When the Mexican government passed a package of far-reaching legislative reforms, a second wave of international firms entered the market. Their arrival could have marked the nail in the coffin for the poorly institutionalised local market, but it didn't. Internationals may have carved a niche in Mexico, but local firms remain at the top, rising above expectations to implement a level of specialisation and institutionalisation that has transformed the market. Lulu Rumsey reports
Seven years ago, at a roundtable organised by Latin Lawyer, partners from Mexico's leading law firms lamented the country's less-than-stellar position in relation to their legal counterparts in Brazil and New York. There was room to improve in many regards, agreed attendees: firms needed to think long-term, invest in the training and retaining of young talent, and provide their clients with a more sophisticated service, if they wanted to achieve high returns and ensure their posterity.