Allen & Overy and Norton Rose aren’t the only firms looking to gain more ground in Asia via the Australian market. Baker & McKenzie’s India group partner David Jacobs, speaking at the firm’s annual Asia-Pacific meeting yesterday in Sydney, summarised the agenda on every law firm’s lips – whether Australia is the place to be to capture the economic growth from China and India.
Jacobs said that Australian companies often view the Asian market through the glass-windows of a lolly shop – they are eager to gain foothold there, but many may not see obstacles such as local regulation and cultural differences. “Many Australian companies see Asia as a lolly shop – but they may get a stomach ache. It’s not easy to make money,” he said.
Jacobs later may have also hinted at the firm’s next move in Asia – regulation permitting: “Whether you’re a business or a law firm, if you want to be a serious player in India, you need to be on the ground,” he said.
But with foreign law firms still facing regulatory block in India, firms like Bakers may position themselves to meet a new need: advising Indian clients doing business in Australia.
Recent local headlines seem to substantiate the new need – an official from the Australian Reserve Bank said that the industrialisation of India (and China) is likely to maintain the growth in Australia’s mining and resources sector for another 20 years.
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