Addleshaw Goddard to Close Its Hong Kong Office, Banking on Singapore & More News Here

Addleshaw Goddard is closing its Hong Kong workplace in September upon the expiration of its lease within the city-state.

The workplace, which employs 20 legal professionals together with seven companions, was knowledgeable on May 23, the agency mentioned.

Partners in Addleshaw Goddard Hong Kong embody head of Asia Bob Charlton, in addition to Daniel Wan, Ivan Chang, Ronald Sum, Lance Jiang, Agnes Wong and Janie Wong, all of whom advise on fairness capital markets, company and litigation issues.

According to the agency, a few of its legal professionals will relocate to its Singapore, Dubai and London places of work and preparations for these strikes are underway.

Some of Addleshaws’ legal professionals, together with companions and trainees, might be transferring to native legislation agency Howse Williams, which lately has been increasing and has added new companions from Clifford Chance and Clyde & Co, the agency mentioned.

“No firm likes to withdraw from jurisdictions which it has previously identified as important to it, but having carefully considered our position in Hong Kong and the unique set of challenges we face there, we do not feel that renewing our lease, whilst continuing to hope for a dramatic change in outlook, is something we can economically justify,” the agency’s managing associate, John Joyce, mentioned in an announcement.

“This outcome is in no way a reflection on our excellent team in Hong Kong or the hard work they have put in. Our immediate focus is on giving colleagues all the support we can to find them a new home,” Joyce added.

Addleshaws launched in Hong Kong in 2012.

“Today’s news does not change our desire to invest and grow in the markets and sectors that are important to our clients. A clear Asia strategy remains a key requirement for our business and we will revert to a ‘best friend’ approach going forward in order to serve client needs in Hong Kong. We continue in Singapore and will look to build out that office as our key presence for Asia,” mentioned Joyce.

Addleshaws nonetheless has an workplace in Singapore and has been investing in that workplace’s development. In 2019, the agency employed development associate Chau Ee Lee in Singapore from King & Wood Mallesons’ Beijing workplace. In the identical 12 months, the agency additionally introduced on present head of Singapore, Ton van den Bosch, who joined from legacy Ince & Co.

In Tokyo, the agency operates by means of a proper alliance with Hashidate Law Office.

Addleshaws will not be the primary worldwide legislation agency to shift its Asia focus to Singapore. McDermott Will & Emery relaunched in Asia by way of Singapore a 12 months after shutting its workplace in China. Its since employed a number of heavy hitters from Latham & Watkins, Sidley Austin, King & Spalding and Herbert Smith Freehills.

Last 12 months, Orrick, Herrington & Sutcliffe mentioned it was launching an workplace in Singapore a 12 months after shuttering its Hong Kong outfit.

Several companies have closed their places of work in Hong Kong in recent times, together with Baker Botts, which introduced its closure in December.

In addition, many legislation agency companions have moved out of Hong Kong, selecting to apply elsewhere.

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