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A&O retention rates plummet to 72 per cent

I have to take issue @lawyertobeee. If you are doing any transactional work at any firm e.g. property, corporate, banking, projects restructuring etc or commercial litigation or competition then places like A&O and CC are the best of the best and where the winners go (and stay). If you are not at those firms you either want to be or you are an also-ran. Being at A&O in those practice areas is the pinnacle of law. Why on earth would you want to practice any of the above mentioned areas of law outside A&O, CC etc? Regarding the sporting analogy – why would you want to play for Ipswich and not in the Champions League – it does not make any sense – yes the scenery might be nice on a hot day but it doesn't make up for not being at the top level. It doesn't make up for not going into work with the best people of your generation. Even places like SJ Berwin and Taylor Wessing pale in comparison to A&O. If you like criminal law, judicial review and PI etc then fair enough, maybe Irwin Mitchell is more your thing and that is the place to be. But City law – it is A&O (and the rest of the Magic Circle) and I believe that anyone who works there – it is an honour and a privilege to be working at one of the greatest firms in the world. As for US firms, yes the money is good but be under no illusion, I know so many people who have regretted going to US firms. Why? A&O, CC etc attract the best clients and the best work (in the UK) – read Legal Week and The Lawyer every week and you will see that the majority of the top matters are done by MC firms. US firms in the UK don’t get the kind of work you are used to and attracted you to A&O in the first place. Also, at many US firms, there are quiet periods where you are wondering where your next work will be coming from as they are often just here to have a presence to satisfy their blue chip US clients when required. A&O keeps you continuously busy and engaged and that is a more suitable environment for a motivated person. Therefore, a corporate lawyer who is lucky and talented enough to stay at A&O for 5 years is way more advanced than their equivalent at a US firm. Also, the lateral hires at partnership level - How many of them actually pull work away from the Magic Circle? Answer - Not many. The clients are loyal to A&O, CC etc, not the partner. At the very least, they want to say to the shareholders that they instructed the best if the deal goes wrong. So, yeah take the money at a US firm but it is really just compensation for not being good enough for the Magic Circle. If you like transactional and commercial law then A&O is one of the places to be. If you practice those areas and don’t have the aspiration to be at a place like A&O then that is why you never got there in the first place because Magic Circle firms are for the hardest workers, the most dedicated, the most determined, the most ambitious and the smartest. If all you want to do is reach the moon, you will never reach the stars. A&O is a special place for special people.

6-Jul-2011

11:17 am