Katten's Shanghai office managing partner, Feng Xue, was interviewed by Asian Legal Business, one of the top legal magazines in China and Asia providing knowledge and business development opportunities for legal professionals, to discuss developments that are taking place in China's legal market and the challenges international law firms face amidst such a competitive environment.
"Chinese clients will become more sophisticated and law firms will compete in terms of services and pricing," said Feng about how competition within the legal market will evolve. "Chinese firms will continue to expand globally. Some international firms may choose to exit the Chinese market, and some will enter into strategic alliances with Chinese law firms to broaden their operations in China. Competition among law firms will become more intense in the next few years."
Feng was one of four individuals from leading international law firms, such as Clifford Chance, Baker McKenzie and Ince, to be interviewed as part of a legal roundtable hosted by Asian Legal Business. The roundtable covered topics that included key trends in the relationship between clients and attorneys, the biggest challenges facing Chinese-based legal firms in the past 12 months, the strategies needed to succeed in the Chinese legal market, and what the future holds for the Chinese legal market over the next few years.
"The China-US trade tension is affecting the business community and international law firms profoundly. However, we have been faring very well by focusing on key clients and diversifying our practice areas into those that will continue to grow in years to come," Feng said.
Read, "The International Firm's Perspective," in its entirety.