The recent annual Asia Pacific 150 analysis in Lawyer Weekly makes interesting reading. The international firms continue to grow market share in Asia Pacific as they see Asia as the driver of global growth. Whilst the Australian firms have all been active, the Chinese firms dominate the top of the local firms along with King & Wood Mallesons (the only true regional player, comprising local Australian and Chinese firms).
Meanwhile three of the Big Four accounting firms make the Top 20 of the international firms, with PWC leading in 9th, followed by EY and Deloitte and then KPMG sneaking onto the list in equal 49th place.
I wonder whether we'll see all Big Four firms in the international top 10 next year?
International firms have generally positioned themselves well for Asia-Pacific’s rise – teething troubles aside. But it is the locals, particularly in China, who show the biggest appetite for its business, growing faster and wider than the globals. International law firms have been in the Asia-Pacific since the early 1970s, but in the past decade or so, their presence has dramatically expanded. Local firms have also grown in response to the region becoming increasingly important in the global economy. Across both international and local firms, the Chinese firms remain the largest. Half of the top 10 hail from the People’s Republic of China and a sixth, King & Wood Mallesons (KWM), is also heavily rooted in China.
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