Few people have had a closer view of the modern City law market than Charlie Geffen. As former senior partner at Ashurst, he helped build one of London’s top private equity practices before moving to Gibson Dunn in 2014, where he became global co-chair of private equity.

Today, he splits his time between chairing the taskforce getting the UK ready for T+1 settlement of financial trades, a senior position at the University of Surrey and occasionally weighing in on the big debates shaping the profession - earlier this year, he sparked discussion with a letter to the Financial Times, defending the decision by some firms to strike deals with the Trump administration.

In this conversation, Charlie looks back at four decades of transformation in Big Law - from globalisation and specialisation to the rise of US firms that now dominate the global elite. He explains why American firms’ structure, scale and domestic market have given them a lasting advantage, and why, in his words, “the global Magic Circle is entirely American.”

We also discuss the major transatlantic mergers reshaping the landscape, including A&O Shearman and Herbert Smith Freehills-Kramer Levin, and what the likes of Ashurst can realistically do to compete. Charlie reflects on his own experience leading Ashurst through its growth years, its failed US merger talks, and how the firm ultimately found its footing through reinvention.

Finally, he shares his take on the next phase of disruption: how AI and private equity could drive a wave of consolidation, why law firms will need far fewer people in future, and why, despite it all, he still sees enduring value in the partnership model - and in knowing exactly what your firm is, and what it isn’t trying to be.

Chapters

00:01 Introduction

01:30 Evolution of the Legal Market

06:45 Comparative Analysis of US and UK Law Firms

09:44 The Rise of US Firms

12:27 Current Landscape of UK Law Firms

17:26 Strategic Insights for UK Firms

19:45 The Rise of Private Equity

22:03 Strategic Decisions in Law Firms

27:23 Transatlantic Mergers and Their Implications

29:45 Big Law Firms Response To Trump Executive Orders

37:51 The Future of the Legal Market: AI and Consolidation

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Lessons from a Big Law leader: Charlie Geffen on US dominance, the rise of private equity, transatlantic mergers, and why striking deals with Trump made sense for some

The Non-Billable Podcast