The long-awaited sigh of relief breathed by Weil Gotshal & Manges yesterday (5 June) could be heard in Manhattan.
Four years ago, Weil opened the doors on its first Asia office, in Shanghai. Thanks to the, shall we say, cautious Chinese authorities, Weil then had to wait another three years before it could kick start the tortuous application process for its office in Beijing.
Yesterday, the head of the firm's China practice, Steve Xiang opened the door on Weil's newest Asia office.
Given the volume of outbound investment from the likes of the China Investment Corporation, it's hardly surprising Weil's Asia managing partner, Akiko Mikumo is in a bullish mood about building relationships with these lucrative groups.
"It is a hot topic and it's something every firm wants to be involved with," Mikumo says, "It may take time, but the firm is keen to be exposed to these funds in Beijing."
We're sure it'll do fine, though just like the new office, it may take a Weil.