I don’t think you understand how any of this works…

Of course they did…

Need to know

Bro, that is a cool story.

Tell it again?

Freshfields / Stinklaters – £205-225k
CC – £170-180k
ASOS – £165-170k
Slaughtered and Dismayed – £150-160k

+up to 70% bonus for certain practice areas (10-15% for S&M)

In summary, it’s a has been firm which traditionally offered good quality private equity work with big private equity houses whilst enjoying a decent culture. In reality, whilst the former was true, the latter was only true if you were trained at the firm and were a member of the club so to speak. So many laterals came and left as they felt excluded from the culture and felt like they couldn’t fit in. The basis of this largely revolves around the notion that people at the firm solely had personal relationships and friendships with others at the firm, so if you imagine your non work friendships, it takes a while for new friends to join. Except a work place shouldn’t have a culture purely based on there being no difference between personal and professional like TS has.

So fundamentally the firm couldn’t retain any of its lateral hires. Now fast forward a few years to the times where the US firms came into play in London with their own PE client relationships. Many of these big clients of US firms traditionally had their UK and EU work covered by TS and Macs etc. but as the US giants settled in London, the PE clients moved their business to the US firms as it makes sense for continuity and because US firms, as we know, will pull out every stop to get deals signed in weekends.

So as this happens, partners at TS realise that to compete they need to bring in more associates. Unfortunately, given the above point about why laterals didn’t stay, many potential candidates turned them down or were not good enough. So in terms of competing TS couldn’t do that from a logistical / lawyer power point of view. So ultimately, given the loss of the TS PE practice, and the accompanying reduction in PEP many TS partners are using their pre existing relationships with UK and EU PE people athe big firms to jump shop to US firms for the work and the vast increase in pay.

So now the PE practice has gone, PEP is falling even more. But that’s not the end of the story, TS has always had a strong corporate practice and this was needed to increase to make up for the short fall im PE work. What’s the thing with huge corporate clients though? They’re multinational and this has only increased with globalisation. They are only interested im advisors who can advise them across the world. TS only has a London office and one partner in Paris so when you compare it to the MC or global firms like HL or BM it can’t compete. So now all the corporate partners are leaving as they can go elsewhere for more money.

Nothing happened to them they raised tl 100k recently…my thoughts that shed or AG or Watson Farley might rise next

Yh I was trolling mate loool

Surely you’d be contributing way over 5% at that salary though, especially where £1 out the take home is basically £2 in the pension?

Confirmed to who? Neither the corporate nor private client associates have heard anything on this front.

Correct. On a much smaller scale in a regional outfit i had a conversation last week with an equity partner last week who told me that our NQ pay last year of £63k was unsustainable, excessive etc etc – I politely pointed out that I didn’t agree as I had actually brought in (not just billed but actually collected) £230k …… awkward silence in response.

Not you again, Roo?

Doesn’t it ever get boring?

Last time I checked PW was Cravath, below £180k (depending on FX rate). So, £30k difference, which you will only see 12k in your pocket after tax, pension (5%), and student loan.

The point is, if MC firms start to pay £150k, is it still worth jumping ship to a US shop? We’re comparing £6.8k to £7.8k per month – a £1k a month difference for NQ’s.

CC, A&O, and then S&M will have to match (likely in that order). Then, it’s up to the SC firms to make their move. Something tells me HSF is gonna rise first to £135k. Once they’ve made their move, Macs, Travers, and Ashurst will follow. (I refuse to entertain BCLP being SC).

I reckon £110k will be market for the likes of DLA, CMS, AG, Dentons, Eversheds. But, these guys won’t raise until 2025.

Heard you the first time mate

CRS Corporate work into most evenings

CRS Corporate work into most evenings