Asia Pacific is destined to become the world’s second biggest legal services market in 2017, with consultant Alan Hodgart predicting that revenues generated by the region’s legal markets will reach $215bn or 19 per cent of the global marketplace within four years.
As it stands the Asia Pacific legal markets are valued at around $109bn, accounting for 13 per cent of the global total.
DLA Piper, meanwhile, posted turnover of more than $313.5m in the region last year, the equivalent of 13 per cent of firmwide revenues.
The big news, however, is that Herbert Smith Freehills has overtaken Baker & Mckenzie as the largest international firm in Asia Pacific by lawyer headcount.
Nevertheless, Bakers is the market leader in terms of regional footprint and turnover, with regional revenues of US$648m (£417m) – 28 per cent of the total turnover.
Most firms in the region are contributing much less to global revenue. At Hogan Lovells, for around seven per cent of revenues came from the region, while Linklaters it was 11 per cent.
The region’s legal markets will surely grow, intensifying competition means firms will have to work even harder to grow their top and bottom lines there.
And if you haven’t got your copy of The Lawyer Asia Pacific 150 yet, click here to purchase your firm’s comprehensive guide to develop in the region or why not take a look at the sample issue to see what you can look forward to.