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Consolidation Trends of Legal Services
Consolidation
is driven by the desire of some corporate customers, who require a host of
legal services, to have one firm handling all of their needs, a
"one-stop-shop".
Firms
typically add specialist lawyers and practice groups to do this. However, they
can achieve this more rapidly and on a grander scale by merging with other
firms.
Non-global
players traditionally share an international mandate with a local player, or
refer the client to a firm which they recommended. An example of this is the
Slaughter and May (UK) / Cravath (US) "best friends" relationship.
One
of the hottest current debates regards whether firms will consolidate globally
to offer cross-border one-stop-shopping or whether firms will be chosen on
their ability to provide the best service in a particular jurisdiction similar
to a specialist boutique.
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