Recently, we had the honour of visiting a Chinese private equity (PE) fund playing a leading role in overseas acquisitions. We were soon surprised to learn that the fund did not actually intend to hire a law firm in our jurisdiction, but wanted us to feed them with potential leads for their overseas deals. Like the average Chinese businessman, they, too, see lawyers as so-called “intermediaries”.
菲谢尔律师事务所
高级合伙人、中国业务部主管
Senior Partner, Head of China Desk
VISCHER
In the Chinese business world, lawyers are commonly referred to as “intermediaries”, which is obviously very different to Western concepts. In this column we will show you the reason why, in order to help you avoid the pitfalls that result from such misconceptions.
Why lawyers aren’t intermediaries
During our conversation with these PE fund managers, we of course asked them why they were not working with M&A advisers for this purpose. The answer was that they had worked with M&A advisers in the past, only to discover later that they had been on the seller’s side. They felt “cheated”, which led to the radical decision to never work again with M&A advisers.
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