Managing partner Patrick Quinn has confirmed that Cadwalader is preparing to shutter its offices in Beijing and Hong Kong. The decision, announced to the firm’s partnership yesterday, was made by the firm’s 13-member management team to help Cadwalader ‘fit a more focused strategy’ following a string of partner exits. Both offices will close by the end of December, with around 25 lawyers set to be laid off as a consequence of the retreat. ‘It was a very difficult decision,’ said Mr Quinn. ‘We have very capable attorneys and staff in these offices – great lawyers and great people.’
Narrowing focus
Cadwalader is the third major firm to pull away from the Chinese market in the last 15 months. Last year, Fried Frank Harris Shriver & Jacobson announced that it was closing its outposts in Shanghai and Hong Kong, while Chadbourne & Parke shuttered its own office in Beijing. By moving away from Asia, Cadwalader is hoping to refocus its practice on financial institutions, large corporations and private equity funds. ‘[By] refocusing the firm’s resources and investment on practices that are most closely aligned with our strategy, we can grow sustainably with a higher degree of predictable success,’ said Mr Quinn.
Sources: BigLaw Business; Legal Week; American Lawyer
Email your news and story ideas to: [email protected]
