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Legal Firms: Overseas Offices Boost Profits

01/08/09

Legal Firms: Overseas Offices Boost Profits

Legal work in emerging Asian economies will be the source of a profit boost to large law firms over the coming year—but only for firms with established ties, according to an article by law firm management experts in the Law Society Gazette. Over the last financial year, a number of firms with extensive networks of international offices have reported that large chunks of their profits came from abroad. For the second year running, the magic circle firm Allen & Overy reported that 50% of its income came from outside the UK. Freshfields estimated that 60% of its revenues came in other currency. The Asian economies presented the greatest opportunities to boost profits. ‘The firm that have pursued an international strategy are starting to feel the benefits,’ said Nick Jarrett-Kerr, an independent management consultant. ‘But when you set up new offices abroad, you need a two or three-year lead-in before you start to get the rewards.’ This is consistent with BBHO’s strategy for its clients. The managing partner of BBHO, Mr William Ho, also said that it is vital to engage an experienced consultant to devise a strategy plan to build up strong contacts form the beginning. 

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