The American Lawyer reports that after years of globalization, some firms are pulling back to focus on building a stronger platform in the world’s most lucrative legal market. According to the article, the United States remains the world’s largest, strongest and most lucrative legal market. A recent study by U.K.-based market research company Acritas found that U.S. companies spend 166 percent more on legal services per dollar of revenue than companies around the globe.
The United States’ strength in the global legal market has also drawn attention from across the pond, particularly from London’s top firms. According to the article, Allen & Overy is reportedly in merger talks with O’Melveny & Myers, a potential move that has sent ripples throughout London and signals an increased desire and interest to finally break through in the U.S. legal market. “The U.S. is the largest and most lucrative legal market in the world, so it makes sense that firms with global ambitions would want to be here,” notes Dave Koschik, a member of White & Case’s executive committee and head of its U.S. growth team, (as quoted in The American Lawyer).
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