As US firms’ salaries increase, more and more of the top lawyers in London are leaving their UK firms for American firms. Last year, 71 partners left their UK firms for their American competitors; the majority cited higher salaries as the cause for the move. US law firms in London increased their revenue in 2006 by 17 percent, while London firms only increased revenue by 13 percent. Moreover, in 2006 the average profits per equity partner in US firms was 670,000 pounds compared to only 549,000 pounds for UK firms. In Europe, US firms, even those considered “second tier”, pose more of a threat than UK firms.
Source: www.business.timesonline.co.uk