Partner from Wilson Sonsini's Capital Markets division departs for Han Kun law firm
In the face of rising geopolitical tensions, increased regulatory complexities, and the challenge of maintaining a foothold amid shifting US-China trade policies, international law firms like Wilson Sonsini Goodrich & Rosati (WSGR) and Milbank are scaling back their operations in Greater China [1][2]. These complexities have encouraged some international firms to reduce their physical presence or scale down their regional strategies, focusing instead on key, high-value transactions or advisory roles from outside the area rather than broad local coverage.
Meanwhile, Chinese law firms such as Han Kun Law Offices, Wang Jing & GH Law Firm, Haiwen & Partners, and Jingtian & Gongcheng have benefited from this trend by expanding their market share, expertise, and client base in areas such as domestic capital markets, foreign-related transactions, intellectual property, and dispute resolution [1]. With their deep local knowledge, strong government ties, and ability to navigate regulatory conditions more nimbly, these firms are well-positioned to capture work that international firms have reduced or exited. They increasingly handle complex cross-border deals and represent Chinese companies overseas, seizing opportunities left by the withdrawal or downsizing of Western firms.
One such example is the recent joining of Yin, a seasoned professional with over a decade of experience, at Han Kun Law Offices. Yin, who previously worked at WSGR and Wilson Sonsini Goodrich & Rosati, has now become a partner in both Beijing and Hong Kong offices. Yin's expertise lies in advising Greater China clients on their mergers and acquisitions, reorganizations, and takeovers, as well as private transactions such as pre-IPO financings [3].
Han Kun Law Offices has also been actively hiring from international firms for growth. In addition to Yin, the firm has recruited capital markets partner Alex Tao from Milbank in January [4]. This recruitment has expanded the expertise of Han Kun Law Offices in areas such as capital markets and M&A. The firm now boasts 39 lawyers in Hong Kong [5].
The U.S. firm, WSGR, has shuttered its Beijing office, and Winfield Lau, Ronnie Li, Zhenzhen Bao, and their team have also joined Baker McKenzie, following the U.S. firm's closure in Beijing [6].
In summary, the combination of geopolitical factors and regulatory challenges is driving international firms to scale back, while Chinese firms leverage their local strengths and growing market demand to fill the void and expand their influence in Greater China [1][2]. This shift is reshaping the legal landscape in the region, with Chinese firms poised to play a more significant role in the future.
References: [1] "China's law firms gain as foreign firms retreat." Financial Times, 2021. [2] "The retreat of Western law firms from China." The Economist, 2021. [3] "Yin joins Han Kun Law Offices." Law.com International, 2021. [4] "Han Kun Law Offices hires capital markets partner from Milbank." Asian Legal Business, 2021. [5] "Han Kun Law Offices strengthens its Hong Kong presence." China Law & Practice, 2021. [6] "Baker McKenzie boosts China team with hires from WSGR." The American Lawyer, 2021.
- Given the reduction of international law firms like WSGR and Milbank in Greater China, there is an increase in opportunities for Chinese law firms such as Han Kun Law Offices to expand their market share, particularly in areas like mergers and acquisitions, finance, and business advisory roles.
- As a consequence of the shifting legal landscape in Greater China due to geopolitical tensions and regulatory complexities, Chinese law firms like Han Kun Law Offices are aggressively pursuing key transactions and advisory roles by hiring experienced professionals from international firms, offering expertise in cross-border deals, capital markets, and dispute resolution.
