U.S. Law Firm Dechert Shuttering Offices In HK, Beijing

US-founded law firm Dechert is considering closing its offices in Hong Kong and Beijing, becoming the latest foreign firm to scale back in Greater China, two people said, amid a prolonged capital market downturn and growing Sino-US tensions, Reuters reported.

Dechert is said to be deserting China. I Photo: Dechert LLP 

Dechert has more than 20 employees in its Hong Kong office, 14 of whom are lawyers, including four partners, according to its website and one of the people.

Its Beijing office houses only three lawyers, as per the website. There are no other China offices listed on the global law firm's website. Dechert’s employees were notified earlier this month about a potential office closure, sources said.

The firm, which has about 1,000 lawyers globally, has since been talking with its lawyers in Hong Kong and Beijing about potential relocation to Singapore. If the move from China is finalized, Dechert's Asia footprint will be limited to Singapore, which has 14 lawyers, including six partners.

Another US law firm, Morrison and Foerster, will also close shop within the year, while Sidley Austin said it shuttered its Shanghai office and will just maintain offices in Hong Kong and Beijing.