Why expanding globally could make sense for today’s law firms

With changing global industries and talent, now is the time for law firms to consider global expansion.

If the pandemic proved one fact, it’s that remote work works. Though many employees transitioned to work-from-home with little notice or precedent, productivity levels in many industries remained consistent. This was a surprise to many in North America, where remote work trends lag compared to other parts of the world. What does this mean for organizations such as law firms when charting out their future?

Here’s why now could be the optimal time for your firm to consider global expansion.

Necessity

Of course, growth may not be the top concern for firms who—like nearly all industries—may be getting back up to full speed after the pandemic. Yet the legal world need only look back to the Financial Crisis of 2008 to see the value and need of global operations. After the previous downturn, some law firms expanded as a necessity: as businesses slowed domestically, other regions continued to boom. Whether it’s lingering lockdowns or other roadblocks to accessing the right personnel, it pays off to have options.

Technology & Cost

Even a decade ago, expanding firm operations to another country or even city meant setting up a physical location with great initial financial investment. Today? Not so much. The latest tech means that managing any international operation is significantly simpler—and cheaper—than ever before. Even hiring additional employees can be done without leaving the house.

Talent

Much has been written about the push for more diversity in the legal field. The first difficulty of hiring in any field, let alone law, is that human resources are limited to the talent available in the immediate location. Additionaly, firms tend to over-rely on recommendations from current lawyers. This is severely limiting. Now, with some litigation going online, it is less necessary to hire talent in your immediate region. The idea of expanding doesn’t necessarily mean moving business away from a core location, it can also mean sourcing new resources to fulfill an in-demand area.

Changing global industries

For many years, China was the undisputed king of manufacturing, cybersecurity was a niche, and baby boomer retirement was merely on the horizon. The world is changing, and certain areas of law have the potential to expand exponentially. At the same time, global trade and relations are set to reach new heights as the world continues to course correct post-pandemic.

Clearly the past few years have been a huge shakeup for firms of all sizes—and though growth or expansion may be the last thing on the mind of legal leaders, now could indeed be the best time to consider the future of the firm. Not only is the cost and capability attractive, but as business slows domestically, seeking clients abroad may help boost profits. After all, a changing global landscape means that multiple industries could expect big shifts and require legal assistance. Talent too can be sourced from other locations to bring in niche expertise and experience not easily found locally. Regardless, firms should always consider their long-term vision and goals when making any decisions about their direction.

Disclaimer:

Convera has based the opinions expressed in this webpage on information generally available to the public, and such information or opinions are strictly for illustrative purposes only. Business between you and Convera shall be governed by the applicable terms and conditions provided to you before you undertake any transaction or commercial relationship with Convera.