Law firms in Asia have helped businesses in the long run. Professional services providers around the world have much opportunity in the Asia-Pacific region – should they approach the market with 5 critical actions, according to a new report by Eric Chin, Senior Analyst at Beaton Capital in Australia.
Chin first outlines 5 key opportunities for professional services providers in the region:
- “The Asia-Pacific is a US$17 trillion economy that has grown at 8% compound annual growth rate (CAGR) for the last decade. It is home to over 60% of the world’s population.” “Each of the economies in the Region is showing various relative advantages helping them to enter the world trading arena. Moreover, it is paving the way for greater commercial linkages with the help of law firms in Asia,” Chin writes.
- The countries in Asia-Pacific are more connected than ever with the establishment of trade blocs.
- “Wealth is being created in the Region at a remarkable pace”, Chin reports. “The mixed wealth in the Region counted US$1.145 trillion in 2013″. “The injection of western capitalism will start to reshape these strong family-owned businesses in the face of influx of businesses from the west.”
- “Increased regional “access to capital will continue to create the Region’s multinationals.”
- “Driven by strong domestic markets and endowed with richly resourced lands, Asia-Pacific’s Fortune companies are growing in numbers with law firms in Asia.”
Chin then draws that “leaders in professional services [law] firms should adopt five critical blueprints in the face the five [regional] opportunities” described above:
- “Understand the economic drivers of each of the countries are different.”
- “Integrate service offerings across the Region based on quality, breadth and depth.”
- “Assist the conversion of family-owned clustered from time-telling to clock-building enterprises.”
- “Scan for [companies] that are prime candidates for IPO.”
- “Assist Asia’s businesses’ global initiatives.”
US law firms in Asia have been improving, and that trend is likely to continue. Eric Chin has outlined 5 core actions and also counsels that “above all else, a long-term view [is key]. To read Eric Chin’s article, see: Opportunities for professional services firms in the Asian Century.