'It's all about the platform': How private capital is driving London's Big Law talent wars

In London’s legal market, the days of the "gentlemen’s agreement" - where the elite firms agreed not to poach from each other - are long gone.

"There is intense competition for talent - really intense competition," Siobhán Lewington, a partner at legal headhunting firm Macrae, tells us on The Non-Billable Podcast. "That’s how law firms grow: by having the right people with the right relationships."

A former Allen & Overy lawyer who’s spent more than two decades advising on elite partner moves, Lewington has had a front-row seat to the transformation of Big Law in London.

When she started, "half the partners I would call would say, I don’t want to move to a US firm. That would never happen now." Today, several of the biggest US firms are effectively full-service in London and competing directly with the Magic Circle.

Private capital and the importance of a platform

The engine behind much of that activity, she says, is private capital. "There’s more movement in private equity at partner level in London than in New York," she notes. "US firms are really intense about growing their teams here and getting the best talent."

But firms chasing the boom can’t rely on money alone: "If you’re not on the right platform, you won’t be able to deliver to your clients. Just because a firm offers you $20 million doesn’t mean you should take it."

Platform is everything when it comes to servicing the best private equity clients. "You need tax, competition, leveraged finance, and a strong associate bench," Lewington explains. "When I’m moving people, I take a very client-led approach - because the clients are what make it all happen."

She’s also seeing firms rethink their global strategies. "You don’t even need a merger to have that New York-London axis," she says. "It’s about client synergies - wrapping up and consolidating those relationships globally."

Beyond the money

At the top of the market, guaranteed pay packages are increasingly common. "A multi-year guarantee is there to secure the hire - they quite often need that comfort," Lewington says. But it's not just about money: "High performers want to succeed - it’s unusual that someone moves just for the money and doesn't want to deliver."

Her message to firms is simple: "Take hiring seriously. Invest time. Partners want to see buy-in from leadership." And for anyone thinking about a move? "Work with the best people, develop client relationships early - and stay open-minded. The market’s changing."

Listen to our full conversation with Siobhán Lewington on The Non-Billable Podcast.