In recent years, a good number of American attorneys have relocated overseas. These relocations have been principally to London and Hong Kong. While many American attorneys may not consider an overseas assignment when they get out of law school, it is worthwhile to note that a legal career overseas may be a viable option for many American attorneys. Because BCG Attorney Search has American attorneys interviewing on an ongoing basis in London and Hong Kong, we believe that the international demand for American attorneys merits discussion.
In November 2000, the American Lawyer reported that "at least 20 American law firms have more than 10 percent of their lawyers stationed in overseas offices." Attorneys with experience in international transactions are often highly in demand and very marketable to firms in London and Hong Kong. While there are thousands of competent transactional attorneys, there are only a handful of attorneys with international experience. Experience with another culture can also be quite helpful for those looking to market themselves overseas.
This article discusses the market for American attorneys in London and Hong Kong. While there are certainly many peripheral markets where American attorneys may have success in securing positions (the markets in Germany, Poland, China, Singapore, India, and Italy are quite strong at present), the majority of activity we pursue is confined to London and Hong Kong because these are the leading international finance centers of their respective continents.
London and Hong Kong Examined
It should be noted that the purpose of this article is to discuss the types of American attorneys who have consistently been able to obtain interviews in London and Hong Kong. This document is geared solely towards American attorneys and not attorneys who are native to jurisdictions in either Asia or Europe.
Much of the demand for American attorneys in London has been driven by the increasing amount of privatization and the opening of the capital markets that has occurred in the past decade throughout Europe. Many foreign companies are obtaining capital in ways that require a great deal of familiarity with the American legal system. Given the volume of work currently available, numerous London offices of American law firms have seen a high level of recent success. Additionally, native English firms have also been soliciting and hiring star American talent to work in their London offices.
As the New Economy and the American legal market have contracted, the major London firms are expanding at a notable rate, and they appear to have a surprising amount of optimism for the future. Over the past year or two, the fees charged and the workload completed by London firms have increased. Additionally, a great deal of consolidation appears to be taking place throughout Europe, and this has been generating a great deal of merger and acquisition work for European attorneys.
The first tier of firms in London is referred to as the Magic Circle firms. These five law firms are Allen & Overy, Clifford Chance, Linklaters, Freshfields Bruckhaus Deringer, and Slaughter May. Each of these firms, with the exception of Slaughter May, consistently hires American attorneys. The clients of these firms are every bit as elite as those of top New York firms. The Magic Circle firms are located in a similar area of London and are within walking distance of the 17th-century Saint Paul's Cathedral. In addition to the Magic Circle firms, several other native English firms in London, such as Lovells, frequently hire American attorneys.
For the most part, both native London law firms and the London offices of American law firms are seeking American attorneys with strong academic records, degrees from top American law schools, and solid transactional experience with major recognized American or British law firms. The most desirable areas of corporate law that European firms are interested in (in no particular order) are the following:
Debt/equity and capital markets
Reg S/144A and generalized securities
Project finance
M&A
Derivatives
U.S. Tax Law
As many in the international legal community are aware, one of the first forays of English firms into the American legal market came when the United States Securities and Exchange Commission introduced Rule 144A in 1990. Rule 144A essentially held that it was permissible to sell European securities in the American market. In order to have access to this business, London law firms needed to be able to offer 144A advice to their clients. Accordingly, firms such as Linklaters, Clifford Chance, Allen & Overy, and Freshfields began rapidly establishing American offices and hiring American attorneys experienced in securities law who were willing to relocate to London.
London firms are not interested in foreign attorneys who have gone to America in order to qualify for an LL.M. Additionally, London firms do not have any interest in career academics or junior candidates with minimal transactional experience, candidates with unexplained gaps in their resumes, solo practitioners, or older attorneys (unless they are top partners in the capital markets, derivatives, or M&A field and coming from elite American law firms). Senior in-house counsel are also not in demand.
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