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<blockquote data-quote="Jake Rickman" data-source="post: 143201" data-attributes="member: 8521"><p>I think this is a really profound development and one to keep an eye on because it hits on so many different aspects of the commercial world that ultimately influence the large international firms. So definitely a great one to raise. </p><p></p><p>We partially addressed this back in January with this article, "<a href="https://www.thecorporatelawacademy.com/forum/ams/corporate-governance-concerns-mount-for-ftse-100-companies.375/" target="_blank">Corporate governance concerns mount for FTSE 100 companies</a>", as well as the March article "<a href="https://www.thecorporatelawacademy.com/forum/ams/softbank-owned-uk-semiconductor-spurns-the-lse.392/" target="_blank">SoftBank-owned semiconductor spurns the LSE</a>". </p><p></p><p>I actually missed the fact that CRH decided to list in New York. Definitely adds credence to idea that the LSE is struggling to stay competitive. </p><p></p><p>I think as well it is worth bearing in mind how massive the US markets are and how some prospective clients like SoftBank view it as more favourable than the UK from a regulatory perspective.</p><p></p><p>In terms of how it might impact law firms, I suspect there is quite a bit of uncertainty and anxiety about the future of London as a global financial and legal capital, which could feasibly result in some international firms choosing not to invest as heavily in their London/UK presence. That is, that they might choose to follow potential client money and double down in the US markets. This would of course negatively impact firms active in the equity capital markets spaces. </p><p></p><p>There are a couple of interesting connections worth exploring from this perspective: </p><p></p><p>1. Among of the largest US firms that specialise in corporate and private equity work, some of them (e.g., Proskauer and Craveth) have never had a substantial presence in London. </p><p>2. You can start to see why the largest UK firms like Clifford Chance and Freshfields have been so neurotic about expanding their US market share. </p><p></p><p>On the other hand, the UK government seems quite determined to reverse the tide and the perception that London is not competitive (even if some of their approaches might be described as ham-fisted). I cannot recall the exact plan off the top of my head and which public bodies have been enlisted to enact it, but there is some substantial regulatory reform related to LSE listing guidelines coming down the pipeline. </p><p></p><p>This is an obvious opportunity for the international firms with commendable UK regulatory and advisory practice areas (e.g., thinking of a firm like Freshfields, though I have no idea which firms in particular have been drafted in to advise).</p></blockquote><p></p>
[QUOTE="Jake Rickman, post: 143201, member: 8521"] I think this is a really profound development and one to keep an eye on because it hits on so many different aspects of the commercial world that ultimately influence the large international firms. So definitely a great one to raise. We partially addressed this back in January with this article, "[URL='https://www.thecorporatelawacademy.com/forum/ams/corporate-governance-concerns-mount-for-ftse-100-companies.375/']Corporate governance concerns mount for FTSE 100 companies[/URL]", as well as the March article "[URL='https://www.thecorporatelawacademy.com/forum/ams/softbank-owned-uk-semiconductor-spurns-the-lse.392/']SoftBank-owned semiconductor spurns the LSE[/URL]". I actually missed the fact that CRH decided to list in New York. Definitely adds credence to idea that the LSE is struggling to stay competitive. I think as well it is worth bearing in mind how massive the US markets are and how some prospective clients like SoftBank view it as more favourable than the UK from a regulatory perspective. In terms of how it might impact law firms, I suspect there is quite a bit of uncertainty and anxiety about the future of London as a global financial and legal capital, which could feasibly result in some international firms choosing not to invest as heavily in their London/UK presence. That is, that they might choose to follow potential client money and double down in the US markets. This would of course negatively impact firms active in the equity capital markets spaces. There are a couple of interesting connections worth exploring from this perspective: 1. Among of the largest US firms that specialise in corporate and private equity work, some of them (e.g., Proskauer and Craveth) have never had a substantial presence in London. 2. You can start to see why the largest UK firms like Clifford Chance and Freshfields have been so neurotic about expanding their US market share. On the other hand, the UK government seems quite determined to reverse the tide and the perception that London is not competitive (even if some of their approaches might be described as ham-fisted). I cannot recall the exact plan off the top of my head and which public bodies have been enlisted to enact it, but there is some substantial regulatory reform related to LSE listing guidelines coming down the pipeline. This is an obvious opportunity for the international firms with commendable UK regulatory and advisory practice areas (e.g., thinking of a firm like Freshfields, though I have no idea which firms in particular have been drafted in to advise). [/QUOTE]
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