There’s an observable trend of Biglaw firms discontinuing their operations in Asia, and more specifically, in the greater China region. In recent times, four such firms – namely Latham, Proskauer, Perkins Coie, and Akin Gump – have concluded their operations in China. Subsequently, a fifth firm, Orrick, is in the process of doing the same, leaving a single office operational.
As reported by Law.com International, Orrick has recently closed its Taipei office and is on track to wind down its operations in Shanghai as well. The move, as described by the firm, aims at ‘a rebalancing of our Asia Pacific platform, including the launch of our Singapore office in 2021, to align with client demand.’
The Orrick office in Taipei did not house any full-time lawyers. It primarily functioned as a meeting space for the clients based there. However, the Shanghai office of the firm employed two partners, two associates, and one staff member. These members will be relocated to the Beijing office of the firm by July, coinciding with the termination of the Beijing office lease. Additionally, an associate, a consultant, and six members of the staff from the Shanghai office will receive a ‘market severance.’
The frequency of these closures intimates a time of change for Biglaw firms in China, raising the question of who’s next in line to bid goodbye?
Orrick has not been alone in the decision to close its Shanghai office. U.S.-based firms continue to shut down their China-based operations due to the market downturn, achieving a notable shakeup in the regional jurisdictions of Biglaw firms.
Further details of the Orrick office closure can be found in this Law.com International article.