Bingham Aims for Top of Tokyo Pack
Many in Japan are optimistic in general that Prime Minister Shinzo Abe’s economic policies will lead to a sustained turnaround in the country’s economic fortunes. A cornerstone of his strategy has been a weaker currency aimed at making Japanese exports more competitive, and the yen has fallen from 80 to the dollar last fall to 100 today. The falling yen also makes Japanese assets cheaper for potential foreign buyers.
“If Abenomics continues and the yen goes to 120-130, Japan’s going to look really attractive,” Wells says. He sees that as an opportunity for Bingham, though he admits that other international firms with strong local practices, such as Baker & McKenzie and Morrison & Foerster, are well positioned to capture that work as well.
Though optimistic about the firm’s future in Japan, Zimmerman says the firm hasn’t put deadlines on its plans for the market. “This is a long-term project,” he says. “It requires great patience.”
“I believe that we can be number one,” he says. But “if I’m going to talk about ten years later or 20 years later, we should probably consult the next generation of Bingham Tokyo leaders.”