From Europe, Italy's Grimaldi e Associati Clifford Chance LLP and Wenger Vieli Belser from Switzerland are newcomers. This will bring the total number of foreign firms on the mainland to over 130, including 28 Hong Kong law firms. Thaler's confidence belies the tough competition on the ground for such work. We anticipate the pie will get bigger as China's accession encourages more Chinese companies to make investments overseas,' she says. What WTO membership ultimately means, everyone is sure, is more investment.
More investment means more work - for everyone.
The real winners, however, are the domestic firms. The future will be built on compromise, albeit enforced. A balance must be maintained to ensure foreign law firms continue to focus on the value-added aspects of their businesses, while leaving domestic work to be handled by domestic lawyers.