Competitive pressures have forced law firms to take a closer look at how best to add value to their service, but in the cutthroat world of asset finance (see market report, page 50) this exercise has reached an altogether higher plane.

Allen & Overy (A&O) acquired three Wilde Sapte partners last year, launching the firm into the lucrative world of advising UK-based tax leasors.

Norton Rose and Wilde Sapte are the dominant players in this area of the market, and A&O's advances are most unwelcome to them.
A&O's team is championing the firm's broad practice and international presence compared to the limited resources of its immediate rivals. The implicit suggestion is that clients will want to defect from smaller firms, such as Wilde Sapte, in droves. As you would expect, Wilde Sapte is fighting back. It commissioned an independent survey asking 200 clients what they thought about the firm. The response, we are told, was a resounding thumbs up. But one criticism did register – the problem of international coverage. One wonders how quickly senior management can find an international merger partner to answer that criticism before A&O's claims prove true.