There has never been a more challenging time to be an independent law firm. The continued globalization of the legal industry has made the independent firm—by which I mean those with practices that are largely or entirely situated in a single office or market—an increasingly rare breed. This is particularly true for those targeting high-end work in developed markets, where firms that have eschewed international expansion are swimming against a strengthening tide of consolidation.

Later this month, a group of these stubborn holdouts is set to meet in London to discuss how to remain competitive in a fast-changing market. The event, hosted by The American Lawyer and its U.K. sibling, Legal Week, will see law firm partners, general counsel and industry experts chew the fat on a wide range of subjects, from tackling emerging jurisdictions to adopting new technology and retaining talent.

It will be a timely gathering. The trend in recent years has been for clients to trim their external adviser relationships and move toward working with fewer firms globally, often via formal panels. This has made the already formidable task of competing against international rivals even tougher. When pitching for cross-border matters, independent firms can't just be as good as global firms—they have to be better. Or, at least, cheaper. The former is no mean feat; the latter is hardly an ideal long-term strategy.