Shanghai 09 上海法律市场09年度报告.docVIP

Shanghai 09 上海法律市场09年度报告 By ALB,Liying Zhang | Monday, 6 April 2009 Back Font size:  Challenges and opportunities The global financial crisis has not diminished law firms’ passion for the country’s most cosmopolitan and fast-paced city. Rather, it provides a timely opportunity for ambitious firms in this up-and-coming financial centre to prepare for a new wave of competition. ALB China investigates The booms and busts of Shanghai’s economy have been undeniably affected by the weight of the sinking global financial markets. That does not mean, however, that law firms have been discouraged from exploring more opportunities in Shanghai, a magnetic city that attracts people from throughout China and the rest of the world. Indeed, more domestic and international legal players continue to arrive in the mainland’s most exciting city with each passing month. Each challenge provides an opportunity to stand out above their rivals. In the legal profession, the situation is the same. For highly qualified, well-experienced lawyers, making a move to Shanghai is always a choice worth considering, regardless of the global economic situation. Even so, the legal market of Shanghai is not yet mature enough to be an international financial hub, after only about 20 years of development. It faces the double-edged sword of competing with a market as free as that of Hong Kong while remaining close to the authority of Beijing. In succeeding in this, Shanghai displays its unique advantage in dealing with numerous privately owned entities and foreign investments in the region. The future still looks bright for Shanghai, even in a world of economic gloom. International firms remain adventurousDespite the ongoing economic downturn that is impacting the region, international firms have continued to expand in China, where the effects have been relatively smaller.That remains especially true in Shanghai. By the end of 2007, there were 103 foreign law firms that had representative offices in