Legal Business

Never mind the magic, feel the substance


During its 125th anniversary year, Slaughter and May still divides the industry like no other institution. For its admirers, it is the standard bearer, bucking the received wisdom of the modern legal market – for detractors, an outfit on borrowed time, hoping to bet against the market (with an unhedged bet at that).

But 17 years since it first articulated what became irritatingly known as its best friends strategy, there remains no clear answer as to which camp is right.