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{{a|glossary| | {{a|glossary|{{image|Kermit|png|A passed-over [[GC]] candidate yesterday.}}}}A human organisation even less effable than the [[magic circle law firm]], a U.S. law firm, and particularly ''a senior partner in a U.S. law firm'', occupies a place in the international financial services pantheon akin to a demi-god. No simple mortal dares challenge her, no matter how perverse or wrong-headed her advice might be. There is one [[ERISA]] expert, for example, who has held the global financial services market hostage for twenty years because he can find no sufficiently [[Bright line test|bright lines]] to get him over the line on issuing an [[ERISA netting opinion]]. | ||
The legal department of each [[investment bank]] will be captive of one | The [[legal department]] of each [[investment bank]] will be captive of one U.S. law firm, who will, by parachute, drop successive [[general counsel]]s into that “client”. This odd dissonance — who’s master and who servant here? — will not go unnoticed among aspiring, but passed-over, [[Inhouse counsel|employees]] of that [[legal department]], but there is little they can do. Their U.S. law firm overlords may even be invited by the current [[GC]]<ref>Guess where ''he'' came from.</ref> to provide performance appraisals of those very [[inhouse counsel]] who may aspire to that venerated chair, which cements the master-slave relationship that they have managed to impose.<ref>See: ''[[conflict of interest]]''.</ref> | ||
Indeed, [[New York law]] is so baroque, so ineffable, so impervious to the efforts of outsiders to understand it that only a | Indeed, [[New York law]] is so baroque, so ineffable, so impervious to the efforts of outsiders to understand it that only a U.S. law firm — and only one of a certain standing — can advise on it. Those poor little minnows of the [[Magic circle law firm|magic circle]] have tried for years to get a piece of this juicy market for advisory fees — by organically growing local US capacity and even merging with existing U.S. law firms to bolster credibility — but it has been, more or less, to no avail. Indeed, some U.S. firms have found to their horror that associating with an [[Magic circle law firm|global firm headquartered elsewhere]] has ''dented'' their local credibility. | ||
{{sa}} | {{sa}} | ||
*[[Magic circle]] | *[[New York law]] | ||
*[[Magic circle law firm]] | |||
*[[General counsel]] | *[[General counsel]] | ||
*[[ERISA netting opinion]] | |||
{{ref}} | {{ref}} |