I don't see why more firms don't try to set up offices in developing countries. I am not talking about BRIC. More along the lines of Central and South America, the Middle East, the Caribbean, and others. I'd think that there would be less competition for deals here. The offices could be run by mostly graduates of that nation's universities. Maybe the deals would not be that big, but an experienced group should not have travel supporting themselves if they are a small boutique focusing in this "international business."
Just thought it was interesting.