var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; googletag.cmd.push(function() { googletag.pubads().disableInitialLoad(); });
device = device.default;
//this function refreshes [adhesion] ad slot every 60 second and makes prebid bid on it every 60 seconds // Set timer to refresh slot every 60 seconds function setIntervalMobile() { if (!device.mobile()) return if (adhesion) setInterval(function(){ googletag.pubads().refresh([adhesion]); }, 60000); } if(device.desktop()) { googletag.cmd.push(function() { leaderboard_top = googletag.defineSlot('/22018898626/LC_Article_detail_page', [728, 90], 'div-gpt-ad-1591620860846-0').setTargeting('pos', ['1']).setTargeting('div_id', ['leaderboard_top']).addService(googletag.pubads()); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); } else if(device.tablet()) { googletag.cmd.push(function() { leaderboard_top = googletag.defineSlot('/22018898626/LC_Article_detail_page', [320, 50], 'div-gpt-ad-1591620860846-0').setTargeting('pos', ['1']).setTargeting('div_id', ['leaderboard_top']).addService(googletag.pubads()); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); } else if(device.mobile()) { googletag.cmd.push(function() { leaderboard_top = googletag.defineSlot('/22018898626/LC_Article_detail_page', [320, 50], 'div-gpt-ad-1591620860846-0').setTargeting('pos', ['1']).setTargeting('div_id', ['leaderboard_top']).addService(googletag.pubads()); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); } googletag.cmd.push(function() { // Enable lazy loading with... googletag.pubads().enableLazyLoad({ // Fetch slots within 5 viewports. // fetchMarginPercent: 500, fetchMarginPercent: 100, // Render slots within 2 viewports. // renderMarginPercent: 200, renderMarginPercent: 100, // Double the above values on mobile, where viewports are smaller // and users tend to scroll faster. mobileScaling: 2.0 }); });
Download App | FOLLOW US ON SOCIAL MEDIA
 Upload Your Resume   Employers / Post Jobs 

US Firms Edging Out Magic Circle Law Firms in Global Market

published October 20, 2014

By CEO and Founder - BCG Attorney Search left
Published By
( 2 votes, average: 4 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
10/20/14

US Firms Edging Out Magic Circle Law Firms in Global Market



Summary: UK law firms including those in the Magic Circle seem to be enjoying a better time than before. A PricewaterhouseCoopers LLP survey reported this October that the UK legal services market has bounced back to 2008 levels. Below all that glory, however, remain deep concerns over US law firms slowly but steadily dislodging the hold of the Magic Circle in Asia and Africa. Global operating and financial performance of Magic Circle firms against top-tier US law firms is dismal, and an internal salary war has started within the Magic Circle law firms to retain top performers, who keep defecting to US law firms in unprecedented numbers.

The news is out this week that things are back to 2008 market levels in UK for law firms according to the 2014 Annual Law Firm Survey by PricewaterhouseCoopers LLP. About 80 percent of the 250 law firms surveyed reported increased revenue and average profit per equity partner at the top 10 firms surpassed 1 million pounds for the first time since 2008. Law firms in UK are busy again.

However, another part of the same survey that focused on global operating and financial performance notes:
  • US top tier firms have increased their net profit margin by 1 percentage points to 47% whilst the UK top tier achieved only 37% on an average

  • UK top tier firms are 21.5% behind their US counterparts with respect to profit per partner hen it comes to full equity partners

  • UK top tier firms are 20.5% behind their US counterparts when it comes to fees par partner, and

  • UK top tier firms are 36.3% behind their US counterparts when it comes to profits per fee earner, irrespective of partner status
No wonder then that top performers in the international legal market are leaving Magic Circle law firms and making a beeline for US law firms. UK legal broadsheet the lawyer.com observed in an article published on October 20, 2014 that "as the magic circle try to keep up with their respective Joneses, they have failed to find a solution to the problem of US firms gradually taking an ever-larger slice of the junior market."

The Lawyer observers that there are at least 15 US law firms offering larger pay packets to juniors than what the magic circle provides. And The Lawyer debunks the myth of the claims of magic circle law firms that US law firms make their lawyers slog harder than their UK counterparts in another research survey. The survey conducted by the publication on 29 May 2014 found that at the junior level, over half of magic circle trainees reported working more than 56 hours a week, while in the case of US law firms, only 25 percent trainees said the same. And the result is that magic circle firms in UK have ultimately decided to start an internal salary war to stop US firms stealing top talent.

The top of the international market, for juniors, however, is still dominated by US law firms like Milbank, Tweed Hadley & McCloy, White & Case, Jones Day and Shearman & Sterling, when it comes to paying more than the magic circle.

This news originally appeared on BCGsearch.com: US Firms Edging Out Magic Circle Law Firms in Global Market

Alternative Summary

Harrison is the founder of BCG Attorney Search and several companies in the legal employment space that collectively gets thousands of attorneys jobs each year. Harrison’s writings about attorney careers and placement attract millions of reads each year. Harrison is widely considered the most successful recruiter in the United States and personally places multiple attorneys most weeks. His articles on legal search and placement are read by attorneys, law students and others millions of times per year.

More about Harrison

About LawCrossing

LawCrossing has received tens of thousands of attorneys jobs and has been the leading legal job board in the United States for almost two decades. LawCrossing helps attorneys dramatically improve their careers by locating every legal job opening in the market. Unlike other job sites, LawCrossing consolidates every job in the legal market and posts jobs regardless of whether or not an employer is paying. LawCrossing takes your legal career seriously and understands the legal profession. For more information, please visit www.LawCrossing.com.

published October 20, 2014

By CEO and Founder - BCG Attorney Search left
( 2 votes, average: 4 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.

Related