International law firm Withers has entered into a consultancy agreement with BeA-asia as it seeks to explore China's rising high net worth community.

The deal follows on the law firm's decision to set up an office in Hong Kong in 2008 and is in line with plans to gain a better business presence in Greater China. According to the latest Merrill Lynch/Capgemini wealth report, the country is home to 477,000 high net worth individuals, with the number expected to increase over the next years.

"Such high speed wealth creation will undoubtedly lead to complex wealth planning needs for entrepreneurs, their families and their businesses, so this is obviously a market Withers is very interested in. Long term, we plan to open an office in Shanghai, subject to receiving the necessary approvals for the regulators in China," Margaret Robertson, Withers global managing director, said in a statement.

BeA-asia is a financial services advisory firm with offices in Shanghai and Rome. The company was set up by Italian lawyer Luca Birindelli in China two decades ago and focusses on investment activities of the fast growing Chinese high net worth community.