The writing on the wall #7 – location, location, location

18 12 2014

Location, location, location...

Let’s for a moment put aside the discussion as to whether an investment by a law firm into premium real estate makes sense. Let’s assume that clients don’t object to funding acres of marble and an atrium full of lush vegetation. This question is about where your firm’s offices are, not what they are.

The location question is very personal. For some firms it might be simply be about growth – we are outgrowing our current premises – do we just need a bigger office, or should we open a second office (and if so, where). For other firms it might be about national expansion, or response to an existing or future competitive threat. However for many firms the stakes are higher, and it’s about international expansion.

It may be an understatement, but international strategy is not easy. Aside from the economics, the cultural, regulatory and language differences, suddenly the complexity and management overhead increases dramatically. Whether the market entry strategy is through acquisition, merger  or lateral hire, you can then throw a whole host of political and personal factors into the mix.

With that in mind, opening a new office seems like a decision to be made thoughtfully, but in a fast moving market that is changing more than ever, how can you make the time you need to really assess where the right locations are for you?

 


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