‘I think – and I say this as the pessimist – we will easily move ahead on our strategy.’ Frances Murphy, Morgan, Lewis & Bockius
To mark the launch of our 2020 Global London report, we ask senior figures at leading US firms for a progress report
Less is more
‘US firms don’t want to create an all-singing, all-dancing, full-service, English-style firm, because that’s not the right model. In fact, if you were making an English firm from scratch, that wouldn’t be the model.’
Roger Barron, partner, Paul Hastings
Last stand
‘There’s a Big Bang coming to Big Law. The number of UK investing banks is zero, except Barclays. US firms have vast resources; they can recruit the finest talent. Public M&A is the last bastion for the Magic Circle. It is a tough market to break into.’
Patrick Sarch, partner, White & Case
Winning formula
‘US firms that have followed clients into London and beyond have done well. But there’s no reason the Magic Circle can’t compete, not just in this market but in any other. It’s clear that Kirkland is the most obvious example, to some extent Skadden and Weil. They’ve all done well in the last decade, and Latham too. Those that have not been a revolving door and have stuck to their strategy have done well.’
Paul Maher, vice-chair, Greenberg Traurig
Glass half empty
‘You’re talking to a pessimist. I’d consider myself lucky to have a glass before considering if it was half full or half empty. Clients are sticking it out and the enhanced stature of the firm over the last five years has increased our capacity to get the best talent. I think – and I say this as the pessimist – we will easily move ahead on our strategy.’
Frances Murphy, London managing partner, Morgan, Lewis & Bockius
Known knowns
‘Brexit has not particularly affected our strategy – we follow our clients. We have found that they have become much more bullish. Though things perhaps did not go the way they wanted, they do now know where things are going, so they can price the risk into their transactions.’
Mary Kuusisto, London office head, Proskauer Rose
Scale up
‘Some US firms are doing well as boutiques – big boutiques though. Kirkland is not interested in being full service. That is a different type of relationship to have with your client than you would have as a global, full-service firm. There is no singular recipe for success, but there are wrong approaches: two men and a dog in London is not getting it right.’
Tamara Box, EMEA managing partner, Reed Smith
Sticking to knitting
‘We are not going to start hiring employment or IP lawyers. There are firms that want to replicate the Magic Circle by being full service and there are others that stick to their knitting. Our knitting is private equity. That’s what the firm does.’
Jason Glover, London managing partner, Simpson Thacher & Bartlett
Taking off
‘A highlight for me has been that we have grown more quickly and have been more successful in lateral recruitment. When we spoke last year we had a few irons in the fire and they really took off. I am very proud that we attract such high-calibre lawyers, particularly in restructuring given the current economic uncertainty.’
Sally Davies, London managing partner, Mayer Brown
Simple formula
‘Whether you are a US, UK or international firm, if you are operating in the City the same rules apply: to be successful in London you need to have a strong corporate team driving transactional work and that feeds into other practice areas. If you want to be full-service and get to a meaningful size in the City, that’s the approach.’
Mark Rowley, London partner in charge, Baker Botts
More of the same
‘2019 was a great year for the firm and London was a big part of that. We are an important part of the overall business – we acted for 19 of the firm’s 20 largest private equity clients from London last year. Plus, you have to remember, we have only been in London for ten years – a lot of our US peers have been in the market for 30, 40 or 50 years. What we’ve achieved in that time is pretty impressive. I’m upbeat about the firm’s trajectory and we’re looking to grow. Our strategy remains focused on the areas that play to our strengths as a firm. This means continuing to invest in areas such as funds and restructuring, as well as PE and finance.’
Will Rosen, London co-managing partner, Ropes & Gray