Are U.S. law firms losing international business opportunities because a surprising number of in-house lawyers prefer to seek counsel in other countries?
That’s the conclusion of a survey that suggests global companies would rather be advised by British firms. Which is especially bad news for their U.S. counterparts because this is an area of explosive growth.
According to an advance copy of a summary that will be released next week, 88 percent of the companies surveyed now require international legal advice — up from 70 percent in 2009. They seek it in an average of six countries outside their home jurisdictions, and they’re spending more to get it.
The growth of their legal bills for international matters is about five times the growth of their domestic expenses — much of it attributable to the so-called BRIC countries (Brazil, Russia, India and China).
via Law.com – A Litigious U.S. Might Be Driving Business to Law Firms Abroad.
