Global law firms are racing to find new ways to build revenue. This isn’t really surprising. They know times have changed. The hot deal market that drove last year’s record revenue and profits has cooled. Crippling inflation, Russia’s invasion of Ukraine, continued uncertainty about China and fears of a recession have all hampered global business.
This explains why law firms have been launching new offices all over: In the past week alone, U.K.-based Watson Farley & Williams opened in Seoul—its fifth office in Asia; Nagashima Ohno also established its fifth office in Asia, launching in Indonesia, where Japanese clients have pledged to invest billions over the next few years; DAC Beachcroft opened offices in Milan and Rome, hoping to expand its insurance offering and provide regulatory advice to clients in Europe; and Clyde & Co merged with a U.S. boutique, gaining a stronghold in Boston.