Oct 27 2009
weil gotshal even more active in hong kong
Just saw this
article in Legal Week about Weil Gotshal poaching 2 corporate partners in Hong Kong. Seems like the perfect time to pick up some more partner level attorneys: when the economy is down, but supposedly getting better. Article after the jump.
Weil Gotshal & Manges has boosted its Asia practice with a double hire from Simmons & Simmons in Hong Kong.
Henry Ong has joined Weil’s Hong Kong office as a partner along with Jasson Han, who joins as a partner-level senior consultant, the same title he held at Simmons.
Ong’s practice focuses on M&A and technology, media and telecoms, while Han specialises in energy-related work.
In addition to joining Weil’s corporate department, Ong will also set up his own local law firm, Henry Ong & Co, which will operate in association with Weil, as firms must practise for three years in Hong Kong before being allowed to practice local law. Weil launched in Hong Kong in 2007.
Of course, this probably doesn’t bode well for Simmons & Simmons:
Simmons recalled two City partners from its Hong Kong office earlier this year, while the firm also laid off three corporate associates in the office in March.
Are things really picking up that much? (Folks in Hong Kong, please speak up in the comments) If you read Above the Law’s sponsored section, you would think the market is booming, but that hasn’t been my impression from people I’ve spoken with. Which explains why no associates were poached or taken from Simmons. (and that Simmons doesn’t even appear able to feed all of its associates) Sounds like firms like Weil are trying to prepare themselves for the upturn by grabbing partners they want. Anyone disagree?
Things are not getting worse but they are also not much better for the private practice law firm side in China. HK is showing brighter activity but with cautious optimism. It’s the same story as in the US. Clients are much more sensitive to billing rates and often, slower to pay the bill with many asking for significant discounts. Associates may be busier, but Partners are having a tougher time getting the money.
The market is quite fragmented with some firms looking to hire with specific criteria and higher scrutiny for quality. There are still many US firms still cutting salary/work hours and telling associates that their firms are facing a challenging time. The legal market is too crowded and only select firms have a pipeline of business to survive. Many law firms simply do not have enough work to keep everyone busy and this has gone on for a year with associates sitting at their desk drafting marketing materials, writing legal commentary, chatting on MSN or simply watching the stock market.
The PRC legal market is simply too crowded for International firms. We are seeing PRC firms with lower billing rates upgrading their quality significantly over the past 2 years by absorbing associates from international firms. Why would a client pay for a transaction done by the same people?
However, just like any business, there are those who are looking to exit and those trying to enter because China is still the growth story at present with a shining outlook for the next two decades.
Every firm is looking to bolster their platform with Partners who command a portable book of business.
BTW, Simmons has also sent back partners in Shanghai also but that was months ago. Maybe they are planning to thin their resources out in Asia since quite a few teams have defected from them over the years rendering them a training ground for future new office openings.
Thanks for commenting. What you are saying confirms what I’ve been hearing, so I appreciate the input!