Back in 2007 UK-based firms were living large on a boom in the City and sterling. A global financial crisis and currency turmoil then changed the narrative fundamentally
In the summer of 2007, the proverbial had not quite hit the fan yet. The global economy was still riding high on the back of the boom years of 2005 and 2006, and it was not until July 2007 that Bear Stearns reported that two of its hedge funds had imploded. Lehman Brothers was still very much in business. The first iPhones went on sale at the end of June. And, in stark contrast to today, City-backed law firms were dominating the Global 50.