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*Secondly, a ''very small portion'' of “a couple of hundred million dollars” is still a ''very large sum'' of money, even if you do charge out at £400 per hour.<ref>In 1990 pounds. The going rate at the time of writing, displaying a sustained immunity to gravity and the general principles of mean reversion, is more like £1,000.</ref> | *Secondly, a ''very small portion'' of “a couple of hundred million dollars” is still a ''very large sum'' of money, even if you do charge out at £400 per hour.<ref>In 1990 pounds. The going rate at the time of writing, displaying a sustained immunity to gravity and the general principles of mean reversion, is more like £1,000.</ref> | ||
Therefore bankers, who themselves might collect as much as ''seven'' percent of the value of a deal, would quite happily expend say ''one'' percent of that value, on a decent firm of lawyers to make sure nothing went wrong. After all, the lawyers usually wind up doing the hard yards, churning out thousands of pages of [[verbiage]], running down quixotic ideas, accommodating spurious considerations and regularly working through the night generating needless “turns” of the documents to accommodate an artificial deadline imposed by uncomprehending | Therefore bankers, who themselves might collect as much as ''seven'' percent of the value of a deal, would quite happily expend say ''one'' percent of that value, on a decent firm of lawyers to make sure nothing went wrong. After all, the lawyers usually wind up doing the hard yards, churning out thousands of pages of [[verbiage]], running down quixotic ideas, accommodating spurious considerations and regularly working through the night generating needless “turns” of the documents to accommodate an artificial deadline imposed by an uncomprehending analyst who would then, when it was met, ignore the produced draft for a couple of days before advising that the deal had changed and this draft could safely be junked without review in any case. | ||
====The rise of the [[Magic circle law firm|magic circle]]==== | ====The rise of the [[Magic circle law firm|magic circle]]==== | ||
So was born the [[Magic circle law firm|magic circle]], which has been with us since at least the time of the [[First Men]], and even before them to the primordial pagan era where the [[Children of the Forest]] roamed the [[Bretton Woods|Woods of Bretton]]. The game was this: we will over-turn heaven and earth to document whatever you require us to document, by whenever you want us to document it, with two considerations: firstly, our opinion will disclaim all practical responsibility for any of the stupid things you made us put in the documents, and secondly, and more importantly, you pay us handsomely, by the hour for doing so. Our service is blood, sweat, toil and tears in the pursuit of whatever entertains you. Yours is to pay us through the nose for it. | So was born the [[Magic circle law firm|magic circle]], which has been with us since at least the time of the [[First Men]], and even before them to the primordial pagan era where the [[Children of the Forest]] roamed the [[Bretton Woods|Woods of Bretton]]. The game was this: we will over-turn heaven and earth to document whatever you require us to document, by whenever you want us to document it, with two considerations: firstly, our opinion will disclaim all practical responsibility for any of the stupid things you made us put in the documents, and secondly, and more importantly, you pay us handsomely, by the hour for doing so. Our service is blood, sweat, toil and tears in the pursuit of whatever entertains you. Yours is to pay us through the nose for it. | ||