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Global London 2024: Back down to earth
When the going gets tough – Global London firms dig in as market reality bites
With worldwide M&A activity down 17% last year, hitting a decade low, according to data from Refinitiv, 2023 was always going to be a more challenging year for US firms in London. And across the board, growth slowed as firms bucked the ‘stack ‘em high’ trend of recent years, exercising an increasingly cautious approach to investment and recruitment in the capital.
During 2023, total London lawyer headcount across the Global London group (see main table) increased by a mere 1.8%, a significant decrease from last year’s equivalent figure of 9% and far below the pre-pandemic era, which saw 15% growth at Global London firms between 2017 and 2018. Continue reading “When the going gets tough – Global London firms dig in as market reality bites”
Pace-setters: how the fastest-growing Global London firms are rising up the L500 rankings
Despite growth slowing amid a stuttering deal market in 2023, the Global London law firms have cut a swathe through the City over recent years, with their purchasing power enabling them to consistently acquire market share in London.
The Legal 500 rankings offer detailed insight into the scale and focus of this growth – as a group, the Global London firms have increased their number of top-tier Legal 500 rankings by almost 40% over the past five years – a stark comparison to the Magic Circle, where tier one rankings have remained flat. Continue reading “Pace-setters: how the fastest-growing Global London firms are rising up the L500 rankings”
Legal Business Global London survey – submissions close soon
The Global London survey window will be closing on Friday 1 March. We invite all participating firms to complete the survey.
Global London is an annual report on the performance of US and international firms in London, which appears in the March/April issue of Legal Business. Continue reading “Legal Business Global London survey – submissions close soon”