U.S. law firm Milbank has confirmed to ALB that it will close its Beijing office, which has been operating for 18 years. This makes it the second top-tier U.S. law firm, after Paul, Weiss, to announce its intention to call time on its mainland operations this week.
In the Greater China region, Milbank will only have a Hong Kong office going forward.
“We remain very committed to Asia through our strong presence in Hong Kong, Seoul, Singapore and Tokyo, and will continue providing the highest-quality service to clients across all of our global offices,” Milbank told ALB.
The Beijing office, established in 2006, focused on cross-border transactions and financing for Chinese and international clients. According to the firm’s website, the office currently has two lawyers: China chief representative Shepard Liu and associate Marco Ying. Liu is an energy and infrastructure project development and financing expert, primarily serving major Chinese financial institutions. He joined Milbank in 2010 as an associate and has worked there for 15 years.
Milbank was among the first U.S. firms to enter the Asian legal market, having opened its Hong Kong office in 1977. It has been involved in several groundbreaking projects in China, including the first listings on the New York and London stock exchanges and the establishment of China’s first joint-venture investment bank, CICC.
The Hong Kong office currently has 21 legal professionals, including seven partners and one of counsel.
According to the recently released 2025 Citi Hildebrandt Client Advisory report, U.S. law firm revenue grew by 11.9% year-over-year in the first three quarters of 2024. However, many firms have chosen to close or downsize offices in less profitable markets, including in China, Europe, and other U.S. cities.
“This trend is likely to continue in 2025,” the report noted.
