Global law firms increasingly are wrestling with international currency fluctuations, including China’s sudden decision in August to devalue the yuan, which led to worldwide turbulence in financial markets.
At Citi Private Bank Law Firm Group, chairman Dan DiPietro says, “Foreign exchange has been among the three or four top issues that come up regularly in discussion” with firms in the past six months. But a recent survey of 17 global law firms that are bank clients found that most firms were not doing anything differently in response to the volatile foreign-exchange rate environment, although some are now considering hedging strategies, DiPietro says.
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