White-shoe,footsie:shoe怎么读

　　Late last year, Mallesons Stephen Jaques, one of Australia’s “Big Six”law firms, announced a merger with King and Wood, one of China’s largest law firms. It was the first major combination of a top-tier Western law firm with a Chinese counterpart, and the agreement seemed to portend a wave of Sino-Western mergers. “Others are really looking to see what we do and will be following,” said Martyn Huckerby, a partner at Mallesons.
　　But while both Western and Chinese firms have good cause to seek mergers, their reasons differ, and finding a suitable match can be tricky. Western law offices want to expand their presence in China and co-opt the best local partners before their competitors can. Big Chinese law firms, meanwhile, seek to offer their clients better service abroad and one day join the global big leagues.
　　“It’s less a question of if [a wave of mergers will come], and more a question of when,” said Kent Zimmermann, a partner at Zeughauser Group, a firm which advises law firms on business strategy. “The conditions are right, but it’s hard to predict the timing.”
　　Come together
　　Globally, the legal industry is consolidating at an “unprecedented” pace, said Tony Williams, principal at UK-based legal consultancy Jomati. Law has historically been one of the most fragmented sectors of the global economy, with the bulk of profits clustered among a handful of topshelf firms. However, an ongoing dry spell in the US and Europe is forcing smaller, less profitable firms to either close shop or be swallowed by their larger rivals.
　　“We’re seeing more merger activity and lots of firms opening new offices in various parts of the world,” Williams said. “It could be a very interesting [next] couple of years.”
　　Merging makes sense, because bigger is usually better in the business of law. Zimmermannn of the Zeughauser Group notes that bigger legal practices can devote more revenue to branding and poaching rival talent. And raising hourly billing rates across 4,000 lawyers brings in much more revenue than across 400 lawyers.
　　Western firms in China have even more incentive to merge. For one, Asia’s economic growth is creating big opportunities for the legal industry. Huckerby of Mallesons said that while foreign law firms have traditionally serviced foreign clients who are investing in China, firms are now shifting their focus to helping Chinese firms expand abroad.
　　China-based legal services do not yet generate much profit for big Western firms, but returns are projected to grow rapidly in coming years. In addition, law offices have to plan further in advance than most businesses. Zimmermann notes that many lawyers who made partner this year will be “in their most productive years” around 2025, meaning business decisions made now will affect earnings for decades to come.