One out, one in 🇭🇰
Addleshaw Goddard (AG) is to shut its Hong Kong office later this 12 months and can undertake a ‘best friend’ strategy going ahead.
The UK-headquartered agency’s office in Hong Kong will shut in September upon expiry of its lease.
AG has been working from the city-state since 2012 the place it now has a complete headcount of 36 employees made from seven companions, 20 solicitors, together with trainees, and 9 business-services professionals.
The agency stated in an announcement immediately that its instant focus is to help its employees and assist them discover a new residence, with some presumably relocating to close by Singapore, which it plans to bolster as its key presence in Asia, Dubai or London.
Addleshaw Goddard managing companion, John Joyce, stated:
“No agency likes to withdraw from jurisdictions which it has beforehand recognized as essential to it, however having fastidiously thought of our place in Hong Kong and the distinctive set of challenges we face there, we don’t really feel that renewing our lease, while persevering with to hope for a dramatic change in outlook, is one thing we are able to economically justify.
“Reluctantly, we therefore believe that now, with a lease event upon us, is the right time to make a change.”
Joyce continued: “Today’s news does not change our desire to invest and grow in the markets and sectors that are important to our clients. A clear Asia strategy remains a key requirement for our business and we will revert to a ‘best friend’ approach going forward in order to serve client needs in Hong Kong. We continue in Singapore and will look to build out that office as our key presence for Asia.”
AG has not too long ago expanded in Europe, opening places of work in France and Germany. It merged with Irish regulation agency Eugene F Collins in March this 12 months.
As AG appears to shut its doorways in Hong Kong, fellow UK-headquartered regulation agency DWF has introduced an affiliation settlement with Hauzen, a five-partner specialist agency based simply 5 years in the past and advises purchasers within the Hong Kong monetary markets.
DWF entered into an settlement with Eldan Regulation in Singapore final 12 months. The transfer goals to complement this settlement and strengthen DWF’s presence in Asia.
DWF chief government, Sir Nigel Knowles, stated: “We’re persevering with to construct out our worldwide footprint, with the newest settlement signed with Hauzen in Hong Kong. This can be a key international monetary centre and we see a transparent alternative to improve exercise centered on areas the place we have now sector power, however with out overcommitting operationally.
Sir Knowles continued: “This will strengthen our offering to our global clients with interests in China and Hong Kong, whilst also improving our ability to directly support Chinese clients. We have been assessing this market for some time and believe that Hauzen represent an excellent strategic and cultural fit with DWF.”
Hauzen founder and managing companion, Basil Hwang, who was previously founder and managing companion of Dechert‘s Hong Kong office, added: “We are delighted to have reached an affiliation agreement with DWF and believe this move will allow us to strengthen existing client relationships and develop new ones. It is a reflection of how far we’ve come since we founded this firm just five years ago and it is a big step forward for us as we seek to grow and globalise our offering.”