The ‘two faces’ of cross-border, transactional legal practice during Covid-19: how and from where have lawyers mobilised China's capital flows under lockdown?

Abstract

AbstractThe narrative that banks, government departments and state-owned enterprises are the foremost protagonists in shaping China's outbound capital flows has been a commonplace view. This article seeks to expand the focus to include other under-scrutinised players: lawyers. With reference to exporting industries (such as shipping and natural gas), this article explains how lawyers – in tandem with China's governmental and judicial organs – have shifted from enabling outflows to postponing them, as a result of China's Covid-19 force majeure regime. Even with capital on pause, Covid-19 has also kept lawyers busy, prompting them to think about how to maximise their firm's proximity to the clients they have and to new clients that they want to win. Accordingly, this article also provides an overview of the techniques used by predominantly Anglo-American law firms to gain access to new legal markets during Covid-19, with a view to winning more work from Chinese capital-exporters and their foreign counterparties.