Norton Rose merger to make it No 3

The chief executive of the London-based legal group Norton Rose has predicted the emergence of "15 or 20 truly global law firms" after announcing a merger with the US group Fulbright & Jaworski. Peter Martyr said that the combination will create the world's third biggest law firm.

Mr Martyr said that the legal sector, which has seen a number of tie-ups, is following the accountancy model, where a handful of firms provide a "one-stop shop" for clients internationally.