2008: A profitable year for US and UK law firms in China -
April 08, 2008 | BY
clpstaffGlobalization helps international law firms continue growing in size and revenue in China
US and UK law firms are ranked the top for their active investments in China and are expected to see a signficiant profit boost in 2008, according to the first-ever global strategic survey by the law firm services group of PricewaterhouseCoopers' Private Company Services practice.
Measuring more than 60 different areas of firms' activities in the US, UK, Europe and Asia, the survey shows that US and UK law firms have made substantial investments in China, while this year their profit growth is projected to surge by as much as 10%.
The survey also found that the rising economic relationship between Asia, the Middle East and Russia, as well as business activities in European countries such as France and Germany, will affect law firms' decision-making in expansion. It also addresses that globalization has become “the new cornerstone strategy” of most large law firms.
Co-chair of the PricewaterhouseCoopers group, Stanley Kolodziejczak, said: “As we move into year two of the survey, we expect to see a number of emerging trends including increased profitability of US firms' foreign offices as they mature, a more in-depth focus on firms opening in China and additional focus on human resource initiatives relating to lateral attorneys and retention issues.”
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