Land of abundance

On track to become the financial and commercial centre of South-West China, Chengdu's legal industry is undergoing significant changes. Most are driven by growing demand in the middle and upper market segments. Zhang Yun reports

The second anniversary of the Wenchuan earthquake that devastated Sichuan province was 12 May 2010. This year, those affected have been given a breath of new hope, as the majority of the planned RMB1trn reconstruction projects have been completed. The economy and infrastructure of the province is not only restored but has emerged from the disaster even better than before. 

  Law firms in Chengdu, the capital city of Sichuan, have dedicated a considerable amount of time and effort towards aiding victims and supporting relief and rebuilding efforts in the past two years. With the reconstruction work setting off a new upsurge in investments and transactions into the region, Chengdu's law firms have now gained new growth momentum and become more involved in all aspects of the region's economic development.

  Tahota, Chengdu's largest law firm by headcount and the winner of ALB's West China Law Firm of the Year in 2010 and 2008, has reported 66% growth in revenue for the first quarter of this year,  over the same period last year. And Cheng Shoutai, the founder and managing partner, is bullish on the prospects for the rest of this year and beyond.

  "Just by looking at the soaring number of foreign banks and financial institutions that have established branches in Chengdu and the top-grade office buildings newly added to downtown, anyone can get a good sense of how strongly and quickly the city has recovered from the tragedy and transformed to triumph," said Cheng. 

  In the course of this transformation, law firms are facing new opportunities and are standing at the threshold of a new phase of market dynamism. Tahota, for example, has been retained to provide local legal services and advice on the newly initiated Chengdu International Commerce Centre project, which is jointly developed by three major Hong Kong property developers - Sun Hung Kai Properties, Henderson Land Development and Wharf Holdings This will create an epoch-making new landmark on Chengdu's skyline. 

  In addition, Tahota has recently opened its Chongqing branch as a strategic move to reinforce its market leadership in West China. "The synergy and interactions between the development of Chengdu and the other major regional centre, Chongqing, will generate incredible growth opportunities for firms that can straddle the two cities," Cheng says.

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