Three years ago, the sterling was ascendant, London threatened New York’s dominance in the ever-buoyant capital markets, and British firms were soaring up our charts. The cover story of our Global 100 issue sang the praises of Magic Circle management, and our subhead crowed: “It’s not just the strong pound.”
Well, no, it wasn’t, but Global 100 comparisons are a lot less flattering to the United Kingdom when the sterling is weak, since all currencies are converted to dollars for the Global 100 rankings. Linklaters and Freshfields Bruckhaus Deringer toppled from first and second in last year’s Global 100 to fourth and sixth, respectively. (2010 rankings are based on fiscal year 2009 results.)They were replaced by traditional pack leaders Baker & McKenzie and Skadden, Arps, Slate, Meagher & Flom. With five Yankee newcomers–Jenner & Block, Littler Mendelson, Sheppard Mullin Richter & Hampton, Troutman Sanders, and Venable–the list from top to bottom has a decidedly more American accent. Some 79 of The Global 100 are U.S.-headquartered.
