Where is that quote at the end from

Which MC are you at? We get £20 for dinner at my MC shop. You are being fleeced!

Future MC trainee detected – someone has gotten chippy.

Link?

My mans just compared his firm to a Rolls Royce 😂😂😂 cringe alert??

“”Oo we won some work from the MC” well done lad do ya want a medal 🏅 👏

Spot on. I’d add that MC partners and associates are in denial. The self-assured hubris amongst MC partners will eventually result in the demise of what used to be the gold standard of our legal industry. Many MC associates have failed to exercise independent judgment of the situation or lacked the courage the jump the boat. Then again, US firms do have high recruitment standards and not every MC alumnus can get in (and doubtless it depends on the practice area too).

Dream on. Associates are hour fodder. The associates that jump to US firms all the more so.

Very mixed bag in my experience. We lose some really good associates to US firms, but also all of our shittest associates go to US firms too. There’s a huge gap between people who leave for proper shops like Latham and those that go to the joke places. Lots of excellent associates stick around.

My firm is a band 2 practice but everyone is either trained at MC firms or from US/Australia with fantastic CVs. We regularly win work that is traditionally handled by MC firms. Our associates are hungry and ambitious – beyond mere hard work – and that is what makes US firms successful.

This has to be the stupidest comment on here. At my MC firm we get a measly £10 for dinner credit if working late – at American firms it’s triple that. They get business class 5 star trips to New York for their associates conferences while at most we get an away day in slough if we’re lucky. Their health and dental coverage is much better, some of them even give 10k as a bonus just to travel somewhere for a week. Oh and they get paid double the salary on top. Shall I continue?

Does anyone at a MC firm have anecdotal evidence of this occuring in their team?

Stealth layoffs will likely occur within a band 1 sponsor finance firms shortly – no one is near 80% utilisation which is, frankly, worrying.

I can confirm that stealth layoffs are happening across the board within elite US firms. Lev finance and PE are at risks.

Yeehaw. Irrelevant.

And …? K&E’s Austin / Houston offices are far more in the kind of satellite offices than the London office at this stage.

Check LinkedIn moves in a few months. US firms always do big stealth layoffs when there’s a down turn in work (which is happening in some transactional depts due to market), and we’re heading for a big recession. Much more cut throat in the US firms and much greater chance of being made redundant (at all levels).

US firms are not currently recruiting, especially in LevFin and M&A. The only teams hiring are Disputes and Restructuring.

But those are recent figures. It’s because of their underlying US strength that US firms had the cash to set up in London in the 2000s and start offering market beating salaries, which they have built on to be where they are today (and they still generate a far higher proportion of their profits in America, it’s just their profits are much higher than the MC)

MC firms were trying to do the same in New York at the same time, but they simply weren’t generating enough home market revenue to go in and pay significantly over Cravath scale, so they were squeezed out by the established players.