BCLP waves goodbye to Asia

BCLP is calling time on Asia. The transatlantic firm has confirmed it will shutter its offices in Hong Kong and Singapore by the end of the year, marking a full retreat from the region.

The move, first reported by Law.com, underscores the firm’s renewed focus on its core "transatlantic" operations. In a statement, BCLP said:

"After careful consideration we have made the decision to start an orderly wind down of operations in Asia which we anticipate concluding towards the end of the year. Our current priority is to invest in the transatlantic platform and operate selectively in the US, UK, Europe and the Middle East."

A quiet exit from a minor market

The Asia exit is unlikely to leave much of a dent in BCLP's overall business.

According to the firm’s 2023 LLP accounts, the region brought in just £3.7 million of the £195 million generated by its non-US international arm that year.

Still, the withdrawal comes amid a broader trend of underwhelming financial performance.

The 2018 merger of US-based Bryan Cave and City player Berwin Leighton Paisner was meant to create a transatlantic powerhouse. Instead, BCLP has spent much of the time since grappling with flat growth.

Revenues have yet to recover to the $899 million posted in the tie-up year, and PEP growth has been sluggish - especially compared to rivals.

A modest 12% uptick in UK revenues last year has helped somewhat, but the broader picture remains one of strategic refocus rather than expansion.

Trading Asia for the Middle East

Not that BCLP is standing still.

Last month, it joined the growing list of City firms chasing growth in Saudi Arabia, announcing plans to launch in Riyadh and Al-Khobar to cash in on the region’s booming infrastructure and energy sectors.

The new bases will add to BCLP’s existing Middle East presence, which includes Abu Dhabi, Dubai and Tel Aviv.