Trends and Developments in Global International Capabilities
The Global International Capabilities team's research highlighted the continued importance of cross-border capabilities for clients.
Important factors to clients for cross-border work
Our conversations highlighted the value of internal and external cross-team collaboration, commercial awareness of local markets, and an ability to work across time zones, as factors important to clients when engaging counsel for cross-border work.
These abilities were often exhibited by the top 10 firms with global international capabilities rankings. Baker McKenzie secured the highest number of department rankings, followed by DLA Piper in second place and Allen & Overy in third.
Trends in M&A and private equity
Moving on to trends, on the transactional front global M&A and private equity buyouts continued to decline in 2023.
This was mainly due to sustained macroeconomic issues such as inflation and interest rates, as well as continued geopolitical issues.
Despite the overall trend, certain areas saw an uptick in activity, such as distressed M&A and transactions related to energy transition. Japan was one that bucked the trend and saw strong deal flow in 2023.
Litigators continued to be very busy in 2023. From our conversations with firms and their clients, we found that sanctions, energy, insolvency and ESG-related disputes were particularly notable areas of litigation in the past year.
International arbitration remained strong, with many arbitral institutions reporting high caseloads. London, Singapore and Hong Kong remained the most popular seats for many, and practitioners in those respective seats featured heavily in our Global Market Leaders – Arbitration rankings.
Chambers Artificial Intelligence table
AI adoption was a key highlight based on our conversations with experts in the arbitration area and further afield.
To reflect the exponential growth the sector has experienced, we have created Chambers & Partners' very first Artificial Intelligence table, which recognizes the leading global figures providing legal, regulatory and ethical advice relating to AI.
Our new AI table is one of several new Global International Capabilities tables. We have also introduced a Global Market Leaders Commercial Contracts table, highlighting the leading firms advising on international commercial agreements.
That is in addition to a new Global: Multi-jurisdictional Real Estate table, recognizing the globe's premier real estate practices, as well as a new tiered Australian International & Cross-Border capabilities table, showcasing the best firms for Australian-related cross-border work.
We have also introduced two new International & Cross-Border Capabilities tables to reflect the increasing cross-border activity in North Africa and West Africa.
These tables recognize the very best firms handling multijurisdictional matters in the regions and feature a mix of international and regional firms.