Law firms expanding into the Luxembourg market are finding that the initial easy gains have been exhausted, presenting a challenging environment for new entrants. Over the past six years, several U.S. and U.K. firms, along with an accountancy firm, have announced their intention to establish offices in Luxembourg, the world’s second-largest investment fund center after the U.S. Despite this, not all firms have succeeded; one has already closed and another has yet to commence operations.
As with many markets, there is a mistaken belief that establishing a presence in Luxembourg will naturally lead to a steady influx of funds work. The experiences of these new entrants suggest otherwise, as firms navigate more complex dynamics in the nation’s competitive legal landscape. For law firm leaders, this underscores the need for strategic planning and adaptation to local market nuances.
For further details, read the full article on the challenges facing law firms in Luxembourg here.