The findings show a significant increase in confidence for international expansion with only 15 per cent of firms surveyed not planning any international expansion over the next 12 months. This figure has halved when compared to the number of firms who did not expand internationally last year (31 per cent).
Barclays carried out a survey amongst the UK’s largest law firms in order to understand firms’ expectations, plans and attitudes around international expansion.
When looking at where firms are focusing their growth this year, over half of the firms surveyed (54 per cent) state they will be expanding into the Asia Pacific region over the next 12 months, with China and Singapore in particular identified as key destinations. Western Europe (38 per cent) and the Middle East (27 per cent), particularly Germany and Dubai, will also see more UK law firms entering the market.
Interestingly the findings show that although there is perception that South America is a key destination for international growth, almost twice as many firms (15 per cent) expanded into South America last year than those who are planning to over the coming 12 months (8 per cent). Central and Eastern Europe (CEE) however is gaining attraction, with 12 per cent of firms expanding into CEE over the next 12 months compared to none last year.
