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, 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.
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.
While historically the demand has been in finance/corporate, in today's market the current demand is in:
- Funds
- International Arbitration
- Commercial Litigation
- IP/IT
- Restructoring
- Corporate
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 £750,000. 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.