Difference between revisions of "U.S. law firm"

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Revision as of 03:41, 10 October 2019

The Jolly Contrarian’s Glossary
A passed-over GC candidate yesterday

The snippy guide to financial services lingo.™
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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”[1] and may even provide performance appraisals of aspiring employees of that legal department.

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 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 firms have found to their horror that associating with an global firm headquartered elsewhere has dented their local credibility.

See also


  1. This will not go unnoticed amongst the aspiring employees of that legal department