Arthur Sants

stacking money

Lower fees in PE, but hold out for the deal spree

Is this the sound of a bubble bursting? A few weeks ago, KKR asked its legal advisers to “share its pain” in the form of a 15 per cent fee discount, according to the FT. Simpson Thacher, Paul Weiss, Clifford Chance and Freshfields have ridden the KKR wave over the last couple of years, but […]

Figurines standing on stack of coins to show salary grades

The economics behind the magic circle salary cuts

Allen & Overy and Clifford Chance turned heads this week by announcing salary cuts of 10 and 5.5 per cent respectively for newly-qualified (NQ) solicitors. However, a glance at the magic circle’s NQ data since 2007 shows that this is a predictable precaution and like most law firms in the City, they are expecting a […]

stacking money

Partners are worse off now than ten years ago

In April the UK’s consumer price index (CPI) fell to an annual rate of 0.8%, its lowest level since August 2016. This drop has been driven by cheaper energy and a lockdown-induced fall in demand for most goods. Economists are unsure about the virus’ future inflationary impact, but a small dip in inflation may be […]

US firms’ advantage in M&A will dip in the short term

Here’s today’s $6bn question: which bunch of size-hungry international law firms have spent the past decade not-so-quietly revolutionising the way the City works? Full marks if you said ‘US firms’. As The Lawyer US Top 50 2020 report revealed this week, the total revenue this group collectively generates in the UK now tops $6bn. And […]