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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="Jaysen" data-source="post: 30" data-attributes="member: 1"><p>Hmm the magic circle law firms are very different from each other (same with the US firms). This'll be clearer to see when our insights page is up. But if I could generalise, I'd say US firms have:</p><ul> <li data-xf-list-type="ul">less formal training and more on-the-job training</li> <li data-xf-list-type="ul">fewer trainees compared to the magic circle law firms</li> <li data-xf-list-type="ul">the benefit of the US market. That comes with huge benefits – from established relationships with corporate clients to particular capabilities (high yield). It means US firms can offer clients certain options that magic circle firms can’t</li> <li data-xf-list-type="ul">higher pay at NQ level and historically, more flexible partnership remuneration and partnership track (though that has begun to change)</li> <li data-xf-list-type="ul">smaller London offices. Most of the time, these aren’t satellite offices, but decisions are still made in the US rather than in London</li> <li data-xf-list-type="ul">more aggressive lateral hiring practices (often star partners from magic circle firms).</li> <li data-xf-list-type="ul">less fancy non-monetary based perks, though some of that’s speculation (we’ve started offering yoga and language lessons!)</li> <li data-xf-list-type="ul">fewer departments in the London practices, rather than the full service magic circle offerings.</li> <li data-xf-list-type="ul">less agile working practices (at least in the London office)</li> <li data-xf-list-type="ul">higher revenues and higher profitability. That’s a broader trend between UK v US firms. 12 British firms occupy the Global 100 compared to 81 US firms. That’s because of the size of the US market and also partly due to currency fluctuations this year – though that doesn’t change the picture too much</li> </ul><p>I don't agree with all of this, but it's an interesting read: <a href="http://www.motivelegal.com/magic-circle-doomed-heres/" target="_blank">http://www.motivelegal.com/magic-circle-doomed-heres/</a></p></blockquote><p></p>
[QUOTE="Jaysen, post: 30, member: 1"] Hmm the magic circle law firms are very different from each other (same with the US firms). This'll be clearer to see when our insights page is up. But if I could generalise, I'd say US firms have: [LIST] [*]less formal training and more on-the-job training [*]fewer trainees compared to the magic circle law firms [*]the benefit of the US market. That comes with huge benefits – from established relationships with corporate clients to particular capabilities (high yield). It means US firms can offer clients certain options that magic circle firms can’t [*]higher pay at NQ level and historically, more flexible partnership remuneration and partnership track (though that has begun to change) [*]smaller London offices. Most of the time, these aren’t satellite offices, but decisions are still made in the US rather than in London [*]more aggressive lateral hiring practices (often star partners from magic circle firms). [*]less fancy non-monetary based perks, though some of that’s speculation (we’ve started offering yoga and language lessons!) [*]fewer departments in the London practices, rather than the full service magic circle offerings. [*]less agile working practices (at least in the London office) [*]higher revenues and higher profitability. That’s a broader trend between UK v US firms. 12 British firms occupy the Global 100 compared to 81 US firms. That’s because of the size of the US market and also partly due to currency fluctuations this year – though that doesn’t change the picture too much [/LIST] I don't agree with all of this, but it's an interesting read: [URL]http://www.motivelegal.com/magic-circle-doomed-heres/[/URL] [/QUOTE]
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