Changing games – Norton Rose's rise heralds a changing profession
It looked significant at the time but in retrospect the 2010 tie-up between Lovells and Hogan & Hartson genuinely marked – and itself influenced – the changing shape of the legal industry. Not only because it constituted a transatlantic union between two major firms, but because the pair chose to deploy a multi-profit centre structure that has since been widely used over the last two years. Some deals haven't dazzled but none looks more significant than last week's news that Norton Rose has secured a tie-up with Fulbright & Jaworski. But then arguably it was Norton Rose that created the model for Hogan Lovells with its takeover of Deacons. Rivals scoffed but it kicked off a run of deals in Australia by firms that see themselves as well above Norton Rose's station. The underlying point? The Fulbright deal highlights the extent to which the last five years have seen industry-defining activity occurring outside the magic circle. Of course, claims that London's legal elite would wither in the face of recession were nonsense but, as a group, neither have they displayed quite the dominance we've come to expect, as we address in this week's analysis on Linklaters.
November 22, 2012 at 07:03 PM
3 minute read
It looked significant at the time but in retrospect the 2010 tie-up between Lovells and Hogan & Hartson genuinely marked – and itself influenced – the changing shape of the legal industry. Not only because it constituted a transatlantic union between two major firms, but because the pair chose to deploy a multi-profit centre structure that has since been widely used over the last two years.
Some deals haven't dazzled but none looks more significant than last week's news that Norton Rose has secured a tie-up with Fulbright & Jaworski. But then arguably it was Norton Rose that created the model for Hogan Lovells with its takeover of Deacons. Rivals scoffed but it kicked off a run of deals in Australia by firms that see themselves as well above Norton Rose's station.
The underlying point? The Fulbright deal highlights the extent to which the last five years have seen industry-defining activity occurring outside the magic circle. Of course, claims that London's legal elite would wither in the face of recession were nonsense but, as a group, neither have they displayed quite the dominance we've come to expect, as we address in this week's analysis on Linklaters.
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