What doesn’t kill you makes you stronger – it might sound like a quote from a self-help book, but the phrase neatly reflects the state of Europe’s independent law firms. Many did not survive the Anglo-Saxon invasion of their legal markets in the 1990s, merging instead with London and New York’s expansionary giants.
However, those that did survive appear more bullish about their status and their future as independent firms. The crunch will come at the next major economic upturn – will their strategy of remodelling themselves in the image of the global firm see off potential mergers, or simply make them more attractive targets?
