A recent survey, conducted by Nishlis Legal Marketing, of prominent Israeli corporate lawyers engaged in outbound work sheds light on their interactions with international law firms, uncovering key insights and trends that influence their professional partnerships.
This research, conducted for the first time post-COVID, highlights a significant shift: an increasing number of Israeli law firms, particularly mid-sized and mid-to-large ones, are venturing into outbound activities. Simultaneously, over 160 international law firms are showing interest in Israel-related activities. The survey’s importance lies in the fact that Israeli firms are currently shaping their outbound strategies and forging fresh partnerships with international law firms, offering valuable insights for the global legal community. This goes hand in hand with the fact that nearly 90% claim that international-related work increased or stayed the same over the past two years.
A key finding, although not surprising, is the fact that 60% of the surveyed Israeli law firms prefer to refer work with international law firms that have an Israel Desk. This is a critical factor, more so these days when support for Israel has become challenging. Notably, a preference emerges for international firms with a physical presence in the Israeli market (there are approximately 20 such firms).
A notable discovery reveals that Israeli law firms are actively collaborating with multiple international partners, with over 50% forming connections with more than six such firms. Impressively, nearly 30% are engaged with over 20 firms, underscoring the competitive environment within the legal industry and the rising global demand for Israeli legal expertise.
The decision-making process for referrals underscores the importance of relationships (55%), trumping factors, such as quality of work (28%) and reciprocity (11%). This shift towards relationship-driven engagements signals a maturation of the Israeli legal market, emphasizing added value and strategic foresight in business development.
In terms of work referrals, corporate, commercial, and M&A activities dominate, reflecting the core areas of focus for Israeli firms, followed by capital markets and banking & finance. Despite satisfactory current referral rates, there is a clear appetite for increased collaboration, aligning with the reported growth in international work over recent years.
Strategic business development plans are prevalent among Israeli firms, with emphasis placed on personal interactions, client updates, social media engagement, and event sponsorships. This strategic approach is further supported by an uptick in budget allocations for 2024, signaling a commitment to expanding international relationships.
A range of approaches to outbound marketing is evident, highlighting differing levels of engagement across the Israeli legal sector. There is a notable disparity between firms: some are more conservative, particularly mid-sized and mid-to-large firms entering the field, conducting two delegations per year (30%), while established firms with extensive international business development invest more heavily and engage in over five delegations annually (35%).
Israeli law firms demonstrate a proactive approach by closely monitoring international law firms with an IsraelDesk. This includes following them on LinkedIn (30%), reading client updates (22%), and holding regular calls (28%). This engagement strategy highlights their commitment to staying informed and connected. It also emphasizes that international firms effectively communicating with the Israeli market tend to be more visible.
Ultimately, the resounding affirmation of the instrumental role of IsraelDesks.com (80%) underscores the value of platforms that facilitate and enhance cross-border legal collaborations, shaping a future where strategic relationships continue to drive forward the global legal landscape.
