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I am doing the IP track and am very interested in perhaps spending couple of years abroad. Does anyone know what the standards, as far as education, experience, language requirements are? Are law degrees from a US institution recognized abroad? How easy is it to get a job?

The requirements are different for every country. You need to narrow your search to a specific country or region and investigate their requirements for non-native attorneys. Also, if you want to work in biglaw you should look at firms who have previously allowed attorneys to transfer out of the country and what that process entailed.