What goes up must come down, or at least get a lot more complicated. While Chinese firms have enjoyed phenomenal growth in recent years – there are now 20,000 of them across PRC – the issue of succession is far from simple. As founding partners approach retirement, leadership changeover is a pressing issue.
There are different ways of tackling this. Some firms, like Boss & Young, have opted for a merger, while a few have kept things in the family.
The majority of large firms, meanwhile, have adopted the UK/US model of senior and managing partner, and executive committee. The past two years have seen a number of founding partners handing over the reigns to the next generation.
China’s legal profession has transformed itself over the past decade in terms of power and reach. Now it’s aiming to transform itself in terms of organisational culture.
There’s a wealth of new challenges ahead.
Also on The Lawyer:
- Dechert is targeting growth in Asia following what chief executive officer Daniel O’Donnell described as “a year of consolidation” in 2013
- Stephenson Harwood has raided DLA Piper for its Seoul office head Michael Kim with the aim of launching a base in the jurisdiction
- King & Wood Mallesons has seen two IP partners exit the firm in Melbourne, taking their 13-strong team to rival Minter Ellison