Listed firm DWF today announced an ‘exclusive affiliation agreement’ with a Hong Kong law firm – as fellow international practice Addleshaw Goddard confirmed it will close its office in the city later this year.

DWF said the tie-up with Hauzen, which specialises in financial services regulation, contentious insurance and complex commercial matters and arbitration, will bolster its global offering, following similar deals in Portugal and Spain in March and in Singapore and South Africa last year.

Chief executive Sir Nigel Knowles said: ‘We are continuing to build out our international footprint, with the latest agreement signed with Hauzen in Hong Kong. This is a key global financial centre and we see a clear opportunity to increase activity focused on areas where we have sector strength, but without overcommitting operationally. This will strengthen our offering to our global clients with interests in China and Hong Kong, whilst also improving our ability to directly support Chinese clients.’

It also emerged today that Addleshaw Goddard has decided to close its Hong Kong office, which opened in 2012 and has a headcount of 36, when its lease expires in September.

The firm’s managing partner John Joyce said: ‘No firm likes to withdraw from jurisdictions which it has previously identified as important to it but, having carefully considered our position in Hong Kong and the unique set of challenges we face there, we do not feel that renewing our lease, whilst continuing to hope for a dramatic change in outlook, is something we can economically justify.’

He said that staff ‘may relocate to Singapore, Dubai or London and those various options are currently being worked through’ and it is understood that Hong Kong firm Howse Williams will also take a number of partners and lawyers, including trainees.

Joyce added: ‘A clear Asia strategy remains a key requirement for our business and we will revert to a “best friend” approach going forward in order to serve client needs in Hong Kong. We continue in Singapore and will look to build out that office as our key presence for Asia.’

Elsewhere, DWF today reported unaudited like-for-like revenue growth of more than 6%, including 9% growth in the UK, for the year ending 30 April 2022. The firm said it expects to report net revenue of around £350m in its full-year results in July.

Shares in DWF Group were up just under 3% to 106p following this morning’s announcements.

 

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