Are Law Firms missing out on Asia?

Recent law firm rankings tell a familiar story: Kirkland still sitting on the world’s fattest profits, Magic Circle clinging to relevance, U.S. firms crowding the top.

But look from another angle and the picture changes: 11 of the world’s top 15 firms by lawyer headcount are Chinese. Yingke alone has nearly 18,000 lawyers — more than the entire Magic Circle combined. The message is clear: in Asia, “success” isn’t defined by profitability but by scale and deal volume.

Why does this matter? Because law firms can’t stop talking about “global strategy.” Understanding the tension between Western firms chasing profit and Asian firms chasing scale gives you a ready-made way to stand out in interviews.

Two Different Games

This profit vs scale split explains why so many international firms have retreated from mainland China. Western firms can’t compete on fees, and U.S.-China tensions have chilled once-lucrative cross-border mandates. Yet the idea of closing shop across Asia altogether looks increasingly short-sighted.

Asia is home to 60% of the world’s population. China may be slowing but still grows at double the pace of the West, while India, Vietnam, Indonesia, and the Philippines are powering ahead with growth rates above 5–6%. For investors — private equity houses, pension funds, sovereign wealth funds — this is fertile ground. And when clients deploy capital, they expect their lawyers to be there too.

The strategy? Not price wars with locals. Instead: connectivity. Be the firm that existing clients call when they want to deploy capital in Jakarta, raise funds in Hong Kong, or tap renewables opportunities in Singapore.

Where's the Work?