US Law Firms in London
20 years ago, US firms were not really an option for UK partners. 10 years ago, it was very rare for a UK partner to move to a US firm in London. Today, UK partners are moving to US firms on a frequent basis.
Many of the US firms offer partners the chance to work within smaller teams of people but with the might of a major international firm behind them. This, combined with often higher remuneration packages which do not plateau, can make the move very attractive.
Although moving to a US firm is now commonplace, the firms are still at a size where there are still many roles available to head up a team and/or be highly influential in its growth and development.
Types of US Firms in London
There is not a 'typical' US firm in London. Although the majority of practices are finance driven, there are now a variety of firms in existence that generally fall into five different categories:
- Small to medium-sized branch offices that only practice US law;
- Large and medium-sized firms that offer something of a hybrid service, dealing with UK and US law;
- Large and medium-sized firms that have a niche specialisation: IT, IP, projects, Energy;
- Large and medium-sized firms that have developed/are developing a full service;
- Large and medium-sized firms that have merged with a UK practice.
Demand for UK Partners within US Law Firms in London
As a considerable number of the US law firms in London are growing from relatively small bases, much of the growth is strategic rather than opportunistic. The majority of demand is for partners within the finance/corporate areas of law, specifically:
- Acquisition Finance
- Private Equity
- Project Finance
- Securitisation
- Structured Finance
- Mergers & Acquisitions
- Capital Markets
To a lesser degree; we are seeing increased opportunities for partners in:
- Real Estate
- International Arbitration
- Intellectual Property
- IT/Telecomes
- Employment
- Tax
- Funds and Restructuring/Insolvency
Followings Needed to be Considered by US Firms in London
There are no hard facts that can be given here, but we have supplied some general guidelines for those considering a move. Incomes are often in the region of one third of the individual's client following. Obviously for the high flyer who can generate many millions, the rewards are substantial.
Medium sized US law firms will normally require followings of at least £500,000. This size following would typically be needed to enter equity.
Larger Global US law firms will need at least £1million and often considerably more depending upon expected remuneration.
Notice Periods
These are often non-existent within the pure US firms. However, where the firm has merged with a UK practice these do come into place and can be up to 6 months.
Capital Contribution
This varies from firm to firm. Some do not require any contribution while others ask for minimal figures. Generally the figures required are lower than with the UK law firms.