China’s top “red circle” law firms are stepping up efforts to expand into other markets, rapidly increasing their international presence and working for fees that are sometimes half those of western rivals.
At least eight of the largest law firms from the Chinese mainland have opened offices in Asia and the US since the start of 2023, with more planned.
The expansion by big Chinese firms, collectively known as the “red circle” in counterpoint to London’s legal “magic circle”, comes as some international rivals retreat from the mainland and Hong Kong amid slowing economic growth and concern about tightening security laws.
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