World's highest priced lawyers become more flexible
Article Abstract:
Hong Kong lawyers may have to lower their charging rates as recession continues hurting the island-nation. Once the highest-paid among their contemporaries in other parts of the world, Hong Kong lawyers used to charge $275 to $400 an hour. However, as demand for their services declines due to the economic downturn and the slump in the real property market, more and more commercial law firms have expressed their willingness to negotiate prices. Meanwhile, some believe that any move at decreasing lawyers' fees will be offset by the legal profession's decision to limit the supply of law graduates by asking law schools to make their standards more stringent.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1999
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Hong Kong retailers' push for rent cuts starts to work
Article Abstract:
Retailers in Hong Kong are clamoring for a reduction in rent as more of their ranks go out of business and as more retail spaces are constructed. Rents in shopping centers have decreased by 37% from its October 1997 high as analysts do not foresee a change in the trend for the duration of 1998. Dragon Centre Management Ltd, a shopping mall in the Sham Shui Po district and a unit of Eaton Properties Ltd, is considering a 25% cut in rental fees for its clients. Japanese malls in Causeway Bay area were also badly affected, including Hong Kong Daimaru Ltd and Matsuzakaya Co, which will shut down later in the year.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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Hong Kong retailers' push for rent cuts starts to work
Article Abstract:
The rates of shopping-mall leases in Hong Kong has declined by an average of 37% since October 1997. The decline has been traced in part to a move by retailers to negotiate a rate cut with their landlords and an increase in the number of available retail space in the territory. The retailers are telling the landlords that a continued insistence on the present high rents will only lead to the closing of the retailer's businesses, a development that will be very disadvantageous for both parties.
Comment:
Hong K: The rates of shopping-mall leases has declined by an average of 37% since 10/97
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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