Chinese firm Broad & Bright has signed up to MSI Global Alliance, an international association of 250 independent accounting and law firms.
Broad & Bright, which has 16 partners and 47 lawyers based between Beijing and Shanghai, is one of the country’s fastest growing firms. It has maintained an average annual revenue growth rate of around 30 per cent over the last few years.
Currently, approximately 70 per cent of the firm’s clients are foreign companies, and about 90 per cent of the firm’s work is of a cross-border nature. Its main practice areas are corporate and commercial transactions, international trade, antitrust, intellectual property and dispute resolution.
The firm often works alongside large international law firms on inbound transactions and cases related to China. Clifford Chance, for example, has held dialogues with the Chinese firm regarding deepening their cooperation (5 December 2011). It is understood that the membership of MSI will not affect the firm’s existing relationship with international firms.
In addition to a growing domestic practice, in recent years the firm has also been representing a number of Chinese companies on outbound investment and M&A transactions.
Liu Hongchuan, managing partner of Broad & Bright, said he sees the needs to provide his firm’s clients access to quality and affordable local legal advice from different jurisdictions worldwide.
“To meet the growing ’go global’ trend of many of our mid-sized and small clients, we’ve decided to join MSI to offer these companies easy access to a global network of high-quality lawyers and accountants in the world’s major commercial centres at affordable prices,” said Liu. “We also hope to attract more quality foreign clients who want to do business in China through cooperation with the other member firms.”
MSI has recently added a number of other firms in East Asia to its network, including South Korea’s Lee International IP & Law Group (9 November 2011), Chooi & Company in Malaysia, and ONC Lawyers in Hong Kong. It will continue to eye further targets in Taiwan, Cambodia and Laos.
MSI CEO James Mendelssohn noted that international law firm networks offer local firms an alternative to achieving global reach while allowing them to retain their independence.
Until recently, the alliance had Beijing-based Lehman Lee & Xu as its China member, but that membership was terminated.