Herbert Smith has transferred associates from its equity capital markets team in Hong Kong to alternative practice areas and other regional offices, as it struggles to grapple with the slump in Asia’s once flourishing IPO market.
The UK firm said a group of fewer than 10 fee earners had been seconded to clients in the banking and commercial sectors, while another group – also fewer than 10 – had been re-assigned to its disputes practice across its Asian offices. Some associates have also been moved to Herbert Smith’s capital markets team in Singapore.
