5 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA finance and litigation, we have moved into areas such as restructuring and insolvency, and private wealth. At the same time, we keep an eye on legal needs arising from the development of new technologies, and leverage our advantages of expertise and overseas network as a Stephenson Harwood’s associated firm. In this way, we can better serve both domestic and overseas clients,” Zhou adds. CROSS-REGIONAL ADVANTAGES The legal service markets and service providers differ in expertise and service model across different regions of China, and there is an urgent need to learn from each other. Therefore, South China law firms need to think about how to bring their existing deep-rooted advantages to the Yangtze River Delta. By developing and innovating within the free trade zones of Guangdong, Haikou, and Yunnan, China Commercial Law Firm has gained valuable experience in collaborative operations, attorney partnerships, and the sharing of resources. The firm aims to apply this expertise to its new ventures in Shanghai. According to Wu, China Commercial has joined hands with peers to establish a market-oriented commercial mediation organization, i.e. Pujiang Commercial Mediation Center in Hongkou, Shanghai. By drawing on and integrating the successful experience of setting up or operating on commission the Qianhai Belt and Road Legal Service Federation, Shenzhen Qianhai International Commercial Mediation Center, and Lok Ma Chau Loop International Commercial Mediation Center, in the Greater Bay Area, the firm will explore an international commercial mediation model that suits the region well. “The judicial authorities in Hongkou, Shanghai and Futian, Shenzhen have signed a strategic cooperation framework agreement to jointly promote foreign-related legal services, establish an integrated intercity legal alliance, and promote exchanges and integration of foreign-related legal service resources. China Commercial Law Firm has actively contributed to judicial and professional industry development, and strengthen cooperation and exchanges in the region. All this has safeguarded the high-quality development of the legal market.” The expansion into Shanghai and the region coincides with market opportunities and the firm’s long-term development strategy. “Opening an office in Shanghai answers the country’s call for promoting balanced and coordinated regional development. We want to contribute to the integration of the Yangtze River Delta and the Greater Bay Area and deliver better foreign-related legal services.” Wu emphasizes that the Shanghai office aims to build a full-chain, crossregional service model by focusing on emerging areas such as international finance, international shipping, compliance, new energy resources, biomedicine, and ESG while maintaining professional advantages in traditional areas of strength. The office has recently brought in experts from various backgrounds, including Yu Yanhua (IP), Tang Yu (crossborder affairs), and Wu Minghe (matrimonial and family affairs). Likewise, in March, the Guangzhoubased Wei Tu Law Firm opened its first location outside South China in Shanghai. Wei Tu became Stephenson Harwood’s associated PRC law firm in 2016. Wei Tu’s managing director Zoe Zhou explains the reasons for expansion into the Yangtze River Delta market: “Despite the challenges, the Yangtze River Delta remains the most economically dynamic region in China and the active legal service market here can provide us with ample room for development. The economic challenges can catalyze new productive forces, and present good opportunities of development for legal services.” Since its inception in 2014, Wei Tu has been committed to delivering highquality cross-border legal services, which fits happily with Shanghai’s international business environment. “Especially when Chinese businesses flock to go overseas, the Shanghai office will continue to focus on cross-border services. In addition to the core business of corporate and administrative cooperation between the two cities and organized the first North Bund Shanghai-Shenzhen-Hong Kong International Legal Services Forum to draw lawyers and resources from the Guangdong-Hong Kong-Macao Greater Bay Area to Shanghai,” Wu says. Now the firm boasts 87 Hong Kong and Macao lawyers. “I believe the Shanghai office will be a bridge to integrating resources in Shanghai, Hong Kong, Shenzhen and Macao,” he adds. Zhou provides insight into the strategic approach of Wei Tu, noting “Wei Tu is a corporate law firm, so the Guangzhou and Shanghai offices can share resources of clients, management, and business, and integrated management also facilitates the deployment of staff between offices based on business needs. Wei Tu will fully utilize its experience in the two regions to safeguard the cross-regional development of our clients.” Both lawyers believe that South China law firms have huge potential for development in the region in terms of the number and size of offices. “Wei Tu wants to utilize our advantages as a corporate law firm. By better pooling and investing our resources in Shanghai, we will expand the existing business to more regions and develop new business, so that the Shanghai office can make substantial progress in the next three to five years,” Zhou points out. Wu emphasizes the cultural integration in both regions and its role in the development of law firms. “As the frontier of reform and opening up, South China boasts rich experience in foreignrelated legal services. If we can carry forward the gene of innovation, improve our professional resilience, promote fusion with the local culture, leverage the advantage of proximity to Hong Kong and Macao, expand our business, and cultivate talents, we can expect smooth development in the Yangtze River Delta region.” “The legal service market in Shanghai and the whole region is huge enough to accommodate not only China Commercial Law Firm, but also all the South China. BIG STORY
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