$30m a year: how US lawyers are shaking up London’s ‘magic circle’
On the coat-tails of a private equity boom, American partnerships are bringing a long-hours, high-pay culture to the City. It’s not for the faint-hearted.
When Neel Sachdev left a top British law firm to work in the London office of a US rival 20 years ago, he was warned by an older colleague that he was doing a “deal with the devil”.
If so, then Sachdev arguably has had the last laugh. He is now one of the UK’s most high-profile and best-paid private equity lawyers. Last year he moved from Kirkland & Ellis, his first American employer, to become co-head of the London office at his second, Paul, Weiss, Rifkind, Wharton & Garrison. Annual partner remuneration at the New York-based firm can run into tens of millions of dollars.
