Peter Zeughauser has a home in Shanghai and is widely regarded as a leading consultant to the legal sector, particularly when it comes to mergers. The move gives 'tremendous credibility' to the Shanghai FTZ as an alternative to setting up on mainland China, he said. He added: 'I think it’s going to result in a number of other firms following....Several firms have been looking at whether or not to do this, and I suspect this will influence some of them to do it, too.'

Linklaters looking

Linklaters went on record a year ago about its interest in the Shanghai FTZ and the possibility of a local tie-up. Now that Baker & McKenzie has done it, international firms may feel they need to move before the best local practices are married off. Source: Bloomberg