Clients are calling more frequently, however, when it comes to questions about what they should do if a country pulls out of the eurozone or what would happen if one of the eurozone countries has a run on a bank.
"It's a lot like the financial crisis in the U.S. a few years ago," Jordan said. "Certain kinds of work get slower and certain kinds of work become more in-demand."
For Reed Smith, diversification has been the goal. There has historically been less litigation in Europe as compared to the United States, and because of that firms have to have some sort of niche practice to gain diversification away from traditional work. The firm's ADR and restructuring practices have helped carry it through in Europe, Jordan said. Reed Smith handles disputes related to the shipping and commodities sector and is looking at opening in Singapore to that end. Investigations and Foreign Corrupt Practices Act work have also been a strong point lately, he said.
Revenue at the firm is pretty much in line with the firm's headcount. Reed Smith has between 1,000 and 1,100 lawyers in the United States and between 500 and 600 attorneys abroad.
Reed Smith doesn't have as much exposure on the continent as other firms do that have offices in Spain or Italy, for example. Jordan said the firm was looking at bankrupt Dewey & LeBoeuf's Italian office this year, but just didn't think it was the right time to make that investment. The firm's hiring overall in the region has become more strategic, Jordan said.
Morgan, Lewis & Bockius has taken advantage of Dewey's troubles, growing outside of the eurozone in places like Moscow and London. The firm cited the diversification of its practice as cause for its continued growth in an otherwise troubled market.
"The eurozone crisis has obviously had a significant impact on the financial markets in Europe and also has had an effect beyond Europe," business and finance practice leader Charles Engros said in a statement. "Fortunately, our practice in Europe and beyond is balanced and diverse and we have been able to maintain a strong flow of work with our corporate and financial services clients helping them steer through the turbulent markets. The mix of work has changed in response to the economic conditions but the overall flow has remained robust."
About 20 percent of Dechert's practice is focused on the firm's corporate, finance and real estate practice and at least half of those lawyers are in foreign offices, said Washington partner Robert W. Helm, who is a leader in the firm's financial services practice group.
"Because we all deal with the financial area, we are impacted by the things that occur in the financial sphere and lately, post-Lehman, the euro crisis is the biggest news to hit since the 2008 time frame," Helm said. "There has been a demand for good information about what would happen if, for example, one country were to leave the euro."
The firm represents people who manage money, make investments and do deals in several different monetary denominations. The terms of a deal done in a country that pulls out of the euro would be disturbed as the currency of the deal would be unclear, Helm said.
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