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Clifford Chance funds chief in shock resignation for Simpson Thacher

The exchange rate American Lawyer uses is the annualized Federal Reserve rate which for last year was 1.55 -- that would result in the rankings above. Whether a 1.5 exchange rate is sustainable remains to seen but I sincerely doubt the U.K. economy will recover faster than the U.S. economy. Wall Street firms have significantly higher revenue per lawyer than Magic Circle firms (look it up either in the Global 50, the American Lawyer or the Lawyer) with lower hourly rates which means a lot more hours. The average billable hours per associate at any major Wall Street firm before the Financial Crisis was over 2000 whereas Magic Circle firms target 1700 - 1800. Yes, Clearly is most definitely smaller, more focused and more profitable than Linklaters. The statement that U.S. firms make more per head in London than New York is simply false. I am very familar with law firm economics having been an equity partner for 12 years, first at a Wall Street firm and now at a Magic Circle firm.

21-Jul-2010

11:41 am