Money has the power to buy books of businesses, but it certainly cannot guarantee success. This is an idea that’s increasingly pertinent when considering the hiring of lateral partners bringing with them significant books of business. While it might seem counterintuitive given that many firms are pulling out of Asia, most notably China, the concept deserves exploration.
This topic becomes especially relevant when we discuss the case of McDermott, Will & Emery. The firm exited the Asia market in 2020 but made a comeback a year later by establishing a presence in Singapore with high-profile team hires. Fast forward three years, and the firm is left with just one partner in Singapore, who divides his time between the city-state and London. This downward trajectory has raised questions about what led to McDermott’s unravelling in Asia. According to the Asia Legal Briefing, several other stories are emerging from the global legal industry, revealing the ongoing challenges and ripple effects law firms are dealing with in this region.
For a more detailed analysis and to understand the full story behind McDermott’s situation, you can access the original article at Law.com, although please note that the content is behind a paywall.