Clifford Chance LLP, the world's biggest law firm by revenue, said it wants
to double the number of lawyers for its offices on the Chinese mainland to 90 by
2010 to boost business.
"You've got to be ambitious and bold," said Jim Baird, Asia managing partner
for the London-based firm. "The Chinese mainland economy will stay strong, more
and more sophisticated products will be required, and there will be increasing
appetite to invest in the mainland," he said in an interview with Bloomberg
News.
Rivals including Los Angeles-based Paul, Hastings, Janofsky & Walker LLP
and London-based Freshfields Bruckhaus Deringer are expanding in the mainland to
advise companies on takeovers and securities sales, which have surged in the
country. Mergers and acquisitions involving mainland companies have risen
four-fifths to US$67.7 billion in the first seven months of this year from a
year ago, according to Bloomberg data.
Baird, a partner at Clifford Chance since 1989, forecast at least 10 percent
revenue growth from mainland-related work this fiscal year starting May 1.
China's mainland contributed two-thirds of its Asian income last year, according
to Baird.
Revenue at the firm rose 13 percent to 1.03 billion pounds (US$1.9 billion)
for the financial year ended on April 30. Asia accounted for 7 percent of that,
Baird said.
Clifford Chance was the fourth-ranked legal adviser on mainland mergers and
acquisitions in the first seven months of this year, according to Bloomberg
data. Its nine announced deals worth US$6 billion compare with 20 valued at
US$6.4 billion for the whole of 2005, when it ranked 10th.
"The biggest problem is finding the right quality people," Baird said. "It is
not a lack of willingness to expand."
Clifford Chance plans to increase the number of trainees as part of its
expansion plan, Baird said. The firm takes six to eight trainees each year. It
may also move lawyers from other offices to the mainland, he said.
It would also like to set up ventures with Chinese mainland law firms as soon
as the government allows.
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