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Understanding US law firms in the UK
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<blockquote data-quote="Romiras" data-source="post: 123597" data-attributes="member: 1993"><p>1. Depends on the client. If the relationship is a US-centric one, it'll likely be billed in USD. If the client prefers / operates in USD, it'll be billed in USD. Reed Smith likely has it's own European client base and therefore services them and deals in GBP and EUR. They may even get paid more in EUR than GBP.</p><p></p><p>2. Depends on the expense and the client.</p><p></p><p>3. £ unless they're originally on a USD contract (e.g. lateral US lawyer to the UK office). Some firms allow for lawyers to be paid on a FX rate based on USD but converted into GBP. In most cases, it'll always be GBP even if the salary is pegged to USD.</p><p></p><p>4. UK offices of US law firms will now have to pay more if their lawyers are on the FX rate. There will be a concern about the increase in cost base especially against their currency pool (e.g. they may not have much USD lying around).</p><p></p><p>I'm not going to comment about the tech industry. I think in simple terms, a stronger USD does give more buying power to acquire 'discounted' GBP assets, but you need to think about antitrust, the current recessionary environment, dry powder availability, capacity of investors on an operational level, etc.</p></blockquote><p></p>
[QUOTE="Romiras, post: 123597, member: 1993"] 1. Depends on the client. If the relationship is a US-centric one, it'll likely be billed in USD. If the client prefers / operates in USD, it'll be billed in USD. Reed Smith likely has it's own European client base and therefore services them and deals in GBP and EUR. They may even get paid more in EUR than GBP. 2. Depends on the expense and the client. 3. £ unless they're originally on a USD contract (e.g. lateral US lawyer to the UK office). Some firms allow for lawyers to be paid on a FX rate based on USD but converted into GBP. In most cases, it'll always be GBP even if the salary is pegged to USD. 4. UK offices of US law firms will now have to pay more if their lawyers are on the FX rate. There will be a concern about the increase in cost base especially against their currency pool (e.g. they may not have much USD lying around). I'm not going to comment about the tech industry. I think in simple terms, a stronger USD does give more buying power to acquire 'discounted' GBP assets, but you need to think about antitrust, the current recessionary environment, dry powder availability, capacity of investors on an operational level, etc. [/QUOTE]
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