18 Asian Legal Business | December 2024 Turning of the tide 空当与机遇 Law firm management Since 2020, impacted by the COVID-19 pandemic and other factors, international law firms have already been reevaluating their operations in China. The shift initially centred on Hong Kong, where several firms announced office closures, before gradually extending to mainland China. At the end of 2023, the closures of Latham & Watkins’ Shanghai office and Akin Gump’s Beijing office sent shockwaves through the market. However, few anticipated how rapidly this trend would escalate in the following year. According to data from ALB, 2024 saw 13 U.S. and U.K. law firms either shutter their mainland offices or implement significant layoffs. Among them were prominent names like Paul Weiss, Milbank, Kirkland, Skadden, Orrick, and Sidley Austin. The retreat of these international firms has undoubtedly resulted in a reshaping of the legal The closure and downsizing of many international law firms in 2024 have created new gaps in the market while offering Chinese law firms opportunities to attract internationally experienced talent. By Hu Yangxiaoxiao 2024年英美律所较大规模关闭中国内地办公室或削 减内地律师人数，导致市场出现新的空当，也给中国 律所提供了吸纳国际背景人才的机会。 作者：胡阳潇潇 market. Cross-border transactions once dominated by lawyers from global firms are increasingly being led by Chinese attorneys. Simultaneously, the adjustments have prompted international lawyers to reconsider their career paths — many now look to join Chinese law firms. And Chinese firms have identified this shift as a rare opportunity to recruit internationally experienced talent. However, this is not merely a reactive measure. As client demands for complex and cross-border legal services grow, hiring lawyers with international firm backgrounds has become a long-term strategy for many Chinese firms. Han Kun’s talent strategy focuses on attracting top lawyers across practice areas. Currently, 40 percent of its partners are lateral hires, including over 20 since 2020 from leading global firms like Kirkland, Jones Day, Simpson Thacher, Covington, and Allen & Overy. These hires strengthen the firm’s expertise in areas such as cross-border M&A, private equity, biopharma, energy, and U.S. capital markets. “In recent years, adjustments by international firms, especially U.S. firms, in their China strategies have prompted many Chinese lawyers to reconsider their career paths,” Han Kun states. “The growth of Chinese firms has made them a top choice.” Han Kun’s swift global expansion has further boosted its appeal to international talent. Haiwen & Partners has taken a similar approach. Since 2020, the firm has added around 10 lawyers who previously served as partners at leading international firms. “This reflects both our proactive planning and the opportunity to attract outstanding talent amid shifting market dynamics,” the firm notes. This also aligns with Haiwen’s DNA and talent strategy. “At Haiwen, bringing in internationally experienced lawyers has always been a natural fit,” the firm explains. “For example, our founding partners established Haiwen after practicing overseas, and many of our current partners have studied law abroad or worked at international firms. Moreover, cross-border transactions form a significant part of our practice. In 2017, we launched our Hong Kong office and brought in Hong Kong legal experts with backgrounds at leading international firms such as Latham, Clifford Chance, and Paul Weiss. This further elevated the firm’s level of internationalization and specialization.” Strategic choices Haiwen remains open to hiring international talent but approaches the process with deliberate caution. The guiding principles are “professional specialization” and “integration,” ensuring new hires address evolving regulations, client needs, and the increasing
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