Why Latin America?
Latin America is an exciting emerging market where opportunities to prosper await. For firms looking to overcome lack of growth in the UK legal market, or restrictions to markets closer to home, it is one of the areas with the most scope for everything from energy and finance, to cross border litigation, wealth management, and foreign direct investment into the UK. The so-called Pacific Alliance group of countries, consisting of Chile, Peru, Colombia and Mexico, is a particular focus, accounting for 36% of Latin America’s GDP and benefitting from moderate political regimes.
Our clients have recognised the enormous potential in Latin American countries, and for this reason asked us to look into legal sector business opportunities in the region. Our findings have enabled us to create a White Paper illustrating many more reasons why Latin America has such potential as an emerging market. For example:
- In each of the past eight years, Latin American economic growth has outstripped that of Europe.
- Wealthy individuals from Latin America account for $5.8 trillion. Taken as a whole, Latin America has a per capita GDP that is higher than that of China and the Middle East.
- With corruption now being addressed in many Latin American countries, there are better and safer opportunities for joint work, experience sharing and projects between UK and Latin American law firms.
- With regards to oil alone, OPEC estimates Latin America will increase production by over 50% by 2035. $131 billion of mining investment is expected to go into copper-rich Peru and Chile by 2020.
Why the UK?
For businesses and law firms in Latin America, the UK legal market is becoming increasingly attractive. Favourable exchange rates make first-rate legal advice more affordable than ever and factors such as a lack of corruption and bureaucracy mean law firms in Britain are reaping benefits from Latin American business. This is something set to continue as these markets continue to emerge and gain an international commercial outlook.
- English law is the global commercial law of choice by a significant margin. It provides maximum flexibility for business when negotiating contracts, and a high level of predictability in court disputes through the consistent use of precedent.
- London has key roles in dispute resolution, with law firms in London able to advise on disputes on trusts that arise in any part of the world.
- As a market, the UK’s professionals are well-qualified to support trade between Latin America and other global reasons
- English courts have under-appreciated powers to trace and recover assets.
- UK law firms’ geophysical position is a point of strength – from Latin America, the UK is, from one angle, at the centre of the world. It is midpoint between the Americas, and Africa and Asia.
In order to benefit from everything that the UK legal market has to offer, it is important for Latin American firms to ensure that they are connected to the right contacts, are well-informed about the system and have the correct help to raise their profile in the UK and to identify possible partners.
For a free copy of the White Paper please email email@example.com