Foreign law firms leaving Hong Kong will be ‘sorry’: ex-justice chief Teresa Cheng
- Statistics by Law Society show 73 foreign law firms were registered in Hong Kong in April, down by 21 per cent from 92 four years ago
Foreign law firms leaving Hong Kong will come to regret their decision, a former justice minister has said, calling the city the ideal location for international transactions involving Asian parties.
Speaking to the Post in a rare interview at a legal forum after stepping down, Teresa Cheng Yeuk-wah said Hong Kong still provided strong advantages as a base for international commercial transactions.
“They’ll be sorry,” Cheng said on the sidelines of the 2024 Colloquium on International Law on Friday.
“The vast majority of businesses are in Asia, and in Asia, with the motherland as part of Hong Kong’s very strong backing and where the city has the international perspective to deal with international transactions, I think using Hong Kong as a base is actually a very smart idea.
“There could be reasons people would wish to pull out, either they are not getting the business or otherwise. But I think we have a phrase that says talent follows money.”
Statistics by the Law Society showed 73 foreign law firms were registered in Hong Kong in April, down by 21 per cent from 92 four years ago, with the body’s former president Chan Chak-ming saying the city’s legal sector had been hit hard amid complicated geopolitics and a slow economic recovery.