Herbert Smith suffers another high-level departure as China M&A head quits
Herbert Smith Shanghai partner Simon Meng has resigned, leaving the firm’s Shanghai office with only two partners.
The news comes after Moscow-based Europe litigation headDmitry Kurochkin last week defected to Dechert in Moscow (21 June 2012).
Meng has been practising with Herbert Smith since 2000, when he joined from Sidley Austin’s Hong Kong office (17 April 2000). He relocated to Shanghai in 2003 when the firm opened in the city to focus on China-related project finance, project development and M&A.
Meng, qualified in New York and Paris, has been working in China and Hong Kong since 1994 handling mainly China projects and inbound investment.
Meng’s next career move is yet to be announced. His resignation comes amidst Herbert Smith’s merger discussions with Australia’s Freehills, with full financial integration between the two firms expected to be voted through this week (21 June 2012).
Under the merger deal, it is understood that Herbert Smith is likely to opt for a modified lockstep and Freehills partners will be committed to global mobility, including putting more resources into China.
In Greater China a number of corporate and capital markets partners have left Herbert Smith since 2011, including Carolyn Sng, who has joined Fried Frank, Melody Chen and John Moore, who are both now with Morrison & Foerster, and former head of Asia Ashley Alder, who joined the Hong Kong Securities and Futures Commission as its chief executive officer.
Last year, Herbert Smith launched Project Blue Sky in a bid to increase profitability and take a tougher stance on underperforming partners. Earlier today, the firm announced a 3 per cent increase in turnover and a 7 per cent drop in average profit per equity partner (PEP) for the 2011-12 financial year (25 June 2012).
Readers' comments (17)
Five, four, three, two, one ... | 26-Jun-2012 1:05 pm
It's official now. After Simon Meng's departure and the spate of other high profile departures from their Hong Kong office, Herbert Smith now has only one good corporate partner left in Asia. Surely some highly profitable law firm can tempt him away from Herbies! Let the bidding begin!
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Anonymous | 26-Jun-2012 1:10 pm
Cmon then, who is it?
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MW | 26-Jun-2012 1:17 pm
hahaha. maybe he'll have time to look for a new job with the IPO market in Hong Kong quieting down
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Five, four, three, two, one ... | 26-Jun-2012 1:39 pm
He's had plenty of offers. Give him some time. Herbies' recent announcement that profits have continued to decline should make him a little looser in the saddle. And Freshfields still needs to rebuild after its losses last year.
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The Queen Bee | 26-Jun-2012 1:48 pm
He will be mine! I will have him!
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Former Client | 26-Jun-2012 2:18 pm
We don't hire them as much as we used to in Asia as they can't hold on to their talent at either the partner or associate level. One partner can only do so many deals single-handedly with no real associate support and it's only expected to get worse with the associate headcount cuts underway in Hong Kong.
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Curious | 26-Jun-2012 2:49 pm
Who's next? I heard rumors that there are at least two more partner departures on the way in Asia.
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old asia hand | 26-Jun-2012 3:06 pm
I've worked across from Simon Meng. He is the real deal. A great lawyer. His departure is a big loss for Herbert Smith. So many heavy hitters leaving recently.
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Be fair now | 26-Jun-2012 3:19 pm
Come on. They have plenty of associates in their Asia corporate department. Unfortunately they're all junior associates who can't make a judgment call or run a deal.
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Anonymous | 26-Jun-2012 3:45 pm
Project Blue Sky was not implemented fast enough to stem the tide of departures. We're still waiting. More like nothing but blue sky.
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Anonymous | 27-Jun-2012 8:52 am
Who is the partner remaining that is referred to above?
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Anonymous | 27-Jun-2012 6:03 pm
Gary Lock (not the Gary Locke that is the current United States Ambassador to China)?
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MW | 28-Jun-2012 12:38 pm
Matt Emsley
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Anonymous | 28-Jun-2012 3:06 pm
Now that you point that out, I guess you're right. They are down to only one good corporate partner in Asia.
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client | 3-Jul-2012 2:16 pm
with no associates apparently. not encouraging.
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Anonymous | 27-Jul-2012 5:46 am
Well times are bad and so associate departures are not that uncommon. There is at least one good senior associate in corporate still.
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Anonymous | 29-Jul-2012 6:30 am
Matt Ems won't stay - those above him hinder his development and one can be a "bag man" for so long. snr partners just don't get it and a dept. really losing it.
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