It has become one of the most familiar predictions of recent years among legal pundits that the City’s club of medium-sized commercial law firms cannot survive the onslaught of globalisation and the consequential growth of a new breed of international legal titans.
As the well-rehearsed argument goes, the smaller, generalist firms, built around the traditional base of corporate, property and litigation, will have neither the profitability, international reach, nor the client base to keep up with the increasingly expansionist giants of transactional law.
