‘The Lawyer’ has recently (18th November 2019) published an article titled ‘Just pay me in dollars: the long, slow toppling of the magic circle’s buying power’. It focuses on the relationship between the strong dollar/ weak pound, the relative buying power for UK and US firms and the subsequent benefit for the later. The magazine turned to Edwards Gibson director Sloane Poulton to provide his expert perspective on the trend:
“It’s actually a double-edged sword,” says Poulton. “Yes, it’s cheaper to hire and if you’re a partner living in London and being paid $1m it’s obviously worth a lot more than it was before. But that’s offset by the fact that if you bill in pounds and that’s then converted into dollars, your fee income has just depreciated.”
Read the article here (subscription required).