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Why the Allen & Overy-Shearman & Sterling deal could signal a UK seat at US law firms’ top table

The deal could pressure other UK firms to make similar moves

The only reason A&O can merge with Shearman & Sterling is that the US firm is struggling, which makes the project much more challenging

Corbis via Getty Images
By
David Wighton

Making it big in the US is tough for any European services firm. Just ask the investment banks.

After decades of trying, it has become increasingly clear that the only way for foreigners to win a place at the investment banking top table in the US is to buy a firm that is already sitting there. And even then success is far from guaranteed. The one bank that appears to have pulled it off is Barclays, thanks to its acquisition of Lehman Brothers in 2008.

Now...