过去一年，中国经济的复苏之路跌宕起伏：一季度，GDP增速为4.5%，随后迎来二季度6.3%的高增长；但到了三季度，增速回落至4.9%，其后在四季度恢复至5%上下。过去几个月，中国一系列内外政策调整为新的一年带来乐观信号，但不确定性的阴云并未完全散去。
年初，多家主流媒体将2024年的关键词定为“信心”。这一年，能否修复民营企业、外国投资者、消费者等群体的信心至关重要，而身处时代大背景中，中国律师事务所在2024年的业务表现也将伴随着信心潮头，或低或高。
岁末年初，律所纷纷盘点总结过去一年的得失。天达共和律师事务所主任汪冬律师坦言，天达共和在2023年经历了第一季度的快速增长后，随后三个季度的表现较为平平。全年来看，律所营收增长约为12%左右，但“增量主要得益于我们在2022年底、2023年初吸纳了新合伙人”。
国枫律师事务所首席合伙人张利国律师则指出：“2023 年是中国资本市场重大变革的一年。律师行业的发展离不开大环境，过去一年整体来讲行业还是比较困难。国枫作为一直将资本市场作为核心业务的高度专业化律所，基于政策变化及经济形势的影响，2023年也经历了营收的同比下降。”
天驰君泰律师事务所管委会主任张合律师分享道，2023年天驰君泰营收基本保持稳定，“在面临外部环境挑战的情况下确保了稳步发展”。协力律师事务所主任祝筱青律师也指出“稳定”是过去一年协力发展的主色调，虽然个别专业领域受限于行业和经济环境存在一定滞涨甚至下降，“但总体上2023年的营收情况同比稳中有升”。
过去一年，连越律师事务所的营收也保持了稳中有进态势。面对市场变化，连越及时调整了投入和支出，主任刘涛律师告诉ALB：“我们在线下活动和会议方面的投入有所减少，随着数字化转型加速，也减少了在办公设备方面的支出；但在青年律师培养、专业化建设、品牌建设、文化建设方面保障了投入的持续扩大。”
发展关键词
如果说未来几年都将如2023年般呈现出不确定性与挑战，过去一年律所发展的经验也将为未来提供智慧。就此，律所管理者们提出了一些发展关键词。
汪冬律师将天达共和在过去一年的发展总结为“改革”和“创新”两个关键词。他解释道：“改革体现在我们对律所整体的收益分配制度进行了调整，把纯粹的公司制管理下所有成本公摊的模式，调整为把一些极具个性化色彩的成本单拎出来与分配挂钩，在不打破一体化管理的前提下实现了更优化的成本管理。这样的调整一方面源于组织的内生需求，另一方面也能更好地应对未来可能长期持续的经济形势挑战。”
创新则体现在天达共和大湾区办公室的设立上——广州、深圳、香港三地办公室统一运营的做法实现了组织架构上的创新，尤其是香港联营所，“也放到了一体化管理框架之下，过去的半年多时间里联营所接收到了天达共和内地各个办公室输送的业务资源，真正实现了‘管理出效能’”。
在国枫，张利国律师将2023年的发展关键词总结为“蓄力发展”，这特别体现在对一体化、精品化和适度多元化发展战略的不断追求之中。“资本市场法律服务的含义和内容一直在持续拓展，客户对企业上市的前端、中端、后端业务，包括合规、争议解决、知识产权、涉外业务等均有强烈需求。2023年，国枫在保持资本市场法律服务优势的同时，大力推动房地产与建设工程、合规、知识产权、争议解决、涉外法律服务等团队的服务能力，促进了资本市场领域与其他相关多元业务领域的专业分工与合作的驱动。”
张合律师将天驰君泰的2023关键词总结为“勇毅革新，锐意进取”。“我们对于所内律师团队和业务进行了调整升级，引进和晋升专业特色突出的年轻律师，鼓励分所开展扩容升级工程，努力提升天驰君泰在各地的影响力和服务水平，并面向国际律师市场开启了新征程。”他介绍道。
协力和连越在过去一年则迎来了重要的发展节点，也就此为下一步发展铺设了计划。祝筱青律师告诉ALB：“2023年协力正好成立25周年。我们确定了‘协力向未来’这一宣传主题，‘向未来’这个词也贯穿了协力的2023年。这一年我们完成了新一届主任的选举，也确定了2024年要乔迁到新的办公场所，可以说协力在新环境、新起点、新征程方面已经做好了充足准备，即将迎接新的未来。”
连越则在2023年迎来了第一个五年计划的收官。刘涛律师将连越的年度关键词总结为“发展、改革、机遇、开放”。“在总结第一个五年计划成功经验的基础上，立足实际，结合未来律师行业发展趋势，出台了连越未来五年发展规划，确立高质量发展的指导思想和原则，明确了连越未来五年的发展目标、主要任务和实施路径及重要举措。”
业务亮点
过去一年，市场交易量不活跃、许多企业客户削减了法律服务预算，这都给律所带来不小的财务挑战。不过，一些业务板块仍旧在疲软的环境中为律所贡献了发展亮点。
对天达共和来说，最大的发展亮点集中在REITS业务、跨境投资业务两方面。尤其是后者，“我们看到一些企业加快了‘走出去’的步伐，尤其是新能源汽车行业形成了出海亮点。律所如果目光敏锐、力度到位、行动迅速，是能够赶上这波潮流的。未来一段时间，中国的法律服务行业要把目光放到跨境投资领域，包括海外并购或设厂，以及跨境家族财富传承和管理业务——我们的这项业务板块就有了明显上升的态势”，汪冬律师说。
张合律师也观察到涉外业务的快速发展，他指出，过去一年天驰君泰的“境外发债项目，国际仲裁项目、国际投资等业务均有增长”，此外家族财富传承业务也是一大亮点。
在国枫，过去几年涉外业务也发展迅速。张利国律师介绍道，2017年布局涉外服务市场后，国枫已经承办了多项典型项目，例如近期的“新奥股份并购新奥能源”项目，以及“杉杉股份首批发行GDR 并在瑞士证券交易所上市”项目等。
此外，2023年国枫的业务还呈现出两大特点。一是聚焦科技前沿，“近年国家大力提倡发展硬科技。国枫十分重视在新兴领域法律服务的专业化布局、研究及业务拓展，2023 年助力中国内燃机零部件行业排头兵企业——恒勃股份、民用指挥信息系统整体解决方案提供商——莱斯信息、高科技半导体公司——芯动联科、高新技术企业——誉辰智能、国家级专精特新‘小巨人’企业——精智达等成功上市，同时为众多高科技企业再融资项目提供了法律服务。”张利国律师说。
另一个特点则是围绕适度多元化战略推动多元业务领域的快速发展，例如推出了《国枫不动产及建设工程月报》《国枫基金观察 Newsletter》《国枫医药健康视点 News Digest》等前沿资讯及法规参考，并在合规领域举办了“合规产品发布会”“国枫合规月月谈”活动，打造了“合规会客厅”等。
在连越，企业合规、数据合规及经济新业态法律服务构成了过去一年的发展亮点。刘涛律师介绍道：“连越合规律师团队办理了广州市首例适用涉案企业合规试点案例；2023年，连越成立了数据合规团队，致力于为数据流通各方提供数据确权、合规评估等服务，团队原创作品《数据出境合规管理法律服务产品》荣获了首届广东省涉外法律服务产品大赛一等奖。”
协力则在过去一年新设了企业合规、劳动法、数字经济与数据合规三大专业委员会，并在数据合规、数据安全、个人信息保护领域取得突破，助力了“数据合规与数据保护实务论坛”“数字经济与数据合规前沿法律问题研讨会”“DCMM数据管理与应用培训会”等圆满举行，形成了《2023 数据交易合规法律报告》等研究成果，并入选深圳数据交易所首批DEXCA注册成员、获评上海数据交易所第三方数据服务商——数据合规评估服务商等。
面对客户付费能力降低、服务需求提升等变化，律所也提出了应对措施。祝筱青律师告诉ALB，面对市场变化，“协力并没有刻意调低收费标准，但愿意与客户协商更为灵活的付费模式。在为客户提供合同内法律服务的同时，我们也愿意提供更为多元的法律服务，让客户可以享受到更多的服务内容和体验”。
张合律师也介绍道，天驰君泰提供了多元化的付费模式选择，包括按小时、按标的，或者采取风险付费方式，“有助于客户在能力范围内选择适合于自己的方案。在增值服务方面，我们则提供了在线直播课程、视频课程订阅、新法新规解读、国内全域支持以及模拟庭审等服务”。
连越则根据企业和市场的实际情况，适当提供延期付款或分期付款服务，减轻企业财务压力。在服务增值方面，连越既提供实打实的法律培训和咨询服务，也在服务体验上不断升级，例如“加强沟通，深入了解企业客户的需求、行业特点和业务模式；创造信任价值，与客户建立长期合作关系，以便提供更加贴心和专业的服务”，刘涛律师说。
增强管理智慧
掌舵业务发展之外，充满不确定的环境也特别需要律所领导者发挥管理智慧。如果说前几年大家讨论的是“韧性”，过去一年的关键词则变为“弹性”——即当“不确定”成为未来发展的长期背景，律所该如何更快速、有效地调配内部资源，如李小龙所说，做到“如水般柔软又刚强地适应环境”。
在汪冬律师看来，天达共和在过去一年做出的成本管理改革恰恰实现了“弹性”目的，使具体业务的人员配比符合业务的市场状态，即调低低谷业务投入，同时加强对增长型及新兴业务领域的投入。“外部环境在变，我们也必须随之而改变。我们相信，新制度将会有弹性地应对市场变化。”
此外，天达共和也补充以扶持性政策，让那些尚未产生较好收益的战略性业务得以发展，“两种制度结合在一起，取得了比较好的平衡”。
张利国律师则指出，对国枫来说，“弹性”的基础是一体化制度，律所在业务管理、财务管理、品牌建设、总分所管理等方面的一体化管理、区域和专业协同，以及在合伙制基础上加入公司制元素的分配制度，都使得国枫作为一个整体，焕发出更大的力量。针对所内资源的调配共享，国枫还设立了一体化沟通协作的业务管理部，“以业务协同和规则研读为重心，聚焦事务所法律服务项目进展及监管部门审核动态”。
此外，提升效率也是实现“弹性”的重要途径。“随着人工智能、大数据技术不断发展，国枫也引入了国枫网查、国枫内控系统等智能工具，致力于用科技手段提升法律服务效能。”张律师介绍道。
为律所发展布局更多弹性措施同时，管理者也没有忽视“新动能”的重要性，这就包括在国内重要区域设立新的分支机构。过去一年及近期，受访律所在此方面都有所布局，例如天达共和开设了香港办公室、国枫设立了杭州办公室、天驰君泰设立青岛办公室、协力设立合肥办公室、连越设立深圳和东莞办公室，新设机构都为律所提供了更广阔的区域触角，以及更丰富的业务机会。
此外，伴随中国企业“走出去”步伐加快，中国律所也在积极思考扩展国际服务、开设海外分支机构，抓住新的发展机遇。2024年上半年，天达共和加拿大温哥华办公室将投入运营，“未来将打造一条从内地，到香港，再到加拿大的法律服务专线”。
在汪冬律师看来，“中国律所已经到了思考国际化发展的必要阶段。客户往外走，我们也必须跟随客户走出去。但毫无疑问的是，国际化将加大律所管理和业务作业的难度，这对中国律所而言是个巨大的考验和挑战。
天驰君泰则在过去一年通过引进专业从事国际业务的律师，强化了国际业务部的力量，同时鼓励律师在海外法学院校继续深造。“我们继续推进香港联营所的设立，对于境外分所的设立也预设了考察规划，为更好地服务于客户做好准备。”张合律师说。
展望2024
2024已至，对于以“信心”作为关键词的一年，律所管理者们对于行业发展的信心度又如何？
汪冬、张合、祝筱青三位律师都给出了80分的“谨慎乐观分”。“宏观环境存在挑战，对此大家有目共睹，但困难中也会显现机遇，就看律所是不是有能力驾驭机会。天达共和还是有信心的，尤其抓住跨境业务发展的机会。”汪冬律师说。
张合律师分享道：“随着经济活动波动，人们在经济生活中遇到的法律问题也越来越多，虽然律师人数快速增长，但还远远不能够满足群众的法律服务需求。因此，法律服务的市场还是很广阔的，关键是如何让客户找到适合自己的律师。”
“2024年中国法律市场将会充满挑战，但同时也伴随着机遇，相信随着国内经济的持续向好，中国法律服务市场也会转好。”祝筱青律师则如此解读道。
作为以资本市场为核心业务的律所，张利国律师认为，伴随2023 年A 股资本市场制度得到进一步的完善、出台了一系列活跃资本市场和提振投资者信心的有利措施，“相信 2024年资本市场法律服务会出现更多的业务机会”。
而刘涛律师则对整体的法律服务市场抱持较强的信心。“总体而言，中国法律服务市场具有广阔的发展前景和潜力。随着中国经济的持续增长和市场化改革的深入推进，企业和个人对法律服务的需求不断增加，法律服务市场不断扩大。同时，随着科技发展和数字化转型加速，法律服务行业也在不断创新和升级，为市场发展注入新的动力。”他说。
此外，几位管理者也和ALB分享了律所在2024年的重要计划和发展方向。
未来，天达共和计划按照大湾区办公室的创新架构模式，设立区域性的“成渝办公室”，“回应成渝地区较多的业务机会。我们期待它成为律所新的增长极”，汪冬律师说。
国枫则特别关注数字化浪潮中法律服务的互联网化。“借助国家对于行业数字化升级的扶持，更多投入到人工智能在法律服务领域的研究，与时俱进，适应和迎接新技术、新业态对整个律师行业服务模式、方式的挑战。”张利国律师说。
未来一年，天驰君泰将致力于进一步完善在全国省域的布局，通过跨地域业务一体化，将优势业务辐射到全国范围。业务领域方面，将强化在知识产权、税务、公司事务、银行金融、刑事辩护和争议解决等领域的领先优势，同时在国际业务和资本市场方面补充人才和资源；产业上，除了在银行金融、生命科学、建工行业、矿产资源、汽车制造、影视制作、航空服务等行业保持深耕，也强化在数据合规、人工智能等新兴领域的研究和业务开拓。
2024年是连越“二五计划”的开局之年，“连越二五规划设想‘高质量规模化、运营科学化、服务人性化’……我们将扎实推动连越高质量发展，努力将连越建设为一个有志、有爱、有趣的华南优秀大型综合性强所”，刘涛律师说。此外，连越还将重点关注“大湾区信息产业发展，吸纳和培养涉外业务人才，不断提高涉外法律服务水平，为大湾区优化营商环境贡献力量”。
新的一年，协力则将继续以“专业”驱动“规模”，并向专职化管理方式进行探索。“就专业领域而言，将加大在数字经济、数据安全、新能源领域的专业研发和投入；同时加大在‘一带一路’国家和地区的布局和合作，力争为中国企业‘走出去’贡献智慧和力量。”祝筱青律师说。
2024年律所的发展或许将为未来几年奠定底色。“我们认为法律服务行业的黄金时代已经过去。”汪冬律师坦言，“未来3至5年会进入相对平稳、甚至有所下行的市场环境，行业竞争也会逐渐加剧。如何抓住先机、加强内部管理、做好存量业务，可能是未来相当长一段时期中国律所面临的问题。”
YEAR AHEAD 2024
The year 2023, officially the first post-pandemic year, is now behind us. It was a year that saw ambition and disappointment, impact and resilience, fatigue and perseverance, commitment and responsibility. With the dawn of the new year, ALB speaks to the heads of leading firms in the Chinese market, inviting them to recount their firms' key developments and achievements over the past year, as well as their cautious optimism as they gear up for the long haul in a landscape marked by continual flux.
The Chinese economy has gone through a tumultuous recovery in the past year: its GDP registered growth of 4.5 percent in the first quarter, followed by a high growth of 6.3 percent in the second quarter; going into the third quarter, the number fell back to 4.9 percent before rebounding to around 5 percent in the last quarter. Over the past few months, a series of domestic and foreign policy adjustments in China have signaled optimism for the new year, but the clouds of uncertainty have not completely dissipated.
At the beginning of 2024, many mainstream media organisations have chosen "confidence" as the central theme for the new year. Whether the confidence of private enterprises, foreign investors, consumers, and other groups can be restored this year is of crucial importance. Against this backdrop, Chinese firms are also expected to see their performance in 2024 ebb and flow in tandem with the wave of confidence.
Firms usually take stock of the gains and mishaps in the past year at the turn of the year. Wang Dong, Director of East & Concord Partners, admits that after rapid growth in the first quarter of 2023, the firm's performance in the next three quarters was relatively subdued. Throughout the year, the firm achieved approximately 10 percent of revenue growth "mainly on the back of the over 40 partners recruited at the end of 2022 and the beginning of 2023.”
Zhang Liguo, Chief Partner of Grandway Law Offices, points out that "2023 saw significant changes in China's capital market. The development of the legal industry is inseparable from the overall environment, and the industry was relatively challenging in the past year. As a highly specialized firm where capital market practice has always been the core business, Grandway also experienced a year-on-year decline in revenue due to policy changes and economic conditions.”
Zhang He, Director of the Management Committee of Tiantai Law Firm, shares that Tiantai's revenue remained largely stable in 2023, "achieving steady growth in the face of challenges posed by the external environment.” Meanwhile, Zhu Xiaoqing, Director of Co-effort Law Firm, also says that "stability" was the main theme of the firm's development last year. Although certain practice areas experienced stagnation or even decline due to industry and economic conditions, "overall, Co-effort's revenue in 2023 remained stable and slightly increased year-on-year.”
Guangdong Lianyue Law Firm also managed to stabilize and grow its revenue in 2023. In light of market changes, Lianyue promptly adjusted investment and expenditure. According to Liu Tao, the firm's director, "we reduced investment in offline activities and conferences, and also cut down expenditure on office equipment thanks to accelerating digital transformation. However, we continued to increase investment in young lawyer training, professional capacity-building, brand and cultural building. These adjustments can give us more flexibility in coping with possible long-term economic challenges going forward."
CENTRAL THEMES
If the next few years will be as uncertain and challenging as 2023, the experience of these firms in pursuing development in the past year will provide them with wisdom for the future. Law firm leaders have identified some themes in this regard.
Wang captures East & Concord Partners' development in the past year in two themes: "reform" and "innovation.” "In terms of reform, we adjusted our income distribution system, changing the cost-sharing model under pure corporate management style to one where some highly personalized cost items are singled out. In this way, we managed to achieve more optimal cost management without breaking the premise of integrated management," explains Wang.
Innovation can be seen in the establishment of the integrated Greater Bay Area office by the firm. The unified operation of its offices in Guangzhou, Shenzhen and Hong Kong has achieved innovation in organizational structure. In particular, its Hong Kong joint venture "is also placed under the integrated management framework. In the past year, the Hong Kong joint venture received substantial business resources from various offices, truly generating efficiency through management.”
Zhang Liguo of Grandway Law Offices selects "accumulating energy for development" as the key phrase to describe the firm’s development in 2023. "In 2023, while maintaining its advantages in capital market legal services, we vigorously grew the service capabilities of our teams in real estate and construction engineering, compliance, intellectual property, dispute resolution and cross-border legal services."
"Bravery, reform, innovation and strive for progress" are the themes for Zhang He of Tiantai Law Firm when he summarizes 2023. "We adjusted and upgraded our lawyer teams and practice areas, recruited and promoted young lawyers with outstanding professional capabilities, encouraged our local offices to expand and upgrade, and worked hard to enhance Tiantai's influence and service level in different regions. We also embarked on a new journey towards the global legal market.”
Both Co-effort Law Firm and Guangdong Lianyue Law Firm reached important development milestones in 2023, and both have laid down plans for the next phase. Zhu tells ALB:" 2023 marked the 25th anniversary of Co-effort. We decided on the theme of 'working together towards the future', and this theme ran through our work in 2023 where we elected our new director and confirmed our move to a new office in 2024. We are now fully prepared to embrace the new future."
Meanwhile, Lianyue completed its first five-year plan in 2023. Liu summarizes Lianyue's 2023 as "development, reform, opportunity and openness.” "On the basis of summarizing the successful experience of the first five-year plan, we have decided on our development plan for the next five years, clarifying our goals, main tasks, implementation channels and important initiatives."
BUSINESS HIGHLIGHTS
In the past year, subdued market deal-making volume and budget cuts by many corporate clients for legal services brought significant financial challenges to law firms. However, some practice areas have remained as business highlights for firms in a weak environment.
For East & Concord, the biggest highlights in 2023 were REITS and cross-border investment. Particularly for the latter, "we have seen companies accelerating their pace of going global. In particular, the new energy vehicle industry has become a bright spot. Law firms with keen market awareness, effective implementation and swift actions will be able to ride this wave. Going forward, China's legal services industry should focus on cross-border investment, including overseas mergers and acquisitions or factory establishment, as well as cross-border family wealth succession and management," says Wang.
Zhang He has similarly observed the rapid development of cross-border business. He points out that in the past year, Tiantai's "overseas bond issuance, international arbitration, international investment, etc. all achieved growth.” In addition, family wealth management is another major growth area.
In 2023, Grandway’s business focused on the forefront of technology. "In recent years, China has been vigorously promoting the development of hard technology. In 2023, we advised on the successful listing of internal combustion engine component manufacturer Hengbo Holding, civilian command information systems provider Nanjing LES Information Technology, semiconductor company Anhui XDLK Microsystem, and 'little giant' firm Shenzhen Seichitech."
At Guangdong Lianyue, corporate compliance, data compliance and legal services for new economies were last year's highlights. According to Liu, "Lianyue's compliance team handled the first compliance pilot case in Guangzhou. In 2023, we set up a data compliance team which is dedicated to providing data rights confirmation, compliance assessment and other services for all parties involved in data circulation."
Co-effort, at the same time, established three major professional committees in 2023: enterprise compliance, labor law, and digital economy and data compliance, and achieved breakthroughs in the fields of data compliance, data security and personal information protection. The firm was selected as one of the first batch of DEXCA registered members by the Shenzhen Data Exchange and was awarded the certificate of Third-party Data Service Provider - Data Compliance Assessment Service Provider by the Shanghai Data Exchange.
Faced with changes such as lower willingness to pay and higher service demand from clients, firms have put in place countermeasures. Zhu tells ALB that "Co-effort did not deliberately lower fees. However, we are willing to negotiate more flexible payment models with clients. We are also happy to provide more diverse legal services so that our clients can enjoy more services and better experiences.”
Zhang He also shares that Tiantai has made available various payment models, including hourly rates, value-based rates or contingency fees, which "helps clients choose what are suitable for them. In terms of value-added services, we have made available online live courses, video course subscriptions, interpretations of new laws and regulations, mock hearings, etc..”
Guangdong Lianyue has offered the option of deferred payment or payment by installment where appropriate based on the actual situations of clients and the market to alleviate the financial pressure on clients. When it comes to value-added services, the firm not only provides solid legal training and advisory services, but also continuously upgrades its service experience.
BRAINS TRUST
In addition to overseeing business development, law firm leaders must also tap their management wisdom amid the uncertain environment. If "resilience" was the topic of the past few years, the theme for 2023 has changed to "flexibility" - that is, when "uncertainty" becomes the norm for future development, how should firms allocate internal resources more quickly and effectively, and on a more frequent basis.
In Wang's view, the cost management reform undertaken by East & Concord in the past year is precisely aimed at achieving "flexibility,” which is to cut investment in sunset business and increase investment in growth and emerging areas. "The external environment is changing. If we remain unchanged, we are being insensitive to the market. The new system will be able to respond flexibly to market changes."
In addition, the firm has added supportive policies to enable the continued development of strategic practice areas that have yet to generate good returns.
Zhang Liguo points out that for Grandway, the foundation of "flexibility" is its integrated system. For the allocation and sharing of internal resources, the firm has established a business management department practicing integrated communication and collaboration, "emphasizing business collaboration and knowledge sharing, and focusing on the management of legal services projects progress.”
In addition, improving efficiency is an important way to achieve flexibility. "With the continuous development of artificial intelligence and big data technology, we have also introduced smart tools such as Grandway online search and Grandway internal control system, and are committed to leveraging technological means to improve the efficiency of legal services," says Zhang Liguo.
While putting in place more flexible measures for the development of their firms, the leaders have not overlooked the importance of "new drivers,” which includes setting up new offices in key domestic regions. In the past year and more recently, all the firms interviewed have made moves in this respect: East & Concord established a Hong Kong joint venture, Grandway set up its Hangzhou office, Tiantai opened an office in Qingdao, Co-effort set up shop in Hefei, and Guangdong Lianyue established presence in Shenzhen and Dongguan. The new offices have provided the firms with broader regional reach and created more business opportunities.
Moreover, as Chinese companies accelerate their pace of going global, Chinese firms are also actively thinking about expanding global services and opening offices overseas to seize new opportunities. In January 2024, East & Concord commenced operations of its Canada office, "aiming to create a service line with funds travelling from Mainland China, to Hong Kong and then to Canada in the future.”
To Wang, "Chinese firms have reached the stage where it is necessary to think about international expansion. When clients venture abroad, we must follow. Internationalization will also increase the difficulty of law firm management and business operations.”
In the past year, Tiantai beefed up the strength of its international business by recruiting lawyers specializing in cross-border business, while encouraging lawyers to further their studies at overseas law schools. "We continue to progress the establishment of our Hong Kong joint venture, and have also made plans for the establishment of offices overseas to better serve our clients," says Zhang He.
CAUTIOUS OPTIMISM
As 2024 arrives with "confidence" as a key theme, what is the level of confidence among law firm leaders when it comes to the industry's development?
Wang, Zhang He and Zhu all give the "cautiously optimistic score" of 80. "We can all see challenges in the macro environment, but opportunities also emerge amidst difficulties. It depends on whether a firm has the ability to seize those opportunities. East & Concord has the confidence to be among the few when it comes to seize opportunities for the development of cross-border business," says Wang.
According to Zhang He, "with fluctuations of economic activities, people are encountering more and more legal issues in their economic lives. Although the number of lawyers is increasing rapidly, it is still far from meeting the legal services needs of the public. Therefore, the market for legal services is still huge. The key is how to help clients find lawyers suitable for them.”
"The Chinese legal market will be full of challenges in 2024. At the same time, it will also be accompanied by opportunities. I believe that with continuous improvement in the domestic economy, the legal market will also turn the corner," shares Zhu.
Zhang Liguo of Grandway where capital market is the core business believes "there will be more business opportunities for capital market legal services in 2024" thanks to further improvement of the A-share capital market system, and the introduction of a slew of favorable measures to stimulate the capital market and boost investor confidence in 2023.
Liu, on the other hand, remains very confident in the overall legal market. "The legal market in China enjoys promising development prospects and potential. With the continuous growth of the Chinese economy and the deepening of market-oriented reforms, the demand for legal services from enterprises and individuals continues to increase, and the legal market continues to expand. At the same time, the acceleration of technological development and digital transformation has prompted the legal industry to constantly innovate and upgrade, injecting new impetus into market development."
In addition, firm leaders have shared with ALB important plans and directions for their firms in 2024.
In 2024, East & Concord plans to establish a regional "Chengdu-Chongqing office" by following the innovative structure of its GBA office "in response to the abundant business opportunities in the region. We look forward to the new office becoming a new growth pole for the firm," says Wang.
Grandway keeps close tabs on the Internet delivery of legal services amid the digital wave. "With government support for the digital upgrading of the legal industry, we will invest more in the research of AI in legal services to keep up with the times, and adapt to and embrace the challenges posed by new technologies and formats to the service models and methods of the entire legal industry," shares Zhang Liguo.
In the new year, Tiantai is committed to further optimizing its presence in different provinces across the country, and through cross-regional business integration, expanding its advantageous practice areas such as IP, tax, corporate affairs, banking and finance, criminal defense and dispute resolution to the whole country.
2024 marks the beginning of Guangdong Lianyue's "second five-year plan.” "We will solidly push for high-quality development and strive to build the firm into a top large and strong full-service firm in South China," says Liu. In addition, the firm will "focus on the development of the information industry in the GBA, attract and nurture cross-border talents, and continuously improve the level of cross-border legal services.”
In the new year, Co-effort will continue to drive "scale" with "professionalism" and explore the model of full-time management positions. "In terms of practice areas, we will increase professional research and development and investment in digital economy, data security and new energy fields. At the same time, we will step up presence and cooperation in 'Belt and Road Initiative' countries and regions, striving to contribute our wisdom and strength to the overseas ventures of Chinese enterprises," says Zhu.
How firms develop in 2024 may lay the foundation for the coming years. "We think that the golden age of the legal services industry has passed," admits Wang. "In the next three to five years, we will enter a relatively stable and even slightly downward market environment, and industry competition will gradually intensify. How to seize opportunities, strengthen internal management, and do a good job in existing business may be something that Chinese firms will need to deal with for a considerable period of time in the future."
