This question often comes up in applications and I think that one opportunity for law firms is expanding into emerging markets such as China.
I recently found this article from The Lawyer magazine which I think offers a really good insight into China's Belt and Road initiative and the opportunities this creates for law firms. See below - I hope it is useful for people!
*EDIT: Only just realised that @yanerlim posted a similar thread on this so would probably best to be added to that*
The Belt and Road Initiative
A particular driver for growth in China right now – and, by extension, litigation in China – is the country’s ‘Belt and Road’ initiative. Also known as ‘One Belt, One Road’ (OBOR), the trade and infrastructure project is aimed at linking China with the West. Mirroring that ancient Silk Road route, China is planning to build roads, railways and gas and oil pipelines into the West.
For both Chinese and foreign firms alike, the opportunities are potentially huge. Firms are setting up teams to focus on the Belt and Road project and some Chinese firms are beginning pushes into locations sitting along the Silk Road route. For example, DeHeng launched in Almaty last year, in the knowledge that Kazakhstan – which borders China – could play a key role in the success of the project.
As research conducted by The Lawyer last year showed, international firms are especially focused on the Belt and Road. “We believe that lawyers and other service providers who properly understand the One Belt, One Road initiative and its potential ramifications for clients who do business, or are looking to do business and build relationships in the jurisdictions and target industries covered by the initiative, will be the most successful in capitalising on the expected growth,” says Akin Gump Hong Kong litigation partner Daniel Cohen.
“Outbound transactions emanating from China will require law firms to provide multiple areas of expertise such as financing, regulatory, contracting, environmental, and infrastructure,” adds Greenberg’s Ding.
“Given that many countries relying on the traditional Silk Road are in different stages of development, compliance issues such as anti-corruption should also remain a focal point.”
China-based lawyers agree that the Belt and Road initiative will undoubtedly lead to more disputes – such as litigation between Chinese state-owned enterprises and state bodies of developing countries along the route, as well as disputes between Chinese contractors and international sub-contractors.
“The OBOR initiative by nature has increased deal levels, particularly in the projects and infrastructure sector – one which traditionally sees a pipeline of disputes,” points out Clifford Chance Hong Kong litigation partner Cameron Hassall. “The mere fact that there are more deals in the market means that inherently there are more opportunities for disputes and challenges to surface that will need to be addressed. This may also involve contentious restructuring and insolvency work.”
I recently found this article from The Lawyer magazine which I think offers a really good insight into China's Belt and Road initiative and the opportunities this creates for law firms. See below - I hope it is useful for people!
*EDIT: Only just realised that @yanerlim posted a similar thread on this so would probably best to be added to that*
The Belt and Road Initiative
A particular driver for growth in China right now – and, by extension, litigation in China – is the country’s ‘Belt and Road’ initiative. Also known as ‘One Belt, One Road’ (OBOR), the trade and infrastructure project is aimed at linking China with the West. Mirroring that ancient Silk Road route, China is planning to build roads, railways and gas and oil pipelines into the West.
For both Chinese and foreign firms alike, the opportunities are potentially huge. Firms are setting up teams to focus on the Belt and Road project and some Chinese firms are beginning pushes into locations sitting along the Silk Road route. For example, DeHeng launched in Almaty last year, in the knowledge that Kazakhstan – which borders China – could play a key role in the success of the project.
As research conducted by The Lawyer last year showed, international firms are especially focused on the Belt and Road. “We believe that lawyers and other service providers who properly understand the One Belt, One Road initiative and its potential ramifications for clients who do business, or are looking to do business and build relationships in the jurisdictions and target industries covered by the initiative, will be the most successful in capitalising on the expected growth,” says Akin Gump Hong Kong litigation partner Daniel Cohen.
“Outbound transactions emanating from China will require law firms to provide multiple areas of expertise such as financing, regulatory, contracting, environmental, and infrastructure,” adds Greenberg’s Ding.
“Given that many countries relying on the traditional Silk Road are in different stages of development, compliance issues such as anti-corruption should also remain a focal point.”
China-based lawyers agree that the Belt and Road initiative will undoubtedly lead to more disputes – such as litigation between Chinese state-owned enterprises and state bodies of developing countries along the route, as well as disputes between Chinese contractors and international sub-contractors.
“The OBOR initiative by nature has increased deal levels, particularly in the projects and infrastructure sector – one which traditionally sees a pipeline of disputes,” points out Clifford Chance Hong Kong litigation partner Cameron Hassall. “The mere fact that there are more deals in the market means that inherently there are more opportunities for disputes and challenges to surface that will need to be addressed. This may also involve contentious restructuring and insolvency work.”
Last edited:
