in Asia after it expanded into the region in 2012. But its new Asia head plans to take it to the next level, and it started by moving its office in Hong Kong to a bigger space.

"It's a statement of intent to grow," said Hong Kong-based Antony Sassi, who was appointed Asia managing partner in November.

In January, Reynolds Porter joined a growing list of international firms that moved away from Central – Hong Kong's main business district and also the world's most expensive office address – to the emerging business district further east called Quarry Bay, where offices rent for a quarter of Central's sky-high rates.

The new office, in a 48-storey triple-grade-A office tower called One Taikoo Place, is nearly 50% bigger than its previous 11,200-square-foot office in Three Exchange Square. Other new tenants of One Taikoo Place include Baker McKenzie, EY and Facebook.

Antony Sassi

"You move into a space like this, the intention is to fill that space," said Sassi. "Now everything is in place to enable us to grow and support a far broader base."

Sassi took the reins as the firm's Asia head from former Asia senior partner David Smyth, who had been aiding Sassi with the Asia leadership transition until he retired from the partnership at the end of April. Smyth, who helped launch the Hong Kong office in 2012, remains with the firm as a consultant.

But in his short time at the helm, he has been working fast. Reynolds Porter now has space to double its current lawyer count of almost 30. He has already made his first partner hire, announcing earlier this week that the firm has recruited former Orrick, Herrington & Sutcliffe Hong Kong commercial litigation and international arbitration head Charles Allen as a partner. Allen, who also led the Hong Kong commercial litigation practice at Sidley Austin until joining Orrick in 2016, will help with a key disputes area for Reynolds Porter's Hong Kong team, said Sassi.

To be sure, growth doesn't come easily in Hong Kong's highly competitive lateral market. During the past 12 months, Reynolds Porter has lost about 20 of its Hong Kong-based lawyers, including three partners. Last month, China-focused commercial and shipping disputes partner Gary Yin joined Chinese firm Jingtian & Gongcheng with senior consultant Ben Yates and an associate; Yin and Bates both joined as partners. And in September last year, insurance partners Andrew Horton and Steven Wise joined CMS Legal's Hong Kong associate firm with five other lawyers. At least eight other associates have left, some for such firms as Norton Rose Fulbright, Clyde & Co, Mayer Brown and the affiliated law firm of Big Four accounting firm PricewaterhouseCoopers.

But Sassi is undaunted. Reynolds Porter now has seven partners in Hong Kong. In addition to Allen and Sassi, who specialises in insurance disputes, the other partners are financial regulatory specialist Jonathan Crompton, transactions lawyers Jason Carmichael and Jeremy Cunningham, corporate finance specialist Janney Chong, and insurance disputes lawyer Carmel Green.

Green is the only Hong Kong partner who was not a lateral hire. She was promoted to partner last year, (one of only two to make partner). But Sassi said he wants to continue to grow organically as well as through lateral hires.

And he said he will continue to expand the Hong Kong office's disputes capabilities, including in technology and intellectual property. Reynolds Porter's IP and technology group, led by London-based partner Jeremy Drew, is among the firm's fastest-growing practices, and the group's clients are looking to Asia, noted Sassi. "They're easy wins," he said.

Reynolds Porter is best known for disputes, particularly in the insurance space, but Sassi said he is also looking for other lawyers to support the existing partnership, depending on local market needs.

He pointed to partner Janney Chong as an example. Chong joined Reynolds Porter in March 2017 after 12 years at Sidley Austin and is the firm's sole specialist in Hong Kong initial public offerings.

"You have to recognise local market needs," he said, adding that he is looking to increase the size of Chong's team.

Hong Kong is one of the world's top stock markets, which raised about $36.5 billion from 125 listings last year, according to data by Refinitiv – the most money raised in the world in 2018.

Sassi said he will also expand in Singapore, the firm's only other Asian office, and will focus on its joint law venture (JLV).

Reynolds Porter is one of eight international firms in the city-state that has a JLV, which allows it to practice certain areas of Singaporean law through a local partner firm. Reynolds Porter has had a JLV with local firm Premier Law since 2016, but eight lawyers, led by partner and disputes head Siraj Omar, are set to leave for local firm Drew & Napier in July; Omar and director See Chern Yang, who is part of the eight-lawyer team, founded Premier Law in 2008.

Reynolds Porter has already started rebuilding the JLV with a three-lawyer disputes team from Clyde & Co's own JLV, Clyde & Co Clasis Singapore, led by partner Gerald Yee, who joined earlier this month; the other two lawyers will make the jump in July.

Sassi will also replicate much of the firm's Hong Kong growth plans in Singapore, which include hiring in the area of technology and IP disputes, and also on the corporate and commercial side.

While the Singapore team is not moving to a new, bigger office, it recently renewed its lease there and still has room for 20 more lawyers, Sassi noted. With the three-lawyer team, there are about 10 lawyers in Singapore, including insurance partners Mark Errington, who opened the Singapore office in 2012, and Iain Anderson.

"We're in growth mode," Sassi said. "We've come a long way in the past seven years. We're in stage two now."

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