China’s legal market is among the most dynamic and competitive in the world, dominated by a select group of full-service firms that rival Western “Magic Circle” and “White Shoe” firms in revenue and complexity of work.
The elite domestic firms are often referred to as the “Red Circle” (红圈)—an informal group of firms that consistently handle China’s largest and most high-profile mergers and acquisitions (M&A), initial public offerings (IPOs), and complex litigation matters.
Here is a look at the top-tier law firms in China, categorized by their market influence.
👑 The “Red Circle” Elite (The Highest Prestige)
These firms define the pinnacle of corporate and financial law in China. They possess the highest Profit Per Equity Partner (PEP) and are typically mandated on the most strategic, high-value transactions involving Chinese state-owned enterprises (SOEs) and major tech companies.
| Law Firm Name (Chinese Name) | Primary Focus Areas | Key Distinction |
| King & Wood Mallesons (金杜) | M&A, Capital Markets, Banking & Finance, International Arbitration | Largest global reach among PRC firms, with a major international presence following a merger with an Australian firm. |
| Zhong Lun Law Firm (中伦) | Real Estate, Corporate/M&A, Dispute Resolution, Finance | Largest full-service firm by headcount and revenue among the traditional Red Circle firms, with a massive national and international network. |
| JunHe Law Offices (君合) | Corporate/M&A, Private Equity, Competition/Antitrust, Finance | Highly reputable and historically strongest in handling complex, high-end joint ventures and foreign direct investment (FDI). |
| Fangda Partners (方达) | M&A, Private Equity (PE), Litigation, Intellectual Property (IP) | Known for its high profitability and strong focus on sophisticated private equity and TMT (Technology, Media, Telecom) transactions. |
| Han Kun Law Offices (汉坤) | TMT/Tech M&A, Venture Capital (VC), IPOs, Life Sciences | Undisputed leader in the TMT and technology sectors, representing the country’s most prominent tech giants and startups. |
| Haiwen & Partners (海问) | Capital Markets (IPOs), M&A, Securities Law, Litigation | Renowned for its expertise in securities and capital markets, frequently acting as counsel on major Hong Kong and U.S. listings. |
| Jingtian & Gongcheng (竞天公诚) | Capital Markets, Corporate Finance, Securities, Dispute Resolution | Exceptional strength in Capital Markets, especially in securities issuance and regulatory compliance. |
🌐 The Giants of Scale (Highest Revenue and Reach)
These firms may have a broader range of specialties and a massive number of lawyers across China, positioning them as the largest full-service providers globally.
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Dentons (Dacheng): Through its combination with Dacheng, it boasts one of the largest lawyer headcounts in the world, with immense geographic reach across all of China.
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DeHeng Law Offices: One of the largest firms in China by lawyer count, known for extensive coverage in Litigation, Finance, and Government Affairs.
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AllBright Law Offices: Very strong presence in the Shanghai market and experienced in a variety of commercial and corporate/M&A matters.
💼 What Defines the Top Firms
For international businesses, choosing a top Chinese firm usually comes down to three key criteria:
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Cross-Border Capability: The ability to navigate the legal frameworks of both the U.S./Europe (for outbound M&A) and the PRC (for inbound FDI).
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Regulatory Expertise: Deep understanding of China’s evolving regulatory landscape, especially concerning antitrust, data security, and compliance.
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Specialization: Firms like Han Kun dominate tech, while others are indispensable for the largest State-Owned Enterprise (SOE) deals.
These top firms are essential gatekeepers for companies engaging with the mainland Chinese market, offering the local expertise and political insight needed for success.