Clifford Chance offers voluntary sabbaticals to Singapore lawyers

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  • Not a bad way to handle the slowdown in work, but it still looks like a prelude to something more severe.

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  • Lucky associates.

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  • The Singapore and HK markets are in technical recession. IPO fees have virtually disappeared since April this year. China on course for a hard landing.

    Asia is not the place to be right now and like the comment above implies maybe this announcement is 'a prelude to something more severe.'

    The rush to Asia by many UK and US firms may prove to be an expensive mistake.

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  • @AsianAdvisor
    'The rush to Asia by many UK and US firms may prove to be an expensive mistake.'

    If you're right, then a lot of UK law firms that have just done big deals in Australia on the basis that China/HK etc would never slow down will soon be very, very worried.

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  • @ Asian Crash

    I suspect that the expansion of many UK & US firms into Singapore and east Asia, over the last 3 years, has been triggered by market recession and consolidation in the western markets - more of a push effect outwards.

    Seduced by the seeming inexorable rise of China and the ASEAN economies it would appear, in many cases, due regard for the business fundamentals has been ignored.

    Employing western lawyers in Asia is an expensive business and if your capacity levels and pricing are out of sync with local demand, firms are in for an expensive shock and excessive cash burn.

    As Macmillan once observed 'Events, dear boy events.'

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