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Aspiring Lawyers - Applications & General Advice
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Magic circle v US law firms?
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<blockquote data-quote="Tim918" data-source="post: 188674" data-attributes="member: 38057"><p>Another angle that may be worth thinking about is efficiency (in addition to reach, size headcount etc.). By "efficiency" I mean how much revenue the firm generates relative to the number of employees. Firms with a higher <a href="https://www.companysights.com/resources/revenue-per-employee-a-key-benchmarking-metric-for-businesses" target="_blank">revenue per employee</a> ('RPE') typically have more budget to spend on their staff (e.g. salaries + perks). But on the flip side, a firm that is more efficient is probably going to mean longer hours for its employees.</p><p></p><p>Here is an assessment of the efficiency at <a href="https://www.nextcitylawyer.com/free-resources/how-efficient-are-the-magic-circle-law-firms" target="_blank">Magic Circle firms</a>, which shows an average RPE of $460K. Meanwhile the average RPE of the top 10 US firms is roughly double that based on my calculations. So, to answer your question about whether you are likely to work more hours at a US firm, the data suggests that the answer is yes.</p></blockquote><p></p>
[QUOTE="Tim918, post: 188674, member: 38057"] Another angle that may be worth thinking about is efficiency (in addition to reach, size headcount etc.). By "efficiency" I mean how much revenue the firm generates relative to the number of employees. Firms with a higher [URL='https://www.companysights.com/resources/revenue-per-employee-a-key-benchmarking-metric-for-businesses']revenue per employee[/URL] ('RPE') typically have more budget to spend on their staff (e.g. salaries + perks). But on the flip side, a firm that is more efficient is probably going to mean longer hours for its employees. Here is an assessment of the efficiency at [URL='https://www.nextcitylawyer.com/free-resources/how-efficient-are-the-magic-circle-law-firms']Magic Circle firms[/URL], which shows an average RPE of $460K. Meanwhile the average RPE of the top 10 US firms is roughly double that based on my calculations. So, to answer your question about whether you are likely to work more hours at a US firm, the data suggests that the answer is yes. [/QUOTE]
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