MEDIA | March 14, 2016
The New York Law Journal published on March 14, an extensive essay entitled "When U.S. Law Collides with Chinese Reality: Challenges of Legal & Audit Practice with PRC Cross-border Transactions" written by MarcumBP's Managing Member Drew Bernstein, in conjunction with Robert D. Weber and Caryn G. Schechtman of the international law firm DLA Piper.
The article provides a fresh and unvarnished look at the challenges of doing business and advising clients in China given the vast disparities between the legal systems and business norms of China and the United States. Given the country's economic importance, companies and investors feel they cannot afford not to be involved with China, but once they understand the challenges, they may believe they can’t afford to be in China; what the authors refer to as the "China conundrum."
"Legal and audit professionals face enormous challenges in helping their clients to navigate these complexities and adhere to their own professional standards," the authors write. "At the same time, there is an opportunity to add significant value to clients if a counselor can help resolve the “China conundrum” and develop structures and strategic relationships that enable sustainable business growth."
In the essay, Drew Bernstein provides real world examples to illustrate the scope of the challenges of reconciling U.S. laws and standards to Chinese realities, but then shows various ways that his firm has been able to overcome these issues through creativity and perseverance.