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As China embraces globalization, international law firms are eyeing golden business opportunities in the fledgling market.
Baker & McKenzie, an international law firm based in Chicago, is among the pioneers.
As China continues opening up, foreign firms doing business in the country will need greater legal consultation, and lawyers with expertise.
Foreign firms, for example, will need lawyers experienced in mergers and acquisitions (M&A), establishing representative offices, transferring technologies and seeking protection of intellectual property rights.
Baker & McKenzie, with a global presence and vast experience in international law, will be in the right position to help those firms, said John Grobowski, partner of Baker & McKenzie's Hogn Kong office.
Grobowski is also a member of the firm's China Practice Group. Baker & McKenzie will be able to work closely with its Chinese counterparts when assisting the foreign firms, Grobowski said.
"Global business practices, such as cross-border M&As, require a sound understanding of global legal practices. That is just what Baker & McKenzie is good at," Grobowski said.
"A lot of foreign firms have demonstrated keen interests in investing in insurance, securities and funds in China.
"Some foreign business people even want to set up asset management companies to buy non-performing loans. That is just where we can step in," Grobowski added.
On the other hand, Baker & McKenzie will also provide legal advice to Chinese companies seeking overseas expansion, such as M&A business.
"We are here to help multinationals find their footing in China, and to assist Chinese enterprises grow into global forces in terms of capital raising and moving abroad," said David Fleming, managing partner of Baker & McKenzie's offices in Hong Kong, Beijing, Shanghai and Viet Nam.
Fleming is also a member of the firm's regional mergers and acquisitions group.
"As one of the first overseas firms to work with the Chinese Government, we hopes to continue playing an instrumental role in the development of the Chinese economy, and the legal environment," said Christine Lagarde, chairman of the firm's executive committee.
A long-time pillar in China's legal community, Baker & McKenzie has advised firms about China's liberalization and reform policies, and provided legal advice regarding the World Trade Organization and numerous other issues.
Baker & McKenzie has been involved in PetroChina's east-west pipeline, the Yantian container project in Guangdong Province and the Beijing Capital International Airport project, said Danian Zhang, senior partner of the law firm's Shanghai office.
Baker & McKenzie, an international law firm with 66 offices in 36 countries and regions, announced on February 13 the official opening of its Shanghai office.
The office, the firm's second on the Chinese mainland, after Beijing, strengthens Baker & McKenzie's long history of commitment to developing its business - and assisting its clients - in the region.
"Our practice here mirrors the fact China is not only going full steam ahead in its economic development, but also is building a more open and transparent legal framework," Lagarde said.
(Business Weekly March 19, 2003)
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