London
These international firms’ objective is to ensure their clients receive the best advice in all parts of the world. They have chosen to adopt a rather different approach to this goal than most other firms. Instead of opening offices globally or merging with and acquiring local firms, they have developed close working relationships with each other, as well as other leading independent firms across the world. This forms a strong referral base between them, but more importantly they have achieved a way of working together in integrated teams, on transactions across the world, that provides a cohesive and efficient international service to their clients. How do they do it?
Madrid
The key to this successful approach is the priority they place on sourcing the best quality advice in each jurisdiction, based on longstanding and in-depth local knowledge, as well as longstanding relationships with the key companies, banks and investment banks in the respective jurisdictions. The firms work hard to build their knowledge of how each other work, consolidate working relationships between their individuals lawyers and evolve their joint working practices. For example, there is regular contact between partners and practice groups, they run a programme of cross-secondments between the firms, they run joint training programmes, they share technology, including secure e-mail links and transaction document management and they ensure that they have the ability to pool precedents, know-how and expertise.
Paris
So when a cross-border transaction hits the desk of a partner in one of these firms the wheels of friendship and professionalism are set in motion immediately. The partner will asses the transaction and bring together the lawyers in each jurisdiction who they consider to have the best expertise and contacts for that particular project, taking into account any preferences the client may have.
Milan
A lead partner is then chosen in consultation with the client. This lead partner becomes the primary client contact point and manager of the project. He or she ensures there is no duplication of work or fees, the transaction is co-ordinated and managed as a single legal project, all necessary resources are effectively deployed for the benefit of the client and that the team is based wherever is most appropriate for the transaction. They also render a single bill covering all the jurisdictions if the client desires. In effect, they operate as a virtual firm providing a seamless international practice.
Frankfurt
The result is that the client gets a lean team of the best experts around the world working together to provide a seamless service that is flexible to the client’s needs at a competitive cost. A laudable feat of friendship, technical expertise and excellent management.