19 Asian Legal Business | January 2025 Manager partner roundtable The recently released Docvit Law Firm’s 2024 Industry Observation Report highlights a prevailing sense of downward pressure on the legal sector. Analysis of regional legal income over the past five years shows steady growth overall, but with decelerating rates and declining per capita revenue. To address challenges, many law firms have reduced their legal fees, forcing lawyers to work longer hours to maintain equivalent revenues. Meanwhile, corporate in-house departments report a shortage of lawyers who truly meet their needs. They are looking for professionals who not only understand the law but also possess business acumen, industry knowledge, regulatory insight, negotiation skills, global perspectives, and innovative thinking. In short, they value lawyers who can “get things done,” introducing a new dimension to professional competency. Looking ahead, the legal industry is expected to see further polarization. Lawyers capable of handling high-end, complex matters will become increasingly concentrated, while pricing for routine legal work is likely to decline further. In a rapidly evolving landscape, adherence to “professionalism” remains both a choice and a conviction for lawyers navigating the future. Steady progress, clear drivers Mirroring China’s broader economic landscape, several law firm leaders tell ALB that in 2024, their firms looked to maintain stability in their core operations while identifying clear growth drivers. Shihui Partners saw its overall revenue grow over the past year, with a notable surge in AI-related practices, including work in intellectual property, investment and financing, and compliance tied to artificial intelligence, according to the firm’s managing partner Raymond Wang. At Hylands Law Firm, revenue increased by 8 percent year-overyear. The chair of the national board of directors, Jiang Qi, attributes this growth to two strategic priorities: Deeply analyzing client needs to provide tailored services and enhancing internal operations to improve efficiency and profitability. Guangzhou-based ETR Law Firm achieved steady business growth while innovating in new areas. Managing partner Deng Chuanyuan says that the firm maintained strengths in traditional areas such as capital markets, government advisory, and dispute resolution while expanding into digital economy and data compliance services. Initiatives included joining the Greater Bay Area “Data Elements × Financial Services” alliance and fostering inter-regional legal collaboration with the Yangtze River Delta, Chengdu-Chongqing Economic Zone, and the Jiangxi province. The firm also launched the “Yangtze River Delta Urban Renewal Research Institute” at its Shanghai office and the “Silk Road Legal Services Research Institute” at its Xi’an office, enhancing its professional reputation and influence. At Llinks Law Offices, managing partner Christophe Han emphasizes the importance of balancing stability and innovation. The firm continued to excel in banking and finance, corporate and M&A, capital markets, and dispute resolution, while advancing in emerging areas such as the new economy, data-related services, and bankruptcy restructuring. 2025: key practice areas Under pressure, law firms must quickly adapt and respond. As they enter the new year, firms are aligning with the current economic landscape while anticipating emerging opportunities, laying out their preliminary plans for 2025. Jiang tells ALB that dispute resolution remains the cornerstone of Hylands’ practice. In the current economic climate, the firm is focused on developing innovative solutions for clients’ evolving challenges. Additionally, “economic adjustments have created significant opportunities in bankruptcy restructuring, securities compliance, and intellectual property. At the same time, Hylands will prioritize its financial services and overseas investment practice areas.” Beyond specific sectors, Hylands is also making structural improvements in its business development approach. The firm’s industry and professional committees have now expanded to 24. “In the new year, we aim to leverage the Hylands Research Institute as a platform to build a research-driven law firm, promoting knowledge sharing and facilitating the development of superior legal service products,” Jiang notes. At Shihui Partners, Wang highlights that with the addition of partners specializing in dispute resolution and bankruptcy restructuring over the past two years, the firm has achieved significant growth in these areas. These will remain key focuses for Shihui in 2025. Deng from ETR emphasizes that the firm will target several emerging practice areas in 2025, including crossborder and international legal services, the digital economy, data compliance and cybersecurity, artificial intelligence and autonomous driving, and the “lowaltitude economy”. Han shares a similar perspective, observing that the decline of traditional industries is inevitably accompanied by the rise of new sectors. He identifies several fields where lawyers should pay close attention and offer services: digital payments and cryptocurrencies, artificial intelligence and big data, life sciences and health technologies, and the new energy and electric vehicle industries. The expanding demand for Environmental, Social, and Governance (ESG) legal services is also drawing attention across the industry. “On one hand, lawyers can contribute to environmental regulation, clean energy, and carbon trading. On the other, the government’s push for ESG frameworks in capital markets has increased demand for legal services related to ESG disclosures,” Han explaines. 2025: key management strategies Looking ahead to 2025, Han emphasizes that the experience law firms gained during the past “year of challenges” will serve as valuable insight in navigating future uncertainties. “The shifting market environment demands greater resolve in tackling
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