US firms’ 2009 London financials highlight depth of market woes

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  • I'd like to meet the 0.43 at Jones Day.

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  • 'But arguably one of the best performers was Paul Hastings: its ­London ­revenue increased by 44 per cent to $39m. It comes after the firm stepped up investment in its London base, most notably bringing in seven partners from Cadwalader'

    ...and getting rid of at least 15 of its own Associates over the past year....you could count the original PH associates on one hand now!

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  • I'd like to meet the 0.43 at Jones Day.
    And the 0.1 of a lawyer at Reed Smith. I have pretty low confidence in these tables after this, and the Bakers error this morning.

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  • The 0.4 and 0.1 will refer to full time equivalents surely so that like is being compare with like? There are quite a lot of people who work part time these days.....

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  • Surely for the most part, the drop in the financials is due to the weak pound, which has fallen from over $2 to $1.35 at one point (a 30% decline). Against that backdrop, some of the figures look pretty impressive.

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  • so Paul Hastings really made money out of its cadwalader hires?? It doesnt stack up. When you look at their profiles and recent deal lists, few show any activity since they joined and all they post there are deals they did prior to 2007,

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  • "Transatlantic behemoths remain resolute" must be one of the most inaccurate summaries of a news story since the "It's only a scratch" headline on the day Oswald shot JFK.
    These firms panicked at the first sign of a downturn. Their biggest costs became redundancy pay and brown cardboard boxes. The Associates, Assistants, Paralegals and Support Staff got the chop.
    Now they're uniquely placed to be unable to respond to the upturn. Expect to see desperate recruiting once the corporate market picks up. The lessons learned from the last three years will be forgotten. Reporting like this helps them forget faster.

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