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Ⅴ. Development Prospects and Strategic Analysis of Hong Kong Legal Practitioners in the GBA

and establishing a talent pool of legal experts from the “Belt and Road” countries. It encouraged domestic and

foreign legal experts specialised in international law, international trade rules and foreign languages to participate
in dispute resolutions.

Approximately 56.6% of the businesses of Hong Kong law firms participating in this survey come from
overseas. When describing the competitive advantages of Hong Kong legal practitioners, 77.4% of them believe

that their strengths lie in being “fluent in English, suitable for handling foreign-related business”. 60.4% of the
respondents indicate familiarity with foreign laws and customs, while 54.7% highlight the advantage of having

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established international business networks. These advantages are recognised by Mainland lawyers. When
discussing the outstanding strengths of Hong Kong legal practitioners, characteristics such as familiarity with

foreign laws and customs, fluency in English, possession of international business networks, and having been
trained under the common law system are acknowledged by most Mainland lawyers. Among the interviewed

enterprises, the majority (72.2%) believe that Hong Kong lawyers have an international perspective and hope to
seek legal advice (86.3%) and legal services relating to foreign affairs (63.6%) from Hong Kong lawyers.

Overall, Hong Kong legal practitioners have competitive advantages in seizing opportunities arising from the
“Belt and Road” initiative. This also aligns with the talent needs under the dispute resolution mechanism for the

“Belt and Road” initiative, presenting untapped market potential in both litigation and non-litigation practises.
The market vitality and policy support brought about by the “Belt and Road” initiative will further boost the

demand for Hong Kong legal practitioners with relevant professional capabilities and international perspectives,
thereby reducing barriers for Hong Kong legal practitioners to conduct business in the GBA.

5.1.2 The resilience and vitality of the Hong Kong financial market bring new

opportunities for legal practitioners

As the global economy is affected by the pandemic, the legal services sector is also facing challenges.

In this survey, over 70% of the Mainland lawyers express that reduced business volume and intense industry
competition are their major current concerns due to the economic situation. However, even under such influences,

the Hong Kong financial market still shows strong resilience and vitality. Since entering the fourth quarter of
2022, the market atmosphere began to improve, and the Hong Kong Stock Exchange performed well at the year-

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end. At the same time, Hong Kong has become the first choice for overseas listing for Mainland companies,

55 The question in the questionnaire allows multiple choices, thus the statistical results total exceeds 100%. The same applies below.
56 Hong Kong Exchanges and Clearing Limited, “2022 Final Results, Dividend and Closure of Register of Members”.

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