According to recent research conducted by the Legal Week news service, many of the US law firms located in London have failed to meet their own growth targets.
32% of those who responded to the survey revealed that their UK operations had shrunk over the past year, and leading firms such as Shearman & Sterling and Weil Gotshal & Manges both reportedly recorded falls in their headcounts in the past 12 months.
Shearman's City chief, Kenneth MacRitchie explained to Legal Week that:
"There were a number of US firms that were quite naive about how competitive the London market is."
However, 57% of respondents revealed that they had increased their numbers in the UK, and 73% predicted growth in double figures in 2005-06.
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