Cleary to close Beijing office in latest US law firm retreat from China
By Sara Merken
Feb 18 (Reuters) - Cleary Gottlieb Steen & Hamilton is set to close its Beijing office, as major U.S. law firms continue to scale back in the Chinese legal market.
The New York-founded firm said in a statement on Monday that it plans to close the office and shift its operations to its Hong Kong location in July, allowing it to "more efficiently" serve clients in the region.
At least 11 U.S. law firms in 2024 closed or said they would shutter offices in Shanghai, Beijing and Hong Kong amid muted deal activity, geopolitical tensions and growing pressures on foreign businesses.
Firms including Milbank; Paul, Weiss, Rifkind, Wharton & Garrison; and Skadden, Arps, Slate, Meagher & Flom announced office closures in Beijing or Shanghai late last year.
Cleary, which has about 1,100 lawyers globally, opened its Beijing office in 2006. The firm's website lists seven lawyers in Beijing and 31 attorneys in Hong Kong, where it launched in 1980.
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