8 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JANUARY 2024 For the third consecutive year, ALB spotlights top firms and lawyers in the circum-Bohai sea area, and invites them to share and explore how they manage to keep up with the times amid constant changes in the market environment and client needs, as well as the power of working together to advance the regional legal industry. RANKING BY ASIAN LEGAL BUSINESS, TEXT BY VICTOR WU ALB连续第三年关注环渤海地区的杰出律所、优秀律师，并请他们分享和探讨在市场环境和客户需求的不断变化 中，如何寻得与时俱进的自我发展之道，以及区域市场内的强强联手之力。 排名：《亚洲法律杂志》，作者：吴嘉林 COVER STORY In early 2024, ALB once again engages with legal service providers, teams, and individuals in regional markets in China, attentively observing changes and capturing their perspectives. The initial regional ranking of the year centers on the economically active and highly open circum-Bohai Sea area, encompassing Liaoning Province, Hebei Province, Tianjin Municipality, and Shandong Province, to assess the operational landscape of the legal services industry in this region. With a noticeable uptick in the number of legal practitioners in this area, an increasing number of firms and lawyers are presenting impressive performance records. In comparison to last year’s ranking, there has been a notable rise in both the number of firms and emerging lawyers, increasing from 15 to 20. All five newly recognized firms are large, full-service entities. Among the 20 awardees, five are local firms, with two headquartered in Qingdao and the remaining three located in Jinan, Shenyang, and Tianjin. Of the 15 non-local firms, two are based in Shanghai, one each in Guangzhou and Chengdu, while the rest are all centered in Beijing. Shifting focus to emerging lawyers, seven hail from local firms, while 13 represent non-local entities in Qingdao, Jinan, Dalian, Shenyang, Tianjin, and Shijiazhuang. Regarding provincial distribution, Shandong boasts 12 emerging lawyers, with Liaoning, Tianjin, and Hebei having five, two, and one winner(s) respectively. 2023 RECAP For all industries, 2023 has been a year to emerge from the pandemic and make up for lost time. The legal services industry is no exception. Looking back on 2023, Li Bo from Qingdao Office of W&H Law Firm says that compared to the past three years, the legal services market in the circum-Bohai sea area has been operating more steadily, although many uncertainties remain. “First, against new situations, challenges, business models and social formats, firms and lawyers alike are facing transition and transformation in their business.” According to Li, fluctuations in the real estate market, technological innovation and development, and other factors have had a significant impact on lawyers’ work. For example, the downturn of the real estate market has reduced the payment ability of some clients and made it difficult to provide legal services, resulting in changes in the practice areas of lawyers. “Second, competition for local business and traditional business is becoming increasingly fierce. As the circum-Bohai sea area is between Beijing and Shanghai, many practice areas are inevitably facing competition from lawyers from other regions. Based on our observations, such competition is intensifying, not only in terms of service contents but also in terms of lawyers’ fees.” Li says that fees and local presence used to be two competitive advantages for local firms, but now these advantages are becoming less and less compelling. First, firms in other regions are now able to offer more competitive rates. Second, as transportation becomes increasingly convenient and various communication and conferencing tools are frequently CIRCUM-BOHAI SEA AREA FIRMS & RISING LAWYERS 环渤海地区律所和律师新星
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