SINGAPORE’S two largest law firms are expanding in China, banking on a trend of Chinese companies venturing overseas even as some of their global peers pull back from the world’s second-largest economy.
Rajah & Tann Asia is set to open a representative outpost with an initial 10 lawyers in Qianhai, Shenzhen in October, head of the Shenzhen office Hew Kian Heong said. The office in the Chinese tech hub will focus on international arbitration as well as construction, technology, media and telecoms.
“Geopolitics and escalating tensions between China and the West have led to an increased interest and motivation for China’s private companies to look to the rapidly growing economies in South-east Asia for making their investments,” said Hew, adding that Singapore has long positioned itself as a springboard for such investments into the region.
China’s Ministry of Justice has approved the plan, which will add to Rajah & Tann’s Shanghai office.
Allen & Gledhill entered China with a new office in Shanghai in January to help Chinese companies “navigate the challenging and evolving business and legal landscape across” South-east Asia.
Singapore is a favoured regional hub for Chinese businesses seeking to go global. The moves by Rajah & Tann and Allen & Gledhill contrast with some foreign firms shrinking their presence in China and Hong Kong amid a dearth of deals and increased regulatory oversight from Beijing. Philadelphia-founded Dechert is closing its outposts in China and Hong Kong. Mayer Brown is breaking away from a 160-attorney Hong Kong partnership and Winston & Strawn is shuttering its office in the city.
Foreign law firms with offices in China fell to 205 in 2022 from 225 in 2019, based on the latest available numbers from the Ministry of Justice website. BLOOMBERG
