Consulting for International Law Firms
International Law Firm Strategy
The United States is the biggest market for many international law firms. Rapid changes in the legal industry have caused the strategies they once relied on to become much less effective. Specifically, the 200 largest firms have grown dramatically, such that they now account for more than a third of all the dollars spent annually on law firms in the U.S. These so-called “Am Law 200” firms increasingly represent the largest corporations and wealthiest individuals and are becoming more isolated from the rest of the legal industry. As a result, it is more difficult for a vast majority of foreign firms to gain access to corporate clients in the U.S. Moreover, consortia and international networks of law firms such as Globalaw and Lex Mundi are becoming less effective as large international firms are opening more offices outside of the U.S. In this evolving and competitive market, international law firms need a different strategy to generate revenues in the U.S.
Engaging the Middle Market
The biggest challenge facing foreign law firms seeking to attract more work from U.S. clients is forging the right relationships. In a country of more than 300 million with a GDP in excess of 15 trillion USD, identifying the right potential clients is a daunting task. The days of showing up at a single conference or networking primarily in New York City or Washington D.C. are long gone. Fortunately, there is a better way. Through no fault of their own, most international firms don’t spend enough time engaging with that portion of the U.S. business community that is most likely to be reachable within a reasonable amount of time–the middle market. These are largely privately held companies with at least 10 million USD in annual revenues. That is where we come in. For more than 20 years RFL has been focusing on serving clients and introducing them to the business executives, law firms, accountants, consultants and other advisors who serve this market. Our professionals have decades of experience in making introductions and facilitating engagements from companies who work internationally, that can afford you, and can hire international law firms repeatedly.