tag:blogger.com,1999:blog-13464269894392062622024-03-08T11:59:12.072-08:00Legal ServicesDr Stephen Mosshttp://www.blogger.com/profile/10930186202926582607noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-1346426989439206262.post-48771636183625263002011-12-05T19:18:00.001-08:002011-12-05T19:18:22.356-08:00International Law Firms - Asia and Australia<!--[if gte mso 9]><xml>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: Calibri; font-size: 16.0pt; line-height: 110%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">Australian
Law Firms<o:p></o:p></span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: Calibri; font-size: 16.0pt; line-height: 110%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">Invitation
to Internationalise<o:p></o:p></span></b></div>
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<b style="mso-bidi-font-weight: normal;">The author</b> – <i style="mso-bidi-font-style: normal;">Dr Stephen Moss, Chairman of Eaton Square,
is an international law firm advisor and strategic consultant. He has worked
with a number of Australian, UK, US and Asian based law firms on their
international strategy and introduced a number of mergers over his 25 year
track record in the legal services sector.</i> <o:p></o:p></div>
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<br /></div>
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One thing is for certain: the legal services sector is in
the early stages of a seismic shift. Law firms that do nothing in the face of
this changing landscape, do so at their peril. <o:p></o:p></div>
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<br /></div>
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Let me describe the context of the changing international
face of this industry. First I will address the emerging segmentation of the
top end of the law firm market, then I will talk about some of the other forces
that are at play in this industry, forces that will change the sector forever. <o:p></o:p></div>
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There are two main segments emerging internationally, the
Global Elite and the International Business Law Firms. The Global Elite are
transaction focussed firms <span lang="EN-US" style="mso-ansi-language: EN-US;">looking
to the Fortune Global 250 and comparable companies as their core client group.
Allen & Overy and Clifford Chance have entered the Australian market and
Linklaters will likely enter the market within the next 12 to 24 months. The
other segment is the International Business Law Firms who are </span>focused on
building a capability in locations where the Global 500 have their headquarters,
hence their interest in all major and secondary jurisdictions globally. DLA
Piper and Norton Rose are examples of these firms. There are several more US
based international firms launching into this space, including Squire Sanders
who merged recently with the Minter Ellison Perth practice. To give a feel for
the market activity, there were 16 cross Atlantic mergers consummated in Q1
2011 alone with another 22 being openly discussed. These numbers do not account
for the more confidential discussions that are taking place. It is common
knowledge that each of the top 10 Australian firms have at least considered the
international situation they are facing. A number of these firms are actively
working on an international merger/combination strategy. <o:p></o:p></div>
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Other dynamics in the sector include:<o:p></o:p></div>
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<li class="MsoNormal" style="mso-list: l0 level1 lfo1;">Larger Australian firms
have “no-where to go”, they have too many partners and “full service” is
no longer a valid strategy <o:p></o:p></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;">Australian firms choosing
an Asia only strategy face the very real danger of becoming an
undifferentiated generalist with attendant pressure on rates and margins<o:p></o:p></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;">New international entrants
are taking niche positions in selected countries<o:p></o:p></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;">Mergers of mid-tier firms
to target corporate base-load work are being considered<o:p></o:p></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;">New risk sharing pricing
and delivery models – pushed by clients<o:p></o:p></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;">Pressure on rates and
margins are growing from procurement processes – clients are less tolerant
of open ended fee arrangements<o:p></o:p></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;">New models of service
delivery are emerging, e.g. LPO and Advent Lawyers in Australian and Asia
and Axiom Legal in the US<o:p></o:p></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;">More buying decisions are
being made offshore<o:p></o:p></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;">There is an oversupply of
commodity lawyers both locally and globally, and<o:p></o:p></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;">There is significant
competition for top-end partners and talent.<o:p></o:p></li>
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I believe the “war for talent” in the industry is here to
stay. <span style="color: windowtext; mso-bidi-font-family: "Times New Roman";">Whilst
at lateral levels candidates' decisions are largely based on reputation, work
and clients of the partner and practice area, the brand also impacts on the
quality of the lawyers who firms will be able to attract in the first instance.
The impact of the brand is most significant at graduate level where candidates
have yet to identify with individual partners or practice areas and therefore
focus almost solely on the brand in determining where to apply and where to
accept a job offer. Being within a large international brand will almost
certainly help firms to continue to attract the best and brightest to their
firm.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: windowtext; mso-ansi-language: EN-US; mso-bidi-font-family: BesSansLight; mso-fareast-font-family: "MS 明朝"; mso-fareast-theme-font: minor-fareast;">A major issue for Australian Managing
Partners and their firms in the future is the percentage of market share their
firm can retain in client spend and whether the overall growth in the market
will compensate for their loss of share. Firms operating in Asia as a major
focus will likely feel the pressure less, but they will also need to keep aware
of the changing commercial and competitive landscape they now work in.<span style="mso-spacerun: yes;"> </span>The commercial certainties to which law firms
have been used have gone: the rules of engagement are being re-written by
competition and a shifting international marketplace; clearly the relentless
pursuit of chargeable time and profit per partner is at risk, especially for
those firms unable to embrace change!<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span lang="EN-US" style="color: windowtext; mso-ansi-language: EN-US; mso-bidi-font-family: BesSansLight; mso-fareast-font-family: "MS 明朝"; mso-fareast-theme-font: minor-fareast;">There is much to be won and lost in
this new legal services landscape.<span style="mso-spacerun: yes;"> </span>Firms
that embrace change, become more corporate and strategically disciplined and
remember that their clients are their reason for being, cross sell and remember
their fellow/sororal partners and move with the inevitable globalization of
their industry will likely be the winners. </span><o:p></o:p></div>
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<span style="color: windowtext; mso-bidi-font-family: "Times New Roman";">I have heard a couple of firms describing the choice to go
with an international strategy as a “leap of faith,” I rather tend to see it as
the opportunity to take a “quantum leap”. The strategic drivers are aligned; business
is becoming more aligned to Asia, a natural fit with international firms
looking to Asia and a potential accelerator to strategic imperatives as a
business. There are clearly risks but </span>I believe that Australian law
firms and groups of partners will continue to be of great interest to a number
international firms considering their Asia strategies. <o:p></o:p></div>
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<!--EndFragment-->Dr Stephen Mosshttp://www.blogger.com/profile/10930186202926582607noreply@blogger.com0tag:blogger.com,1999:blog-1346426989439206262.post-8965583637241894182011-12-05T19:06:00.001-08:002011-12-05T19:06:05.901-08:00Singapore Legal Services<a href="http://www.eatonsquare.com.au/">www.eatonsquare.com.au</a><br />
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<br />
<div align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 18pt;">Australian Law Firms<o:p></o:p></span></b></div><div align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 18pt;">interest in Singapore<o:p></o:p></span></b></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US">There is considerable interest from International law firms in growing their Singapore legal services presence. In this editorial I will look at the drivers behind this trend and suggest what some of the implications might be for Australian law firms in particular.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US">Until recently the Government has restricted entry of foreign law firms into Singapore. Many international firms have had a small presence in Singapore however the international drivers have not been as strong as we are beginning to see today. In response the Government have said they are relaxing their entry conditions and in fact will be encouraging foreign law firms to use Singapore as a base for their international work across Asia. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US" style="font-family: Calibri;">The growth in Singapore last year was 20% + and there are few if any signs of this growth slowing down. Singapore itself is a boom economy. Added to this much of the growing corporate and commercial work from China and India is being done now in Hong Kong and Singapore. The number of IPO’s and other financial services work being done in China is rapidly increasing and Singapore is seen as a more stable political and financial environment to settle such work. The international market’s concern about China’s lack of traditional rule of law is driving this work to places like Hong Kong and Singapore. Also firms that have long practiced in India are tending to operate out of Singapore as well, and this trend is also growing with the growing demand for legal services across Asia. Singapore is politically stable, financially strong and for Australia, geographically close.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US" style="font-family: Calibri;">The other growing trend, and driver of growth for the Singapore legal services sector, is in Singapore becoming recognised as the Alternate Dispute Resolution (ADR) center for Asia. </span><span lang="EN-US" style="font-family: Calibri;">The Singapore Government is a strong proponent of ADR. In the early 90’s they established</span><span lang="EN-US" style="font-family: Calibri;"> the </span><span lang="EN-US"><a href="http://www.siac.org.sg/"><span style="color: windowtext; font-family: Calibri; text-decoration: none;">Singapore International Arbitration Centre</span></a></span><span lang="EN-US" style="font-family: Calibri;"> (SIAC) closely followed by the establishment of the </span><span lang="EN-US"><a href="http://www.mediation.com.sg/"><span style="color: windowtext; font-family: Calibri; text-decoration: none;">Singapore Mediation Centre</span></a></span><span lang="EN-US" style="font-family: Calibri;"> (SMC). <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US" style="font-family: Calibri;">Although more than 150 law firms around the world have a presence in Asia with more than 350 office establishments there are currently only 3 large local firms in Singapore, but over 1,000 smaller law firms. An environment ripe for consolidation and restructure. With Allen & Overy’s recent announcement of “tie-up talks” with the largest of the 3 Singapore firms </span><span lang="EN-US"><a href="http://www.legal500.com/firms/2086/offices/31585"><span style="color: windowtext; font-family: Calibri; text-decoration: none;">Allen & Gledhill</span></a></span><span lang="EN-US" style="font-family: Calibri;">, the other two firms will be natural targets to be acquired. There will also be ex-pat partners from the larger firms who are unsettled and open for approaches. Also there will be a consolidation of the smaller corporate specialist firms. All these </span><span lang="EN-US" style="font-family: Calibri;">changes represent opportunities for the Australian (and other international) law firms to get a stronger foothold in the region. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US" style="font-family: Calibri;">Major international business law firms are interested in Australian firms, but not for the Australian market in its own right, but rather for the Asian markets they service and our natural foothold in the Asian region. Singapore is a key and growing market in Asia, and the opportunity is at Australian firm’s doorstep to strengthen their Asian presence and attractiveness to the international market through Singapore. </span><span lang="EN-US" style="font-family: Calibri;"><o:p></o:p></span></div>Dr Stephen Mosshttp://www.blogger.com/profile/10930186202926582607noreply@blogger.com0tag:blogger.com,1999:blog-1346426989439206262.post-78107488941972585432011-12-05T19:05:00.001-08:002011-12-05T19:05:51.702-08:00<a href="http://www.eatonsquare.com.au/">www.eatonsquare.com.au</a><br />
<br />
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<div align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 18.0pt;">Australian Law Firms<o:p></o:p></span></b></div><div align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 18.0pt;">interest in Singapore<o:p></o:p></span></b></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US">There is considerable interest from International law firms in growing their Singapore legal services presence. In this editorial I will look at the drivers behind this trend and suggest what some of the implications might be for Australian law firms in particular.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US">Until recently the Government has restricted entry of foreign law firms into Singapore. Many international firms have had a small presence in Singapore however the international drivers have not been as strong as we are beginning to see today. In response the Government have said they are relaxing their entry conditions and in fact will be encouraging foreign law firms to use Singapore as a base for their international work across Asia. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US" style="font-family: Calibri;">The growth in Singapore last year was 20% + and there are few if any signs of this growth slowing down. Singapore itself is a boom economy. <span style="mso-spacerun: yes;"> </span>Added to this much of the growing corporate and commercial work from China and India is being done now in Hong Kong and Singapore. The number of IPO’s and other financial services work being done in China is rapidly increasing and Singapore is seen as a more stable political and financial environment to settle such work. The international market’s concern about China’s lack of traditional rule of law is driving this work to places like Hong Kong and Singapore. Also firms that have long practiced in India are tending to operate out of Singapore as well, and this trend is also growing with the growing demand for legal services across Asia. Singapore is politically stable, financially strong and for Australia, geographically close.<o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US" style="font-family: Calibri;">The other growing trend, and driver of growth for the Singapore legal services sector, is in Singapore becoming recognised as the Alternate Dispute Resolution (ADR) center for Asia. </span><span lang="EN-US" style="font-family: Calibri; mso-bidi-font-family: Arial;">The <span style="mso-bidi-font-weight: bold;">Singapore</span> Government is a strong proponent of <span style="mso-bidi-font-weight: bold;">ADR.</span> In the early 90’s they established</span><span lang="EN-US" style="font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> the </span><span lang="EN-US"><a href="http://www.siac.org.sg/"><span style="color: windowtext; font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; text-decoration: none; text-underline: none;">Singapore International Arbitration Centre</span></a></span><span lang="EN-US" style="font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> (SIAC) closely followed by the establishment of the </span><span lang="EN-US"><a href="http://www.mediation.com.sg/"><span style="color: windowtext; font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; text-decoration: none; text-underline: none;">Singapore Mediation Centre</span></a></span><span lang="EN-US" style="font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> (SMC). <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US" style="font-family: Calibri; mso-ascii-theme-font: major-latin; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-latin;">Although more than 150 law firms around the world have a presence in Asia with more than 350 office establishments there are currently only 3 large local firms in Singapore, but over 1,000 smaller law firms. An environment ripe for consolidation and restructure. With Allen & Overy’s recent announcement of “tie-up talks” with the largest of the 3 Singapore firms </span><span lang="EN-US"><a href="http://www.legal500.com/firms/2086/offices/31585"><span style="color: windowtext; font-family: Calibri; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold; mso-hansi-theme-font: major-latin; text-decoration: none; text-underline: none;">Allen & Gledhill</span></a></span><span lang="EN-US" style="font-family: Calibri; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: major-latin;">, the other two firms will be natural targets to be acquired. There will also be ex-pat partners from the larger firms who are unsettled and open for approaches. Also there will be a consolidation of the smaller corporate specialist firms. All these </span><span lang="EN-US" style="font-family: Calibri; mso-ascii-theme-font: major-latin; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-latin;">changes represent opportunities for the Australian (and other international) law firms to get a stronger foothold in the region. <o:p></o:p></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span lang="EN-US" style="font-family: Calibri; mso-ascii-theme-font: major-latin; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-latin;">Major international business law firms are interested in Australian firms, but not for the Australian market in its own right, but rather for the Asian markets they service and our natural foothold in the Asian region. Singapore is a key and growing market in Asia, and the opportunity is at Australian firm’s doorstep to strengthen their Asian presence and attractiveness to the international market through Singapore. </span><span lang="EN-US" style="font-family: Calibri; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><o:p></o:p></span></div><!--EndFragment-->Dr Stephen Mosshttp://www.blogger.com/profile/10930186202926582607noreply@blogger.com0tag:blogger.com,1999:blog-1346426989439206262.post-2792196209589580552011-12-05T19:02:00.001-08:002011-12-05T19:02:24.274-08:00Legal Services - International, Australia and Asiahttp://eatonsquare.com.au/wp-content/uploads/2011/11/Australian-Legal-Affairs-publication-11.11.11.pdfDr Stephen Mosshttp://www.blogger.com/profile/10930186202926582607noreply@blogger.com0tag:blogger.com,1999:blog-1346426989439206262.post-48484350064037703212011-12-05T19:01:00.000-08:002011-12-05T19:01:40.912-08:00<a href="http://www.eatonsquare.com.au/">www.eatonsquare.com.au</a>Dr Stephen Mosshttp://www.blogger.com/profile/10930186202926582607noreply@blogger.com0Sydney NSW, Australia-33.873651 151.20688960000007-33.885485 151.19397910000006 -33.861817 151.21980010000007