“It’s a very, very different situation this time round” says KWM Shanghai partner Mark Schaub when asked about the Asia-Pacific firm’s odds of European success in the wake of this week’s collapse of the legacy SJ Berwin business.

The administration means the Asia-Pacific giant has lost the bulk of its EMEA practice but, from the wreckage, China has salvaged a 33-partner business, with Schaub (pictured) personally playing a key role in negotiations with European partners.