The American Lawyer - Focus Europe, Winter 2012

partnership. It’s a model that is beloved in France and rather than battening down the hatches, independent firms are endorsing a lucrative model that promotes reactivity, low costs and partner-heavy structures which has kept clients loyal. They claim that the independent firm model is tougher than ever in Europe’s financially uncertain times.

GCs are balancing important deals with low liquidity
the upshot of which is a more sophisticated and hard-
to-please client who is in a position to make demands
on law firms. Independent players are quick to promote
their nimble, flexible approach – both in terms of fees
and advice – and have fast garnered the attention of
clients. However, top international firms not only have
the resources, but the global reputation to back up their
product. GCs and law firms looking to refer work are
spoilt for choice in this environment, and firms are
increasingly driven to prove they have what it takes to
get their hands on the top tier instructions. As Jacques
Buhart, partner at McDermott Will & Emery points out
‘international corporates have to justify to their board
why they use a specific law firm and they need such law
firm to be referenced in international rankings and have
a high reputation brand’.