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The consolidation of law firms across national boundaries has transformed the global legal market in the past two decades. As client businesses went global and trade barriers were loosened, leading UK, European and US firms turned their attention to establishing themselves in foreign markets, often through full-blown international mergers – unthinkable even 15 years ago. But this trend towards cross-border consolidation seems to have passed the offshore world by almost entirely. With a few notable exceptions, offshore firms stayed put in their jurisdictions.

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