EY set to close yet another legal arm of its business
EY is shuttering its legal arm in Hong Kong in January, which makes it the second closure action the firm has taken against its legal services.
On 23 January, the Big Four firm will close its Hong Kong law member firm, LC Lawyers, according to Bloomberg News.
LC Lawyers advised on Hong Kong IPO and corporate finance, mergers and acquisitions, legal and regulatory compliance, restructuring and insolvency, commercial matters, funds, private wealth, and labour, employment and workforce restructuring.
By headcount, the firm is small as it has five lawyers in total, including three partners, led by managing partner Rossana Chu. The Hong Kong story was first reported by Law.com International.
Earlier this month, the Financial Times announced that EY were cutting a further 150 jobs in the UK. The report highlighted that the cuts will affect staff in EY’s legal arm, as well as employees at EY-Parthenon, its strategy and transactions advisory business.
The FT stated that EY is in the process of shutting EY Riverview Law, the Manchester-based legal services business it acquired in 2018. The majority of its employees are being laid off.
The Big Four firm legal services has around 3,400 legal professionals across 90 jurisdictions.
In August, the Big Four firm’s UK bosses told staff it will cut more than five per cent of its near 2,300 financial services consulting team, with around 150 jobs set to be cut in teams that advise on business transformation.
This all came after EY’s UK bosses reportedly were discussing cost-cutting measures after the firm dropped its plan to separate its consulting and audit divisions in April.
EY declined to comment on the news that it is shutting its legal arm in Hong Hong.