China’s former zero-COVID policy is still having lingering effects on its economy, the country’s housing boom is over, its shrinking population is becoming a serious problem, and its prosperous residents have spent the last two years offshoring their wealth to countries like Singapore and the U.K. But it is the decoupling of the world's two largest economies that poses the biggest threat to law firms in Greater China, lawyers say.
May 31, 2023 at 02:29 AM
7 minute read
Asia Editor
China’s economy will never crumble, lawyers in Greater China say, though the status quo is worrisome and could force more law firms to pull out of the region in the next 12 months.
In fact, the trimmings to head counts have already started. Dechert, which recently announced a global head count cut of 5%, for example, has confirmed to Law.com International that some of its staff in Asia make up part of that 5%.
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