King & Wood, China’s biggest law firm by number of lawyers, wants to hire about 100 more as takeovers and fund raising in the world’s fastest-growing major economy surge, attracting overseas rivals.
“We hope to boost the company by 10 to 15 percent each year in the next two years,” said Chairman Wang Junfeng, whose Beijing-based firm has grown to 450 lawyers from six since he founded it with five partners in 1993.
Overseas firms, including New York-based Skadden Arps Slate Meagher & Flom LLP, which advised on $10 billion of Chinese corporate mergers last year, plan to boost their hiring or open new offices in China. U.S. and U.K. law firms opened 25 offices in China in the last two years, more than in any other country, according to researcher Hildebrandt International Inc.
“As China’s economy develops, there are more, bigger transactions and thus tremendous demand for legal services,” said Ding Jianxiang, a partner at Beijing-based Jun He Law Offices, the country’s fourth-largest law firm according to Asian Legal Business Magazine.