Chinese national firms need to learn a lesson in collaboration

Time to take the kid gloves off. A pecking order is emerging in China, but you can already see mistakes being made by some of the biggest firms there. Those dubbed the Red Circle – Fangda, Haiwen, JunHe, KWM and Zhong Lun – have opened up a gap between them and the national firms – and that gap doesn’t look like closing any time soon. The reason? While the red circle firms have successfully institutionalised their businesses, many national firms can’t let go of their traditional structures where each partner and his or her team represent a separate profit centre. What’s more, the partner shells out for the salaries and business development costs of his or her team members.

Latest Briefings

Employee ownership: getting the best from your trustees

When a business chooses to transition to employee ownership (EO), a trust must be established for the benefit of the employees of the company. The trust becomes the legal owner of the company shares, and the trustees are appointed to the board of that trust. Their role is to protect the interests of the employees as shareholders.

Recommended

Find legal roles

Make your next move with The Lawyer Careers. Search and apply for thousands of vacancies, or receive email alerts for new roles when they go live. Whether you're looking at private practice, in-house legal or an exciting business support role, you'll find your future here.

Search vacancies