The exodus of US law firms has increased with Sidney Austin, Perkins Coie, Latham & Watkins, plus Orrick either closing or announcing that they will shut their offices in Shanghai, according to a report by the Financial Times on Monday, which noted that Weil, and Akin Gump had also closed shop in Beijing.
Sidley Austin still has offices in Beijing and Hong Kong, while Orrick opened an office in Singapore three years ago, it said, adding that Dealogic data shows that mergers and acquisitions in China are at their lowest in 12 years, while domestic equity market activity is “lower than any year since 2009”.
The plunge in Western business activity has been noted by foreign chambers of commerce, while there has also been “an uptick in Chinese companies going abroad,” it said.
Read the full report. The FT.
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