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Old 12-07-2019, 09:04 AM
ivy lawyer
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Originally Posted by LegalBeagle View Post
So which area of law do you do? Iím really curious because magic circle firms typically do transactional work which requires manpower, and perhaps more importantly a big base of claimable partnership assets and huge professional indemnity insurance limits. Unless youíre a really seasoned veteran, the institutional clients who loved you when you were in an MC wonít feel quite the same towards you when you become the sole proprietor of ABC Partnership. I just donít see how you can port the work over.

I used to be in an MC too, but iíve since left for greener pastures.
civil and commercial litigation. i think these skills are transferable to a boutique firm. if i am doing ipo, then probably no. so i think if u intend to set up shop in future, u need to pick a good area of law. as for those mnc clients, they will stay with the mc firms and you need to look for new clients. you will probably get smaller clients who pay less, but this does not necessarily mean that you will earn less. being in an mc firm means that u can ride on their brand name and get bigger clients, but there is a trade off, and the mc firm takes a big cut of your profit. if u are on your own, u will get smaller clients, but u can eat the whole pie. because of this simple reason, you will be surprised to know how many owners of small firms making more than a partner at a big firm.

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