Editor's Comment: Peaks and troughs
New York shines as London litigation struggles
The moribund state of the UK litigation recruitment market is hardly surprising. Litigation has always been regarded as a counter-cyclical activity. And then there is the impact of the Woolf reforms. In such an environment, you are hardly going to get a rush of lateral hiring or – for that matter – internal promotions. At Lovells and Fresh-fields Bruckhaus Deringer, which acted opposite each other in the Bank of England/BCCI dispute, not a single London-based commercial litigator was admitted to the partner-ship this year, while at Herbert Smith just one commercial litigator made the grade. Barlow Lyde & Gilbert, which has become something of a bellwether for the health of the litigation market, recorded a drop in turnover during what was a record financial year for many top 50 firms.
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