New sections for the Chambers Global Guide 2022As part of Chambers Global`s commitment to research and rank new and emerging legal markets, the 2022 edition of the Chambers Global Guide and Rankings will include many new sections. The legal services market in Australia saw an increase in demand from 2018 to the end of 2019. The Australian legal services market is a mature market, currently valued at $21 billion. [12] From 2009 to 2015, the Australian legal services market experienced a gradual decline from aggregate demand (6%) in 2009 to aggregate demand of (-3%) in 2015. However, in 2018, the Australian legal services market saw an increase in demand with an average increase of (7.8%). [13] Demand remained strong in 2019 and 2020, despite increased competition from ALSPs and NewLaw firms. In addition to a law degree and professional certification to practice law, a number of important legal systems require some form of continuing education. This is necessary as the pace of change accelerates and it is necessary for legal practitioners and related legal professionals to stay current in order to remain relevant and effective. In the US, UK and Singapore, there is a lot of work to articulate the types of forward-thinking skills required for different roles in the legal sector. Competency models include the DELTA model, the SRA competency statement and the Industry Legal Framework for Training and Education (LIFTED).
[6] [7] A survey of what CCs really expect from law firmsWhat are the most important factors and considerations for CCs when looking for the best law firms? The Chambers Global team shares its findings after interviews with more than 700 professionals from around the world. The legal services market in Singapore is both crowded and highly competitive – the market continues to be divided between domestic and foreign players. [63] As one of the world`s financial centres, the main buyers of legal services in Singapore range from institutional investors to start-up SMEs. In 2020, Mishcon de Reya LLP opened an office in Singapore with an initial focus on working with private clients for high net worth families in the region. [64] While most firms in Asia have lost revenue, some firms have seen an increase in restructuring and discussions about distressed takeovers. In addition, Asian companies reported that their regulatory teams as well as their litigation teams were in high demand, although the total number of M&A deals fell to $381.2 billion compared to 2019 (20%). [11] In Hong Kong, the Chinese business team resumed five IPOs in September 2020, and eight more deals are in place. [11] Asian law firms have also seen an increase in regulatory investigations and litigation related to force majeure and business interruption. The hiring of lawyers in 2021 will most likely remain conservative and limited to certain industries.
Sectors such as goods and services, e-commerce and digital banking are expected to remain active in 2021. [42] Legal professionals dealing with technology and digital, risk and compliance can also be in high demand. [43] At K&L Gates, lawyers take on challenging work for leading clients in a supportive environment. An open market allocation system allows employees to exercise control over their workload, and more experienced lawyers act as volunteer mentors. K&L Gates is one of the world`s largest law firms with nearly 2,000 lawyers on five continents. The firm`s world-class practices include corporate law; energy and infrastructure; finance; intellectual property; workplace safety, employment and workplace safety; litigation and dispute resolution; policy and regulation; Real estate; and asset management and investment funds. McDermott sits comfortably among V100 law firms and is best known for his work in the health and tax fields, though his practices go far beyond that. The firm is forward-thinking when it comes to wellness, offering lawyers billable loans for 25 hours of wellness and will appeal to those seeking a collegial and supportive environment. While the company is still known for its financial strength, McDermott`s reach has expanded over the decades. The firm advises clients in newer areas such as life sciences, renewable energy and data protection law, complementing its more traditional practices such as mergers and acquisitions, antitrust, healthcare, intellectual property, litigation, real estate and insurance.
Legal service providers include in-house counsel, legal counsel, practising lawyers and legal counsel. Indonesia`s legal services offer typically includes traditional law firms, lawyers (i.e. licensed lawyers, arbitrators, mediators, notaries) and in-house legal advisors. With a culture of collegiality and teamwork in the Midwest, Jones Day is among the best of the best in the legal industry. The firm has a long list of outstanding practices – from labour and employment to private equity and appeals – and is a leader in pro bono. Jones Day has 42 offices in 17 countries on five continents. The firm`s growing practices include antitrust, appellates, capital markets, international law, intellectual property, labour and employment, mergers and acquisitions, private equity, securities and securities litigation, to name a few. New to Chambers Global 2022 is the Global Reach Index, a new set of analysis and information that highlights law firms ranked in several major jurisdictions for practice areas such as capital markets, corporate mergers and acquisitions, litigation, TMT and many others. The legal services market in Australia is expected to grow over the next five years. Despite a decrease of (8.1%) for legal services in 2019/2020, revenues from legal services are expected to increase by (1.2%) from 2020 to 2021. [14] Demand from the following sectors will support the continued growth of the legal services market in Australia: demand from property operators and developers, as well as banks, finance companies and insurance companies. [14] In total, more than 22,500 companies were assessed.
Of this sum, several companies were very close to being part of the limited list of elite companies awarded this year. International law firms may operate in Malaysia. Under Part IV of the Legal Professionals (Amendment) Act, a foreign law firm wishing to do business in Malaysia has two options: (a) operate in international partnership with a Malaysian law firm or (b) operate as a qualified foreign law firm (“QFLF”). [40] Exports of legal services (i.e., recipients of legal services are based outside Hong Kong) reached US$386 million in 2018. [54] Hong Kong companies typically use legal spending in the following seven countries: the United States, the United Kingdom, and mainland China, as well as Singapore, Japan, India, and Australia. [55] Indeed, studies show that (59%) of legal spending is made outside Hong Kong and (60%) of law firms expect international spending to increase. Locke Lord offers world-class legal work in a relaxed and cordial environment. Lean staffing means early responsibility and experience for employees.
With a number of women in leadership positions, the company`s commitment to diversity is evident in practice. Locke Lord is a full-service international law firm with 20 offices and approximately 650 lawyers in the United States, Brussels and London. Locke Lord has received numerous industry recognitions as a global leader in the mid-market segment. The Indian market for legal services is estimated to be worth over $1.3 billion. The legal services market in India remains strong, with the legal market exceeding USD 1.3 billion[27] in 2018 due to foreign investment and growing demand from local clients. Of this amount, about $400 million is spent on “contentious legal work,” including complex litigation and arbitration. [28] Singapore is regularly recognised as the main point of contact for dispute resolution with the Singapore Mediation Agreement, the Singapore International Arbitration Centre and the Singapore International Commercial Court. [59] Singapore`s courts are familiar with international arbitration and assist parties in arbitration. In fact, in 2019, Singapore was recognized as an arbitration center and an innovator in legal technology.