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Rodge Cohen, Chairman of Wall Street law firm Sullivan & Cromwell was recently interviewed on his thoughts on the current signs of recovery and the recent numbers being posted by the banks.  Cohen argues that the public is often confused between two quite separate issues; that of the high level of compensation being paid to bankers, which he believes is not wrong per se and the issue of linking bankers’ compensation to ever greater risk-taking, something he feels may need to be controlled.  The Street is indeed showing signs of life and many associates are reporting utilization rates greater than a 100%.  Admittedly, some of this is due to the cuts made by the firms throughout this year but much of it is increased deal flow.  We will continue to speak to our clients on the ground, all of whom are really looking to put 2009 behind them.

Boston based, international law firm Ropes & Gray announced they are to open an office in London, UK. Ropes have hired two lateral banking/finance partners from Magic Circle firm, Freshfields and a further finance partner from the London office of White & Case. It is being reported that Ropes want to leverage their existing relationship with Bain Capital and by opening in London, they are hoping to capture more of their European work. In recent years, Ropes has looked to markets outside of Boston and by attacking the London market, they are also fulfilling a goal they set for themselves a while ago.

It’s that time of year again, crisp chill in the air, Halloween decorations are out and new law students are meeting, greeting and impressing associates and partners on Bay street vying for spots for summer of 2010. There have been many discussions over the past number of years on laws latest and greatest generation, conferences focused on managing their expectations, retaining them, endless management and executive meetings focused on engaging, embracing their young talent and believe it or not re-training senior partners on how to dialogue with them.

In Falls past, firms were faced with questions from their potential suitors about lifestyle and work life balance, this year the discussions seem to be quite different. In canvassing a few Bay street firms, I’ve been told that applicants are interviewing as hungrier and questions regarding lifestyle have not come up as yet, rather students are asking about issues surrounding process and technical matters like potential practice areas, the nature of work they can expect and training. I’ve been told that the firms themselves have changed their pitches as well speaking candidly about what one can really expect from a Bay street firm, communicating that the work is challenging and cerebral and offers tremendous financial reward but in return you can expect to work long and demanding hours. One of my contacts said that this is the trade off for the profession and it’s crucial for firms to approach this honestly.

More positive news is that firms are not losing ‘star’ candidates to New York, applications are up and students are well prepared, better educated on the process and following up professionally. The firms I spoke to also shared that they will likely hire the same number of students from last year, some will increase their numbers due to optimism on Q1 of next year.

International law firms have typically shied away from opening offices in Saudi and have largely preferred to base themselves in Dubai, Abu Dhabi, Bahrain and even Doha. In recent months with the stagnation of Dubai, we have seen firms taking another look at opening in Saudi itself. Vinson & Elkins, who already have an office in Dubai are the latest firm looking for a tie-up with a local firm (as is required by the highly restricted Saudi legal market rules). We imagine there will, in due course, be a demand for energy and projects lawyers to be based in Riyadh.