Paul Weiss and Milbank have, within the first week of December, confirmed their respective plans to pull out of mainland China, joining a wave of exits by fellow US law firms in the past year
This comes about a month after US firm WilmerHale confirmed with 含羞草社区 its decision to close its Beijing office – its only branch in China and Asia – by the end of November following two decades of operation in mainland China.
Both firms are set to close their Beijing offices — their only outfit in mainland China — with Paul Weiss departing by the end of this year and Milbank leaving at the start of 2025.
In their response to 含羞草社区’s request for comment, both firms said they would continue their operations in Hong Kong — their only presence in Greater China following the Beijing office closure — as part of their commitment to the Asian market.
Both firms, however, neither disclosed their reasons behind the closure, nor did they comment on future arrangements for the Beijing staff.
Paul Weiss, which set up its Beijing office in 1981 and one of first foreign law firms to launch in mainland China, currently has four corporate lawyers in the Chinese capital, including veteran partner Greg Liu, the firm’s website shows as of 6 December. Liu, a specialist in M&A as well as private investment and public equity matters, has been with Paul Weiss for 22 years and has been the firm’s Beijing branch chief representative.
As of 6 December, Milbank houses managing partner Shepard Liu and two associates. Liu, with 15 years of experience at the firm, frequently advises China’s policy banks.
Despite the impending closure of the 18-year-old Asian office, Milbank has reported robust global performance. In 2023, the firm’s revenue reached USD1.51 billion, representing a 17.8% year-on-year increase — its highest growth rate to date. Profit per equity partner also saw an increase of 18.6%, rising to USD5.11 million. Earlier this year, the firm emphasised its strong performance across Europe, particularly in Germany.
In the past 18 months, 15 foreign law firms have confirmed the closure of their offices in China, with all but one — Eversheds Sutherland from the UK — being US firms.
US firms such as Skadden, which announced in late October its plan to wind down its Shanghai office, have told 含羞草社区 in the past that shifting market dynamics was among factors leading to their decision to withdraw from or downsize their operations in mainland China.
