MOST of London’s “magic-circle” law firms are intrepid creatures. Over the past 20 years they have busily expanded abroad, opening offices everywhere from Antwerp to Yangon. But despite having hundreds of lawyers on the ground in America, one prize has proved elusive: laying down deep roots in the world’s most litigious market.
Allen & Overy, a top-tier London firm, would like that to change. It has reportedly been in merger talks with an American firm, O’Melveny & Myers. With O’Melveny denying any plans to merge, a union, which would create one of the world’s largest law firms by revenue, may not get off the ground. But that is unlikely to stop Allen & Overy from approaching others in its pursuit of an American alliance.
For the big British firms, America holds the key to greater profitability. Its allure in part reflects its importance on the world stage. Judgments made in America’s courts, such as those in anti-bribery cases, have ramifications beyond its...Continue reading