PricewaterhouseCoopers, for example, has 150, 000 employees in 150 countries, compared with Clifford Chance's 6, 500 in 20 countries.

ECONOMIST: The battle of the Atlantic

Such private lawsuits are on the rise in Europe, says Elizabeth Morony of Clifford Chance, a law firm.

ECONOMIST: Cartels: Fixing for a fight | The

That prompted international legal giant Clifford Chance to buy into Bangkok-based Wirot International.

CNN: SURVIVING THE DEAL

"Although we will initially maintain the level of staffing, we need more people, " says Tim Jeffares, a partner of newly-formed Clifford Chance Wirot.

CNN: SURVIVING THE DEAL

In America, says Chris Bright of Clifford Chance, a law firm based in London, price-fixers face two other worries that their British counterparts have so far been spared.

ECONOMIST: Competition policy

As Simon Gleeson of Clifford Chance, a law firm, points out, no government will care as much about treating foreign creditors fairly as it cares about compensating its own people.

ECONOMIST: Reshaping banking

Originally based in Chicago, Baker has expanded internationally for the past 50 years and has offices in 35 countries, more than any competitor, including Clifford Chance after its recent mergers.

ECONOMIST: The battle of the Atlantic

"Japanese lawyers will call a bureaucrat and ask if something is allowed then give legal advice based on that, " notes Stephen Roith at Clifford Chance, another foreign law office in Japan.

FORBES: Japan's Dirty Secrets

But there are good reasons to keep the European operations out of insolvency while the company restructures in America, says Mark Hyde, a specialist in cross-border restructuring at Clifford Chance, a law firm.

ECONOMIST: Corporate bankruptcy

The greater worry is that, in trying to legislate good behaviour, the bill may make business decisions subject to subsequent review in court, says Adrian Levy, a partner at Clifford Chance, a law firm.

ECONOMIST: A proposed new bill would invite judges into the boardroom