Hong Kong Law Firms Cut Office Space in Blow to Business Hub (1)

Hong Kong’s biggest law firms are rushing to reduce office space in prime locations, as they struggle with a dearth of mergers and acquisitions and initial public offerings amid an economic downturn.

Deacons, the city’s oldest law firm, is cutting one floor in Alexandra House, a premium office building in Hong Kong’s business district of Central, according to people familiar with the matter, who asked not to be named because they weren’t authorized to speak publicly. The floor will be released to the market near the end of the year, one of the people said.

DLA Piper, one of the ...