More mergers between US and UK law firms?
A very interesting piece in Raconteur today concerning the potential for further alliances between US and UK law firms.
As the piece mentions, there have been a number of US law firms in London for some time but most find it difficult to make an impact. While the commentators in the article think that a rush of mergers is unlikely, the potential market, with London being such a popular temporary – or even permanent home – for US citizens, must be high.
So often we hear at our conferences of examples whereby providing advice in one area of the law – or jurisdiction – can be contradicted in another. With the almost unique obligation of US citizens to continue to report their income and gains to the US authorities, as well as to HMRC in the UK, providing co-ordinated advice between the jurisdictions is vital. And unlike in the accounting profession, where it is possible for a single individual to provide advice based on their knowledge of such systems, lawyers are more restricted. This will be interesting to watch.