While layoffs seem inevitable during the downturn, firms are trying hard to protect their core asset - fee earners who contribute significantly to the firms' financial success. One initiative adopted by firms to retain valuable practitioners is to offer them the opportunity to join the firm's partnership.

Fulbright & Jaworski has just taken this step across its US, Dubai and Hong Kong offices. The firm has elevated nine senior associates and four senior counsel from core practice areas to join the firm's global partnership. Two of the new partners are based in Hong Kong, Zhang Jie of the corporate group and Ben McQuhae of the energy & real property group.

Both have experience in advising multinational clients in oil & gas-related transactions and projects. However, Zhang handles M&A transactions, joint ventures, cross-border investments and structured finance, primarily involving the People's Republic of China, while McQuhae's practice has a clear focus on oil & gas, coal and other energy-related transactions in Asia.