London has long been a Mecca for foreign law firms and, according to a report launched in January this year by the research group International Financial Services, London (IFSL), extended its lead in the international legal services market in 2002. It is now home to five of the six largest law firms in the world based on headcount and four of the top six based on revenue. There are now more than 200 foreign law firms with offices in London.
In the meantime, the Securities and Exchange Commission (SEC) has granted foreign lawyers key exemptions under the controversial Sarbanes-Oxley Act, leaving US-qualified lawyers alone to face the full brunt of extra professional regulation.
