These differences partly explain what looks like a curious stand-off. A merger between a top London and a top New York firm sounds like an unbeatable combination. But almost all the top New York firms are adamant that they have no interest at all in merging with a London firm. Nevertheless, competitors are watching to see whether the combined firm does, in fact, win a lot more international business. There are other obstacles to big New York-London mergers.
Lawyers are prickly, and merger partners often fall out on the way to the altar.
Even in successful mergers, keeping all the partners happy is often impossible. Pay is another stumbling block. In addition, most top-tier New York firms also share profits among partners based on how much business each brings in. But there is no agreement on how firms can provide this. Most New York firms scoff at these arguments.