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International Markets

Going global

The global economic crisis has impacted hugely on the legal industry but not all ­developments have been negative. Neil Hodge looks at the changing markets to ­ascertain where the opportunities lie that can help you make the world your oyster.

The lingering global economic crisis is continuing to provide challenges and opportunities for law firms around the world. International firms are looking to expand and gain a foothold in new and emerging markets, while local law associations try to resist any move that may mean an encroachment on their territory – especially when demand for legal services there is growing.

­In February Clifford Chance merged with two boutique Australian firms, Sydney firm Chang, Pistilli & Simmons, and Perth firm Cochrane Lishman Carson Luscombe. Clifford Chance plans to double revenues in the region in four years, as part of ambitious growth plans. It has also opened offices in Qatar and Turkey this year.

‘As globalisation enters a new phase, the balance of economic power – and our clients' attention – is shifting to Asia, the Middle East, Africa and Latin America,’ Clifford Chance managing partner David Childs said at the time of the mergers. ‘We need to continue to evolve our business to reflect these bigger changes, as witnessed by this important move in Australia.’

Other international law firms have also been involved in mergers and opening new offices in new markets. DLA Piper merged with its Australian associate firm DLA Phillips Fox this year. And in July magic circle firm Allen & Overy announced its first move into Africa with an office opening in Casablanca. The firm says that it is looking to build on a number of recent deals in the continent, focusing on the region’s emerging markets. The firm’s global managing partner Wim Dejonghe said: ‘Morocco is rapidly establishing itself as (cont. page 06)