U.S. law firm Winston & Strawn will close its Hong Kong office on Feb. 1, 2024, after 15 years of operation in the city.
The Hong Kong office closure has come roughly seven years after Winston began scaling down in Greater China. Back in 2017, the firm shuttered its Beijing and Taipei offices, which opened in 2009 and 2014, respectively, saying the consolidation will allow for more efficient operations in the region. Following the closure in Hong Kong, Winston’s Asia presence will be reduced to one partner in Shanghai.
The Hong Kong exit is aimed to further “consolidate our resources in Asia,” firm said in a statement, adding it “will continue to service clients with business in the region from our office in Shanghai, China, and through our strategic alliance with Yuanda China Law Office.” The firm expects several of its existing Hong Kong attorneys will transition to other Winston offices, according to the statement.
In September 2022, Addleshaw Goddard closed its Hong Kong office, saying in a statement that it decided the exit after “having carefully considered our position in Hong Kong and the unique set of challenges we face there.”
Legal work in Hong Kong, particularly on the transactional side, took a hit in 2023, with M&A deal value in Mainland China and the SAR dropping to its lowest since 2013, and the city's IPO market experiencing a 20-year low in proceeds. EY's Hong Kong law firm, LC Lawyers, is also reported to be closing.
Since its inception in 2008, Winston’s Hong Kong office has advised clients including corporations, financial institutions, and private equity and investment funds on matters such as cross-border M&A, and intellectual property management and disputes.
