Now in Legal Rebels:
Posted Nov 01, 2011 11:16 pm CDT
Despite the seeming appeal of a sizzling Hong Kong legal market, one well-known law firm has nixed the possibility of opening an office there.
Asked to explain why, managing partner John Quinn of Los Angeles-based Quinn Emanuel Urquhart & Sullivan had a succinct answer: Not a single litigator there, he believes, makes $1 million annually, reports the Asian Lawyer.
“There were a lot of things that, from a distance, looked attractive to us,” he tells the legal publication. “But I really have the impression that it’s a market that’s beyond competitive with a lot of pressure on billing rates and the revenues and incomes of lawyers impacted accordingly.”
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