Cadwalader.
Cadwalader. (Photo: Diego M. Radzinschi/ALM)

Cadwalader, Wickersham & Taft Hong Kong partner Jeffrey Maddox will rejoin Jones Day following Cadwalader’s decision to shutter its Asian offices, according to sources familiar with the matter.

Maddox, who will remain in Hong Kong, specializes in U.S. securities law, advising debt and equity offerings by Indian and Chinese companies. In August, he represented Indian engineering company Dilip Buildcon Ltd. on a $100 million initial public offering on the Indian domestic stock exchanges.

Maddox first developed his U.S. capital markets practice at Clifford Chance’s Hong Kong office. He joined Cadwalader in 2012 alongside capital markets partners Joseph Lee and David Neuville from Jones Day.

The three-partner team was hired to strengthen a Hong Kong capital markets practice, with Lee covering the Hong Kong law aspects of the listings and Maddox and Neuville advising on the U.S. law aspects.

Cadwalader, New York City’s oldest law firm, launched in Hong Kong in 2010 as part of an effort to recoup the losses suffered by the firm’s best-known securitization practice in the United States during the 2008-09 global financial crisis. At the time, like every other international firm in town, Cadwalader was eager to take advantage of Hong Kong’s then-booming capital markets.

By the time Maddox and his team came on board in mid-2012, the Hong Kong listings market had already slumped, and despite a brief revival last year, the multibillion-dollar Chinese state-owned enterprise listings that flocked to the market during 2009 and 2011 are now rare.

But Cadwalader’s Hong Kong strategy remained unchanged. The firm went on hiring another three-partner and four-counsel Hong Kong capital markets team in early 2015 from Latham & Watkins .

It wasn’t until September, when the U.S. firm announced that it would close its offices in Hong Kong and Beijing by the end of year and lay off 25 lawyers, did managing partner Patrick Quinn admit to a mismatch between Asia and the rest of the firm. In an interview with Bloomberg BNA, Quinn said lawyers in Asia didn’t fit with the firm’s vision to focus on core clients—namely large financial institutions, large-cap corporations and private equity funds. “They don’t fit with the clients we described, and they don’t fit with the kinds of work we do in other areas,” Quinn said.

Lee and Neuville both left the firm last year, returning to the Hong Kong office of U.K. firm Simmons & Simmons.

Maddox and Jones Day declined to comment on the move.

Anna Zhang can be reached at azhang@alm.com.

Cadwalader, Wickersham & Taft Hong Kong partner Jeffrey Maddox will rejoin Jones Day following Cadwalader’s decision to shutter its Asian offices, according to sources familiar with the matter.

Maddox, who will remain in Hong Kong, specializes in U.S. securities law, advising debt and equity offerings by Indian and Chinese companies. In August, he represented Indian engineering company Dilip Buildcon Ltd. on a $100 million initial public offering on the Indian domestic stock exchanges.

Maddox first developed his U.S. capital markets practice at Clifford Chance ‘s Hong Kong office. He joined Cadwalader in 2012 alongside capital markets partners Joseph Lee and David Neuville from Jones Day .

The three-partner team was hired to strengthen a Hong Kong capital markets practice, with Lee covering the Hong Kong law aspects of the listings and Maddox and Neuville advising on the U.S. law aspects.

Cadwalader, New York City’s oldest law firm, launched in Hong Kong in 2010 as part of an effort to recoup the losses suffered by the firm’s best-known securitization practice in the United States during the 2008-09 global financial crisis. At the time, like every other international firm in town, Cadwalader was eager to take advantage of Hong Kong’s then-booming capital markets.

By the time Maddox and his team came on board in mid-2012, the Hong Kong listings market had already slumped, and despite a brief revival last year, the multibillion-dollar Chinese state-owned enterprise listings that flocked to the market during 2009 and 2011 are now rare.

But Cadwalader’s Hong Kong strategy remained unchanged. The firm went on hiring another three-partner and four-counsel Hong Kong capital markets team in early 2015 from Latham & Watkins .

It wasn’t until September, when the U.S. firm announced that it would close its offices in Hong Kong and Beijing by the end of year and lay off 25 lawyers, did managing partner Patrick Quinn admit to a mismatch between Asia and the rest of the firm. In an interview with Bloomberg BNA , Quinn said lawyers in Asia didn’t fit with the firm’s vision to focus on core clients—namely large financial institutions, large-cap corporations and private equity funds. “They don’t fit with the clients we described, and they don’t fit with the kinds of work we do in other areas,” Quinn said.

Lee and Neuville both left the firm last year, returning to the Hong Kong office of U.K. firm Simmons & Simmons .

Maddox and Jones Day declined to comment on the move.

Anna Zhang can be reached at azhang@alm.com.