| Headline: Fighting for talent Source: Euromoney Date: September 2000 Author: Nigel Page more from Financial Lawyer The prolonged corporate finance spree is offering law firms a rich source of premium deals. However, winning the business places a heavy burden on staff. By Nigel Page Partners in law firms are enjoying a golden age. Driven by an unprecedented and prolonged corporate finance spree, top-end international firms are plugged into a rich source of premium deals. bear this out. According to Legal Week, 15 firms in the UK bill over £100 million in fees, while profits per partner in the so-called ‘magic circle’ firms are edging ever closer to the £1 million mark. At Slaughter and May, still the most profitable City firm, partners reportedly averaged £870,000 in the financial year 1999-2000, while both Allen & Overy and Linklaters were close behind at around £750,000. These are impressive figures, but the higher they go, the heavier the pressures they place on the firms’ management committees. Top-end deals, from top-end banks and corporates, are the lifeblood of this market. And winning this work means heavy investment in international capability, marketing, IT and, most importantly, recruitment. |