Paul Weiss joins ranks of US firms scaling back in China with Beijing exit

Paul Weiss joins ranks of US firms scaling back in China with Beijing exit

Paul Weiss is set to close its Beijing office by the end of the year, becoming the latest in a series of major US law firms to scale back operations in China.

The New York-headquartered firm has had an office in Beijing since 1981, which marked its first office outside the US. The firm will continue to operate Asia offices in Hong Kong and Tokyo, which opened in 1983 and 1987 respectively.

‘We remain committed to having a strong presence across Asia, including in Hong Kong and Tokyo, and will continue to provide the highest-quality service to our clients in all of our global offices,’ a spokesperson for the firm said in a statement.

According to the firm’s website, the Beijing office currently has one partner, one counsel, and two associates. The Hong Kong office has eight lawyers, while the Tokyo office is staffed by ten lawyers.

Many other international law firms have been reducing their presence in China, citing geopolitical tensions, strict data privacy laws, and regulatory challenges. Just last month, WilmerHale closed its Beijing office following similar moves by Dechert, Morrison Foerster, Weil and Akin, all of which closed their Beijing offices in the past year.

Paul Weiss chair Brad Karp told Legal Business in October that the firm was ‘continuing to monitor Asia closely.’ While there has been speculation about a potential launch in Singapore, Karp confirmed that there are no current plans to open a new office in Asia.

The firm has been expanding internationally over the past year and a half, re-launching its London office and opening an office in Brussels. It now has 10 offices worldwide, including five in the US.

For more on Paul Weiss’ international strategy, see LB’s feature Late bloomer: how Paul Weiss made up for lost time on the global stage.

elisha.juttla@legalease.co.uk

The China conundrum – why so many US law firms are pulling out

The China conundrum – why so many US law firms are pulling out

Once seen as the next big thing for all self-respecting international law firms, China is now seeing a wave of retrenchment by US firms, with Morrison Foerster the latest to close an office in Beijing – Alex Ryan spoke to those who know the market to find out why

As statements of intent go, they don’t come much bolder than Dentons’ groundbreaking 2015 tie-up with China’s Dacheng. In one move the firm became the biggest in the world by headcount, with the verein combination bringing together more than 6,500 lawyers and granting Dentons access to what was then seen as the must-have market for truly global firms, dwarfing the efforts of many UK and US players to build up a presence in the country. Continue reading “The China conundrum – why so many US law firms are pulling out”

Sponsored thought leadership: China life sciences – Transaction insights and notable industry trends

Sponsored thought leadership: China life sciences – Transaction insights and notable industry trends

China’s life sciences and healthcare (LS&H) industry underwent an unprecedented transformation in 2023 consisting of numerous challenges and opportunities. Within this year, BD transactions primarily included out-licensing of ex-China rights, China commercialisation partnering, asset acquisition and regaining drug product rights, which reflected the courage of China’s LS&H market players to proactively seek changes and rebuild corporate strategies in a quickly shifting market landscape.

Fangda Partners’ life sciences team remained active in advising on LS&H corporate transactions in 2023 and recent key deal highlights included (a) Hengrui Pharma (600276.SH)’s out-licensing partnership with Aiolos Bio to exploit the innovative anti-TSLP mAb (SHR-1905) outside of Greater China; (b) Kanghua Biological (300841.SZ)’s grant of exclusive rights to HilleVax for exploitation of recombinant hexavalent VLP norovirus vaccine outside of Greater China; (c) CStone Pharma (2616.HK)’s sale of the Tibsovo® (Ivosidenib) business, asset and goodwill thereof in Greater China and Singapore to Les Laboratoires Servier; and (d) a number of commercialisation arrangements entered into by multinational pharmaceutical companies with leading CSOs. Continue reading “Sponsored thought leadership: China life sciences – Transaction insights and notable industry trends”

Sponsored Q&A: Fangda Partners

Sponsored Q&A: Fangda Partners

1. What are the current regulatory frameworks governing the life sciences industry in China, and how have they evolved in recent years?

Legislation wise, the Drug Administration Law and its implementation rules are pivotal to the pharmaceutical sector, overseeing the entire lifecycle of chemical and biological products. For medical devices (including in-vitro diagnostics), the Regulations for the Supervision and Administration of Medical Devices form a fundamental framework. Continue reading “Sponsored Q&A: Fangda Partners”