Battling a continued downturn in economic activity in Greater China, international offshore law firms are competing with each other for litigation and restructuring mandates coming out of the region, fighting to land roles in U.S. take-private and listing deals from Asian corporates, and seizing on an uptick in fund formation work for Japan-bound investments.

Hong Kong-based Conyers Dill & Pearman partner Richard Hall says that with much of the work of offshore firms originating in mainland China and channeling through their Hong Kong offices, a decline in capital markets, M&A and funds-related deals in recent years has prompted the nature of their work to change. It has also set off a scramble among international offshore law firms for remaining mandates coming out of Hong Kong, as they fight to keep their capital markets teams as busy as they can.