The five-year protection period after China’s entry to the World Trade Organization (WTO) ended on December 11, 2006. Afterwards, China opened renminbi retail businesses with foreign banks, with more them 60 percent of enterprises choosing Lujiazui to set up operations.

Unlike domestic banks who often seek rear-end litigation, foreign banks pay more attention to front-end issues, seeking high quality and more professional service. Many foreign banks choose law offices or lawyers abroad or in Beijing, because they think lawyers in Beijing or abroad are more experienced and professional.

Faced with fierce competition, lawyers in Pudong are trying to gain an edge by forming alliances. Some law offices in Shanghai have combined with Lv Yan's team in Beijing Wang Yumei Law Firm to establish SG & CO, PRC Lawyers. Lv is a famous lawyer in Shanghai. With its large size, professional services and good reputation, the firm provides more chances for lawyers in Pudong to find clients in the financial legal market.

To provide superior services in Shanghai in order to support the city’s role as an international finance and shipping center, the company established businesses in various markets, such as capital, shipping, international trade and intellectual property.

Since Lujiazui has the most financial institutions in Shanghai, SG & CO, PRC Lawyers set up its office in 21st Century Tower. The new firm is the first large merger since Shanghai set its goal to become a finance and shipping center. The firm is crucial for the promotion of the financial service environment.

A good start in finance

Foreign lawyers are unfamiliar with Chinese law, and lawyers in Beijing know little about Shanghai’s specific situation. But Pudong lawyers understand both aspects. Only those with excellent skills can find opportunities to develop in Pudong. Lv Yan, a lawyer who specializes in finance and securities business, is one of the founders of SG & CO, PRC Lawyers. He has developed excellent work standards based on international models and Chinese practices, establishing a standard for lawyers throughout Pudong.

SG & CO, PRC Lawyers provided legal services to Shanghai Luxin Packing Materials Science and Technology’s public listing that raised 1 billion yuan ($160 million) in financing. It was the law firm’s first initial public offering (IPO) and it helped establish the firm’s reputation among insiders.

Setting a model in the legal industry

Strong reputation encourages VIP customers to seek out the firm.

The firm has established long-term cooperative relations with Standard Chartered Bank and DBS Group. It provided over 1 billion yuan in loan legal services for Standard Chartered Bank last year.

The company also assisted China Merchants Securities Company in a 2-billion-yuan asset securitization project for the hydropower station of Lancang River in Yunnan on January 25, cementing SG & CO, PRC Lawyers' benchmark status in the legal profession.

It will continue to develop its financial legal business, covering businesses like securities, banking and insurance, to provide more services for Shanghai’s construction as a world financial center.

Since Lujiazui has the most financial institutions in Shanghai, SG & CO, PRC Lawyers set up its office in 21st Century Tower.