21 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA edged out as a result. “Considering the spectrum of legal services, products offered by both large and small firms possess distinct characteristics and cater to diverse client demographics. Hence, they complement rather than replace each other. Furthermore, the traits of diversity, complementarity, and universality are instrumental in fostering a healthy and sustainable development of the legal market ecosystem,” he explains. Speaking of the unique advantages of boutique firms in the current environment, Wu points out: “Being small, specialized and strong is the foundation for a boutique firm’s survival. So a boutique firm must firmly hold onto specialization. Second, a small firm is flexible in its institutional set-up, quicker in decision-making and strong in execution. However, opportunities always await those who are prepared. Faced with intensifying competition in the market environment, small firms should even more actively embrace, adapt to, expand and explore the market, and be ready to expand new practice areas in a forward-looking manner according to market changes.” Liu Bin, Director of Tianxi Law Firm, shares this view. “How boutique firms survive has been talked about for a long time in the industry. While there is some pressure on the development of such firms, we also have our own advantages. Small firms can efficiently and reasonably allocate limited resources, continuously optimize resource utilization efficiency, and make adjustments according to growing demand for legal services, so as to provide high-quality services and client experiences in a more cost-effective manner.” To ensure that limited resources are invested in the right places, the most important thing is that “a boutique firm must have a clearer grasp of the dynamics of the current social and market environment, and constantly change its own way of thinking in order to win space for survival and growth. While building up capabilities in sub-divided practice areas, Tianxi is also continuously coordinating the consolidation of diversified professional legal resources, and has achieved good results.” To Wang Jun, Director of Beijing Starrise Law Firm, data for her firm’s development speaks for itself. “As at the end of November 2023, our revenue has increased by 25 percent year-on-year. And it is never easy for us to rise against the general market downturn.” Last year, Starrise engaged in merger discussions with several firms, each boasting a staff count of over a hundred. Remarkably, all these firms expressed a keen interest in joining the Starrise brand. This interaction led Wang to a realization that the post-pandemic market is placing a greater emphasis on distinct brand labels. However, after careful consideration of the firm’s business ethos and cultural philosophy, Starrise decided to delay any merger plans. Instead, they chose to focus on steady, self-paced growth. This strategy allows them to maintain their specialization in compliance practice and continue cultivating a brand that resonates with the market. FUTURE STRATEGY The market is ever-changing, as the saying goes, ‘a small boat turns quickly.’ Boutique firms must continuously adjust their future strategies based on market demands and their own development situations. Some, such as Longshine, already have bigger plans for the future. Wu says that expanding practice areas and increasing regional offices are already on the firm’s future development agenda. As a firm who specializes on providing services to the automobile industry, “we will prioritize setting up new offices in cities with a developed auto industry, such as Guangzhou, Tianjin, Shanghai and Wuhan, to provide clients with more convenient and efficient legal services. Further, we will ‘plan and act’ at the appropriate time to venture into new practice areas.” Guangzhou-headquartered Tianxi will “stick to the development path of boutique firms, continue to focus on the Greater Bay Area, deepen regional development advantages, and enhance brand influence.” According to Liu, Tianxi will give priority to expanding its advantageous practice areas and “deepen growth in areas such as the Internet and digital economy, banking and securities, non-performing asset disposal, construction engineering and real estate, intellectual property, cross-border civil and commercial law, investment and M&A, and dispute resolution.” Winston & Strawn will continue to work towards the goal of “becoming the go-to firm for Chinese clients in IP and complex litigation in the United States,” and become a benchmark firm for Chinese companies in international litigation. “Through our partner, Yuanda China Law Offices, we plan to study the feasibility of acquiring different local professional practice groups and USChina joint venture firms (such as Shanghai and Shenzhen Free Trade Zones),” explains Chang. Beijing Jinlue Lawfirm 北京锦略律师事务所 Beijing Starrise Law Firm 北京星来律师事务所 Guangdong Wumei Law Firm 广东五美律师事务所 HHP Attorneys-At-Law 汇衡律师事务所 Kejie Associates 柯杰律师事务所 Lijiu Law Firm 四川力久律师事务所 Longshine Law Firm 朗诚律师事务所 RuiMin Law Firm 上海锐敏律师事务所 Shandong Haud Law Firm 山东豪德律师事务所 Shang Ze Law Firm 北京商则律师事务所 Tianxi Law Firm 天习律师事务所 Tiger Partners 虎诉律师事务所 Winston & Strawn LLP 美国温斯顿律师事务所 Zhejiang Bo Fang Law Firm 浙江博方律师事务所 ZSK Attorneys-at-Law 北京浩风律师事务所 FIRMS TO WATCH
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