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over 700 hours of international networking, training and events for our members – with activities taking place in more than 35 jurisdictions’. Reflecting the importance to the UK economy of legal exports, the sector’s contribution to the balance of payments is in the order of £3.6bn. It is still the case that Anglo-American law firms dominate the international legal market. The firm names that City and US ‘white-shoe’ partners will have known through their careers are now on brass plaques across the world.

But what is unfolding is not a simple story of linear expansion by the largest law firms. In places, professional restrictions on practice have held back growth plans, and placed enhanced emphasis on the importance of relationships with independent firms. Meanwhile the role of more open jurisdictions – such as Dubai, Hong Kong, Singapore and Australia – has made them into regional ‘hubs’ for the legal services market, a status that has changed the character of each of these jurisdictions, in some cases dramatically.

The condition of mature markets is also of interest. The UK and US can simultaneously be seen as the well-springs of international law expertise, but also as places where a saturated market has created huge challenges for the model on which many commercial firms operate.

And whatever the outcome of attempts at liberalization in other jurisdictions, no managing partner can make a business plan on the basis that globalisation is something that is just happening abroad.

Law Society in Korea tie-up

On 15 November, Law Society president Lucy Scott-Moncrieff signed a Memorandum of Understanding with the president of the Korean Bar Association, Dr Young- Moo Shin, to build further on links between the two jurisdictions. South Korea has been identified as an important market for UK firms and their commercial clients. Scott-Moncrieff noted: ‘The Law Society has a role to play in paving the way for greater co-operation between solicitors and lawyers in Korea (above). The MoU is part of that collaboration.’ The Law Society delegation met the South Korean ministry of justice, British Embassy and other representatives of the legal profession.

Chancery Lane on the samba beat

Brazil offers business opportunities in a wide range of sectors, with particular focus on infrastructure ahead of the World Cup in 2014 and Olympics in 2016. In the last year, the Law Society has been working with the Ministry of Justice to promote English legal services under the Plan for Growth.

In September, Society president Lucy Scott-Moncrieff, and the president of the Ordem dos Advogados do Brasil (OAB) signed an agreement to strengthen ties between the two organisations and their members over the next two years. The agreement came at the end of a two-day visit to London by senior members of the OAB at the invitation of the Law Society, Bar Council and Ministry of Justice.

A follow-up delegation promoted England and Wales as a dispute resolution destination – part of the ‘unlocking disputes’ campaign.

In the coming year the Society will support the launch of a British-Brazilian law association alongside the Bar Council to further promote commercial links between English and Brazilian lawyers. More Brazilian lawyers are expected to use the fast-track Qualified Lawyers Transfer Scheme to requalify as solicitors of England and Wales after Brazil (below) became a ‘recognised jurisdiction’ in 2011.