The Financial Times offers a summary of a McKinsey report that London is eclipsing New York as the world’s major financial center.
The change may have occurred already, not least because US markets are beset by credit woes, according to research by McKinsey Global Institute, a think-tank affiliated to the consultancy.
â€œWe think the differential growth rates are so significant that it is quite likely Europe has overtaken the US,â€ said Diana Farrell, author of the report.
As go markets, so go clients. And as go clients, so go law firms.
I commented on this last year, but thought it was more regulation-driven then.