Hogan Lovells acqui-entry over Barrera, Siqueiros y Torres Landa last August 1 was the most clear landmark announcing a lateral hirings wave from US Law Firms to enter Mexican legal market. US Law firms are looking to keep company to their clients when taking advantage from Mexico´s reforms.
Now, DLA Piper expanded its local office by merging almost all members of Gallastegui y Lozano. Baker & McKenzie Mexico took in two former G&L lawyers. ManattJones Global Strategies, a consulting subsidiary for Manatt, Phelps & Phillips, LLP just opened a Monterrey Office.
On the other hand, Garrigues, the biggest European Law Firm, seems will take an organic growth approach. It is only privy to its inner circle whether Garrigues has the ability to secure its pipeline at the Pacific Alliance. Here is an interview with Fernando Vives, its CEO, for America Economia that could bring on some hints on its Mexico strategy.
Mexico regulates legal market at level of individual lawyer, mostly. Partnerships, bars, financing, trusts, investments and collaboration rules are mostly unregulated. In broad terms, practicing lawyers need a Government license and comply with general rules for services companies, foreign investment caps and special rules for money laundry and client-lawyer obligations.
This low level of regulation has opened doors for Big Four, accounting firms and consulting firms to break into the legal market decades ago. UK and Asia are now opening doors for Big Four into legal market.
It is too early to know the outcome of the recent reforms, and how legal services will be developed around them. However, Mexico has a high level of globalization, global integration of the chain of value of legal services and low barriers to enter that market.
Then, one thing is certain, it is time for a pivot called New Law.