UK firms clean up

UK law firms are cleaning up in Europe and keeping the Americans at bay, a new report reveals.

And City firms consistently hit the top of the charts in the 'Financial lawyers on lawyers 1995' report on clients' favourite firms.

Clifford Chance emerges as the dominant player world-wide, while Norton Rose provides the best level of service, according to a survey of more than 200 financial institutions.

Chris Manners, Norton Rose spokesman, says: “We spend a lot of time listening to what our clients want and this is reflected in the report.”

Allen & Overy, Linklaters & Paines and Slaughter and May all feature in the top five preferred firms.

The future looks promising for the dominant firms with clients expecting to increase the amount of advice they need by 20 per cent over the next two years. Most clients expect to reduce the number of external advisers they use, but with more work going to fewer firms.

But in the UK, clients predict they will need far less legal external advice in the future. Not only will firms have to compete harder, but by 1996, they will be chasing only half the business.