Gibson Dunn’s Personnel Moves: Decoding International Law Firms’ Strategies

Gibson Dunn’s Personnel Moves: Decoding International Law Firms’ Strategies

Gibson Dunn’s Personnel Moves: Decoding International Law Firms’ Strategies

Renowned US law firm Gibson Dunn recently made key personnel changes in its Singapore office. Four partners are set to depart, while Xue Fang, the current Managing Partner of the firm’s Beijing office, has been appointed as the new Managing Partner of Singapore.

This move reflects a broader trend: Western international law firms are adjusting or downsizing their operations in Greater China. In Gibson Dunn’s case, their strategy focuses on appointing a partner with substantial cross-border experience and expertise in large-scale transactions to lead their Asia operations. Such a decision is in line with observations from our legal recruitment consultants, who noted that international law firms are increasingly pivoting towards the Asian market and leveraging Singapore as a key hub from which they manage their broader regional operations.

 

Why are Law Firms Pivoting Towards Asia?

One primary reason for the trend is the decrease in US dollar investments in China, which poses significant challenges to traditional M&As and IPOs that once flourished. Consequently, many investment activities are shifting towards Southeast Asia, with Singapore emerging as a preferred base from which international law firms manage their regional operations due to its reputation as a key business hub and a bridge between the East and West.

However, compared to Greater China, which saw dynamic and rapid growth over the past decade, Singapore’s legal industry has been a relatively more stable environment. Against this backdrop, some fund companies have shared with our legal and financial services recruitment consultants that professionals in Singapore tend to excel at following established procedures, though there is potential to place more emphasis on offering creative, value-added solutions. Meanwhile, discussions are ongoing about whether local bankers and lawyers’ exposure is sufficiently diverse to enable them to meet the varied needs of incoming investors.

 

The Implications of Law Firms’ Renewed Strategies

Indeed, Southeast Asia may not necessarily match the sheer scale of the Greater China market in its heyday. Nonetheless, we expect the legal industry to gain renewed momentum as investment activities rise and more high-calibre entrepreneurs set their sights on the region.

To the best of our knowledge, Xue Fang’s appointment marks the first time a partner from mainland China has taken on such a role at a foreign law firm in Singapore. We believe this move will have far-reaching implications for Singapore’s legal market and may encourage other foreign international law firms to reassess and adjust their Asia strategies.

Besides Western firms, we also observe PRC law firms making their moves, with more Chinese law firms expanding into the city-state. An example is red circle firm Fangda, which is set to launch its Singapore office in October, and the addition of skilled lawyers from diverse backgrounds is expected to foster knowledge exchange that contributes to the continued growth of Singapore’s legal market.

If you’re keen to learn more about Singapore’s legal space or set up a law firm in Singapore, reach out to our legal recruitment team today to take the discussion further: