20 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JANUARY 2024 2024年伊始，ALB再度向您介绍中国法律服务市场上发展迅速、值得瞩目 的精品律师事务所。目前，法律服务市场正处于日益“分化”之中，越来越 多精品小所以精准的市场定位和聚焦的专业能力获得客户认可，它们既灵 活又有韧性，书写出不平凡的增长之道。 As we usher in 2024, ALB once again shines a spotlight on the rapidly evolving landscape of boutique firms in China’s legal services market. An increasing number of boutique firms are carving out a distinct niche for themselves, earning client acclaim through their sharp market acumen and finely honed professional skills. These firms exemplify both flexibility and resilience, navigating their unique trajectory towards remarkable growth in an ever-competitive arena. This year, a total of 15 dynamic firms have earned a distinguished spot on the ALB China Firm to Watch list. These firms typically boast a team structure centred around a median of five partners, supported by an average staff count of 22 employees. Despite the turbulent conditions that challenged the legal market in 2023, each of these firms has demonstrated remarkable financial resilience, recording positive revenue growth. Impressively, their average growth rate not only surpasses general market trends but also, in some cases, nearly doubles their previous revenue figures, underscoring their exceptional performance in a competitive landscape. RuiMin Law Firm, which was established in 1993, has the longest history among all firms on the list, while Tianxi Law Firm, established in May 2022, is the newest outfit. Six of the winning firms are established in the past five years, while nine have experienced longer market cycles but are still persevering in their boutique development philosophy. This year’s boutique firms come from a wider range of regions, with seven from Beijing, three based in Shanghai (including the Shanghai representative office of a US firm), and two headquartered in Guangzhou. Three other firms are from Hangzhou, Chengdu and Weifang, Shandong. The cornerstone of numerous boutique firms is their deep-rooted specialization, which also stands as their most distinctive trait in development. In an era marked by the growing subdivision of industries and an enhanced emphasis RANKING BY ASIAN LEGAL BUSINESS, TEXT BY HU YANGXIAOXIAO 排名：《亚洲法律杂志》，作者：胡阳潇潇 on unique ‘labels’ and ‘personalities,’ firms that concentrate on specific practice areas or industry sectors are garnering increasing market recognition. Those included in the list exemplify this trend, distinguishing themselves through their focused expertise and tailored approach in a dynamic market landscape. SMALL OR BIG? In the past year, as the economic landscape has shifted, the already pressured Chinese legal market has started to exhibit a clear trend towards consolidation. This raises pertinent questions: Are smaller, boutique firms also experiencing survival pressures? And importantly, how do these firms perceive their unique advantages in the current market environment? Yu Weiping, Chief Partner of Jinlue Lawfirm, believes that whether a firm should grow bigger or stay small depends on various factors, such as the firm’s vision, market positioning, practice areas, resources, client demand and managerial preference. “Undoubtedly, a large firm enjoys advantages such as abundant resources, diverse clients and greater brand awareness and influence. On the other hand, it also faces issues such as more complex management, difficulty in unifying culture and insufficient customized services. To Jinlue, being a specialized boutique firm suits our positioning better. However, regardless of the model adopted, a firm must always ensure it provides high-quality legal services, continuously meets client needs, and maintains sustainable growth and stable operations.” Chang Ya Chiao, China (Shanghai) Chief Representative of Winston & Strawn, admits that he has indeed felt the trend of consolidation on the Chinese legal market in the past year. Accordingly, “we have also taken similar consolidation measures to pool together resources and manpower in China to efficiently serve the Chinese market as a boutique firm.” Wu Feng, Director and Founding Partner of Longshine Law Firm, acknowledges the undeniable trend of consolidation within the industry. However, he asserts that boutique firms will not be FIRMS TO WATCH 精品律所 FIRMS TO WATCH
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