Milbank has announced the closure of its Beijing office, becoming the 14th U.S. law firm to withdraw from mainland China this year as the firm’s sole partner in Beijing, Shepard Liu, retires and two associates depart.
Despite the closure, Milbank has reaffirmed its commitment to the Asian market saying: “We remain very committed to Asia through our strong presence in Hong Kong, Seoul, Singapore and Tokyo, and will continue providing the highest-quality service to clients across all of our global offices”.
- Milbank has strengthened their Hong Kong presence by localizing its practice and making significant partner hires from top firms like Clifford Chance, Linklaters, and Allen & Overy.
- The firm has also expanded its Seoul office with the addition of four lawyers led by Dechert’s former head of Hong Kong and Asia co-managing partner, David Cho.
Beijing Office Legacy
Milbank’s Beijing office, established in 2006, has played a crucial role in project development, finance, and capital markets deals.
Milbank’s departure reflects the ongoing trend for big law firms to leave the country, including non-US-based law firms like Dentons who left last year, following political tensions and regulatory changes that are making it more difficult for Western firms to operate there.
This week alone, Paul Weiss Rifkind Wharton & Garrison announced the closure of its Beijing office, following Wilmer Cutler Pickering Hale and Dorr’s October announcement to shut its 20-year-old Beijing practice and other firms, like Orrick Herrington who announced they were leaving at the beginning of the year and also Weil Gotshal who closed their two offices.
