Page 159 - 2019 - Leaders in Legal Business (n)

2) The need to demonstrate U.K. and U.S. law capability;
3) The wish to build a U.S. practice; and

4) Branding and recognition.
Globalization
One of the encouraging outcomes of the financial crisis is that no country reverted to
significant amounts of protectionism and that regional and bilateral trade deals continue to be
made. The world is now far more interconnected than ever before. Trade, investment and know-
how move relatively easily across borders. Although New York and London remain the world’s
primary financial centers, others such as Singapore, Shanghai and Sao Paulo are becoming
increasingly relevant. Other countries are rapidly developing. Most of the world’s megacities are
now in the developing rather than developed world. Big acquisitions, funding and disputes no
longer necessarily need to pass through New York or London. Some of the world’s largest country
funds are based in Asia and the Middle East, recycling either commodity income or pensions
savings into the global equities, bonds and real estate markets.
While trade and investment flows have increased and become more diverse, it is important
to note that the corporate giants of today are no longer the monopoly of the U.S. and Europe.
Indeed, very soon, corporations from these countries will be a minority in the Fortune Global 500.
The Fortune Global 5002

These trends have not been lost on law firms. They realize that their domestic clients are

2 FORTUNE GLOBAL 500, http://fortune.com/global500.

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