Ropes & Gray Shutting Down Business Restructuring Practice in Hong Kong
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On Wednesday, a spokesperson for Ropes & Gray announced that the law firm would be shutting down its business restructuring practice in Hong Kong. The leader of its Asia restructuring group, Daniel Anderson, will be leaving the firm. According to a report from Law.com, Anderson will be taking his practice to Freshfields Bruckhaus Deringer, although a spokesperson from Freshfields declined to comment on this or any potential plans to add restructuring partners in the region. Anderson's departure is the latest in a series of recent moves by senior restructuring lawyers in Asia, as firms are experiencing growing demand from clients for this type of practice.
Leaders of law firms suggest that Singapore is becoming a prominent "restructuring hub" after implementing significant reforms to its insolvency and restructuring laws. Daniel Anderson, a partner at Ropes & Gray who had been leading its restructuring and special situations practice in Asia while serving as the managing partner of its Hong Kong office, will be departing the firm. At least two more attorneys from the restructuring group are no longer listed on the company's website.
In an email, a spokesperson for Ropes & Gray stated that the decision to discontinue the business restructuring practice in Hong Kong was made earlier this year following a routine evaluation of client needs in the region. According to the spokesperson, the Hong Kong office of Ropes & Gray will now focus on its asset management, private equity, litigation, and enforcement practices, with plans to fill "more than half a dozen" positions in the area.
According to the spokesperson, these practices are fundamental to the firm's global operations and signify areas of "continuous growth" in Asia. All six partners at the firm's Hong Kong office specialize in these practices.
On Tuesday, DLA Piper appointed the head of Akin Gump's Hong Kong restructuring practice as the head of its Asia Pacific practice. At the same time, Linklaters recruited a restructuring practice leader from Allen & Overy in Hong Kong in October. In April, Norton Rose Fulbright and Milbank added restructuring leaders in Asia, both based in Singapore.
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