Categories:Corporate,France

A&O's Paris corporate chief breaks away to establish boutique

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  • There's something of a trend going on in Germany and France with these spin-offs - but why? Okay, so smaller European offices were never going to be easy to assimilate into big international firms like the magic circle, but why are so many spinning out now? These people have survived the culls and most of them are already in the partnership. Why take on the risk of a startup?

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  • Could be linked to the poor Euro/Sterling exchange rate, stagnant or falling profit shares and 50% tax (plus now in Paris social security payments on your UK firm profit share with no deductibility of those payments against your UK tax bill). Profit share in an English partnership paid in Sterling is no longer anywhere near as valuable to a French or German partner as it was pre-2008 (perhaps worth around half in post tax Euros assuming static profit share). The risk of a start up looks a lot less than it did two or three years ago.

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  • Because continental Europe does not like anglo-capitalism and megalith enterprise but prefers independent boutiques.
    I am all for legal diversity.
    Huge offices are more expensive for the client. Boutiques introduce more comeptition in the market.

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