The competition among global accountancy firms to grow in the legal services sector has intensified, particularly in Asia. Last week, The Lawyer revealed that Ernst & Young has set plans to double its Asian legal capacity within the next 12 months.
The ambitious plans have been put in place as PwC Legal also prepares to make its presence felt in the market. Global legal services leader Leon Flavell says the firm wants to be a top-20 legal services player within the next five years.
However, both EY and PwC will have a fight on their hands if they want to expand rapidly in Asia, a region that continues to attract huge foreign investment.
Silicon Valley firm Fenwick & West has become the latest to launch a Shanghai office, while Norwegian firm Wikborg Rein is applying for a second office in Beijing.
Also on TheLawyer.com:
- King & Wood Malleson’s former Australian managing partner Tony O’Malley has launched an advisory boutique in Sydney with the firm’s former corporate head Tim Blue
- Silicon Valley firm Fenwick & West has expanded overseas for the first time with the launch of a Shanghai office
- Allen & Overy has become the first magic circle firm to enter into Myanmar, with the launch of an office in Yangon
- Find out who are Europe’s largest firms in this year’s The Lawyer European 100 report
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