Keeping up with your peers isn't a new concept in the world of Big Law, but it certainly seems to have gained importance in recent years.

For decades, law firms could run relatively small but profitable operations, often in one jurisdiction. But particularly since the turn of the Millennium, as U.K.-based firms expanded across Europe and Asia and U.S.-based firms built up overseas, a shift has taken place in the mindset of most law firm leaders. For the majority, being locally successful is no longer enough; firms are competing on a global level.