China has recently seen the setup of its first joint operation between PRC and foreign law firms in the Shanghai Free Trade Zone (FTZ), a breakthrough that could lead to the opening of the country’s legal services market to foreign law firms, said a legal industry expert.
The joint operation was built by Baker & McKenzie and FenXun Partners, with the licensing ceremony held by the Shanghai Bureau of Justice in mid-April.
“The joint operation is the only formal structure under which international and Chinese law firms can jointly execute client work in China under the current PRC regulatory framework,” Zhang Danian, a partner of Baker & McKenzie and the chief representative of its Shanghai office, told China Business Law Journal.
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