US firms look abroad to bolster profits
This Reuters article reflects upon the fact that as the US economy continues to struggle, law firms are looking abroad to bolster profits.
In recent months, Davis Polk & Wardwell opened an office in Sao Paulo; K&L Gates and Cadwalader Wickersham & Taft in Brussels; King & Spalding in Moscow, and McDermott Will & Emery in Paris.
The article notes that this expansion can be viewed as US firms playing catch up: for US firms less than 15 per cent of revenue comes from work outside the US, while for UK firms the figure is more than 50 per cent.
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