With 160 global law firms having an Israeli Desk, competition for inbound and outbound referrals has never been more robust.
In a unique recent survey of Israel Desks, we explored their marketing and BD strategies, and how they refer legal work. 76% of international law firms aspire to expand their Israeli referral network this year, with a 13% surge in referrals to over 10 Israeli law firms, and a preference for large and midsize firms.
International law firms are increasingly expanding their relationships with Israeli firms, with 41% now referring work to over 10 Israeli law firms—an increase of 13% from the 2022 survey. There’s a shift in preferences, as 32% now prefer to refer work with large and midsize firms, indicating a growing awareness of relationships. The factors influencing referral decisions have changed, with quality of work remaining the most important and emphasis increasing on relationships with Israeli firms (38%).
Interestingly, 76% of international law firms seek to expand their referral network, while 73% believe they should receive more work from Israeli firms. Most referred work is in corporate and M&A (47%), followed by tax, real estate, capital markets, and litigation. The inbound referral work is dominated by corporate and M&A (40%), litigation, tax, real estate, and capital markets.
67% of international law firms with Israeli capabilities visit Israel more than three times a year, indicating a growing commitment (holds true till October 2023). However, competition in the small Israeli market is rising, with 56% believing their firms can be better positioned. Marketing tactics are evolving, with international firms more attuned to marketing by Israeli law firms to include proactive measures like client updates, event sponsorship, and social media engagement.
Despite 71% reporting that their Israel budget remained the same, 67% noted an increase in Israel-related work over the past two years. In terms of attunement to marketing by Israeli firms, periodic follow-up calls (30%) and reading client updates (41%) are common practices. Furthermore, 75% of international law firms have marketing support for their Israel Desk, with 24% having on-the-ground support in Israel.
As a trend, lawyers using LinkedIn for Israel-related work has increased from 72% to 93%. Another growing trend is that 46% of international law firms directly target General Counsels and Israeli companies. Finally, IsraelDesks.com is considered helpful and integral by 79% of respondents.
