Wall Street firm Cadwalader, Wickersham & Taft (CWT) has decided to close its offices in Beijing and Hong Kong by the end of 2016, effectively pulling out of Asia.

This follows similar recent decisions made by U.S. firms Fried, Frank, Harris, Shriver & Jacobson, which exited the region in mid-2015, and Chadbourne & Parke, which closed its doors in Asia shortly afterwards.

“A committee of partners, including the management committee, has conducted a strategic analysis of our firm’s direction, to take stock of what has worked and not worked for our firm over the past few years,” managing partner Pat Quinn said in an internal statement, building up to the conclusion that he regretted the firm’s venture into Asia had not worked.

CWT’s Asia presence currently comprises 25 lawyers, four of whom are equity partners, plus numerous non-legal staff. The firm has been in Asia for 12 years, starting with the opening of its Beijing office in 2005.

The firm has seen a string of departures globally in recent weeks, including four anti-trust partners who moved to Paul, Weiss, Rifkind, Wharton & Garrison in August; compensation head Steve Eckhaus, who joined McDermott Will & Emery early in September; and corporate litigation head Martin Seidel, who departed for Willkie Farr & Gallagher later that same month.

On the firm’s future prospects, Quinn noted: “Next year will be Cadwalader’s 225th anniversary, and that should make it abundantly clear that we do not think short-term." Whether the firm will consolidate and return is unknown, but its ambition is “to dedicate resources to even greater growth and success in the years and decades to come."