A very hard-fought race that was going on between Global Law Firms and the United States to expand into the country of China has now turned out to be a retreat for the majority. This is so because there has been a continuous amount of growing pressure on different foreign businesses and the other evolving geopolitical and other forms of economic challenges.
Out of all the seventy-three of the largest law firms in the United States which had a presence in the country of China – thirty-two of them shrank in their presence of attorney over the last ten years.
In the region of Beijing, twenty-six out of the forty-eight law firms drew down on their presence since the year 2018.
The regulatory environment has now also shifted a lot amidst the growing crackdown on Xi Jinping’s notion of national security, espionage tasks, and data privacy.
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~News Source: https://tinyurl.com/4b24k2y8
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