| Bring it on Earlier this week (Monday 14 July), The Lawyer revealed some astonishing statistics concerning British law firms. Since the turn of the century, the average profit per equity partner (PEP) of the UK's top 30 firms has grown by just under 93 per cent. While the even greater rise in revenue (a 145 per cent jump from £4.3bn in 2000 to £10.5bn this year) has failed to have much impact on the pecking order at the top of the size table in the UK (see story), the explosion in profitability has caused a seismic shift among the top firms with respect to their recruiting position stateside. To borrow a phrase, they've never had it so good. The financial strength of firms such as Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters and their ever-growing global platform appears to be proving an irresistible combination for potential laterals with itchy feet. According to John Christian, the personnel committee chair for Clifford Chance in the Americas, the UK-headquartered firm has seen a huge uptick in interest lately. The firm has brought in six lateral partners in the US alone since last year. "We receive resumes almost every day from lawyers who want to come here," claims Christian. "Higher profits have certainly helped. But the lockstep culture and global reach are also important. I don't believe any US firm can match our global footprint and collaborative approach." Sounds like fighting talk. Game on.
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