(Bloomberg) -- Skadden, Arps, Slate, Meagher & Flom LLP is shuttering its Shanghai office and laid off some staff in the mainland after the law firm’s business was dented by a slowdown in deals amid China’s economic slump.
“Shifting market dynamics have led us to the decision to begin winding down our operations in Shanghai and rescale our China corporate practice,” the New York-based firm said in a statement Friday.
The company has merged its Shanghai operations with the Beijing unit, and some lawyers are being offered the chance to relocate, a person familiar with the matter said.
Skadden is the latest foreign company to scale back in China in the past few years. Multi-national firms have been struggling to boost revenue in the country due to its economic slowdown and regulatory crackdowns that have dented capital markets and private companies.
Earlier this year, Fidelity International was reported to plan job cuts of about 20 in China, people familiar said in March. Others that have retreated include Vanguard Group Inc., Van Eck Associates Corp. and Matthews International Capital Management LLC.
©2024 Bloomberg L.P.
