Abstract
This article argues that despite the rise in the numbers of global law firms in recent years, the future of these firms should not be assumed given escalating levels of economic (and legal) uncertainty. These uncertainties are the result, in part, of growing global and regional conflicts, terrorism, environmental degradation, pandemics, forced migrations, trade embargoes and so on which are in turn linked to global inequalities and disparities of wealth between and within the global south and global north. It is argued that global law firms, as the “lubricators of global capitalism”, should pay attention to the localized real-world impacts of finance, development and trade that their legal work enables. This is important not only to ensure the future security and revenues of global law firms, but more importantly to ensure democratic aspirations and the stability of democratic institutions around the world.
Highlights
Despite many years of economic recession, global law firms have risen in numbers and have profited enormously with emerging economies, expanding markets, booming extraction industries and highly lucrative digital technologies
Notwithstanding global law firms’ enormous financial success to date, the question posed in this article is whether these firms can sustain their profits in the long run given the escalating complexities and tensions of our current world order and the escalating vulnerabilities of global capitalism
Despite the marketing by global law firms, the realities of how law functions in our complex interconnected world belies the claim that global legal practitioners operate in a rarified corporate realm far from the lived experiences of ordinary people
Summary
Despite many years of economic recession, global law firms have risen in numbers and have profited enormously with emerging economies, expanding markets, booming extraction industries and highly lucrative digital technologies. Leading law schools compete to have their graduates find employment in these firms which are considered a significant measure of the institution’s success and prestige. Global law firms represent the pinnacle of legal practice for many in the corporate world, offering a tantalizing arena of sky-high salaries, international travel, and a Fortune Global 500 clientele. How to cite this paper: Darian-Smith, E. Global Law Firms in Real-World Contexts: Practical Limitations and Ethical Implications.
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