Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Shearman & Sterling‘s announcement this week that it has acquired a Hong Kong law practice again is spotlighting an ongoing debate among leading Wall Street firms about whether or not to go local in the red-hot market. Shearman has recruited Hong Kong-qualified partners Colin Law and Peter Chen from O’Melveny & Myers. Law, a veteran capital markets lawyer, had previously worked for U.K. firm Lovells before joining O’Melveny in 2006. He will serve as co-head of Shearman’s Hong Kong Office, the firm announced Wednesday. The move by Shearman to acquire local Hong Kong capability follows a year in which the Hong Kong market led the world in initial public offerings, raising $27.2 billion according to Dealogic. A few years ago, the large mainland Chinese companies driving the Hong Kong IPO boom might also have been expected to list in the United States. But such dual listings have become rare.

Matthew Bersani, Shearman’s Asia managing partner, says such market trends have made it tough for firms practicing only U.S. law. Though such firms still often score major roles on Hong Kong deals because of the expected interest of U.S. institutional investors, Bersani says the trend in such instances is toward “one-stop-shop” firms. “In Hong Kong listing work, it’s very rare now to see separate U.S. counsel hired,” he says.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.