GLOBAL MARKET LEADERS: An Introduction to Leading Law Firm Networks: The Elite

We at TAGLaw and TAG Alliances are honoured to congratulate our fellow networks and alliances that Chambers Global has recognised as “Elite” organisations. As professional advisors and members of prestigious global networks and alliances, we are fortunate to have earned the trust of clients and the public. They rely on us to help them understand how geopolitical changes, technological disruption, economic volatility and other factors impact their enterprises. Our ability to identify current issues and trends, while navigating an increasingly complex global regulatory environment, allows us to provide pragmatic and cost-effective solutions. This makes members of legal networks and alliances unique partners for businesses looking for alternatives in the legal marketplace. The legal profession is not insulated from change: law firms of all sizes must look inward to address external threats and opportunities to remain competitive in the future.

A Look Back at 2024 and a Look Ahead to 2025

Reflecting on 2024, it is impossible not to mention the US Presidential election, which resulted in the return of President Donald Trump to the White House in 2025. President Trump’s controversial policies of tariffs and geopolitical disruption have sent ripples around the world. The sudden resignation of Canada’s Prime Minster, Justin Trudeau, along with political shifts in countries like Germany, may just be the beginning of significant changes. Ongoing conflicts, such as the war in Ukraine and the Israel-Hamas situation, along with concerns about China’s intentions toward Taiwan and President Trump’s ambitions regarding Greenland and the Panama Canal, create a complex global landscape. Clients must plan for these developments, as they directly affect stakeholders, capital, supply chains and other vital aspects of their enterprises.

As global political leaders and policies evolve, clients operating internationally will increasingly rely on their local law firms and advisors who are members of international networks and alliances. These law firms must prepare to guide clients through shifting tariffs, sanctions and supply chain disruptions, making access to a global network more crucial than ever.

Increased Consolidation Among Law Firms

According to legal industry consultants Fairfax Associates, the first three quarters of 2024 saw 41 law firm mergers in the United States, which was the same as for the whole of 2023. Similar trends were observed in the United Kingdom, where some UK law firms sought merger partners abroad, such as the merger of Allen & Overy and Shearman & Sterling resulting in A&O Shearman.

The primary drivers behind these law firm mergers include addressing ageing partnerships lacking sufficient succession plans or retirement funding, along with the critical need for increased access to capital for investments in new technology platforms like artificial intelligence (AI) and cybersecurity. Regardless of the reason for mergers and consolidations, they will influence networks and alliances. This might challenge those with strict rules about exclusivity and overlapping territories, potentially leading to member retention issues. Conversely, alliances and networks which foster a culture of co-operation may experience an influx of capabilities, opportunities and reach.

Many law firms involved in these mergers are members of international alliances or networks. This trend will likely result in increased overlap among member firms operating in multiple jurisdictions. The wave of law firm consolidations presents challenges and opportunities for global alliances. Networks that prioritise collaboration over rigid territorial restrictions will be better positioned to retain and attract firms seeking international reach without full-scale mergers.

The Accountants Have Entered the Ring… Again

In early 2025, KPMG, one of the Big Four accounting firms, announced its initiative to establish a US law firm through Arizona's alternative business structure programme, which allows non-lawyer ownership of law firms in contrast to all other US states where the arrangement is prohibited. The Big Four have attempted similar endeavours in Canada and the UK and the world is closely watching the outcomes of this new experiment.

Members of law firm networks, particularly those with multidisciplinary capabilities (eg, law, accounting, advisory), can effectively compete alongside the Big Four as they continue to enter the legal profession in various markets. The independence provided within international networks and alliances allows member firms the flexibility to reduce conflicts of interest while leveraging the global, multidisciplinary expertise of their fellow members.

Technology, Technology, Technology

The rapid adoption of generative AI technologies is transforming the legal profession, enhancing efficiency in tasks such as document review and research. Law firms of all sizes are actively exploring ways to leverage AI to improve service delivery while addressing the numerous ethical considerations and potential challenges associated with its use. However, some firms still prohibit using generative AI tools, while others located in non-English speaking regions must patiently wait for the development of non-English AI language models and tools. Beyond AI, law firms are increasingly investing in cybersecurity measures and legal automation tools to enhance efficiency and protect valuable client data.

Law firm networks that focus on technology and innovation, such as generative AI, particularly at their events and programming, provide their member firms with unique opportunities to stay at the forefront of these advancements. This exposure enables network members to compete for new business, deliver exceptional client service and retain existing clients.

Sectors, Practice Areas and Trends to Watch

Looking ahead, as central banks and financial institutions grapple with inflation and rising interest rates, we can expect an increase in reported insolvencies and restructurings. This is a trend that began in 2024 and is likely to continue into the near future. Climate change and natural disasters worldwide also impact clients, compelling law firms to understand evolving issues and solutions, particularly regarding changing ESG regulations. Additionally, the looming threat of tariffs from the United States and corresponding retaliatory tariffs from other countries will affect clients who rely on materials, products, equipment and other goods for their supply chains.

Looking ahead, law firms will need to navigate an evolving legal landscape shaped by rising insolvencies, regulatory shifts in ESG compliance and global economic volatility. Firms that leverage their network’s global expertise will be best positioned to foresee and respond to these challenges.

Conclusion

In the year ahead and beyond, law firms, especially those with access to international alliances and networks, will play a crucial role in helping clients navigate these issues and opportunities in our increasingly interconnected global society, even in the face of rising nationalism in some jurisdictions. Forward-thinking firms that align with robust international networks and alliances and fully capitalise on the benefits of membership will have the independence to maintain their unique cultures while gaining essential global connections to address their clients’ complex and cross-border needs.