It’s a great thing when you spin the Wheel of Fortune and your lucky number comes up.  This is exactly the position that qualified mid-level associates find themselves in today now that animal spirits are percolating once again in the legal market.

As we discussed in part 2 of our recently published Lateral Hiring Report – market conditions for mid-level associates have never been more favorable than they are right now due to a dearth of qualified candidates with requisite Big Law firm experience.  You can literally write your ticket to any one of a number of destinations, and take your pick from a broad range of interesting opportunities.

And one of the options you might want to consider is a ticket to London.  A few of us from Kinney Recruiting spent some time there last month and we found that mid-level American associates are in very high demand among the ranks of the Magic Circle firms and beyond.    So this week we wanted to share with you a few things we learned on our trip in case you’re interested in opting for a few years in London as your next prize of the spinning wheel.  Contact one of our recruiters today if you’re interested in learning more.

• The high-yield debt practice in London is booming and this is a major source of demand for mid-level U.S. law associates. Many of the high-yield deals in London are done in compliance with U.S. law – specifically Rule 144A – so top tier U.K firms have a keen appetite for U.S trained associates with high-yield finance experience.  There are also a number of opportunities with top tier U.S. firms who are active in the London high-yield market.   This experience is highly relevant to the job world on both sides of the Atlantic, so it’s actually a great option for someone who thinks he/she may well want to return to the US eventually.

• Current London opportunities are by no means limited to a corporate finance practice. We spoke with top U.K firms looking to fill a broad range of positions for mid-level associates, including those with a background in international litigation, antitrust, corporate M&A, mining and infrastructure, etc.

• Coming from the pedigree of a New York firm is by no means a requirement to be considered for one of these London opportunities. These positions are open to mid-level associates coming from a firm in any primary or secondary market in the U.S. as long as you have the right training and experience.  A good candidate is someone who has lots of real, hands on deal experience and didn’t hide out for three years as a junior on big deal teams.  [Aside: if you are a junior and feel you are likely to find yourself without much real experience after three years, we need to talk.]

• In days gone by, the traditional pattern was U.S. associates did a 2-year stint in London to get some international exposure before heading back to stateside to be considered for partner. But that old pattern is breaking down, as are so many other traditions in the legal market.  The 2-year tour of duty has gone by the wayside and nowadays it’s become somewhat routine for associates to extend their stay.  London has also proved to be a gateway for many other career moves, such as heading on to Singapore, the UAE and Hong Kong.  It may also be a stepping-stone to a partnership in the U.K. (as recently proved to be the case for a U.S. lateral hire at Allen & Overy) or, in the case of associates coming from secondary U.S. markets, it has proved to provide a route back to top-tier firms in New York.  Contact us for real-life examples.

• In considering options in the London market it’s important to bear in mind there are still major cultural differences between the traditional U.K. firms and the large number of U.S. firms who are now well established there. These differences boil down to a significant lifestyle choice between the Magic Circle firms where associates are expected to bill on average 10% less than their counterparts in the London offices of American firms.

• Another important issue to keep in mind is the extremely high cost of living in London. By one recent report the aggregate value of all London real estate exceeds the valuation of the entire Brazilian stock market.  To help defray these high living costs, London-based firms offer lateral associates from the U.S. a cost-of-living-adjustment on top of a market-rate salary package. But not all COLA packages are created equal (ranging from $60,000 to $100,000 per year) so you’ll want weigh all-in compensation along with lifestyle and other factors in evaluating your options. We have the details on all of them, so get in touch.  But don’t just send us a note saying, “Send me the expat package details.”  Can you believe some folks actually have done that?

One of our cab drivers summed it up for us pretty succinctly as we were rushing around from one appointment to another in the City.  “It’s the center of the world, Governor,” he said by way of explaining London’s current appeal. Now for all you New Yorkers out there this may be a bitter pill to swallow but after our week of seeing the sights and hearing all about what’s happening in the London market, we’ve come to appreciate the good sense of that point of view.  It reminded us of our favorite Clash song –

London’s calling, yes I was there too
And you know what they said?
Well some of it was true!
London calling at the top of the dial
After all this, won’t you give me a smile?
London calling …

So give us a call (+1-888-848-5757) or drop us an email () if you think this call might be the right one for you.