Law Review: Big Law's foreign offices a pretty good hedge

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By Chris Mondics, Inquirer Staff Writer

Little more than a year ago, after the collapse of Bear Stearns but just before the implosion of Lehman Bros. and the ensuing shock to the credit markets, Michael Pollack sat in a conference room high atop

The gathering storm clouds in the United States were cause for worry, said Pollack, the firm's head of global strategy. But he said it was the firm's belief that its business in Asia, Europe, and the Middle East would be a cushion against the economic turmoil.

Within a few short months, the legal services market in the United States had crashed, and law firms, particularly those that relied heavily on the financial markets, took an enormous hit. Layoffs came in waves.

But it turns out that the international business has been a pretty good hedge.

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Law Review: Big Law's foreign offices a pretty good hedge | Philadelphia Inquirer | 09/29/2009

Seems to be the trend these days--offices all over the world for many big firms!