A pretty penny
If currency hedging is all Greek to you, it is going to cost you money and affect profitability, writes James Arnold
Every corporate law firm that does not understand currency hedging runs the risk of losing money and clients. The strength of sterling against the weakness of the US dollar is one of the critical business issues of the day – and it means that the world’s largest economy and its lawyers are more competitive in the UK than ever. Add to that the fact that constant movements in the currency markets directly affect profitability and the book value of overseas assets and you have a problem in search of a solution. Research by Travelex into law firms’ awareness of currency fluctuations showed that, while 80% of law firms polled said they were aware that currency movements could impact their business, the majority did not know what to do about it.
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