London Legal Market: The American Invasion

 The coming or expansion of US law firms in the London legal market has been raising the bar on compensation for all lawyers in that sector. Staid British firms are having to pony up more and more bucks. Key players in that American invasion are Kirkland & Ellis and Paul Weiss. 

But there are also those lawyers who are doubling or tripling their compensation, documents legal recruiter Charlie Harvey in Financial Times. They are brandname partners with books of business in private equity practices. Yes, all in one move from one law firm to another in London they can orchestrate that windfall. 

This year 546 partners have made such moves. And, given the continuing strength of private equity and the strengthening of M&A, chasing after stars with mega money offers in the London market is projected to continue. 

Of course, ambitious junior lawyers in the US are noticing this action. Professional anonymous networks such as Fishbowl and Reddit post their queries about if and how they can break in. 

Part of the guidance those young lawyers receive is how unforgiving the culture is. Essentially it's presented - here read the Telegraph - as one in which you work yourself to death. The 18-hour-day and being focused on multiple projects at once are rewarded with bullish branding. That's the way you're in, kid. 

The latest alleged situation attributed to overwork had been the death of Vanessa Ford, senior partner at Pinsent Mason. Earlier deaths, which some attribute to work stress, had ranged from Paul Rawlinson of Baker McKenzie and David Latham at Hogan Lovells. 

But, there are all kinds of professionals. Some thrive in, even it might be said, are "addicted" to the pressure of the hire-wire acts performed in transactional services such as M&A, with its high stakes for clients. The in-joke is that practicing law is their mistress - and a demanding one. I encountered that kind of human being in their developmental stages when a 1L at Harvard Law School. They were one-dimensionally locked into success. 

In contrast, others just can't seem to handle the expectations but assume they can. Seductive are the money, prestige, access to fascinating projects and the ability to be part of brilliant teams. Among them in the US may had been Gabe MacConaill of Sidley who committed suicide. According to his widow Joanna Litt  in this letter in Law.com, it was Big Law who killed her husband. 

Psychologists might do a public service creating use-at-home confidential screening devices to determine if that particular human being is a fit for what it takes to star in the legal sector, be it London or New York. It's no longer enough for the ego to get in. You have to twinkle brightly. 

Affordable Career Coach Jane Genova provides end-to-end career services, ranging from diagnosis of the challenges and fix-it strategies to preparation of resume/cover letters/LinkedIn profiles and how to gain control of an interview. I specialize in over-50 work issues. My edge is a background in marketing communications. For a confidential complimentary consultation please text/phone 203-468-8579 or email janegenova374@gmail.com. Remote and in-person.