It has become traditional at this time of year when details of the financial performance of US firms emerge (including in the pages of Legal Week) for many a hyperbolic claim to be made concerning the international prowess of America’s legal elite.
Nowhere does this tend to be more pronounced than in Europe, where it is often argued that US firms are set for, or have even achieved, their major breakthrough. Evidence to back this up include high levels of profitability of the London operations of many US firms and their high overall levels of profitability.
