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Magic circle v US law firms?
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<blockquote data-quote="Jaysen" data-source="post: 2260" data-attributes="member: 1"><p>Found an interesting piece on US and UK firms by the Lawyer. It's behind a paywall, so I'll summarise:</p><p></p><p>Over the last decade, between the magic circle (excluding Slaughters):</p><p></p><p><em>International</em></p><ul> <li data-xf-list-type="ul">Freshfields has had the most conservative international strategy.</li> <li data-xf-list-type="ul">Clifford Chance has reigned in its international reach and consolidated some offices.</li> <li data-xf-list-type="ul">Linklaters has spun off its offices in east Europe and expanded in Australia and South Africa through alliances. The firm seriously invested in Asia after the financial crisis, pursuing China for inbound as well as outbound work. Its recent venture with a Shanghai firm this year finally gave it the reach it was looking for.</li> <li data-xf-list-type="ul">Allen & Overy has transformed globally since 2012/13 (back in 2008, A&O had a inconsistent global outreach). It has opened 15 offices in 10 countries in 10 years.</li> </ul><p><em>US reach</em></p><ul> <li data-xf-list-type="ul">Clifford Chance is well known for its failed merger with US firm Roger & Wells in 2000, but it has recently done well to grow public M&A and funds in the US.</li> <li data-xf-list-type="ul">However, the firm's reach in New York has been questioned with just 26 partners.</li> <li data-xf-list-type="ul">Freshfields is pushing to make the US central to its ambitions in litigation and antitrust.</li> <li data-xf-list-type="ul">Allen & Overy has made a few key hires in the US.</li> </ul><p><em>Headcount</em></p><ul> <li data-xf-list-type="ul">Clifford Chance and A&O have reduced the numbers of partners and lawyers the most. They have grown profits while reducing headcount.</li> <li data-xf-list-type="ul">All magic circle firms have reduced partner and lawyer headcount over the last decade</li> </ul><p></p><p><em>Innovation</em></p><ul> <li data-xf-list-type="ul">Clifford Chance's acquisition of Carillion's centre impressed the market</li> <li data-xf-list-type="ul">Allen & Overy has done the most for innovation (compared to 2008 when it was seen as the most conservative).</li> </ul><p><em>Size</em></p><ul> <li data-xf-list-type="ul">Linklaters is the biggest magic circle firm in London on revenue.</li> </ul><p></p><p>US elite v magic circle</p><ul> <li data-xf-list-type="ul">Between 2003 and 2007 magic circle (inc. Slaughters) had a far higher growth in PEP than the elite US firms</li> <li data-xf-list-type="ul">The magic circle has chosen international reach over the last decade, at the cost of profits (where they now lag behind compared to US firms).</li> <li data-xf-list-type="ul">The financial crisis was a big gift to US firms. The rise in investigations, litigation, restructuring and regulations work gave US law firms a huge source of income.</li> <li data-xf-list-type="ul">The magic circle will continue to try break into New York over the next few years, which is their current limiting factor.</li> <li data-xf-list-type="ul">UK firms are still surviving because of the popularity of English law, their reach in Europe and Asia and their investment in technology and delivery (think, legal services centres).</li> <li data-xf-list-type="ul">The magic circle firms can no longer compete when hiring lateral partners, whereas US firms can afford huge pay packets.</li> <li data-xf-list-type="ul">Technology and alternative delivery may help UK firms compete as they will be able to serve their global clients more cheaply.</li> <li data-xf-list-type="ul">The question between US firms is how much they will continue to increase their salaries and bonuses to attract star partners.</li> </ul></blockquote><p></p>
[QUOTE="Jaysen, post: 2260, member: 1"] Found an interesting piece on US and UK firms by the Lawyer. It's behind a paywall, so I'll summarise: Over the last decade, between the magic circle (excluding Slaughters): [I]International[/I] [LIST] [*]Freshfields has had the most conservative international strategy. [*]Clifford Chance has reigned in its international reach and consolidated some offices. [*]Linklaters has spun off its offices in east Europe and expanded in Australia and South Africa through alliances. The firm seriously invested in Asia after the financial crisis, pursuing China for inbound as well as outbound work. Its recent venture with a Shanghai firm this year finally gave it the reach it was looking for. [*]Allen & Overy has transformed globally since 2012/13 (back in 2008, A&O had a inconsistent global outreach). It has opened 15 offices in 10 countries in 10 years. [/LIST] [I]US reach[/I] [LIST] [*]Clifford Chance is well known for its failed merger with US firm Roger & Wells in 2000, but it has recently done well to grow public M&A and funds in the US. [*]However, the firm's reach in New York has been questioned with just 26 partners. [*]Freshfields is pushing to make the US central to its ambitions in litigation and antitrust. [*]Allen & Overy has made a few key hires in the US. [/LIST] [I]Headcount[/I] [LIST] [*]Clifford Chance and A&O have reduced the numbers of partners and lawyers the most. They have grown profits while reducing headcount. [*]All magic circle firms have reduced partner and lawyer headcount over the last decade [/LIST] [I]Innovation[/I] [LIST] [*]Clifford Chance's acquisition of Carillion's centre impressed the market [*]Allen & Overy has done the most for innovation (compared to 2008 when it was seen as the most conservative). [/LIST] [I]Size[/I] [LIST] [*]Linklaters is the biggest magic circle firm in London on revenue. [/LIST] US elite v magic circle [LIST] [*]Between 2003 and 2007 magic circle (inc. Slaughters) had a far higher growth in PEP than the elite US firms [*]The magic circle has chosen international reach over the last decade, at the cost of profits (where they now lag behind compared to US firms). [*]The financial crisis was a big gift to US firms. The rise in investigations, litigation, restructuring and regulations work gave US law firms a huge source of income. [*]The magic circle will continue to try break into New York over the next few years, which is their current limiting factor. [*]UK firms are still surviving because of the popularity of English law, their reach in Europe and Asia and their investment in technology and delivery (think, legal services centres). [*]The magic circle firms can no longer compete when hiring lateral partners, whereas US firms can afford huge pay packets. [*]Technology and alternative delivery may help UK firms compete as they will be able to serve their global clients more cheaply. [*]The question between US firms is how much they will continue to increase their salaries and bonuses to attract star partners. [/LIST] [/QUOTE]
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