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More Law Firms Are Expanding Overseas

More Law Firms Are Expanding OverseasA large portion of law firms are considering taking their work overseas (if they haven’t done so already) as a way of reducing overheads. In fact, it is estimated that by the year 2015, more than 20 percent of law firms will transport their staff overseas in a bid to save billions of dollars each year. While currently 25 percent of law firms are choosing to offshore various parts of their business, 53 percent of firm workers feel that most elements of legal undertakings will be offshored entirely before 2018.

Can anyone say globalization?

 

 

How Law School Students Will Be Affected

For students currently undergoing education in law school and for individuals considering delving into these sectors in the future, the outlook for an overseas career MUST be taken into account. Working overseas results in better business productivity and a proficient work ethic, so it is not surprising that since 2009, more than 10 American companies have shifted headquarters.

As the economy in America fails to keep profits up for most legal organizations, the future looks brighter in several countries abroad. Some tips you can put to good use ahead of your overseas transformation into law include:

Research the country. The more you know about the overseas country you will be working in, the less overwhelmed you will feel upon arrival. For a pleasant transition, comment on forums where workers have moved abroad and get advice on the current state of affairs. The most important thing is to get a feel for where you will be living so you know what to expect and hit the ground running right when you arrive.

Educate yourself with language lessons. If the overseas country has a different native tongue than yours, brush up on your language skills prior to moving. This will enable you to forge friendships, boost your resume and enjoy the overall experience even more.

Get your visas, work permits and health insurance sorted out. For students and graduates who embark on a law career in a foreign country, visas or work permits must be obtained. In addition to this, it is possible you may require vaccinations prior to traveling. Travel insurance will cover you financially should a disaster strike, and your law firm should help with most of this.

Learn about your assignment. By knowing precisely what work you will be doing when working abroad, you can figure out the tax consequences and fit your salary around your lifestyle. Will you be paid in American dollars on an employment visa? Or will you be paid in that country’s currency as a business contractor? This is very important because it affects your taxes greatly.

Nail down your personal and familial legalities. When working overseas permanently, you need to plan for your death. (Sorry, had to bring it up.) Assign your spouse or close family member authorization to bank accounts, maintain records of solicitor information and keep legal documents in one place so that assets can be passed on suitably.

 

About the Author

Sumita Dalal is the Founder and CEO of FindMyLawTutor, the largest and most trusted website and online portal that connects law students with law tutors for success in law school. Whether preparing for the LSAT, are currently a law student or are studying for the bar exam, FindMyLawTutor makes finding a law tutor fast and easy.

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