Unlike sectors such as banking and accountancy, which are dominated by a small number of global players, law is incredibly fragmented, with hundreds of important top-tier firms, each specialising in different areas and focusing on different regions.
Simply tracking and keeping up with the competition is a big headache for leaders.
Thankfully, Law.com International has correspondents operating across 15 countries, plus a group of senior editors that regularly write columns analysing the latest developments across the globe.
These columns have understandably become an important part of the industry as they explain not only the biggest stories and trends but also the shift in sentiment across firms, strategies and geographies.
It is fitting then, to end the year with some highlights of the most popular columns through 2024, which do a pretty good job of explaining the trends of the last 12 months.
The Race to be in the Global Elite
A big theme of the year has been the industry’s fascination with the co-called ‘global elite’, an expected grouping of the world’s largest firms. But who is on course to be in it?
Not everyone agrees such a grouping will emerge. What, for example, does it mean for highly profitable firms that are not global? In other words, what about Wachtell?
But it is clear the old groupings of law firms, such as the term Magic Circle in the U.K., are going out of date.
It is also accepted that size is only part of the story to qualify for an elite grouping. Firms are not only chasing scale but also profits, and to do that some are deciding to streamline their international operations—a trend that is likely to continue.
