Chinese Firms Take On The World With Mergers And Alliances
It’s not so long ago that domestic Chinese firms shied away from tying up with a single international player, fearing the loss of inbound referral work if they did so.
With China swiftly becoming a net exporter of capital, however, firms are looking at ways of offering their clients access to the international law capability they cannot provide themselves.
As a result, this year has already seen an eye-catching combination between Dacheng and Dentons as well as a joint venture between FenXun Partners and Baker & McKenzie.
Now Shanghai firm Boss & Young has unveiled international ambitions of its own with plans to form a multi-firm alliance to tap into opportunities that will arise from China’s One Belt, One Road (OBOR) development strategy.
The OBOR concept, which seeks to promote greater co-operation between 66 counties along the so-called silk road economic belt and 21st century maritime silk road, was announced in 2013 and focuses on developing countries across Asia, Africa, the Middle East and Europe.
Boss & Young is targeting firms that are already members of the International Referral network, with the aim of setting up a loose referral programme for firms working on OBOR-related projects.
It is not likely to be the last firm to look beyond the PRC’s borders either, with the likes of Commerce & Finance, DeHeng Law Offices and Jingtian & Gongcheng all thought to be looking at their options.
For more on the Chinese market and the rest of the Asia Pacific region look out for our Asia Pacific 150, which is published on Monday 29 June.