For the world’s top law firms, winning advisory work on cross-border mergers and acquisitions usually comes down to a combination of reputation, track record and client relationships.
But when it comes to the tens of billions of dollars worth of Chinese outbound M&A advisory work at stake for global firms and their Chinese partners, one factor counts above all: cost.
With a boardroom emphasis on price over advice, lawyers working for top firms tell tales of game show-style bidding sessions where they need to pitch for work before a prospective client — what one lawyer familiar with such contests calls “a bizarre kind of open outcry”.
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