When the Global 200 rankings come out this week each lawyer will get to see where their firm stands on the global scene. They will also learn the wider context of how their regional legal market performed in the last financial year.

Few will be surprised to see that the U.S. remains the largest and most profitable marketplace. But it is not simply the size of the American economy that is helping its largest commercial law firms thrive, it is the way the U.S. transactional market and the dollar is performing in comparison with the rest of the world.