Speaking to Lawyers Weekly Wednesday, Webb said the market for legal services, particularly within the mining and resources, corporate and M&A sectors in which Allen & Overy intends to operate, will become even more competitive.

"It's a tight market as it is with the top eight firms. There is only so much work to go around so I think it will certainly place some pressure on those firms operating in that area," he said.

Webb's comment is in contrast to those offered by many top-tier firms, whose general sentiments have reflected a lack of concern in relation to their market position and client retention.