Had Legal Business’ Global London report come out at the end of 2021, a familiar narrative would have played out. The story would have been one of diverging fortunes as the London practices of some foreign firms looked to further strengthen their operations off the back of a booming transactional market, while others struggled to keep their head above water amid the fallout of a coronavirus pandemic that put both operational practices and client relationships to the test.
Last year of course, even the most sceptical of market commentators could scarcely have predicted the fresh disaster of Russia’s invasion of Ukraine. As the conflict casts a long shadow over all areas of life in 2022, the legal sector is no exception. Many of the top 50 Global London firms have responded by closing their Moscow offices and market sentiment, aside from dismay as events unfold, is that the full impact of the crisis is far from being fully felt for firms and clients alike.