Plenty has been made about US law giant White & Case's decision to set up shop in Australia.
Lawyers at the big end of town reckon that what started with a raid on Herbert Smith Freehills' project and finance teams, has plenty more to play out.
It's fair to say there are some nervous senior partners, as the Americans come looking for their next targets. [Meanwhile, more excited junior lawyers are also known to be interviewing with the US giant and will soon be seeking payrises from their bosses.]
So who's next?
It would make sense for White & Case to target a corporate team. Corporate partners are renowned for holding the keys to the big blue chip clients, which often sees work trickle to other parts of the firm.
And for a newcomer like White & Case, the more senior the better.
The big players in Australian corporate law include Freehills, King & Wood Mallesons, Allens and Clayton Utz.
However, it is the busy deal-doer Gilbert + Tobin's corporate team that has tongues wagging around the market.
While Street Talk does not suggest a big shake-out is afoot, G+T is known to punch well above its weight in corporate law and other practices. It makes sense that if one of the big offshore firms like White & Case was seriously trying to buy a meaningful Australian team that it would go knocking at G+T.
Time will tell whether White & Case can successfully muscle into the local corporate law market. The existing players will protect their patch - and their key dealmakers - although if White & Case comes knocking with a fat chequebook, it would be hard to write them off.
