For a profession long derided for its conservatism, the expansion of the US’ top commercial law firms into London from the early 1990s onwards looked little short of miraculous.
Such expansion was undoubtedly risky. With the support of a plentiful stream of work, a move into a new market might have been a logical step: without it, a new operation could quickly become a drain on resources. Perhaps unsurprisingly therefore, the long-term sustainability of some of these moves was regarded with some suspicion.
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