Dewey Ballantine is latest Hong Kong casualty

Asia under review as New York firm abandons Hong Kong office

New York firm Dewey Ballantine has confirmed that it is abandoning its Hong Kong office. The move is part of a continued effort to reassess the firm’s presence in Asia.
In a statement, Everett Jassy, chairman of Dewey Ballantine’s management committee, said: “The Asian market place continues to be a location to which the firm is committed. The firm has concluded that our clients will ultimately best be served by our focusing on options to establish one or more viable offices in mainland China or elsewhere in Asia.”
It is understood that Hong Kong managing partner, John Otoshi, will remain with the firm and relocate to another office. But the fate of the other lawyers is not yet known.
The Hong Kong office, which was launched in 1994, has two partners and six associates. The lawyers in the office focus principally on capital markets offerings, mergers and acquisitions and private equity deals.