US will drive business in 2016: Baker & McKenzie

More business will come from the U.S. as it's still and attractive economy for investors, the chair of one of the world's largest law firms told CNBC.

Despite "ups and downs" in the U.S. economy, countries from China to those in the European Union still find it an attractive place to invest, Eduardo Leite, the chairman of the executive committee at Baker & McKenzie said.

"Higher business certainly is going to be in the US," Leite told CNBC at the World Economic Forum in Davos.

"The US economy…is still the economy that is attracting a great deal of investments from China, from the Asian countries, it's still attractive to the European Union."

Gemma Acton

But the chairman added that the global initial public offering (IPO) market would slow down while mergers and acquisitions would maintain pace.

Cross-border merger and acquisition deal values in the fourth quarter of 2015 rose to the highest level ever recorded in a single quarter, according to Baker & McKenzie's latest cross-border M&A index. This was fuelled by megadeals such as Pfizer's purchase of Botox maker Allergan.

"The IPO market…is continuing to slow down…the M&A market may keep going in terms of number of deals, maybe not the huge volume of deals of $120, $140 billion that we've seen," Leite said.