Milbank will shut down its Beijing office at the beginning of 2025, marking the second US law firm to withdraw from the Chinese market within the week, following an earlier confirmation by Paul Weiss.
A spokesperson for Milbank told China Business Law Journal that the firm would continue its presence in the Asian market through offices in Hong Kong, Seoul, Singapore and Tokyo. However, details regarding the future arrangements for the Beijing office staff have not been disclosed.
The Beijing office has a managing partner Shepard Liu and two associates. With 15 years’ experience in the firm, Liu has frequently advised China’s policy banks.
Despite the impending closure of the 18-year-old Asian office, Milbank has reported robust global performance. In 2023, the firm’s revenue reached USD1.51 billion, representing a 17.8% year-on-year increase — its highest growth rate to date. Profit per equity partner also saw an increase of 18.6%, rising to USD5.11 million. Earlier this year, the firm emphasised its strong performance across Europe, particularly in Germany.
The Hong Kong branch was localised in 2022 to operate as a Hong Kong law firm, allowing it to practice local law in addition to other jurisdictions. Previously, it was a registered foreign law firm, advising on English and New York law.
Paul Weiss confirmed on 4 December that it would close its Beijing office at the end of the year, which is its sole office in mainland China. In the past 18 months, 15 foreign law firms have confirmed the closure of their offices in China, with all but one — Eversheds Sutherland from the UK — being US firms.
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