When Slaughter and May cast aside 125 years of tradition to make its first lateral partner hire in Hong Kong earlier this year it said something about the market in the Asian city. But as growing numbers of firms – both UK and US – pile into the region or bolster their ranks in a bid to capture a share of the coveted market, competition for talent, work and on fees is immense.
Against this backdrop it is unsurprising that some firms are now reappraising their strategy, with it emerging this week that Milbank Tweed Hadley & McCloy is planning on winding up its local practice in the city. Having had a Hong Kong law practice for less than four years, the suggestion is that the firm is refocusing on international work and looking to adopt a similar model to the one it employs in Singapore, where it partners with top-tier local firms rather than hiring its own local lawyers.
