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{{a| | {{a|glossary|[[File:Kermit.png|thumb|300px|right|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 of a U.S. law firm, occupies a place in the international financial services pantheon akin to a demi-god. | ||
The legal department of each [[investment bank]] will be captive of one [[U.S. law firm]], who will, by parachute drop, supply each successive [[general counsel]] to that “client” | The legal department of each [[investment bank]] will be captive of one [[U.S. law firm]], who will, by parachute drop, supply each successive [[general counsel]] to that “client” This will not go unnoticed amongst aspiring, but passed-over, employees of that legal department, but there is little they can do. Their [[U.S. law firm]] overlords may even be invited to provide performance appraisals of those aspiring employees, which cements the master-slave relationship that they have managed to impose. | ||
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 law firm]]s have found to their horror that associating with an [[Magic circle law firm|global firm headquartered elsewhere]] has ''dented'' their local credibility. | 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 law firm]]s have found to their horror that associating with an [[Magic circle law firm|global firm headquartered elsewhere]] has ''dented'' their local credibility. | ||