From bumper pay cheques to internal politics and an extremely competitive lateral recruitment market, 2024 hasn’t been short of legal headlines.
But what do partners really think about what’s been happening? Here are some of Team LB‘s favourite anonymous quotes of the year, from partners who weren’t afraid to speak their mind.
‘The culture is so toxic even the office plants look stressed’
2024 was a bumper year for lateral partner moves, with well known teams and individuals at the very top of the market engaged in high stakes musical chairs. There’ve been winners and losers across everyone from Sidley, Kirkland, Simpson Thacher and Latham, through to the magic circle, as Paul Weiss joined the English law game for the first time.
While many moves have been based on a desire to build something new or better serve international clients, for some partners, the decision to leave their firms was driven by pure frustration.
‘It’s like the Hunger Games, everyone’s out to get each other,’ lamented one partner of their former firm. ‘The culture is so toxic that even the office plants look stressed, and management doesn’t know left from right,’ added another partner who left the same firm.
Some lateral moves have triggered strong emotions from peers, as one critic’s scathing take on a well-known partner’s latest move demonstrated.
‘He’ll take up a lot of column inches, he’ll be popular with all the wrong people, but beyond the noise, is he likely to achieve anything? He should avoid [going near my firm], unless he wants a milkshake thrown at him.’
Given the volume of potentially moveable talent now on the market, how does a discerning firm evaluate its candidates?
‘No dickheads here!’ joked one partner. ‘Ultimately, it’s is the person a good fit? How will they fit within the culture? Do they have any skeletons in the closet? Are they going to try to shag everyone around the office? We ask people what they’re really like.’
Another US partner echoed this sentiment: ‘We have a no assholes policy. At some big firms, you can kind of hire an asshole and be okay with it, because you probably won’t have to work with them.’
The scrutiny hasn’t gone unnoticed by candidates. As one PE partner quips, ‘If it feels like they’re measuring my inside leg, then frankly, I might just tell them to f*** off.’
‘$20m doesn’t seem like much once you deduct the essentials’
Given the size of some of the pay cheques being handed out to top talent, partner earnings have rarely been discussed so frequently. But not everyone has been too critical.
As one finance partner quipped: ‘$20m doesn’t seem like much once you deduct the essentials – a mansion or two, a flashy car, and a lifestyle that requires a lot of upkeep. After that, you’re left with just a modest pile of cash.’
The star partner phenomenon has also polarised opinion. ‘There’s a niche client base that loves the fireworks and razzmatazz,’ explained one US finance partner. ‘But for most managing institutional money, it’s a turnoff.’
For others, money is not the main motivator. One partner who found themselves at the centre of move speculation said: ‘I’m not leaving for a few extra million. What’s a few million when you already have plenty? At least when I come into work now, people smile at me and actually mean it, I think.’
However, the relentless demands of those big paychecks aren’t lost on partners. One admitted going above and beyond to secure new business recently. ‘For three weeks, I pounded the pavement, walked 20,000 steps a day along every single tube line, trying to drum up business.’
‘The magic circle viewed private equity as a scruffy niche for hooligans’
Private equity has continued to be one of the big drivers of movement in the City, with countless US firms looking to seize opportunities. As one senior PE partner reflected: ‘It’s funny, because initially all the Magic Circle firms [other than CC] wanted to focus more on the sexy public company work and viewed private equity as a scruffy niche for hooligans’.
With so many moves happening it’s inevitable that not all expansion has been met with applause. ‘They’re just so average,’ one partner said dismissively of another US firm’s build out. ‘Their hiring strategy? Mediocrity recruiting more mediocrity. Boring.’
One firm that certainly didn’t fall into the boring category was Paul Weiss, which remained a key talking point throughout the year. ‘Without Paul Weiss, what would the legal press have written about? Honestly, I think we’d all be pretty bored, so thank you,’ joked one partner.
‘They just thought, “Let’s go big”‘ concluded one US partner of the firm’s bold London build-out. ‘It’s a Galactico policy – bring in top-tier talent, boost profitability, and dominate. Good luck to them.’
See you in 2025 for round two.
