International law firm Mayer Brown, one of the world’s 22nd largest law firms in Asia, has launched an Asia trade consulting arm in Singapore, according to a media release issued by the firm last week. Richard Smith (RWS_01), Australian business development professional, also noted the event on Twitter.
The new consulting arm, according to the firm’s media release, will “advise clients on a wide range of Asia-focused international trade matters. It includes:
- WTO issues
- International trade policies
- Export controls and
- Anti-dumping investigations
Further, as the law firms in Asia outline, “five highly experienced customs and international trade advisors based in Asia will staff the consulting division.” The Chief Executive Officer Cecil Leong in Singapore will head the consultancy.” Flora Sun will join the consultancy as Greater China Managing Director.
The firm cited increased demand for Asia-focused trade and customs issues among clients as responsible for the establishment of the division.
More law firms adopting non-legal consulting practices
However, there’s diversification of services into non-legal or quasi. Legal consulting is already a tried and tested method for law firms in Asia to generate new revenue. The District of Columbia Bar permits Washington, DC-based law firms to maintain hybrid law and lobbying practices together with non-lawyer professionals, for example. And these arrangements have proven to be extremely lucrative. Moreover, the trail has been blazed previously by accounting firms as well.
George Beaton, Head of Australia’s Beaton Global, provided a superb outline of why law firms should diversify. It was in an article published in late 2012 in the Financial Review. Beaton outlined in article why the legal services sector should emulate the success the accounting industry had with consulting practices.