The world is abuzz with talk of tariffs and their globally disruptive effects as news of globally significant developments continues to break at a dizzying pace, sending shudders across markets and industries. The stock market has been volatile and world leaders and business heads have voiced concern about the implications of a trade war.
Businesses globally are scrambling to determine the scope and potential impacts on their industries and markets. As companies look to insulate themselves from the effects, they’re turning to lawyers, who are seeing a rush of work as a result.
U.S. President Donald Trump’s 2 April “Liberation Day” tariffs are the most sweeping hikes unveiled since the 1930 Smoot-Hawley Tariff Act. Trump has imposed tariffs up to 145% on imports of Chinese goods — China has retaliated by placing a similarly steep 125% tax on U.S. products. A 90-day pause is currently in place for planned tariffs on other countries.
But the effects are already taking hold — China-based e-commerce company Shein announced it was raising prices, Beijing has reportedly halted deliveries of Boeing jets, French luxury group Hermès announced U.S.-specific price rises and JP Morgan adjusted its forecast as a result.
For companies with global footprints, the drastic imposition of high tariffs could reshape business expansion plans, serve as an imperative to architect new supply chains and lead to an overhaul of operations. With little concrete information about how exactly this will all shake out, contingency planning is the name of the game — enter the lawyers.
Boom time
For law firms with relevant expertise, the climate of uncertainty has resulted in something of a tariff bump. Maritime lawyers have reported an increase in demand for their services as a result of Trump’s planned port fees imposed on ships with a China affiliation, while some firms are expanding their international trade services and actively looking for talent to fill in any gaps they may have.
Recruiters report a shift in the latest hiring trends — Big Law firms are on the hunt for lawyers with backgrounds in international trade, government affairs and public policy, as well as those with experience in litigation involving cross-border aspects. Bilingual candidates and those with an understanding of key trade countries are also prized.
Firms aren’t just responding with increased manpower, they are also ramping up efforts to position themselves as the obvious choice to guide clients through the intricacies of rapidly evolving trade policy — highlighting their ability to mitigate risk and make evenhanded assessments. While Trump’s tariffs may be in focus, a cycle of retaliatory tariffs and the risks of geopolitical blowback are other points of concern businesses have to weigh as they develop their response.
In order to manage the onslaught of demand, in the past few weeks, some firms have introduced ‘tariff task forces’, which highlight their lawyers' experience in international trade and policy and those with specialised knowledge of key industries. Through tariff task forces, firms are highlighting their capabilities to provide a holistic-minded approach, and comprehensive services for businesses that may struggle in the fray.
Highlighting global remit and visibility has also been a theme as law firms position themselves as one-stop shops — emphasising experience across industries and markets, and political savvy.
Some partners are hosting webinars and publishing guides spelling out the potential impacts of tariffs in order to help clients and would-be clients gain better visibility about what kind of support they may need.
Eager not to be left behind, other firms are carving out niche global trade risk practices in the face of rising demand.
But while firms are working hard to keep up with demand, there is one area where the climate of uncertainty hasn’t led to a bump in work, and in fact, activity has stalled somewhat — M&As. S&P data showed activity across Asia-Pacific fell 30% in the first quarter of 2025, amid geopolitical uncertainty, while ING noted a more muted start to the year for European M&As — although this is forecast to pick up.
The in-house impact
Another legal fraternity fielding an influx of questions and concerns is in-house counsel, for whom tariffs mean more work and greater pressure, on teams that are typically already stretched and often already overseeing jurisdictional complexity.
As is the case with any large economic or policy development, in-house teams have sprung into action carrying out risk assessments, ensuring safeguards are secure in place amid the rising risk of potential trade disputes, while at the same time, they also hard at work mapping out corporate contingency plans.
At the top level, pressure is on general counsel to look for wiggle room and determine if they can develop a strong enough argument for their company to be excluded from tariffs. But they also have to prepare for the worst, mitigating the potentially disruptive effect that the planned tariffs could have across supply chains, which means time-consuming consideration of whether supply chains need to be diversified, evaluating logistical possibilities, making quality assessments and, increasingly, weighing geopolitical fallout risk.
And then there’s the requirement to consider the nitty gritty details — with in-house tasked with combing through contractual arrangements, examining exposure to legal risk behind any budget or employment changes and preempting complications around tax.
Discussion is ongoing at the moment about whether the tariffs constitute force majeure, which for law firms, in-house and businesses, could raise the stakes and complexity even further.
Uncertainty ahead
With little clarity about when and how Trump's tariffs will ultimately come into effect, heightened demand for legal support is expected to continue in the immediate future. Experts also believe that bigger picture, this will set the tone for legal demands in the future.
Law firms are intrinsically linked to the global economy, and law firm practices are shaped by this — as AI rapidly develops, demand is ratcheting up across cyber and data law. Similarly, the increase in satellites orbiting Earth has led to an expansion in space law. Restructuring and insolvency law is another area ripe for further growth, driven by turbulent economic times.
War in Ukraine, shifting geopolitical and trade dynamics, the memory of a global pandemic, and now impending tariffs — navigating uncertainty is expected to remain a dominant concern for businesses going forward. Trump’s tariffs and knock-on effects serve to exist reinforcing existing trends — that this is an age of uncertainty.
For businesses working with global supply chains, which are notoriously ‘sticky’ and difficult to shift — particularly those related to the tech industry, which often requires years to develop and cultivate talent with the necessary skills — the potential upheaval remains a serious risk for businesses' profitability and viability.
Supply chain restructuring was already underway during the pandemic along with talks of geopolitical contingency planning, but the notion that these may be completely eviscerated overnight following swift political moves and announcements is likely to stay at the front of mind for businesses affected, with assessments and forecasting increasingly important.
For lawyers, a world where uncertainty is the backdrop and where companies are operating in an environment where risk is heightened means more work, but of a more challenging nature too. Already law firms are gravitating toward hiring and retaining talent that can understand the interplay of policy, regulatory and geopolitical dynamics — such lawyers are unlikely to ever be out of demand.
There is a greater need too, to consider the underlying factors driving shifts in trade, policy around technology, and the spirit of regulatory changes as well as their technical impact.
Harvard Law professor Lester Kissel recently told the University’s magazine that the economic and political factors of today will increase demand for lawyers who have the judgment and skills to navigate complex, rapidly evolving challenges, and as a result, law schools will be responding by endeavouring to equip new graduates with the necessary skills required to handle volatile conditions.
While aspects of law and law firms grow increasingly reliant on AI, this is where human analysis really shines, and proves the value of globally-experienced and globally-curious lawyers.
While ‘tariff task forces’ may be a reactionary response as law firms endeavour to communicate their capabilities handling complexity, for clients that have to weigh up the impact of rapidly evolving trade policy, increasingly, bundled services that offer a holistic view of emerging challenges are a compelling prospect.
Firms that boast partners with political and international savvy who can decipher the spirit of changes and who have a sense of prevailing political winds are proving invaluable — as are those with deep relationships with political groups and bodies who have worked to craft trade policy.
For law firms, mitigation and risk assessments of tariffs mean looking into the future and planning for volatility and sudden shifts — in this brave new world, those who can parse the uncertainty and spot room for strategic advantage, or decipher a driving logic, are in high demand.
The full impact of the tariffs will take time to sink in — both in terms of economic impact and in terms of how businesses and industries will navigate these. How smoothly they are able to handle these shifts, will likely come down to their lawyers.
Publication Date: April 2025