ANTHONY SALZ, SENIOR PARTNER, FRESHFIELDS BRUCKHAUS DERINGER
“It is interesting the number of mergers that have happened this year and that the mergers have not involved magic circle firms. This could be because the market does not feel positive enough to take such brave steps forward. There are plenty of examples that the globalisation of clients can continue, but whether that will mean the same for law firms remains to be seen. We all know the deal market has been rubbish and dominated by private equity, which has become a more accepted way of doing deals. There are increasingly more auctions, which can mean more luck [for what deals you get]. All firms have accepted they have to do better at focusing on the costs side. It is a natural reaction to the market.”
