Competition for top talent is heating up as international firms scramble to boost their capabilities for 2010 with lateral hires, partner relocations and counsel appointments.
Among international firms, Salans geared up its labour and employment practice by appointing Iris Duchetsmann as head of its China labour group in Shanghai. Minter Ellison exchanged its former Shanghai head Wan Li, who left to join DLA Piper, for Wu Yi Yi, who joined from domestic shipping specialist Rolmax.
Vinson & Elkins added Jay Kolb as a Shanghai-based partner and Reed Smith Richards Butler also boosted its capital markets capability by hiring Michael Fosh, the former chief representative of Herbert Smith’s Beijing operations. Paul Hastings hired Annie Wu, formerly from Kirkland & Ellis, to join its Beijing office.
While some firms now have confidence in the capital markets sector, others are focusing on outbound M&A activity. “I am optimistic that 2010 will see a continuation of the upturn in listings seen since the second half of 2009,” said Reed Smith’s Fosh. “In terms of demand, I believe [that] at this stage in the development of the Chinese economy the number of potential listing candidates is still huge, as more and more privately-owned enterprises mature,” he added.
Paul Weiss has upped its capability on M&A transactions and more specific industries. “We are working on an increasing number of outbound M&A and financing matters for our PRC-based clients, and we are adding resources and focus to this growing practice area,” said Jeanette Chan, a partner at the firm.
“We are also working on a growing array of matters in which PRC-based companies are exploring takeovers of Hong Kong-listed companies and expect this practice area to continue to develop. Recently we have received many enquiries about the listing of PRC mining companies in Hong Kong. This looks like a hot area in the months to come,” she added.
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