February Edition 2023

33 Is this growth justified? Well, yes - the numbers back this up nicely. According to Nishlis Legal Marketing’s IsraelDesks platform, there were 1,868 referrals in 2021, in data collected from 40 international law firms (mid-size to large) across 11 main practice areas. This referral data relates to only a quarter of the global law firms involved, so the real number will be far higher. On a wider macro view, the market has returned to consistent growth, albeit not the numbers from 2021. Foreign investors are investing in earlier rounds and leading U.S. venture capital firms have continued to invest in the Israeli ecosystem since 2020. Furthermore, Israel has maintained its ranking as the 5th largest tech ecosystem worldwide and at 2nd globally in producing new unicorns. In summary, we see a constant rise in international law firms opening an Israel Desk and we are often approached by these law firms who are exploring their next steps – including how to open a rep office in Israel. With the increasing amount of work (e.g. referrals), more Israeli law firms involved, and the growing sophistication of the market, we would expect this trend to continue.