While many firms have made redundancies in the recent past/present, some of those same US firms are currently planning on growing their Asia practices. Proskauer Rose LLP has just launched an office in Hong Kong and is already in the midst of making plans to birth another one. Slaughter and May is also waiting on the necessary approval to open its own office in China. China has seen a 19 percent increase of foreign firms since 2006, bringing the total to 177 firms today. Hong Kong has doubled its foreign firms (now 66) since 2004. It may seem silly in the face of a global economic downfall, but law firms are merely following suit in the global expansion of clients. This growth may be due to the following facts: China has the third largest ecomony and the world’s largest foreign currency reserves.
Source: www.bloomberg.com
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