If an administrator, lawyer or client wishes to examine the top-tier firms in say, Germany, where she or he will be travelling for business, there’s a good chance she or he will eventually check out the 20-year old Legal 500, in either print or online form. This compilation in capsule formula—the UK’s invention—is good for a quick perusal of firms’ capabilities world-wide and is pretty exhaustive. It seems to keep readers up-to-the-minute on the local happenings in each region.
One imagines that this sort of data can come in handy when, for example, one is headed for a never-before-been-to part of the world. Or, if your firm is planning on setting up shop a far distance from home turf, you’ll want to examine the new territory by putting out feelers as to where firms have been successful in this new venue, and where they haven’t.
So what does this birds-eye-view series—the company also puts out e-books per region and industry (downloadable on Kindle, iPhone, iPad etc.)–have to say about each country, per practice area?
Let’s look at a few representative examples. If we examine the reportable launches and leavings of firms in, say, Thailand, we learn that politics have affected investments and tourism but that the economy is robust, due to the Thai bank’s closed door policy to derivatives and the like. Baker & McKenzie is the largest firm of note.
On to Scotland, which seems to have four big firms dominating. These are listed as Dundas & Wilson LLP, Maclay Murray & Spens LLP, McGrigors LLP and Shepherd and Wedderburn. We read, too, that Edinburgh’s reliance on financial services has made it susceptible to the downturn.
As to Scottish trends; there is a sense of Londoncentricity in the air, and there are lateral hires aplenty.
In China, although M&A activity increased, private equity funds didn’t do well. Many practices underwent serious downsizing. However, it’s expected that, as soon as US and European markets recover, there will be a lot of incoming activity in the months to come.
And guess which firms reported upstepped momentum? Those firms housing “strong” litigation and employment practices. Additionally, there is what has come to be termed a great deal of “internationalization” (or, as the British say, “internationalisation”) of local firms. In that arena, rainmaker Rupert Li left Clifford Chance LLP for King & Wood.
In Germany, antitrust experts are being wooed in the aftermath of the global recession. In particular, they are being sought for advice in the areas of summary proceedings and compensation claims. There is also a great deal of that oft-used phrase, now, “cautious optimism” about the possibilities around the corner. Another word that is tossed about much is “transparency”.
There was a notable lack of activity in areas such as private equity; this affected many German firms’ bottom line. Also, Germany is learning from the West: “Firms have increasingly looked towards Chapter 11 bankruptcy proceedings in the US to learn what may be adapted…for German or European insolvency legislation,” we read. “As a result, the criteria by which German judges choose insolvency administrators for particular cases is increasingly becoming a subject of discussion.”
It’s not inconceivable to think that, if your firm is not already so structured, in the years to come you’ll be doing business in quite a few of the 90 countries represented here. No one lives or works in a bubble anymore. In fact, we’re all closer to other parts of the world than we think and a site like Legal500 seems to lessen the distance ever so slightly with these snapshot views.
To read more, go here: http://www.legal500.com/