MD Communications recently published a White Paper outlining how UK law firms can take advantage of the economic growth of South America. The Confederation of British Industry (CBI) and The Law Society have also recently encouraged the same focus.
According to figures recently published by the British Government, “the UK has continued to strengthen its position as the leading European destination for foreign direct investment.” A distinction the UK has maintained for 11 years running, according to a report from Ernst & Young. And some of that investment is increasingly coming from emerging economies like Latin America.
UK law firms can generate new work from Latin America around the UK’s unique attractiveness to foreign investment by employing action-oriented marketing and business development initiatives, some of which are:
1. Regularly blogging about specific opportunities the UK offers foreign companies and investors. Be specific and work to build a readership among Latin American corporate leaders and investors.
2. Establish a process where you are researching and identifying specific Latin American companies with an interest in the UK market – and reaching out to them with an aim to beginning discussions around how you might help them — making sure to always follow up at every step of the way. For help in doing this, one option is to use a firm like MD Communications which has a team dedicated to this type of work.
3. Identify ideal potential referral sources of UK-focused work emanating from Latin America. Trade associations, law firms, investment banks and accounting firms are a few of the potential sources of new business. Build relationships around actively helping one another to identify and engage new potential clients in your respective markets.
4. Some firms might consider establishing a Latin America business development representative office. It can be done cost effectively and successfully if done right.
With a plan in place that focuses on targeted action aimed at attracting Latin American companies and investors, a UK law firm can successfully build a solid stable of new clients from this fast growing region.For a copy of MD Communications’ White Paper please contact Camila Reed or to get more involved in this discussion join our LinkedIn Group: Latin America for Lawyers.For videos giving a taster of what is in the White Paper from a UK and Latin American perspective (in Spanish) look here.