Nowhere has the battle for City legal talent been more intense than in leveraged finance. Will the Americanisation of Europe’s credit markets drive on the advance of US firms or has the bubble burst?
‘It’s a shrinking universe in terms of those playing in the top tier,’ says one partner. ‘Two years ago there were about 15 firms which were completely capable and honest when they said: “We’re a leveraged finance house.” I don’t think that’s the case anymore. It’s a very, very small community and there are so many more clients concentrated with fewer firms.’