The more dynamic and innovative a business strategy, the more likely that a firm will encounter opportunities and face challenges in legal arenas. In this discussion, Dr. Ariel Casarin will present how legal arenas offer firms non-market strategies to manage risks and increase realizable value vis a vis other players in the value chain. Non-market strategies in legal arenas are not a lawyer's redoubt. Laws regulate and constrain activities, but they also offer routes that managers can use as part of their market and non-market strategies, as every legal dispute is a business problem affecting the risk-reward ratio of a given venture. Non-market strategies in legal arenas should thus be integrated into the overall strategy of the firm and conditional on market and other nonmarket strategies, the nature of competition and the features of the institutional environment, both political and legal. Differences across countries in the rule of law, procedural formalism, judicial independence and legal enforcement are relevant for the formulation of non-market strategies. We, therefore, will take a macro-institutional perspective and revisit features of countries' legal environments and the consequent implications for firms' non-market strategies in legal domains.