A major objective of the new globalization is to penetrate a marketplace before competitors are armed to capitalize on their own global success. Many companies have been conducting business around the world for a number of years. For American law firms, today's global economy creates unparalleled opportunities and many risks.
New markets mean new opportunities but many unknowns.
Client expansion leaves little room for a domestic-only strategy. Whether it is to attract foreign clients or to serve existing clients as they branch out overseas, law firms increasingly need to create an international presence. Garnering publicity in foreign markets is not easy. To begin with, it can be a daunting challenge just to learn local customs and cultures. Consider a dilemma faced by a mid-sized New England law firm recently.