When private equity lawyer David Higgins left Freshfields for Kirkland & Ellis on a reputed $10m a year package, his move reflected dramatic shifts in London’s law firms.
The 48-year-old last year became the latest star lawyer to defect to a US firm from the traditional “magic circle” — the elite cadre of London firms, privately owned by partners, who work on the most prestigious corporate deals.
Until recently, few lawyers who reached the top ever left the magic circle — and it is easy to see why. Step inside their offices and you could be inside an investment bank, with cavernous, marble-floored receptions and corridors of meeting rooms adorned with expensive modern art.
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