Categories:Funds

Clifford Chance funds chief in shock resignation for Simpson Thacher

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  • The Magic Circle firms, apart from Slaughter and May, long ago exceeded the size at which it's possible to have a partnership worth the name. I think Anonymous 6:31 pm above has a point.

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  • The answer is both and the two are interrelated. People don't generally leave for a $100,000 more but they do leave for $500,000 to $1,000,000 more.

    The 5 firms you list have incredibly strong cultures which is a big part of why they are so profitable and the profits allow them to retain and hire whom they like thereby reinforcing their culture.

    Unfortunately for the rest of us, those firms almost never hire laterals in the U.S. (I think Cravath has only ever hired one lateral partner and I don't know if Wachtell has hired any) and only occassionally in Europe.

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