Page 101 - MASTER COPY LEADERS BOOK 9editedJKK (24)_Neat
P. 101
Leaders in Legal Business
Paulo are becoming increasingly relevant. Other countries are rapidly developing. Most of the world’s megacities
are now in the developing rather than developed world. Big acquisitions, funding and disputes no longer
necessarily need to pass through New York or London. Some of the world’s largest country funds are based in
Asia and the Middle East, recycling either commodity income or pensions savings into the global equities, bonds
and real estate markets.
While trade and investment flows have increased and become more diverse, it is important to note that
the corporate giants of today are no longer the monopoly of the U.S. and Europe. Indeed, very soon, corporations
from these countries will be a minority in the Fortune Global 500.
The Fortune Global 5002
These trends have not been lost on law firms. They realize that their domestic clients are increasingly
operating abroad, whether making investments, sourcing raw materials, selling finished products, manufacturing,
or protecting intellectual property. In addition, companies abroad may be investing in the firm’s home market and
undertaking a range of other activities. Since the financial crisis we have had a significant oversupply of lawyers
in many Western markets, so firms are keen not only to safeguard their own client relationships, but also to gain
new clients. Globalization gives firms an opportunity to stay relevant to their clients by offering the services clients
need wherever they need them in the world. Conversely, if a firm does not respond to a client’s changing
geographic need, it risks having a less significant or strategic role for that client and a smaller share of the client’s
legal spend. Furthermore, a commitment to, and connections in, locations where a major corporate is based, which
is now a more varied choice of location, is often seen as critical to gaining the most high-profile and lucrative
engagements.
Many firms, when given a choice, would often prefer not to establish outside their home jurisdiction, but
the growth potential of new markets and the need to defend their existing client relationships from firms with a
2 FORTUNE GLOBAL 500, http://fortune.com/global500 (last visited January 27, 2015).
94
Paulo are becoming increasingly relevant. Other countries are rapidly developing. Most of the world’s megacities
are now in the developing rather than developed world. Big acquisitions, funding and disputes no longer
necessarily need to pass through New York or London. Some of the world’s largest country funds are based in
Asia and the Middle East, recycling either commodity income or pensions savings into the global equities, bonds
and real estate markets.
While trade and investment flows have increased and become more diverse, it is important to note that
the corporate giants of today are no longer the monopoly of the U.S. and Europe. Indeed, very soon, corporations
from these countries will be a minority in the Fortune Global 500.
The Fortune Global 5002
These trends have not been lost on law firms. They realize that their domestic clients are increasingly
operating abroad, whether making investments, sourcing raw materials, selling finished products, manufacturing,
or protecting intellectual property. In addition, companies abroad may be investing in the firm’s home market and
undertaking a range of other activities. Since the financial crisis we have had a significant oversupply of lawyers
in many Western markets, so firms are keen not only to safeguard their own client relationships, but also to gain
new clients. Globalization gives firms an opportunity to stay relevant to their clients by offering the services clients
need wherever they need them in the world. Conversely, if a firm does not respond to a client’s changing
geographic need, it risks having a less significant or strategic role for that client and a smaller share of the client’s
legal spend. Furthermore, a commitment to, and connections in, locations where a major corporate is based, which
is now a more varied choice of location, is often seen as critical to gaining the most high-profile and lucrative
engagements.
Many firms, when given a choice, would often prefer not to establish outside their home jurisdiction, but
the growth potential of new markets and the need to defend their existing client relationships from firms with a
2 FORTUNE GLOBAL 500, http://fortune.com/global500 (last visited January 27, 2015).
94
