The last 12 months have had everything: law firm collapses in the U.S. and U.K.; shock launches; major break-ups; ransomware attacks; scandals; major market openings in the Middle East and Asia; and more.
And, of course, mergers. For legal commentators, 2023 will most often be referred to as the year Allen & Overy merged with Shearman & Sterling. It is a combination that A&O senior partner Wim Dejonghe described as a “landmark moment” and the “creation of a new paradigm in the global legal market” when accepting a lifetime achievement award at the British Legal Awards late last month.
Someone who was there on the night told me they felt he oversold it. But I didn’t agree. The merger is an industry defining moment because it is the first proper top-tier transatlantic union, which will force the likes of Linklaters, Clifford Chance, Freshfields Bruckhaus Deringer and others to respond.
The joint firm will be catapulted up the Global 200 revenue rankings, ahead of Skadden Arps Slate Meagher & Flom and Dentons, although still nowhere close to Kirkland & Ellis and Latham & Watkins. Developments over the next couple of years will determine which firms join the breakaway ‘global elite’ group that law firm leaders are so fearful of missing out on.
Yet, despite its wider ramifications, the A&O Shearman combination only directly affects a fairly small number of people.
For big numbers look no further than India. And Greater China. Both countries’ legal industries have had a pivotal year...
