Frankly, the American economy has taken a huge hit over the past few years. After the housing bust of 2006, the unemployment rate skyrocketed, and many startups folded due to increasing financial woes. As a result, many top businesses looked to jump ship and swim to more promising foreign markets. Though the U.S. economy has improved greatly over the past few years, this trend is still prevalent, especially among law firms seeking new legal business. Such firms often look across the Atlantic and Pacific to open new offices and hire local employees.
According to an industry report by Ibisworld, the global recession in 2009 caused a decrease in demand for legal services, leading many companies to branch out to non-traditional locations like Asia for business.
“This trend weakened the top-tier firms in 2009 since they receive the bulk of their revenue from major corporate clients,” said IBISWorld industry analyst Kevin Culbert, according to a press release. “While profit margins declined following the recession, firms were quick to cut costs.”
However, many small offices that were once struggling to find clients have now blossomed into major players in the region. In 2007, Asia Law ranked the top law firms in China, Indonesia, India, Malaysia, the Philippines and South Korea across a variety of industries, and many of these firms have remain influential today.
If you are trying to make a career move to one of these exciting countries, give our attorney headhuntersat Kinney Recruiting a call. Our professionals can give you access to some of the top law firms in Asia, and also provide advice on the cultural aspects of living in the region.
Related Posts:
- None Found