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NEWS JUNE 28, 2021 ■ 15
they can provide from an outpost in Hong Kong or
Singapore. He said U.S. firms frequently struggle to
make enough money to pay for rent and salary costs
required for top-trained U.S. lawyers.
Over the last decade, these impediments have re-
sulted in retreats after firms entered with promises
of building a practice around corporate Asian cli-
ents. As the competition becomes more fierce, the
legal work has increasingly gone to local Asian at-
torneys, many of whom got their start in U.S.-based
Big Law firms, Maddox said.
“Over the years, I trained lots of young Chinese,
Korean and Indian lawyers to do U.S. securities
work,” Maddox said. “If you look at the firms that
are there now, that’s who’s running the capital mar-
kets teams.” Photo: allen thomas/EyeEm – stock.adobe.com
He added: “It’s local firms with local lawyers, firm by offering independent, high-quality legal ad-
many of whom have trained at those [U.S.] firms but vice without the complexities and slower turnaround
are able to offer their services at much lower rates times you can expect from larger, non-virtual firms.”
and much closer to where clients sit.” “The initial pitch will be ‘here’s a firm that you
For Sterlington, adding Maddox to a 45-lawyer don’t know but here’s a team that includes me that
team of attorneys, one-third of whom have business you do know.’ We really hope to be someone who is
in Asia, is a crucial step in a global growth strategy called up and asked to pitch on deals really starting
that since its founding in 2016 has maintained an eye from day one but that’s going to take a little time,”
on Singapore, Japan, Taiwan and Hong Kong, said Maddox said.
Sterlington’s founding partner, Christopher Harrison. With his addition, Sterlington also gains general
Harrison said the firm’s Asian growth is targeted counsel work for portfolio management companies
at amassing a roster of private equity clients with in- and routine contract work. Harrison said this has
vestment interests in the states, while maintaining proven to be one of the ways the firm has gotten its
aspirations to practice local law in Asia one day. The foot in the door with clients.
strategy, said Harrison, is based on recruiting lateral Harrison said the advantage leveraged by Ster-
partners like Maddox with deep ties to Asian mar- lington is its low-overhead model that translates
kets in Hong Kong and Singapore, who complement into a competitive fee structure for clients. This gives
the firm’s existing work in Japan and Taiwan. the firm a leg up, said Maddox, when so many of
“What we primarily get with Jeff is exactly what its competitors face fee pressures when they engage
we’re looking for, which is the highest premiere with large offerings.
quality corporate partner when you look at his “Firms like Sterlington are going to grow and at a
background,” Harrison said, pointing to Maddox’s price point that Asian clients are going to appreciate
background with Cadwalader, Clifford Chance and because they don’t have those structural impedi-
Jones Day. “It doesn’t get better than that as we ex- ments, like very expensive rent for office space,”
pand our footprint.” Maddox said. ■
Although Sterlington may be an unfamiliar name
for Asian corporate clients, Maddox said he’s suf- Justin Henry covers business news and trends at
ficiently well-known to bring the New York-based law firms, with a particular focus on the Pennsyl-
firm into the fold of major deals. Maddox said he’s vania market. Reach him at [email protected] or on
focused on “boosting the existing credibility of the Twitter @jstnhenry87
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