The legal marketplace has become extremely competitive. You know that. But it just became a lot worse, and you may not yet be aware of the new threat.
A 700 lawyer private law firm in China — Zhong Lun Law Firm — has opened an office in New York. The firm announced in a press release that the purpose of the office is to help American clients investing or doing business in China, and also to help Chinese clients conduct business and make investments in America.
Two attorneys with degrees from top American law schools — Philip Zhang and T.K. Chang — will head the firm’s NYC office. They will be supported by over 40 partners in the firm’s worldwide offices who have American law degrees. Thanks to varying time zones, they will be able to support clients 24 hours a day.
So many of you are reading this and thinking that this is not a threat to your firm, but rather to the huge firms which handle international law. True enough. But contemplate for a minute what happens when this foreign law firm starts trolling the waters and catching clients formerly netted by these large firms. Those firms will in turn need to find a new fishing spot. Maybe your fishing spot. And it will take a whole lot more fish of the size you catch to replace the ones they will be losing.
Where will you fish next?