Editorial >>
Celebrate our future path
T
his year marks not only the 60th anniversary of the country but also the 30th anniversary of the restoration of the legal system. Members of the legal profession have much to celebrate of course, but might also take the chance to reflect on what remains to be done. The development of the profession and the legal system over the past three decades has been in concert with the country’s reform and opening up – from Coudert Brothers’ pioneering launch in Beijing in 1979 to the founding of the All China Lawyers Association in 1986, the formation of the first-ever partnership law firm in 1988, and the emergence of today’s giant firms such as Jun He, King & Wood, Grandall and Dacheng. During the process, law firms have been contributing significantly to the economic development and social stability of China. Today, more than 156,000 lawyers – together with 200,000 judges, 160,000 prosecutors and hundreds of thousands of corporate counsel – form the legal system. A fast-growing legal education system as we know it (now with over 600 law schools and faculties) produces much-needed legal talent for the industry’s continuous progression. The global financial crisis is also a landmark event in the development of the legal profession – the first true test of the young industry. Once overstretched firms were given the opportunity to slow down the pace, and rethink their business plans and models. Moving forward, China is expected to play a larger role globally in the post-financial crisis era, so law firms are facing a unique set of opportunities and challenges. Key trends of the past few years bode well for the future development of the legal profession. The steady accumulation of a body of law, enterprises’ increased emphasis on corporate governance and risk management, and an increasing economic autonomy and sense of professionalism all come to mind. Those who identify challenges first and respond quicker to changes in the market will be leaders in the next phase of the profession’s development. There is no doubt that the legal profession has come a long way. It is equally certain, however, that it still has a long way to go.
IN THE FIRST PERSON “Chinese banks have become more aggressive. They are seeing [the downturn] as an opportunity to position strategically” Michelle Hung, general counsel, COSCO Pacific, on renewed bank lending practices (p13)
“Shenzhen is an original entrepreneurial success story of China, and remains the most open and flexible place in the country” Peter Fuhrman, chairman, China First Capital (p34)
“The three dominant airlines – and some leading private airlines – will be actively acquiring smaller airline companies or sideline companies, and restructuring their businesses and finances” Gao Feng, partner, Grandall (p41)
Moving forward, China is expected to play a larger role globally in the post-financial crisis era, so law firms are facing a unique set of opportunities and challenges CHINA
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ISSUE 6.10