Unsurprisingly, given their size and diversity, international firms in London continue to defy easy categorisation. Having entered the UK market at different times, for different reasons, with different models, picking overall themes from Legal Week’s annual survey of the largest foreign firms in London, is tricky.
True, the recession has generally silenced the (not always very convincing) talk of expansion that was still evident as late as last summer. Likewise, in a more risky environment, international firms as a breed are more cautious on City mergers – with only 21% of the 72 firms surveyed saying they are open to a UK tie-up, against 45% the previous year. That’s ironic given that there has probably never been a better time to pick up a bargain in the London market.
