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Essay / Research Paper Abstract
This 4 page paper looks at an article concerning the differences between law firms located in the annual firm located in New York, considering international expansion is likely to be more attractive to London firms, looking at the cultural and practical differences between the two environments. The bibliography cites 4 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TElawstrat.rtf
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potential sources for revenue generation and as such for profits, this alone is a motivation. However, in the legal world there are a number of barriers, these include the way
in which the world is made u of many jurisdiction. This can complicate the expansion process as there is the need for local knowledge and qualification to work in the
international markets. However, where a firm is able to have a presence in a number of different markets there is the potential that international commercial organization may prefer to deal
with a single international law firm rather than with different firms in each country (The Economist, 2004). Furthermore, increasing international expansion means that businesses need legal support and advice where
the issues may concern more than a single market or jurisdiction. A good example pf this is the European Union, where there may be different legal systems but there are
also EU directives that are binding on all nation states and the ECJ is the last court of appeal (Steiner and Woods, 2009). Where there is a demand for a
service and one that has the potential to grow and provide business there is desire by many businesses to meet that demand, and gain the revenue and profits that result
from it. Question 2 It is noted that law firms are reluctant to expand through a strategy of acquisition despite this
being seen in other service industries (The Economist, 2004). One of the main motivations behind merger and acquisition strategies is the ability to gain benefits from scale and from synergy,
with the elimination duplicate functions and increased efficiency. When looking at law firms these potential benefits are unlikely to be realised as a result of the different specialisation and the
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