Present and Future of Foreign Law Firms in China

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With the world’s economic Integration, China is becoming one of the destinations of many foreign enterprises. Large groups of foreign law firms swarmed into China and had good development
With the world’s economic Integration, China is becoming one of the destinations of many foreign enterprises. Large groups of foreign law firms swarmed into China and had good development, gradually become the first law service choice of many foreign funded enterprises. As the fierce market competition goes on, what about the present and the future of those foreign law firms?
 
Present Foreign Law Firms
By the end of 2001, 104 law firms from 16 countries, approved by Chinese Justice Ministry, has set up offices in China’s 11 cities. With the number keeping growing, those formally founded and preponderant foreign law firms are receiving more and more challenge from new ones.
 
However, the foreign law firms in China have been showing good momentum of development. Although they cannot be engaged in of the Chinese legal service according to the relevant provisions, their service range is wide, including all sorts of investment projects, arbitration and lawsuit, foreign representative office establishment, technology transfer, real estate, etc., typically the British and American law firms' representative offices in China.
 
Future with the Coexistence of Competition and Cooperation
Since the foreign law firms entered in China, the competition between which and the local Chinese law firms has appeared. They attracted numerous legal talents with the brand effect, fat salary, and good training mechanism, while Chinese law firms lacks the aspects above.
 
With China entering a new era of development, the development of space between the two is becoming bigger than ever. Chinese law firms have strength in dealing with the relationship between local governments and Chinese enterprises, while foreign law firms is good at international financing activities, company merger and acquisition, international trade, etc. Nowadays many Chinese leading law firms have cooperation with foreign ones. Along with the popularity of legal services in the transnational development of China's economy, the development of foreign law firms in China will also enter a new stage.
 

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