DAC Beachcroft Expands Amidst Uncertainty

In a bold move that defies the current trend of international law firms retreating from Hong Kong, DAC Beachcroft has announced the opening of a new office in this vibrant metropolis. This expansion marks the firm’s second establishment in the Asia-Pacific region, following the launch of its Singapore office back in 2011.

Focus on Key Sectors

The Hong Kong office aims to enhance DAC Beachcroft’s global offerings in crucial sectors, including insurance, shipping, international trade, and commodities. "Expanding into Hong Kong has been a long-time ambition of ours," stated Gustavo Blanco, the head of international business at DAC Beachcroft. "We are committed to becoming the international insurance law firm of choice for the global insurance industry, and this foothold will help us achieve that goal."

Leadership Team

The new office will be headed by two prominent partners: Wai Yue Loh and Ross Risby. Loh, a litigator specializing in shipping and international trade, has a wealth of experience advising Chinese clients both domestically and internationally. He previously served as the joint managing director at Incisive Law, an independent practice in Singapore, and is making the move to Hong Kong from there.

On the other hand, Risby brings nearly 20 years of experience as a partner at DAC Beachcroft, focusing on disputes involving financial institutions, professional liability, and directors and officers insurance. He will transition from the firm’s London office to join the Hong Kong team.

Strategic Partnerships

In conjunction with its new office, DAC Beachcroft is forming an association with CK Lee & Co, a newly established law firm in Hong Kong. This partnership will enable the firm to provide comprehensive legal advice encompassing both international and local legal frameworks. Kelvin Lee, the head of CK Lee & Co and former partner at Ince & Co in Hong Kong, will lead this initiative, supported by senior associate Will Chan.

Contextual Challenges

This expansion comes at a time when many firms are closing their offices in the Greater China region, primarily due to rising political tensions between Beijing and Washington, along with increased regulatory scrutiny. Several notable firms, including Dechert and Winston & Strawn, have announced closures, while Mayer Brown has significantly downsized its Hong Kong operations.

Navigating New Opportunities

Interestingly, Loh pointed out that DAC Beachcroft’s entry into Hong Kong coincides with a burgeoning trade relationship between China and Latin America, with a significant portion of this trading activity navigating through Hong Kong.

Earlier in 2023, DAC Beachcroft opened an office in Peru, focusing on similar areas of expertise, which complements its presence in Argentina, Chile, Colombia, and Mexico. This strategic geographical positioning forms a robust network that enables the firm to better serve clients worldwide.

Growth Prospects

With an impressive turnover growth of 9% in 2023, bringing in £326.5 million, DAC Beachcroft's place in the UK’s top 50 law firms by revenue continues to solidify. The firm is on an ambitious trajectory to enhance its global shipping and marine insurance capabilities and leverage its expanding network across Asia-Pacific and Latin America.

Conclusion

As DAC Beachcroft steps confidently into Hong Kong, it promises to navigate the complexities of an evolving legal landscape, potentially attracting a new wave of clients looking for expertise in shipping, trade, and insurance. Stay tuned as this story develops—could DAC Beachcroft’s bold move reshape the future of international law in Hong Kong?