It’s no secret that Singapore has benefited enormously from the pickle that Hong Kong has found itself in over the past two years. According to the Global Financial Centres Index, Singapore recently overtook Hong Kong as Asia’s top financial centre—and the third globally after New York and London.

So it’s no surprise that several law firms have launched offices in Singapore, trying to seize new opportunities in Southeast Asia as opportunities in Greater China stalled. I’ve reported on so many of these new launches and pivots that it almost feels like an old story. But it’s not. It’s just the tip of the iceberg.