Wake Up Call: Foreign Firms Exit China Amid Economic Struggles

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

• Foreign law firms are rapidly leaving China as the country’s sluggish economy and rising geopolitical tensions undermine business opportunities. A decline in mergers and acquisitions, IPOs, and foreign direct investment has made it harder to sustain practice in the country, leading to an end of the “golden age” of foreign law firms in China. (The Economist)
• Practice leaders are preparing for a surge in investigations and litigation driven by state attorneys general in 2025. Democratic state AGs are expected to focus on consumer protection, data privacy, environmental issues, and immigration, particularly if the federal government retreats from these areas under the incoming Trump administration. (Law.com)
• Shirah Neiman, a pioneering New York attorney, died this month at 81. She made history in 1970 one of the first female lawyers to be hired into the criminal division of the US Attorney’s Office for the Southern District of New York. Known for her expertise in criminal tax law, Neiman played a key role in high-profile cases, including the prosecution of Genovese crime family underboss Anthony Salerno. (The New York Times)

Laterals, Moves, In-House

• Simon Caridia joined Weil, Gotshal & Manges as a partner in its finance practice in London.
• Dimitri Nionakis joined Holland & Knight as a partner in its financial services team in Boston.
• Ben O’Neil rejoined Quinn Emanuel Urquhart & Sullivan as a partner in its white collar practice in Washington. He joins from McGuireWoods.
• Kara McCall and Beth Chiarello joined Alston & Bird as partners in its mass torts and toxic torts practices in Chicago.
• Julie Cohen was appointed chief marketing officer at Cahill Gordon & Reindel.
• David Vallas joined Honigman as a partner in its business litigation practice group in Chicago. He joins from Polsinelli.
• George Flynn joined Kaufman Dolowich as a partner in its professional liability practice group in Chicago.