The legal market has undergone some significant changes due to the financial crisis and respectively the collapse of a significant part of the M&A transaction business. While international players have been rather quiet over the last years, the market in Germany has seen a significant pickup of the midcap M&A business and thus several German law firms have profited from the trend. International law firms have certainly been able to hold their grounds, but have been hurt by the pressure on the fee rates. International law firms of US or UK origin suffer from volatile home markets, and even if the business picks up fast in London or New York, this does not mean necessarily that the German situation is changing as well. Thus there is a certain time lag between their home markets and the German market. Understanding the German market and allowing for a certain “local leeway” is a significant part of the more successful firms of UK or US origin. German firms have enjoyed the advantage of trustful long-lasting relationships with their mid-sized clients who might not have the glamorous “big tickets” for their consultants, but offer a certain continuity.