The private client team that spun out of Allen & Overy last year has dazzled the legal market by posting seven figure profits in its first year of business.
A&O's entire private client team jumped ship last year to form boutique firm Maurice Turnor Gardner. Cynics who queried the wisdom of setting up a niche firm in the midst of the worst market since the 1940s seem to have been proved wrong. In addition to healthy profits, a spokeswoman told RollOnFriday that MTG had kept all of its clients from the A&O days, had bagged more than 100 new clients, had grown its team by 15%, given all staff a 20% bonus, won the Nobel prize for private client law and begun an ambitious human cloning programme*.
MTG's performance will be followed carefully by lawyers at several large City firms, many of whom have been less than delighted with the spate of redundancies and de-equitisations of 2009. As big firms get bigger, there are more and more opportunities for discrete teams to peel off and set up on their own, especially if the money looks good.
*Nobel prize and human cloning claims subject to having been made up by RollOnFriday
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A&O's entire private client team jumped ship last year to form boutique firm Maurice Turnor Gardner. Cynics who queried the wisdom of setting up a niche firm in the midst of the worst market since the 1940s seem to have been proved wrong. In addition to healthy profits, a spokeswoman told RollOnFriday that MTG had kept all of its clients from the A&O days, had bagged more than 100 new clients, had grown its team by 15%, given all staff a 20% bonus, won the Nobel prize for private client law and begun an ambitious human cloning programme*.
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A Morris, Turner and Gardener yesterday |
MTG's performance will be followed carefully by lawyers at several large City firms, many of whom have been less than delighted with the spate of redundancies and de-equitisations of 2009. As big firms get bigger, there are more and more opportunities for discrete teams to peel off and set up on their own, especially if the money looks good.
*Nobel prize and human cloning claims subject to having been made up by RollOnFriday