Law firms need to look abroad for growth in commercial work
Date Published: 04-06-2009
Law firms need to look abroad for growth in commercial work
Ongoing discussions about whether the UK is experiencing a ‘U’, ‘V’ or ‘W’ shaped recession do not help businesses plan ahead and make the crucial investment decisions that will kick start the economy, says the Law Society. What is needed is practical help and assistance to promote growth in expanding markets abroad.
As a result the Society is seeing a sharp upsurge in interest in doing business abroad from its members who focus on corporate and commercial work and it has just attracted the 100th member to its International Division.
Guildford-based solicitors Stevens & Bolton LLP have become the division's 100th member, with more firms set to join. The Law Society says the growing numbers to the International Division's ranks illustrate that many firms are seeing the benefits of adding an international element to their businesses, not only as a reaction to the current economic climate but also because they are laying down long term plans for the future.
Law Society head of international, Alison Hook, says:
"We are delighted Stevens & Bolton LLP have come on board and hope they take full advantage of the support we can provide to help UK solicitors do more in overseas markets. In joining the International Division, they have highlighted that it is not only large, City-based firms who can gain from engaging internationally.
“Many medium and smaller firms, and even sole practitioners with niche practices, can benefit from raising their international profile. There are opportunities for firms of all sizes and we can be a catalyst to raise awareness abroad of the international capabilities that exist across this country.
"To welcome our 100th member, when the global economy has been weakened, illustrates that many law firms are using this period to build for the future, to restructure and reduce their dependence on the domestic legal market."
Ken Woffenden, Head of Corporate at Stevens & Bolton LLP and chair of its International Practice Group said: "International work has in recent years become a major part of our business across all core practice areas. Most major projects which we handle have a cross border dimension and we regularly need to source top quality foreign legal advice for our clients.
“We see the Law Society's International Division as an excellent way of supplementing our existing "best friends" relationships in key overseas jurisdictions, as well as continuing to build our profile outside the UK and generating new business opportunities. Membership of the International Division fits extremely well with our strategy."
Throughout the year the Society's International Division has a rich programme of conferences, networking opportunities and seminars aimed at bringing together UK law firms with their overseas counterparts and businesses.
The division provides practical support, information and advice for firms working abroad, or solicitors exploring opportunities overseas, and lobby on key issues affecting solicitors' interests.
This week alone has seen the division host an India-UK legal practice conference in London, Manchester and Birmingham, as well as hold a joint conference with the Croatian bar in Dubrovnik and take a trade mission of lawyers to Qatar to explore legal opportunities there.
The division also has a Brussels office, which raises awareness of EU law and of opportunities for solicitors in Europe. The new Brussels office, which opened last year, also provides facilities to solicitors visiting the Belgian city.
Alison Hook adds: “Stevens & Bolton LLP, and all our members, can benefit from obtaining the contacts, tools and information they need to do business internationally.”
To find out more of the benefits of joining the Law Society International Division visit the International Division or contact Katherine Bird on internationaldivision@lawsociety.org.uk
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