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Law firms with insurance as a core practice area face an ever-consolidating market, increased regulatory scrutiny, and growing demands from clients in terms of service and fees. Two major mergers are set to take effect in November 2011; Beachcroft with Davies Arnold Cooper LLP, and Clyde & Co LLP with Barlow Lyde & Gilbert LLP.

While the insurance market has been left relatively unscathed by the economic downturn, certain areas, such as the life and with-profits sectors, lacked such insulation. Regulation, particularly the looming implementation of Solvency II and the increased EU-wide requirements it brings, saw corporate insurance practices handling a range of internal reorganisations and restructuring matters, governance issues and transfers of books during 2010. Despite a lack of formal insolvencies in the insurance market, work has continued in the run-off sector. Scheme work is in substantial decline and limited to solvent scheme work at best, the Scottish Lion and Minster solvent schemes being the most notable of late.

Magic Circle and Silver Circle firms have benefited from the incremental convergence of the banking, financial and insurance industry groups, handling capital markets and financial services work for insurer clients. Notable US firms operating in the London market include Covington & Burling LLP and K&L Gates.

In clinical negligence, firms acting on both the claimant and defendant sides reported a busy twelve months, with the increased willingness to litigate thought to be an effect of the economic climate. Field Fisher Waterhouse LLP, a key player on the claimant side, was bolstered by the arrival of a team from Charles Russell LLP.

Personal injury lawyers continue to face uncertainty in the face of the imminent Jackson Review. Irwin Mitchell LLP, Leigh Day & Co and Stewarts Law LLP currently lead the pack on the claimant side, while firms making an impression on the defendant side include DWF LLP, whose market presence has grown over the past few years.

Product liability claims remained plentiful, with major cases including the Land of Leather ‘toxic sofa’ litigation. Arnold & Porter (UK) LLP, Davies Arnold Cooper LLP and Hogan Lovells International LLP all have strong practices, predominantly among pharmaceuticals and consumer goods clients, and often on an international basis.

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