Regret and uncertainty are permeating across major law firms in the U.K. and the U.S. that expanded their business into China a few decades ago. Fueled by a desire for opportunities and growth, law firms established offices in Hong Kong, Beijing and Shanghai, employing both associates and partners alike. Despite the initial promise, many of these firms find themselves facing disappointment, as I wrote during my time at The Wall Street Journal.
Maxims from the 19th century, such as an Englishman’s declaration of potential growth in China, upon reflection have proven to be inaccurate. Despite his suggestion that the production boon resulting from minor augmentation to Chinese shirt-tails could provide continuous work for Lancashire’s mills for a generation, the mills did not last. As the 21st century progresses, it’s becoming all too possible that Western law firms in Hong Kong and China will follow a similar fate.
While most law firms are not yet ready to give up on Greater China, patience is beginning to wear thin. As many law firms consider what the future might hold if China fails to deliver on its potential, it poses the question: where will Big Law seek to establish its next kingdom?
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