The global market for legal services has become, in a comparatively very short time, one of the most competitive in the professional services industry. In country after country, the classic indicators of a highly competitive market are evident: segmentation, consolidation and concentration.
In all major jurisdictions there is now a ‘leading group’ of firms, if not the largest, among the largest, who are seen as an elite group in terms of overall quality and value. They tend to have the largest market share of high quality clients, high value work and ‘leading’ lawyers. As a consequence, they have average profits per partner that are among the highest in their market.
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