Eight PR: Law HK Business Roundup (2024)

Hong Kong: A Hub for Legal Services in Asia

· Law PR,Public Relations,Media Relations

Hong Kong Law Sector

Hong Kong is the leading international legal services hub in Asia and home to over 12,000 lawyers serving both local and international clients. Most of the top 100 law firms worldwide have offices in Hong Kong. 

According to figures in November 2023 and from The Law Society of Hong Kong and Hong Kong Bar Association, there were:

  • 11,557 solicitors with a practising certificate
  • 928 Hong Kong solicitor's firms
  • 1,473 registered foreign lawyers
  • 1,664 practicing barristers
  • 107 senior counsels
  • 1,557 junior counsels

Legal services make up a significant portion of Hong Kong's export economy. In 2021, exports of legal services totaled HK$3.9 billion, a 7% increase from the previous year. 

Hong Kong's main export markets for legal services are China, other Asian countries, the United States, and India and contribute greatly to the international reach of Hong Kong's legal industry.

Importantly, Hong Kong's legal system maintains independence from mainland China.

Legal Services In Demand

The types of legal services most in demand include commercial and corporate law, contract law, real estate law, bankruptcy, and financial law. 

This reflects Hong Kong's prominence as a centre for cross-border business and investment, especially with mainland China and other parts of Asia. Hong Kong lawyers are best suited for their expertise in facilitating complex cross-border transactions and agreements.

Arbitration Hub

Hong Kong is home to leading international arbitral institutions including Hong Kong International Arbitration Centre (HKIAC), the China International Economic and Trade Arbitration Commission (CIETAC) and the International Chamber of Commerce (ICC) which offer world-class arbitration services.

An agreement signed in 2017 between Hong Kong and Mainland China also provides a "Mediation Mechanism for Investment Disputes" which encourages the use of mediation services in Hong Kong to resolve cross-boundary investment disputes.

GBA and BRI Opportunities

Major initiatives like the Greater Bay Area and Belt and Road Initiative are expected to generate significant new opportunities for Hong Kong's legal sector. 

In fact, a total of 357 lawyers from Hong Kong and Macau have obtained certification allowing them to practice law in the Greater Bay Area. This aims to enhance cooperation among legal professionals from Mainland China, Hong Kong, and Macau within the Greater Bay Area's legal services market.

With its world-class legal system, Hong Kong will continue attracting business and expanding as the region's core hub for international legal services.

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