As U.S. Deals Dry Up, Law Firms Go Abroad; $150K Moving Bonuses
Although the number of corporate deals has plummeted in the U.S., starting midway through last year, overseas mergers and acquisitions are a booming business.
So American law firms are going where the work is, revving up their foreign offices at the same time that some are downsizing at home, reports Bloomberg.
“The rise in overseas mergers and acquisitions as U.S. volume hits a five-year low has encouraged Wall Street law firms led by Cleary Gottlieb; Skadden, Arps, Slate, Meagher & Flom and Dewey & LeBoeuf to accelerate foreign expansion programs in place for a decade or more,” the news agency reports. “Some are giving partners $250,000 housing allowances and offering associates $150,000-a-year incentives to move overseas.”
As detailed in earlier ABAJournal.com posts, Dewey & LeBoeuf is closing three offices here—but plans overseas expansion, as Bloomberg points out. Meanwhile, top dealmakers are still closing U.S. transactions, but working hard to do so.
