Specialist high-net-worth legal service provider Withers has opened an office in Hong Kong in the hope of benefiting from a dearth of high-end legal advice for individuals and families in a region that now boasts a fifth of the world's privately held wealth.

Withers' managing director Margaret Robertson told ALB the firm hopes to fill a rapidly growing need for legal advice covering high-net-worth planning issues including US and English tax, international trust and other commercial solutions.

"Firms like Deacons and JSM have done this work in the past, but are now focusing more on the corporate market. Accountants are the ones really doing the work at the moment, so we don't expect too much local competition," Robertson said.

The firm has made a key lateral hire from Bryan Cave, with US tax and Hong Kong lawyer Mary Ellen (Mimi) Hutton joining the incoming firm as a partner. The role of executive director for the firm has been filled by Francis Lee, who joins from Walbrook Trustees in Hong Kong. The rest of the team, to be spearheaded by Hong Kong office managing partner Samantha Bradley, includes partners Kurt Rademacher and Guy Facey from the firm's London office, Silvia On, a former PricewaterhouseCoopers senior consultant, and Nisha Chandha, also transferring from London.

Robertson said the new office was a natural step for the firm, which has a presence in both the US and in Europe. Figures show Asia's private wealth is valued at US$8.4trn, and is set to grow at a rate of 17% per annum for the next four years, which is higher than worldwide growth. Francis Lee said the firm hopes these millionaires will not fall victim to the old Chinese saying: "Rags to riches to rags in three generations".