After establishing its Hong Kong branch last year, DOCVIT Law Firm has allied with Hong Kong peer Loong & Yeung to expand its capital markets, litigation and arbitration, and family wealth practice.
Both firms have been working together for more than a decade before registering as association firms with the Law Society of Hong Kong.
Loong & Yeung, situated in Hong Kong’s Central district, has more than 20 lawyers, including three partners. It focuses on capital markets, litigation and arbitration and family wealth, which aligns closely with the needs of DOCVIT’s corporate clients in the mainland.
Zhang Ting, director of DOCVIT’s international business department and senior partner who runs the Hong Kong branch, said: “Hong Kong’s unique financial status and its incentives on family wealth management have attracted many of our high-net-worth clients from the mainland to choose Hong Kong as their place of tax residency, or their next stage of wealth planning.”
She added, “We have designed charitable trusts and trust structures for the actual controllers of overseas listed companies for several well-known entrepreneurs. We hope to incorporate Hong Kong policies into this area of our business, which we believe will generate more legal business opportunities.”
To facilitate the collaboration, DOCVIT would provide Loong & Yeung access to its information and client management systems, said Zhang.
Hong Kong is becoming the preferred destination for mainland law firms to expand their offshore presence.
According to data from the Law Society of Hong Kong, as of 26 August, mainland law firms have registered associations with Hong Kong law firms, accounting for 72% of the total number of associated firms. Dozens of mainland law firms have already achieved localisation in Hong Kong.
Last week, Beijing-headquartered Zhong Yin Law Firm reportedly had registered in Hong Kong as a foreign law firm and formed ties with Charles Wilson.
Zhang said that against the backdrop of a complex international environment, tensions between China and the US, Hong Kong had become the “first foothold” in Chinese companies’ quest to go global, and had also been the main arbitration destination for international disputes.
Speaking about DOCVIT’s development strategy, Zhang said becoming international had been one of their core strategies.
She said, “The firm will adhere to corporate governance and pursue moderate expansion while ensuring the quality of lawyers and branch offices are on par.”
DOCVIT will explore establishing branches or integrating offices in regions, such as Eastern Europe, Africa, the US and Singapore.
