A new report finds London continues to provide plentiful growth opportunities for US law firms as more look to capitalize on the UK capital’s expanding client base and robust demand for legal services
New York, NY – July 12, 2022 – ALM has released a new market report that provides a comprehensive overview of the London legal market. This report includes insight and analysis into the historical entry and present performance of US firms in London alongside an examination of the market’s overall competitive landscape, lateral hiring and promotion trends, client base, and economic and business environment.
Key takeaways from the report include:
– London remains at the forefront of the global expansion strategies of US law firms despite the increasing attractiveness of other global markets across Asia and Continental Europe
– Over half of new US law firm entrants into London over the last decade have been US national firms. Moving forward, ALM Intelligence projects these firms to be at the forefront of US firm growth in the market
– US law firms in London are hiring less frequently from magic circle and silver circle firms and are instead increasingly targeting UK firms of all sizes as sources of talent recruitment
“The growth of US law firms’ presence in London since the turn of the century is staggering,” said Patrick Fuller, Vice President & General Manager of ALM Intelligence. “Since 2000, the number of US-based firms with offices in London increased just 29%, but the number of lawyers in those offices grew 415%. US-based firms aggressively pursued growth in London and significantly impacted the market.”
The report concludes by comparing the London market to other similar global markets, including those from the US and Continental Europe, ranking the strengths and weaknesses of general business and the business of law climates across various scoring categories.
“This report provides insight that can help guide law firm strategy and decision making in the biggest global legal market outside of the US,” said James Willer, Director, ALM Intelligence. “It’s no secret that US firms have long targeted London as a growth facilitator. Despite ongoing threats to London’s positioning on the global stage, it’s evident that the market remains the international destination of choice for US firms when it comes to expansion, opportunity, and potential”.
Market reports, along with Law.com Compass, power the new Market Hub Pages and are part of the recently released Law.com Pro Mid-Market platform. Law.com Pro Mid-Market integrates news and insights from Law.com with data and analytics, providing actionable information for mid-size law firm leadership focused on formulating and executing strategic priorities for their firms in a highly competitive environment.
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