January 2025 CHINA EDITION 9 772220 270006 ISSN 2220-2706 2025 ALB CHINA Firms to Watch 精品律所 Lawyers lead the way in cybersecurity, data compliance 律师领航网络安全、数据合规发展 The year ahead: insights from managing partners 律所管理合伙人展望2025年市场趋势 As overseas offices surge, firms reveal their ambitions, strategies 探究中国所海外开所热潮：机遇与策略
1 Asian Legal Business | January 2025 COVER STORY 82025 ALB China Firms to Watch 2025 ALB China 精品律所 Ranking by ALB, text by Victor Wu In China’s competitive legal landscape, these 15 small yet ambitious law firms have emerged as formidable players. Despite their size, these firms have carved out distinct market niches, assembled top-tier talent, and maintained a long-term strategic focus. 15家规模较小但实力强劲的律所，各自 凭借清晰的定位、优质的团队和长期的 专注，代理了大量重磅案件或交易，在 中国庞大的法律服务市场上与大规模 律所同台竞技，成为不容忽视的力量。 With contribution from: - Beijing Jin Lue Law Firm 北京锦略律师事务所 - Beijing Jinwen Law Firm 北京金问律师事务所 - ZY Partners 北京市正见永申律师事务所 FEATURES 18 Outlook: 2025 展望2025 As the new year begins, ALB once again invites leaders of China’s top law firms to reflect on the past year’s opportunities and challenges, while outlining their firms’ key development strategies for 2025. 新年伊始，ALB再度邀请中国领先律师 事务所的管理者，分享过去一年的机遇 和挑战，并展望2025年的律所发展关键 词。 Contents January 2025 22 2025 ALB China Top 15 Cybersecurity & Data Protection Lawyers 2025 ALB China 十五佳网络安全和数据保护律师 As the digital economy cements its position as a primary driver of global growth, the demand for legal expertise in cybersecurity and data protection is surging. 数字经济已经崛起为全球经济增长的 主要驱动力，这一背景下，网络安全及 数据保护律师的业务空间、市场重要性 都经历着持续提升。 26 Global leap 中国律所持续“出海” In recent years, “going global” has undoubtedly become a top priority for Chinese businesses. As a result, the number of Chinese law firms establishing an overseas presence has significantly increased over the past year. 近年来，“出海”无疑是中国企业最关注 的发展方向之一，在过去一年，落子境 外的中国律师事务所数量也显著增长。 30 Chinese New Year greetings 新春贺语 ALB invites leaders from both domestic and international law firms for wishes of the new year. ALB邀请国内及国际律所管理者为法律 界同仁献上新春贺语。 BRIEFS 3 Big Story 6 Appointments 7 Deals With contributions from: - BGI Genomics 华大基因 - Hui Zhong Law Firm 汇仲律师事务所 22
2 Asian Legal Business | January 2025 From the editor Head of Legal Media Business, Asia & Emerging Markets Amantha Chia 谢京庭 amantha.chia@thomsonreuters.com Managing Editor Ranajit Dam 邓文杰 ranajit.dam@thomsonreuters.com China Editor Hu Yangxiaoxiao 胡阳潇潇 yangxiaoxiao.hu@thomsonreuters.com Social Media Specialist Victor Wu 吴嘉林 victor.wu@thomsonreuters.com Editorial Associate Charlie Wu 吴卓言 charlie.wu@thomsonreuters.com Senior Content Manager Wang Jin 王瑾 jin.wang@thomsonreuters.com China Research Bian Jie 边洁 jie.bian@thomsonreuters.com Senior Designer John Agra john.agra@thomsonreuters.com Traffic/Circulation Manager Rozidah Jambari rozidah.jambari@thomsonreuters.com Publishing Coordinator Tracy Yang 杨紫薇 tracy.yang@thomsonreuters.com Sales Managers Yvonne Cheung 张裕裕 North Asia (852) 2847 2003 yvonne.cheung@thomsonreuters.com Steven Zhao 赵树群 China (86) 10 6627 1360 s.zhao@thomsonreuters.com Steffi Yang 杨绮繁 China (86) 010 5669 2041 qifan.yang@thomsonreuters.com Hiroshi Kaneko Japan, Korea (81) 3 4520 1192 hiroshi.kaneko@thomsonreuters.com Jonathan Yap Indonesia, Singapore (65) 6973 8914 jonathan.yap@thomsonreuters.com Romulus Tham Malaysia, Philippines, Vietnam, Thailand (65) 6973 8248 romulus.tham@thomsonreuters.com Simon Wan Hong Kong SAR, Macau (852) 3462 7730 simon.wan@thomsonsreuters.com Agile and focused 灵活专注 As we kick off 2025, Asian Legal Business is proud to present our inaugural ALB China Firms to Watch ranking, spotlighting boutique law firms that are making an outsized impact in China’s legal landscape. In an era where agility and specialization have become crucial differentiators, these firms – each with 10 partners or fewer – are proving that bigger doesn’t always mean better. The past few years have witnessed significant shifts in China’s legal market. Economic headwinds, regulatory changes, and evolving client expectations have transformed how legal services are delivered and consumed. While full-service giants continue to play a vital role, we’re seeing increasing demand for specialized boutique firms that offer deep expertise in specific practice areas or industries. These smaller firms are thriving by turning traditional constraints into competitive advantages. Their lean structures enable quick decision-making and greater fee flexibility, while their focused expertise allows them to provide highly specialized services that larger firms might find challenging to sustain. Many clients are finding that these boutique practices offer not just expertise, but also more personalized attention and costeffective solutions. This edition celebrates these dynamic smaller firms that are reshaping China’s legal services market through innovation, specialization, and clientcentric approaches. We invite you to discover how these agile players are carving out their own paths to success in an increasingly complex market landscape. 2025年伊始，ALB很荣幸再度推出“精品 律所”榜单，聚焦在中国法律市场上表现 卓越的小型律所。在这个灵活性和专业化 成为关键优势的时代，这些规模不超过10 名合伙人的律所正在证明：“大”与“更好” 并非是同义词。 过去几年中国法律市场经历了显著 变化。经济逆风、监管变革以及客户需求 的不断变化，正在重塑法律服务的提供与 消费方式时，市场对在特定领域或行业拥 有深厚专业知识的精品律所的需求正在 快速增长。 本期榜单旨在表彰这些充满活力的 小型律所，它们通过创新、专业化以及以 客户为中心的理念，正在重新定义中国 的法律服务市场。我们邀请您了解这些 灵活多变的市场参与者如何在日益复杂 的市场环境中开辟属于自己的成功之路。 Ranajit Dam Managing Editor, Asian Legal Business, Thomson Reuters Asian Legal Business is available by subscription. Please visit www.legalbusinessonline.com for details. Asian Legal Business has an audited average circulation of 11,402 as of 30 September 2016.Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as Asian Legal Business can accept no responsibility for loss. MDDI (P) 016/02/2025 ISSN 0219 – 6875 KDN PPS 1867/10/2015(025605) Thomson Reuters Alice @ Mediapolis, 29 Media Circle, #09-05, Singapore 138565 / T (65) 6775 5088 10/F, Cityplaza 3, Taikoo Shing, Hong Kong SAR, China / T (852) 3762 3269 www.thomsonreuters.com
4 Asian Legal Business | January 2025 Briefs In 2024, ALB recorded over 130 partnerlevel lateral moves in China’s legal market, with hiring activities relatively balanced throughout the year. Liu Zenan, a partner at legal recruitment firm RIGHT Search & Selection, notes that the market remained quiet in the first half but warmed up in the second half as business activities picked up. “The legal recruitment market needs time to adjust to the political and economic uncertainty,” Liu explains. “As business activities picked up in the second half, the legal sector followed suit, with plans of hiring lawyers and in-house counsels were steadily implemented.” On the Chinese firm front, Jingtian & Gongcheng, Han Kun, Global Law Office, and Zhong Lun stood out in attracting talent. Among international firms, approximately 20 notable hires were recorded, with Appleby, Stephenson Hardwood, and White & Case leading the way. Areas in demand What practice areas had active hiring in 2024, and what qualities could set apart the top candidates in the current market? Liu observes that China’s growing outbound activities have driven significant recruitment in compliance and IP protection. Industries such as renewable energy, e-commerce, home appliances, gaming, electronics, telecommunications, and semiconductors experienced strong legal hiring demand. In compliance, geopolitical tensions and protectionist trade policies have increased cross-border trade frictions, creating higher compliance risks for An evolving hiring market 一年法律招聘动向：流动、平衡、 保持信心 Chinese companies expanding overseas. As a result, demand has surged for legal professionals skilled in navigating foreign regulatory frameworks, managing compliance programs, and conducting risk assessments. In IP, China’s shift toward innovation-driven economy heightens the importance of IP protection, following a notable increase in the enterprises’ IP applications overseas. China companies are encountering more friction regarding IP due to stronger enforcement of IP laws in other countries, which leads to increased disputes and concerns about infringement. Therefore, the demand has increased for IP lawyers specialized in international IP litigation and arbitration. Hiring in commercial dispute resolution remained steady, reflecting consistent market activity. Increased regulatory pressure has also driven corporations to grow their in-house legal teams, which in turn has stimulated hiring at law firms, Liu notes. However, corporates and law firms have different hiring needs regarding M&A lawyers. Corporations increased hiring demand for experienced M&A lawyers to navigate them through the heightened uncertainties faced in a deal due to geopolitical and economic challenges, while law firms not. “To manage financial and regulatory risks corporates exposed to, M&A deals are now have more complex deal structures and varied financing means,” Liu explains. “To address these challenges, companies are hiring experienced transaction lawyers as in-house counsels to strengthen their capabilities to invest.” BIG STORY Trends and recommendations A dynamic market brings new opportunities and more cautiousness to job seekers. Liu says that successful placements in 2024 requires recruiters to bridge the expectation gap between employers and candidates by let both sides frankly communicate their needs and goals. “Candidates are still mostly motivated by higher compensation in a job move. Other factors being weighted in a sequence are job security, work flexibility, autonomy, and mutual respect. On the other hand, employers set higher bar of technical skills, and examine more commonly the soft skills of adaptability, resilience, and service attitude. “Candidates’ worldview and personal value shape their perception of an industry or the employer’s business strategy. Aligning candidate’s personal value and worldview with the employer’s business strategy plays a more pronounced role in a hunting.” Liu observed. Liu emphasizes adaptability for both candidates and employers. Candidates should embrace change, seize opportunities, and stay agile to market trends and industry advancements. Employers, meanwhile, should always be peoplefirst, and balance employees’ skills and potential to meet evolving goals. “No one could be a universal solution. Success lies in leveraging individual and team strength to adapt to change,” says Liu. Looking ahead to 2025, Liu remains optimistic. “The market is recovering. The Hong Kong stock market signals warming up, which is likely to boost the Greater China legal sector.” “In a rapidly changing environment, maintaining a positive outlook is crucial. Adapting to change and seizing opportunities must be prioritized,” Liu concludes. 2024年整年，ALB在中国法律市场上共 录得130余起合伙人级别的横向招聘，其 中各个季度的招聘市场表现趋于平衡。 法律猎头公司优泽人才的合伙人刘 泽南告诉ALB，由于市场参与者面对市场 不确定性表现出更高的接纳程度、复杂 By Charlie Wu 作者：吴卓言
5 Asian Legal Business | January 2025 Briefs 国际局势中的主要问题凸显，以及政府 较为密集地出台刺激政策，中国法律招 聘市场在2024年上半年先是较为安静， 随后在下半年经历了逐步回暖。 “全球经济活动仍具备不确定性，因 此法律招聘市场需要足够时间反应。而伴 随着下半年企业经济活动趋于活跃，法律 行业也跟随企业的步伐而发展，律师、法 务的招聘计划随之逐步实施。”刘泽南说。 根据ALB的数据，中国所方面，竞天 公诚、汉坤、环球、中伦等在人才吸纳方 面较为突出；国际所方面，ALB录得20 宗左右招聘，其中毅柏、伟凯、罗夏信在 人才吸纳方面占据领先地位，不过新加 盟合伙人主要集中在其香港办公室。 “针对律所和公司的招聘，就专业 领域而言，大合规业务，知识产权业务、 跨境商务等领域展现出了较高的活跃 度；而资本市场、私募股权投资、投资并 购等的招聘活跃度在上半年处在低潮， 在下半年有所回升。从地域来看，北京、 上海、香港对于法律人的吸引力一如既 往。而伴随着中国公司不断“出海”，东南 亚及欧洲也成为了公司律师招聘的热门 地。”刘泽南观察到。 热门需求 2024年，哪些领域的法律人最受青睐？ 在一个愈发多变的市场，具有怎样软硬 实力的法律人才更有可能脱颖而出？ 刘泽南观察道：“随着中国企业的出 海活动越来越频繁，律所与企业在大合 规及知识产权领域都出现了大幅的招 聘活动。就行业来说，新能源、电商、家 电、游戏、电子元器件、通信、芯片、半导 体等领域持续发展，出现了较多的法律 类招聘活动。” 在合规领域，地缘政治紧张局势和 贸易保护主义政策导致跨境贸易摩擦增 加，中国企业出海面临着更多的贸易壁 垒和合规风险。因此，应对外国监管机 构、展开合规管理、进行风险评估的法 律服务需求不断增加。 在知识产权领域，中国全球经济正 在向创新驱动转型，知识产权保护的重 要性日益凸显，尤其是伴随中国企业全 球化运营的发展趋势，企业海外知识产 权申请数量明显增多。应对国际市场上 更为严格的知识产权保护，中国企业面 对更多的跨境知识产权摩擦与争议。因 此在法律业务中，涉及国际知识产权诉 讼和仲裁的服务需求不断上升。此外，基 于行业报告和市场信息，商事争议解决 领域的招聘活动也处于稳定状态。 一个有趣的观察是，企业在监管合 规压力下扩大法务人员招聘，这一定程 度引发了整个法律招聘市场的活跃。“企 业法务的数量虽然变多，但整体合规业 务需求大幅增加，律所的业务量也随之 变大，人员招聘需求也增大。”刘泽南说。 不过，“企业与律所在投资并购领域 的招聘上表现出不同。企业出海目标坚 定，但并购交易与以往相比，面对国际局 势和经济环境带来的更多不确定性，企 业增加了对于优秀的跨境交易律师的招 聘需求，而律所没有。如今融资手段与组 合丰富；为了满足监管要求，帮助企业调 控风险，交易模式多变。企业为获得足够 深入和全面的法律建议，更倾向于吸纳 具备丰富经验的交易律师成为法务，从 而进一步提升企业在例如供应链安全、 科技并购、一带一路开发、储能发电及矿 藏领域的项目实践能力与动力”，她说。 人才流动 在人员流动上，2024年一个不容忽视的 趋势是伴随国际律所持续退出或缩减中 国布局，原本常驻内地的国际所专业人 才正在不断向中国本土律所进行流动。 不过，根据刘泽南的观察，国际所在 各大跨境项目中仍然多次参与。而伴随 中国律所的国际化进程不断加强，双方 之间的人才流动为中国所带来了更多服 务国际项目的能力。 她指出，在跨境项目中，国际所在 不同法域积累的对司法体系和监管环 境的深入理解，在对尽调商业标的文化 上的熟识程度，都具备很大的优势；此 外，国际所律师对普通法的深入理解以 及先例案件的经验积累同样是不可小 觑的能力。 此外，过去一年中国所出现了“扎堆 出海”的趋势，据ALB不完全统计，至少 37家中国律所新设立了超80家境外办 公室。中国所走出去的步伐在加快，尤其 倾向于在东南亚、美国、新加坡等地设立 办公室，此外还包括非洲南部和西部、中 亚、中东等新兴市场。刘泽南观察，“国际 化脚步的加快带动了国际服务能力的加 深，从而使中国律所以更加深入、完整且 全链条地服务国际项目为目标。” “在这个过程中，国际所和中国所会 逐步达到一种服务能力和市场机会的平 衡。”刘泽南预期道。 趋势与建议 变化的市场带来更多机会，但也让法律 人在择业中更审慎。刘泽南表示，在过 去一年的律所/法务团队与候选人双向 选择的过程中，需要法律招聘专家对双 方进行更多的预期调整，促使其坦诚沟 通，清晰表达对彼此的期待。 刘泽南告诉ALB，对候选人来说，薪 资增长仍然是工作变动的核心动力；其 他被依次重点考虑的因素有职业稳定、 灵活办公、业务自主权和互相尊重。 与此同时，律所和企业对候选人的 技能需求也愈发全面复杂了，在较高的 专业技能要求下，三个着重被考虑的软 性素质包括应变能力、有韧性、以及服 务精神。因此，“寻找具有竞争力的优质 人才”成为了一个永恒的命题。 “如今的招聘市场还有一个很大的 特点：注重双方价值观的匹配。”刘泽南 补充道，面对雇主的商业策略和业务领 域，“候选人常会基于自己的人生、社会 经验，对未来可能奋斗的职场做出价值 判断，这也是个体在面对当今世界格局 不确定性下的价值选择。 谈及对于雇主与候选人的建议，在 刘泽南看来，“变化将是常态”。她指出， 候选人应积极拥抱变化、不畏挑战，始终 保持适应和调整的态度。“大家要勇于抓 住机遇、积极投入，努力提升实践经验。 同时，也需要对新事物保持高度警觉， 对不确定性做好心理建设，对市场动态 和专业领域的最新信息保持敏锐关注。” 从律所及企业层面，刘泽南表示，雇 主在面临发展挑战的同时，也同样拥有 诸多机遇。“说到底，雇主的期望主要通 过员工来实现。在复杂的经济环境下， 雇主的期望会变化，员工的需求也会变 化。因此在管理过程中应始终坚持以人 为本的原则。没有可以适用于所有预期 和场景下的人才。最重要的是平衡员工 个体的既有能力与需求，人的潜能，以 及通过团队所能实现的人的合力，来评 估和实现不断变化的预期。 对于2025年的法律招聘市场，刘泽 南依旧抱持有信心——虽然其中可能蕴 藏着挑战。“市场表现出回温趋势。香港 资本市场活动有所增加，这很大程度会 从源头带动整个大中华区法律业务市场 逐步回暖。而随着中国企业的国际化进 程持续没有停歇，中国企业会在投资业 务上争取更多的话语权，从而使得中资 机构、中国法律人在跨境项目中获得比 以往更为重要的位置。” “社会高速发展，挑战性越来越强， 保持信心变得尤为重要。适应变化、抓 住机会，是我们需要持之以恒做到的事 情。”刘泽南说。
6 Asian Legal Business | January 2025 Shi Bisheng Leaving: Zhong Lun Law Firm Going to:Lifang & Partners Practice: Intellectual Property Location: Beijing Position: Senior Partner 石必胜 原就职律所:中伦律师事务所 现就职律所:立方律师事务所 业务领域:知识产权 地点:北京 职位:高级合伙人 APPPOINTMENTS Jerry Liu Leaving: Jones Day Going to: King & Wood Mallesons Practice: Intellectual Property Location: Shanghai, San Francisco Position: Partner 刘家瑞 原就职律所: 美国众达律师事务所 现就职律所:金杜律师事务所 业务领域:知识产权 地点:上海、旧金山 职位:合伙人 Michelle Li Leaving: Herbert Smith Freehills Going to: Rajah & Tann Practice: Arbitration Location: Shenzhen Position: Partner 李浩明 原就职律所: 史密夫斐尔律师事务所 现就职律所:立杰律师事务所 业务领域:仲裁 地点:深圳 职位:合伙人 Zhou Yuan Leaving: East & Concord Partners Going to: Jingtian & Gongcheng Practice: Litigation Location: Shenzhen Position: Partner 周原原就职律所: 天达共和律师事务所 现就职律所: 竞天公诚律师事务所 业务领域: 诉讼 地点:深圳 职位:合伙人 Angela Yan Leaving: Zhong Lun Law Firm Going to: YaoWang Law Offices Practice: Dispute Resolution Location: Shanghai Position: Partner 严佳颖 原就职律所:中伦律师事务所 现就职律所:遥望律师事务所 业务领域:争议解决 地点:上海 职位:合伙人 Monica Sun Leaving: Herbert Smith Freehills Going to: Fangda Partners Practice: Energy Location: Beijing Position: Partner 孙晔原就职律所: 史密夫斐尔律师事务所 现就职律所:方达律师事务所 业务领域:能源 地点:北京 职位:合伙人 Alex Tao Leaving: Milbank Going to: Han Kun Law Offices Practice: Capital Market Location: Hong Kong SAR Position: Partner 陶亮原就职律所:美邦律师事务所 现就职律所:汉坤律师事务所 业务领域:资本市场 地点:中国香港特别行政区 职位:合伙人 PRC firm Han Kun continues to strengthen its Hong Kong practice by bringing on board Alex Tao, a seasoned capital markets expert who previously worked at Milbank, Allen & Overy and Davis Polk. Following a strong 2024, during which the HKEX attracted 71 new listings and achieved an over 88% year-on-year increase in fundraising, the exchange appears poised for further growth, bolstered by recently introduced optimized policies. Han Kun’s strategic expansion signals that law firms are gearing up for the anticipated market rebound. 汉坤持续在香港吸引国际背景人才。陶律 师是一位资本市场老手，曾分别在美邦律 师事务所、安理国际律师事务所、达维律 师事务所执业。 2024年港交所表现强劲，共迎来71个 新股上市，总募资额同比增长超88%，伴 随近期新政推出，香港IPO市场或将进一 步复苏。汉坤这一动态表明，律所也在为 此做好准备。 The Briefs
7 Asian Legal Business | January 2025 $4 bln Guolian’s acquisition of Minsheng Securities Deal Type: M&A Firm: Jia Yuan Law Offices, King & Wood Mallesons, AllBright Law Offices Jurisdictions: China 国联证券收购民生证券 交易类型：并购 参与律所：嘉源律师事务所、金杜律 师事务所、锦天城律师事务所 管辖地：中国 $479 mln Air China Cargo’s listing in Shenzhen Deal Type: ECM Firms: Haiwen & Partners, Jia Yuan Law Offices Jurisdictions: China 国货航深圳交易所主板 上市 交易类型：股权融资 参与律所： 海问律师事务所、 嘉源律师事务所 管辖地：中国 Air China Cargo listed on the main board of the Shenzhen Stock Exchange successfully, becoming the largest A-share IPO of 2024 by fundraising amount. 中国国际货运航空股份有 限公司在深圳交易所主 板成功上市，成为2024年 募资金额最大的A股IPO 项目。 DEALS $2 bln DCP Capital’s acquisition of Sun Art Retail Deal Type: M&A Firm: Slaughter and May, Fangda Partners, Sullivan & Cromwell, JunHe Jurisdiction: China, Hong Kong SAR 德弘资本收购高鑫零售 交易类型：并购 参与律所：方达律师事务所、司力 达律师事务所、君合律师事务所、苏 利文律师事务所 管辖地：中国，中国香港特别行政区 $1.5 bln Avatr EV’s financing project Deal Type: Financing Firms: Fangda Partners Jurisdiction: China 阿维塔完成股权融资 交易类型：融资 参与律所：方达律师事务所 管辖地：中国 $1.5 bln Xerox Holdings’ acquisition of Lexmark International Deal Type: M&A Firm: Ropes & Gray, Willkie Farr & Gallagher, Dechert, King & Wood Mallesons Jurisdiction: China, U.S. 施乐收购利盟国际 交易类型：并购 参与律所：美国瑞格律师事务所、 Willkie Farr & Gallagher、美国德 杰律师事务所、金杜律师事务所 管辖地：中国，美国 $1.5 bln Anta Sports’ issuance of convertible bonds Deal Type: DCM Firms: Global Law Office, Jingtian & Gongcheng, Latham & Watkins Jurisdiction: China, Hong Kong SAR 安踏体育发行可转换债券 交易类型：债券 参与律所：环球律师事务所、竞天公 诚律师事务所、瑞生国际律师事务所 管辖地：中国，中国香港特别行政区 The Briefs
8 Asian Legal Business | January 2025 Cover Story Despite having no more than ten partners each, the 15 firms featured on the 2025 ALB China Firms to Watch list have shown impressive growth over the past year. These boutique firms have significantly expanded their client base and improved their business performance, with the most successful among them reporting revenue growth exceeding 100 percent. The fact that ten of the 15 firms are newcomers to the list underscores the rapid evolution of the boutique firm segment in China’s legal market. This year’s winners showcase a diverse range of specializations. Many focus on niche areas such as securities compliance, private equity, intellectual property, life sciences, and healthcare. Others have carved out a niche by targeting clients from specific countries and offering specialized crossborder services. Some firms have developed the capacity to provide comprehensive legal services across multiple practice areas. While most of the winning firms are homegrown Chinese practices, two are local offices of international law firms. The majority are headquartered in Beijing, with two each based in Shanghai and Shenzhen. Several have already expanded their presence by establishing branch offices in other locations. In interviews with ALB, some of these successful firms shared insights into their growth strategies and how they’re navigating the increasingly competitive legal landscape in China. Long-term vision and strategic adaptability During the survey and selection process, ALB focused on boutique firms’ marketing positioning, 2025 ALB China Firms to Watch 精品律所 In China’s competitive legal landscape, these 15 small yet ambitious law firms have emerged as formidable players. Despite their size, these firms have carved out distinct market niches, assembled top-tier talent, and maintained a long-term strategic focus. As a result, they’ve successfully handled a significant number of high-profile cases and deals, often competing directly with larger, more established firms. These boutique practices have become an undeniable force in China’s vast legal services market, steadily building their reputation and influence within the industry. 15家规模较小但实力强劲的律所，各自凭借清晰的定位、优质的团队和长期的专注，代理了大量重 磅案件或交易，在中国庞大的法律服务市场上与大规模律所同台竞技，成为不容忽视的力量，也为 法治建设做出持续贡献。 Ranking by Asian Legal Business, text by Victor Wu 排名：《亚洲法律杂志》，作者：吴嘉林
9 Asian Legal Business | January 2025 Cover Story competitive practice areas, and development strategies. These key criteria help them stand out from the crowd. According to Huang Caihua, founding partner and director of Beijing Jinwen Law Firm, PE, investment, M&A, restructuring, capital markets, and civil and commercial dispute resolution are Jinwen’s traditional strongholds. The firm aims to become a high-end, boutique firm with a global vision and comprehensive service capabilities, committed to providing top-rated legal services with long-term core value. In the past year, several top partners joined Jinwen, allowing the firm to deepen its capabilities in strong practice areas and expand into new ones such as disposal of non-performing asset, bankruptcy and reorganization, anti-fraud, criminal law compliance, and tax compliance, reinforcing its position as a “boutique firm with comprehensive capabilities.” ZY Partners, debuting on the list this year, has over two decades of IP practice experience. Partner Zhou Qiang says that ZY Partners’ specialized talent team has rich practical experience and high work dedication in IP practice, consistently enjoying a high reputation in the industry. Recently, ZY Partners has represented numerous major foreign-related commercial litigations, significantly impacting the industry. “Our commercial litigation team has successfully handled complex cases valued over 10 billion yuan ($1.36 billion),” says Zhou. “Leveraging foreign language expertise, familiarity with international litigation and arbitration procedures, international business practices, and close connections with foreign firms and related institutions, the team has successfully resolved major commercial disputes for domestic and foreign clients.” Since its establishment four years ago, Beijing Starrise Law Firm has expanded its non-contentious services such as corporate compliance while deepening its expertise in criminal defense, representation, and civil and commercial litigation. Last year, the firm adjusted its development strategies in response to the market environment. “We’ve noticed that enterprises face increasingly complex problems, making it difficult to characterize their nature. Often, one problem involves intertwined issues including criminal, civil, and administrative law, requiring lawyers to examine the problem from multiple perspectives using a full suite of tools,” says Cheng Xiaolu, chairman of Starrise’s Partners’ Meeting. LIST Beijing Jin Lue Law Firm 北京锦略律师事务所 Beijing Jinwen Law Firm 北京金问律师事务所 Beijing Starrise Law Firm 北京星来律师事务所 Beijing Tengyu Law Firm 北京腾宇律师事务所 Beijing Zhongjian Law Firm 北京中简律师事务所 Bridgeon Law Firm 北京博遵律师事务所 Cooley LLP 科律律师事务所 King & Win Law Firm 青狮云岸律师事务所
10 Asian Legal Business | January 2025 Cover Story Responding to this trend, Starrise has adjusted its strategy to build a “multi-disciplinary and one-stop firm that solves cross-disciplinary problems involving enterprises, including criminal, civil and administrative law issues.” To this end, Starrise has recruited key partners and optimized its business structure. “We’ve integrated noncontentious practice concepts and methods of corporate compliance services into legal services of different areas, forming elite teams that can work on intertwined issues of criminal and administrative law concerning companies, such as securities violations, food, drug and environmental law violations, data acquisition, and tax violations, as well as teams that can work on intertwined issues of criminal and civil law, such as company shareholder disputes, disposal of property involved in cases and disputes over trade secret infringement.” Beijing Jin Lue Law Firm has also achieved excellent results in its specialization areas. Its market share in dispute resolution for securities regulatory administrative penalties has exceeded 30 percent for six consecutive years, nearing or exceeding 50 percent in some years. In the past year, cases in this field increased by 15 percent year-on-year, with fee levels per case growing by 30 percent. Yu Weiping, Director of Jin Lue, shares that besides consolidating its leadership in this practice area, the firm has made decent progress in civil litigation for securities misrepresentation and criminal litigation for securities compliance. “In terms of development strategy, we’ll adjust our priorities and resource allocation based on actual situations in administrative, civil, and criminal law aspects of securities compliance, striving for more balanced development.” More proactive, more efficient Top boutique firms often demonstrate flexible and efficient work models, fully leveraging the agility of small yet skilled teams. ZY Partners prides itself on having precise industry perspectives and providing clients with in-depth services. “We closely monitor cuttingedge technology developments and actively follow hot topics related to clients or markets that interest them. We combine new industry trends and technological developments with our specialized practice areas to provide clients with forward-looking, feasible service solutions, assisting them in establishing their commercial presence and even new brands.” LIST Shanghai Excellence Law Firm 上海申伦律师事务所 Shaohe Law Firm 上海劭合律师事务所 SHM Law Firm 深美律师事务所 TISIZE & Partners 北京玺泽律师事务所 Winston & Strawn LLP 美国温斯顿律师事务所 ZSK Attorneys-at-Law 北京市浩风律师事务所 ZY Partners 北京市正见永申律师事务所
11 Asian Legal Business | January 2025 Cover Story According to Zhou, with this proactive service mindset, ZY Partners has been advising top clients in many industries for years, accumulating competitive advantages in consumer goods such as clothing, smart home, cosmetics, and electronic products. Jinwen’s services also reflect its initiative to stay ahead of clients. As Huang says, “Jinwen divides team expertise into specialized areas and integrates internal and external expert resources to provide clients with more professional, easily implemented solutions. We actively empower clients based on each case or project, moving beyond superficial services to ensure clients feel they’re getting better value for money.” Starrise adopts a unique approach of specialized task division. “When we receive a legal services project, we first understand the company’s business model and industry. During services, we showcase the multi-disciplinary integration of our contentious and non-contentious legal services, such as administrative, civil, criminal, and compliance legal services,” explains Cheng. “For example, in a case involving an entrepreneur suspected of organized crime, Starrise formed a team of criminal, civil and commercial, and compliance lawyers to comprehensively screen the administrative, commercial, and criminal risks of the entrepreneur’s group operations. We provided comprehensive legal advice on risk assessment, response, and development of rules and mechanisms. During the subsequent investigation stage, we managed to quash multiple alleged charges against the entrepreneur.” To Yu, compared to large firms, Jin Lue, as a boutique firm, “is more efficient in response, decision-making, and execution, enjoys more advantages in providing professional, dedicated and collaborative services, and offers a more personal touch in accompanying, comforting, and motivating clients. This is the direction that Jin Lue has always pursued and strived for.” Sailing against the tide While constantly growing, the winning firms have also felt changes in the current market environment. As Huang puts it, “the current market environment is very different from ten years ago. Like others, the legal industry is experiencing excessive and unhealthy competition.”
12 Asian Legal Business | January 2025 Cover Story “Jinwen faces one main challenge. To maintain our market positioning as a boutique firm, we must have a highly competent professional team, resulting in high costs. However, many clients adopt the ‘lowest bid’ policy when procuring legal services, which puts greater fee pressure on our team.” Jinwen responds by continuing to focus on its strong areas while actively entering new areas such as ESG, carbon peaking and carbon neutrality, digital economy, and artificial intelligence. “With long-term efforts and communication, more clients have gradually accepted our positioning as a ‘boutique firm,’ and we believe Jinwen will uncover more cooperation opportunities,” says Huang. Cheng points to increasingly fierce market competition. “Large firms dominate the market with advantages in brand, resources, and size. There’s also an influx of emerging legal technology companies and consulting firms. Additionally, clients are increasingly demanding regarding the quality and efficiency of legal services.” To stay competitive, Cheng believes firms need to continuously sharpen their core competitiveness and market influence. In the past year, Starrise, responding to national requirements on corporate compliance building, assisted enterprises in improving governance structures and management systems, and strengthening comprehensive compliance development. To Zhou, economic slowdown means that demand for both traditional and cross-border services has weakened, and enterprises’ requirements for refined and specialized IP services have further increased. ZY Partners has made inroads in emerging practice areas after active exploration, “such as providing AI infringement risk assessment solutions for Internet industry clients and assisting traditional consumer goods clients with the development and implementation of new AIGC-related brands.” Looking ahead, the firm will continue specialization, building up professional expertise, teams, and technology. Yu says Jin Lue will seize the opportunity of strong demand for securities compliance legal services, focusing on providing integrated services, to make its securities compliance services enter the first tier in administrative, civil, and criminal law aspects within three years, and lead the industry in comprehensive ranking. Jinwen plans to establish branch offices and beef up its global services capabilities. Huang says Jinwen has already established a presence in Guiyang and Inner Mongolia, with Shanghai potentially next. “We’ll follow the principle of prudent expansion and enhance exchange and cooperation with international professional teams to provide strong support for clients going global.” Starrise will continue its elite team strategy. “We’ll step up cooperation with other firms, platforms, and institutions to enhance our visibility and influence. Internally, we’ll implement the DEI (diversity, equity, inclusion) strategic plan to build an open and inclusive work environment, attract and retain diverse professional talents, and groom more second-generation partners,” says Cheng. “2025 ALB China精品律所”榜单上的15家律 所拥有的合伙人数量平均不超过10人，但在过去 12个月中取得了客户量和业绩的显著增长，最高 的收入增长百分比超过100%。其中10家律所首 次上榜，呈现出精品所市场的较快演变。 这些律所中，有多家“术业有专攻”，深耕证券 合规、私募基金、知识产权、生命科学和医疗健康等 不同领域及行业；也有的面向特定国别客户、以涉 外业务为核心；此外，还有部分能够提供多领域、 综合性法律服务。
13 Asian Legal Business | January 2025 北京锦略律师事务所是一家专注于证券合规业务领域 的精品律所，尤其在证券监管行政处罚争议解决领域，已连 续六年市场占有率超过三成，稳居该细分领域的首位。 2024年，锦略迎来成立十周年的重要里程碑，并在 2025年初，凭借精深的专业实力和骄人的成绩，再次登 上“2025 ALB China 精品律所”榜单。事务所主任余伟平 律师向ALB阐释了顺应资本市场法治发展需要、发挥一体 化服务优势的种种实践和成果。 以“一体化”服务深化优势 据介绍，锦略自2016年专注证券合规法律服务以来， 总计服务了200余名客户，代理案件超过200个，涵盖证券 合规领域的方方面面，涉及证券市场内幕交易、操纵市场、 欺诈发行、信息披露违法违规等行政处罚案件，以及因虚假 陈述引发的民事诉讼案和内幕交易、操纵市场等刑事案件。 余伟平律师表示，2024年，锦略继续稳固在证券监管 行政处罚争议解决领域的优势地位，全年经办此领域的案 件量比上年增长15%，个案收费水平增长30%，带来全所业 务收入增长40%，重大案件数量占比进一步上升，代理的可 被称为典型案例的案件进一步增多。 “比如，2024年我们代理的某上市公司涉嫌信息披露 违法违规案件，经过锦略团队提供专业法律服务后，监管部 门认可了锦略的专业申辩意见，最终该案结案不予处罚。这 是我国资本市场设立三十多年来上市公司因涉嫌信息披露 违法违规在接受调查并且在收到《行政处罚事先告知书》的 情形下，经过律师提交专业申辩意见后，监管部门予以认可 并决定取消拟定行政处罚的第一例，推动和深化了市场对 信息披露责任认定和归责原则的准确理解。”余律师说。 同时，在证券虚假陈述民事诉讼和证券合规刑事诉讼 领域，锦略也取得了进一步的发展，尤其在证券合规刑事领 域的表现更为突出。“2024年，证券刑事服务专业小分队办 理了多起内幕交易刑事案件，实现了在该领域的突破和发 展，个别案件因属于重大无先例而备受关注，锦略团队在服 务过程中充分体现了专业性和敬业精神，得到各方面的肯 定和认可。过去12个月，刑事业务收入增长200%，拉动律 所业务持续增长。” 2023年，锦略确定围绕证券合规领域为客户提供“一 体化”专业法律服务的发展方向。余律师介绍道，2024年， 从行政处罚开始，后续的民事、刑事（如涉及）案件继续委托 锦略的转化率在上升。 “锦略在每个证券合规业务启动之初，就向客户全面、 Brought to you by Beijing Jin Lue Law Firm 因专注而专业， 为资本市场提供更优质服务 ——专访2025 ALB China 精品律所：北京锦略律师事务所 余伟平 北京锦略律师事务所主任 深入介绍可能面临的行政、民事和刑事风险，有助于从整体 上理解和把握案件走向，提前做好各项风险应对准备，包括 进行必要的先期心理建设准备。” “‘一体化’服务已得到验证和认可，承办律师对案件 信息的掌握和理解得以大幅提前，也更深入和准确，沟通效 率提高，避免了信息交流过程中的重复和误解。锦略与客户 之间的信任和相互了解也不断加深，在应对目标设定等诸 多方面更容易达成共识。”余律师补充道。 借势发展，更“精”更强 在取得优异成绩的同时，锦略始终审时度势，根据政策 新规、市场行情等寻求新的增长点，并提升自身的专业能力。 “受经济结构调整和国际环境变化的影响，经济发展 面临持续下行压力，资本市场也面临较大调整甚至面临挑 战；与此同时，监管的力度仍在持续加强，‘零容忍’和‘严监 严管’成为主基调，对资本市场违法违规行为进行全方位、 立体化追责的执法体系已经形成。” 余律师说，在持续强监管的形势下，资本市场合规业务 的法律服务需求持续增加，对专业性要求越来越高，而锦略 有多年相关业务的丰富经验，因此迎来重要的发展机遇期。 “同时，由于IPO和增发等融资业务短期内大幅萎缩， 与此相关的法律服务需求锐减，原先从事相关法律服务的 律师向证券合规业务转型的趋势在过去的一年里表现的尤 为突出，这也给锦略业务发展带来一定的竞争压力。” “不过，锦略的独特优势就在于能够以‘一体化’的法 律服务适应全方位、立体化追责的监管目标的需要，相信锦 略团队在长期丰富经验积累的基础上，能充分发挥团队协 同优势和专业互补优势，巩固和稳步提升市场占有率，为资 本市场客户提供更优质的法律服务。” 余律师还补充道，精品所之所以受欢迎就是因其贵在 “精”上，所以推进律所建设的着力点也必须在“精”上下 功夫，这其中最关键的是专业人才的引进、培养和发挥协同 作用。 目前，锦略拥有投资银行、司法审判、公司法务以及财 务会计、经济学等不同专业学科背景的律师。“我们通过内 部培训、集体研判案情等方式来集思广益，通过鼓励和引导 每个拥有不同学科背景的律师向律所推荐业内专家来律所 讲课和交流等方式，提高跨行业知识水平。比如，在代理证 券虚假陈述民事索赔案件过程中，就需要组建具有证券交 易、财务会计和数学建模知识背景的律师来分工协作，高质 量地共同完成应诉服务。”余律师说。
14 Asian Legal Business | January 2025 Cover Story 上榜律所中，有2家是国际律所在中国开设的 办公室，其余均为中国律所；地域分布以北京为 主，分别有2家位于上海、深圳。其中也有律所已 开设分所。 几家上榜律所向ALB讲述了他们成长逻辑，以 及如何应对日益激烈的市场竞争。 长期坚持，适时调整 在调研评选过程中，ALB十分关注各家精品律所的 定位、优势业务领域和发展策略，这些关键因素帮 助它们从众多律所中脱颖而出。 据北京金问律师事务所创始合伙人、主任黄 才华律师介绍，私募基金与投资、并购重组、企业 出海、资本市场及民商事争议解决等业务是金问 的传统优势，而金问期望打造一家具备国际视野、 综合性的高端精品律师事务所，致力于为客户提供 具有长期核心价值的卓越法律服务。 过去一年里，多名优秀合伙人加入金问，优势 业务领域得以深入，也拓展了不良资产处置、破产 重整、反舞弊、刑事辩护、税务合规等领域，强化了“ 综合性精品律所”的定位。 北京市正见永申律师事务所首次登榜，其20 多年来深耕于知识产权领域。合伙人周强律师介 绍，正见永申的精专人才团队在知识产权领域具 有丰富的执业经验和严谨的工作态度，在行业中 有着极为稳固的口碑。 近年来，正见永申代理了众多重大涉外商业 诉讼案件，在业界颇有影响。“我们的商业诉讼团 队成功代理了一些疑难、复杂案件，涉及金额达 百亿元以上。”周律师说，“团队发挥其精通外语、 通晓国际诉讼和仲裁程序、国际商业习惯，以及 与外国律所和相关机构联系密切的优势，成功为 国内外客户解决重大商业纠纷。” 北京星来律师事务所成立四年来，拓展了企业 合规等非诉业务，并持续在刑事辩护与代理、民商 事诉讼领域深耕。去年，星来则顺应市场环境，调 整、完善了发展战略。 “我们发现企业遇到的问题和面临的困境越 来越复杂，很难进行性质界分，往往存在大量刑、 民、行相互交织等问题，需要统筹运用多视角思 维和综合化手段解决。”星来合伙人会议主席程 晓璐律师说。 星来积极响应，将战略调整为打造一家“多 专业、一站式解决涉企刑、民、行交叉难题的律 所”。就此，星来正在引进多位重要合伙人，并对 业务体系进行全面优化和整合。“我们将企业合 规业务的非诉理念和做法融入到不同领域的法 律服务体系中，组建精英团队，包括但不限于涉 企类的证券违法、食药环违法、数据获取、税务 违法查处的特色刑行交叉业务团队，公司股东 纠纷、涉案财产处置、侵犯商密纠纷的特色刑民 交叉业务团队等。” 北京锦略律师事务所同样在精专领域成绩优 异，其在证券监管行政处罚争议解决领域已连续六 年市场占有率超过三成，部分年度接近甚至超过 五成。过去一年该领域的案件数量同比增长15% ，个案收费水平增长30%。 锦略主任余伟平律师表示，除了继续夯实在 这一领域的领先优势，锦略在证券虚假陈述民事 诉讼、证券合规刑事诉讼领域也取得了进一步的 发展。“在发展策略上，锦略会根据证券合规领域 行政、民事和刑事三个不同方向的实际情况，适时 调整侧重点和资源投放力度，力求更均衡地发展。” 更主动，更高效 优秀的精品律所常常体现出灵活高效的工作模式， 充分发挥着小而精团队的主观能动性。 正见永申律师团队具有精准的行业视角，能够 深度服务行业客户。“正见永申密切关注前沿技术 的发展，积极跟进与客户相关、或者客户可能开拓 的市场领域的热门动态。在此基础上，将新的行业 动态、技术发展与自己专精的业务相结合，向客户 提出更具预见性和可行性的服务方案，协助客户商 业布局、甚至新品牌的落地。”周强律师说，凭借主 动服务的精神，正见永申常年服务多个行业的头部 “PE, investment, M&A, restructuring, capital markets, and civil and commercial dispute resolution are Jinwen’s traditional strongholds.. The firm aims to become a high-end, boutique firm with a global vision and comprehensive service capabilities, committed to providing top-rated legal services with long-term core value.” — Huang Caihua, Beijing Jinwen Law Firm “私募基金与投资、并购重组、企业出海、资本 市场及民商事争议解决等业务是金问的传统 优势。而金问期望打造一家具备国际视野、 综合性的高端精品律师事务所，致力于为客户 提供具有长期核心价值的卓越法律服务。” — 黄才华，金问
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