If you are building your commercial awareness for law firm applications, our Commercial Awareness hub covers current deals, sector developments, and how to use them in applications and interviews.
- Double Law Firm Mergers
UK law firm Taylor Wessing plans to merge with US law firm Winston & Strawn. Plans have also surfaced stating that international law firm Hogan Lovells is set to merge with US law firm Cadwalader. This is a rapid rate for law firm expansion, which tends to be a lot more conservative, occurring over longer timeframes.
Taylor Wessing cites increased client demand for integrated US advice as its core reason for pursuing this merger, whilst Hogan Lovells similarly cites clients not wanting to maintain multiple relationships with multiple law firms.
What does this trail of law firm mergers signify?
- UK law firms are finally making the big push into the US like US firms have done into London
- Law firms are consolidating to drive up revenue figures and free up capital for investment
- Clients might have fewer choices for counsel, leaving them vulnerable to fee increases
- More firms are moving to big-ticket work, freeing up market share for mid-market matters
- Mobility of fee-earners will be at a high rate as lawyers look to find stable ground
- EU Automative Unrest
The European Commission has revised its 2035 petrol car ban, such that only 90% of new cars sold from 2035 have to be zero-emission, however this revision is not what was expected by the automotive industry. Carmakers are also expected to have emissions be offset using low-carbon steel and sustainable fuels.
Antonio Filosa - the CEO of Stellantis - has criticised this revised plan, stating that the development does not provide a clear roadmap for restoring automotive investment in the EU.
VDA - Germany’s car lobby group - calls the changes disastrous due to insurmountable implementation obstacles, mirroring Filosa’s dissatisfaction with the costs of compliance.
What does this new plan mean?
- There is still a great pressure on vehicles as part of the energy transition but without the necessary support to make this possible.
- Low-carbon steel and sustainable fuels are being better promoted, suggesting business opportunity in these renewable spaces.
- The EU is still signalling a clear climate ambition despite the revised petrol car plan
Knowing the story isn’t enough. In applications and interviews, firms expect you to explain why this matters commercially and how it affects clients. The Commercial Awareness Starter Pack shows you exactly how to do this using a simple, repeatable framework.
How to use this in applications
- With the increase in mergers of this sort, candidates will now have to consider not only whether they want to work at a US or UK law firm, but also this third emerging category of firms —the hybrid UK-US law firm. With the most prominent merger of this sort - A&O Shearman - not happening too long ago, there is yet to be confirmation on how successful this business model will end up being. Nonetheless, it is clear that more firms are jumping on this bandwagon so this is worth keeping an eye on.
- This revision reflects a core tension between regulatory climate policy and economy-targeted industrial competitiveness. Whilst the Trump administration is backtracking on climate ambitions and promoting fossil fuels, the EU is still actively trying to maintain this tight balance. Law firms will have to help automotive clients navigate this balance, especially where these clients are still heavily invested in non-renewable means of production.
We explain how this story can be discussed in written applications and interviews. Register now for free to unlock the full article.
Register now to unlock the full free article
