In the dizzying churn of lateral hires every month, it is
easy to understate the significance of individual moves.
But the magic circles hires of high-yield partners in the
last year, including Kevin Muzillas move to Allen &
Overy, Mark Hagemans move to Linklaters and Gil
Strausss move to Freshfields respectively, was lost on
no-one. It was the first time magic-circle firms laterally
hired a high-yield partner in London. It signified to bank
counsel in particular that they were open for business for
But while impressed that the magic circle is finally making
an effort, bank counsel say that its merely a starting
point. Theyre far behind the US firms in London in terms
of relationships, know-how and resources, and have a lot of
work to do to break into the market.
During the boom...