Ms Liao founded her own law firm, Messrs. Fung & Liu, and remained the managing partner for 12 years (1992-2004).
On 1 November 2004, Ms Liao merged the business of Fung & Liu with K. C. Ho & Fong whose headquarters are in Hong Kong but with offices in mainland China. Ms Liao remains active as a senior consultant and expands her practice in the mainland China markets to include cross-bordered litigation, substantial landed-transactions, commercial banking and project finance. Ms Liao was elected one of the Ten Outstanding Young Persons in Hong Kong by the Hong Kong Junior Chamber of Commerce in 1995.