If you ever wondered where the new frontier for law firms is, you might want to look just South of the U.S. border. That’s right, Mexico is the new destination for U.S. and foreign law firms. Why? Because Mexico boasts a burgeoning economy, making it attractive for foreign law firms.
Some U.S. and international law firms already maintain offices in Mexico, but there has been a change in the air recently. The Mexican economy has developed considerably from the early days when transactions were primarily limited to foreign investors purchasing Mexican companies or establishing their own operations in Mexico.
For example, DLA Piper, an international law firm, recently acquired the small Mexico City office of Thompson & Knight, LLP because they want to have a presence where their clients are doing business, which in this case is Mexico.
A couple of months ago, Littler Mendelson PC opened up not one, but two offices in Mexico-one in Mexico City and another in Monterrey. For its part, Greenberg Traurig LLP, which already has a large South American practice, opened an office in Mexico City last year which now numbers thirty attorneys. Additionally, Jones Day entered the Mexican market three years ago by merging with a Mexico City law firm.
Mexico has become an investing powerhouse of late, investing in other Latin American countries with developing markets, such as Peru. This has generated a lot of business for Mexican law firms.
Furthermore, Mexico attracts investors because of its oil resources, manufacturing facilities and large scale infrastructure projects.
Although Mexico has a rampant illegal drug trade which has spawned wide scale corruption and violence, this has not deterred lawyers and investors from doing business in the Country.
The successful economy, coupled with abundant jobs and consumer spending, allays any fears about the security situation. The economic good times do not appear to be ending anytime soon for Mexico. The future looks to be quite rosy in fact with forecasters predicting an economy growing between 3.5% and 4% and the creation of 500,000 new jobs in 2012.