An attractive, growing legal market inevitably attracts new competitors. Local law firms, which for purposes of this discussion include law firms that are located in only one jurisdiction, inevitably find themselves having to navigate new currents in a maturing legal market with new competitors, many of which are larger, better-resourced outsiders. The firm in New York or London that used to refer work to the firm now has an office across the street and is competing head-to-head for many of the same clients.
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