When the market went quiet, associates were worried about losing their jobs, rather than inadequate salaries. Now that firms are busy, they are once again short of staff. The battle to hire the best lawyers, and the brightest graduates entering the profession, has arguably never been tougher, as this time around there are not just UK law firms but sizeable UK offices of American law firms looking to hire the best people.

Salaries are rising again, but wage is not the only factor driving job-seekers' decisions. Firms now look to attract people by showing that they take things like diversity initiatives, corporate social responsibility, and flexible working policies, seriously -- things that were neglected at the expense of profit drives over the last few years.

The pressure to keep profits up means the chances of making partnership in any law firm are now scarcer than ever. Law firms operate an up-or-out policy -- you join a track to the partnership, and each year you are appraised to see whether you are still in line for the prize. Fewer and fewer make it now, but for those who do, the lucre is filthy.

The American law firms in London offer a whole new set of options for young lawyers. They pay more, no doubt, and whilst they still have a reputation for longer hours, it's now fair to say that all serious law firms in London bow down to the almighty billable hour. Smaller offices -- most U.S. firms still have less than 100 lawyers in the UK -- mean more responsibility earlier on, but they can also mean a shortage of resources and partner time for tutoring. The training schemes may be less developed, but the work is just as good. English law firms are another matter entirely, and have a huge battle on their hands: to attract the best lawyers, to retain their market share in their home market, and to win on the incredibly competitive global legal stage.