To mark the launch of our 2018 Global London report, we ask senior figures at leading US firms in London for a progress update
Keeping talent happy
‘Until a few years ago it was very hard to get a UK partner to leave their firm. Today we see the pendulum swinging: it went from extreme loyalty to far less. The focus for US firms has to be on how to keep people. Historically, Proskauer has done that really well.’
Mary Kuusisto, London office head, Proskauer Rose
Beat that
‘If you look at what’s happened in London over the last ten years, US firms have made some substantial inroads into the market, not just in terms of attracting talent but also clients. It’s amazing how quickly financial institutions have accepted English law advice from US firms. If you compare it with New York, English firms have failed to make equivalent progress.’
Ronan O’Sullivan, London office chair, Paul Hastings
Better than expected
‘The connection between us and a very strong Asian business in the real estate space really drove our business last year in a market that was otherwise patchy. Corporate was great – a very busy year. We were not sure how the year was going to look post a Brexit-impacted 2016, so that was maybe something of a surprise. In mid-market PE and M&A it was very active right from the start of the year. Clients just got on with it.’
Jeremy Clay, partner and member of management committee, Mayer Brown
Coming together
‘We have made some investment in London over the last few years and our results this year have shown that investment is paying off. This really was a cross-office and cross-practice effort. All the groups in the office were busy this year.’
Matthew Dening, London managing partner, Sidley Austin
Youth culture
‘It is no longer true that Magic Circle firms are the only incubators of exceptional talent in the City. If you look back ten years, when very few US firms had trainee programmes, it could have been the case. But now the leading US firms have their own trainee programmes, and the people we see coming through are among the best and most talented young lawyers in the market.’
Julian Stait, London co-managing partner, Milbank, Tweed, Hadley & McCloy
This is not America
‘We had a good year. We are coming off an incredibly busy Q3 and Q4, and it looks like the busiest Q1 in a long time. We don’t see ourselves as just a US firm: we are an international business and one in which London is the largest office. We look very much at the global environment and how the global industry develops. Ours is a global offering based on collaboration.’
Tamara Box, managing partner – Europe and Middle East, Reed Smith
Fine fettle
‘For the first time ever, US firms ranked above all the Magic Circle firms for UK M&A by value. We also hired Richard Youle and Katja Butler into our private equity practice. This has been a transformative move for the London PE market as well as for Skadden.
There is uncertainty in many of the world’s key markets, but many of our clients have remained active and there are still lots of opportunities for investors. Clients are perhaps more cautious, but in slower conditions clients often require more sophisticated legal services and this is a situation that plays to our strengths.’
Pranav Trivedi, London office head, Skadden, Arps, Slate, Meagher & Flom
Pole position
‘We’re now being awarded panel appointments which historically went to UK firms, including the Magic Circle. Where entities want a global player which has got everything covered post-Brexit, and with our top-tier English and US law capability and experience, we are perfectly positioned to help.’
Ingrid York, capital markets partner, White & Case
Force awakened
‘This has been our best year so far, including a standout year for our transactional PE and finance practices. We advised on 34 PE-backed deals totalling over £30bn in value in 2017 with notable mandates acting for Baring Private Equity Asia (on its disposal of Weetabix), several deals for Bain Capital and deals for the likes of CCMP Capital Advisors, TPG Capital, TSG Consumer Partners and Exponent. No-one in the Magic Circle thinks the US firms are not a force to be reckoned with.’
Will Rosen, co-managing partner London, Ropes & Gray
Stiff competition
‘2017 was a terrific year for our competition practice. We’ve been lucky enough to work on many of the most complex, challenging and high-profile transactional and behavioural matters reviewed by the European and US agencies. In response to client demand, we are strengthening and growing our London competition practice with a view to creating a top-tier practice comparable to our market-leading practices in Brussels and Washington DC.’
Nicholas Levy, competition partner, Cleary Gottlieb Steen & Hamilton
For the full Global London feature, please go to Mind the gap