The name London broil originally referred to a flank steak that was first pan-fried, then sliced against the grain. This basic technique evolved over time to include the crucial element of marinating the steak, then broiling it, hence the name.
Essentially, London broil is a technique that converts a tough, large, thick, lean, and inexpensive cut of meat into tender slices of steak. Although it is called London broil, the technique has nothing to do with England, and it is a North American creation.