I picked up on this rather interesting article in the latest edition of the Economist (link below) about the operations of Chinese law firms, specifically "Red Circle" firms, and how they may threaten the UK and US law firm global status quo.
Whilst being an intriguing topic in its own right, I think it is also an area which is particularly relevant to interviews (especially the popular "what are the challenges law firms will face in the future" question).
We have already seen a semi-exodus of UK & US firms from China, such as Vinson & Elkins, Stephenson Harwood, and BCLP, in conjunction with a series of lateral hires from US to Chinese firms – signalling the growing dominance of "Red Circle" firms. Moreover, with China commanding a greater influence in areas such as project finance with the Belt and Road initiative, it may be the case that we start to see Chinese firms offering TC's in London and competing with top firms in the City.
Perhaps some of these notions are a bit far-fetched – but I think it is definitely a story to keep an eye on!
Link: https://www.economist.com/business/2021/03/03/can-chinese-law-firms-take-over-the-world
Whilst being an intriguing topic in its own right, I think it is also an area which is particularly relevant to interviews (especially the popular "what are the challenges law firms will face in the future" question).
We have already seen a semi-exodus of UK & US firms from China, such as Vinson & Elkins, Stephenson Harwood, and BCLP, in conjunction with a series of lateral hires from US to Chinese firms – signalling the growing dominance of "Red Circle" firms. Moreover, with China commanding a greater influence in areas such as project finance with the Belt and Road initiative, it may be the case that we start to see Chinese firms offering TC's in London and competing with top firms in the City.
Perhaps some of these notions are a bit far-fetched – but I think it is definitely a story to keep an eye on!
Link: https://www.economist.com/business/2021/03/03/can-chinese-law-firms-take-over-the-world
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