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Pillsbury Packs for Shanghai
Pillsbury Winthrop Shaw Pittman will finally be opening shop in Shanghai.
The firm announced Nov. 1 that after more than a year of waiting, its license to practice law in China was approved by the notoriously fastidious Chinese Ministry of Justice.
'Part of our strategy is to have offices in key financial centers in the world,' said Pillsbury Chairman-elect James Rishwain Jr. 'We have offices in London, Sydney, Tokyo and now Shanghai.'
With the opening of the new location, Pillsbury also announced that it would be closing the Taipei office it acquired as part of its 2005 merger with Shaw Pittman.
The Taipei office, Rishwain said, 'doesn't fit our overall strategy,' but he declined to elaborate.
While Shanghai, Beijing, Hong Kong, Tokyo and Singapore have become popular locations as many U.S. firms seek to expand their Asia practices, few have offices in Taipei.
'We felt that the best way to maximize our resources and expand our footprint in Asia was to focus on our Tokyo and Shanghai offices, as they are located in two of the world's biggest economies,' said Stephen Huttler, the firm's executive vice chairman.
In its early stages, the Shanghai office will be staffed and headed up by just one lawyer ' Pillsbury partner Joseph Chan, who currently works in San Francisco. Fluent in Cantonese and Mandarin, Chan is a corporate lawyer and co-leader of the firm's China team.
With U.S. firms forbidden from practicing Chinese law, Chan said the firm's work will focus on private equity groups seeking to invest in China and Chinese companies looking to expand overseas.
'While the general capital markets practice is competitive in China, U.S. IPOs for China-based technology companies leverage our ties to Silicon Valley where many of these companies are launched,' Chan said in a press release. 'Many Silicon Valley-based venture capital firms also have recently raised new funds that focus on China or have designated portions of existing funds for China investment. Having a Shanghai office will enhance our ability to serve these VCs and, ultimately, the companies in which such VCs invest.'
Rishwain said the firm would begin adding more attorneys to the Shanghai office early next year, but he wouldn't say how many. Chan's new posting brings the number of Pillsbury lawyers practicing in Asia to five, according to the firm's Web site.
Two IP 'technical consultants' were the only individuals listed in the Taipei office on the Web site.
Pillsbury joins a growing number of firms with China offices who have braved the arduous process of obtaining the go-ahead from the Chinese government. Most recently, Thelen Reid & Priest ' now merging into Thelen Reid Brown Raysman & Steiner ' received a license to practice in China after a long wait. Wilson Sonsini Goodrich & Rosati is awaiting approval for its China office.
The Recorder, an ALM affiliate of The China Trade Law Report.
The firm announced Nov. 1 that after more than a year of waiting, its license to practice law in China was approved by the notoriously fastidious Chinese Ministry of Justice.
'Part of our strategy is to have offices in key financial centers in the world,' said Pillsbury Chairman-elect James Rishwain Jr. 'We have offices in London, Sydney, Tokyo and now Shanghai.'
With the opening of the new location, Pillsbury also announced that it would be closing the Taipei office it acquired as part of its 2005 merger with Shaw Pittman.
The Taipei office, Rishwain said, 'doesn't fit our overall strategy,' but he declined to elaborate.
While Shanghai, Beijing, Hong Kong, Tokyo and Singapore have become popular locations as many U.S. firms seek to expand their Asia practices, few have offices in Taipei.
'We felt that the best way to maximize our resources and expand our footprint in Asia was to focus on our Tokyo and Shanghai offices, as they are located in two of the world's biggest economies,' said Stephen Huttler, the firm's executive vice chairman.
In its early stages, the Shanghai office will be staffed and headed up by just one lawyer ' Pillsbury partner Joseph Chan, who currently works in San Francisco. Fluent in Cantonese and Mandarin, Chan is a corporate lawyer and co-leader of the firm's China team.
With U.S. firms forbidden from practicing Chinese law, Chan said the firm's work will focus on private equity groups seeking to invest in China and Chinese companies looking to expand overseas.
'While the general capital markets practice is competitive in China, U.S. IPOs for China-based technology companies leverage our ties to Silicon Valley where many of these companies are launched,' Chan said in a press release. 'Many Silicon Valley-based venture capital firms also have recently raised new funds that focus on China or have designated portions of existing funds for China investment. Having a Shanghai office will enhance our ability to serve these VCs and, ultimately, the companies in which such VCs invest.'
Rishwain said the firm would begin adding more attorneys to the Shanghai office early next year, but he wouldn't say how many. Chan's new posting brings the number of Pillsbury lawyers practicing in Asia to five, according to the firm's Web site.
Two IP 'technical consultants' were the only individuals listed in the Taipei office on the Web site.
Pillsbury joins a growing number of firms with China offices who have braved the arduous process of obtaining the go-ahead from the Chinese government. Most recently, Thelen Reid & Priest ' now merging into Thelen Reid Brown Raysman & Steiner ' received a license to practice in China after a long wait.
The Recorder, an ALM affiliate of The China Trade Law Report.
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