The first 'Chinese firm for Chinese clients' launches in London
YangTze Law aims to help break down barriers for Chinese investors entering the UK
The UK's first wholly Chinese-owned law firm has launched in London, following approval from the Solicitors Regulation Authority (SRA).
YangTze Law has been created specifically to serve the needs of a new generation of mainland Chinese corporates looking to foreign investment but who might have been deterred hitherto by a lack of familiarity with the legal and business systems.
The new firm is the brainchild of British-educated, Chinese-based lawyer, Steve Ng, and Winston Gao, a senior partner at Jun Yan Law Firm in Shenzhen.
Ng, a partner with Ng & Shum Solicitors in Hong Kong and Beijing, remarked: 'YangTze Law is a Chinese firm for Chinese clients. We see our target market as Chinese businesses who have no representation abroad. We are not here to step on anyone's toes but to expand Chinese participation in the UK market.
Ng explained that there are an increasing number of Chinese firms looking to invest in the UK. However, cultural and legal differences had created 'real barriers' to Chinese business.
'YangTze Law will fulfil a need that has not previously been met by the UK legal market and, over the near to long term, will help to unlock the door for a new group of Chinese investors. The launch of the firm is, we believe, good news for both the UK economy and Chinese businesses,' he said.
Stephen Denyer, head of City and international for the Law Society, commented: 'I am delighted that a new type of Chinese legal service provider is coming to London and doing so in collaboration with an English law firm. This underlines the important global role of London as a legal hub and the attractiveness of our jurisdiction.'
YangTze Law has been organised as an alternative business structure (ABS), with access to clients from all over China, including several global corporations.
The firm will be supported by Michelmores, which will provide legal back-office and regulatory services. Michelmores' managing partner, Malcolm Dickinson, will serve as CEO of the Chinese firm.
YangTze Law is now working on plans to open offices in Hong Kong and New York in the next 12 months.
John van der Luit-Drummond is deputy editor for Solicitors Journal
john.vanderluit@solicitorsjournal.co.uk | @JvdLD