U.S. law firm: Difference between revisions
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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> | 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 [[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 | 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. | ||
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