OVER-RICH, OVER-HYPED AND OVER HEAR.

NEIL ROSE TEST THE REACTION OF CITY FIRMS TO THE ADVANCE OF US LAW FIRMS IN LONDONThey are over-rich, over-hyped and over here.

The invasion of London by US law firms has shown no sign of abating this year.

Instead, the Americans have demonstrated a serious commitm ent to London offices.

Leading US firms such as LeBeouf Lamb Greene & Macrae, Dewey Ballantine and Chadbourne & Parke have all indicated their readiness to recruit more English lawyers to beef up their London presence.

But no firm has made waves this year like Weil Gotshal & Manges, a New York firm ranked fifth in the US by gross revenue.Although its London office only officially opened on 1 May 1996, Weil Gotshal already has eight partners and 22 associates working in London, almost all of whom have been lured from large City firms.

A 100-lawyer firm by the year 2000 is planned.Ex-Clifford Chance partner Maurice Allen, who heads the office, says that the firm has already carved out a high quality finance practice to compete with the best City firms.

Weil Gotshal is building on an investment bank model of offering a quality service to a limited number of clients.

This means a more personal service on a lower cost base.

Mr Allen acknowledges that US lawyers have a reputation for working all hours, but he says the crucial difference is a lower charge-out rate.

'US lawyers can crank out the hours and still charge less.'So what is life at a US firm in London like? Mr Allen replies: 'US firms are more obviously a business than a profession.

You are very aware that you are here to make a profit and tend to be compensated differently - on performance rather than on not dying.'This means that the US lawyers' concept of serving their clients goes way beyond that of their English counterparts, he says.

Explaining that US lawyers are businessmen who have chosen the law as their medium, Mr Allen says that US lawyers will go the extra step for their clients.

They are available 24 hours a day, they travel with their clients to give on-the-spot advice and form personal friendships, something Mr Allen did not really do at Clifford Chance.Litigator Peter Sharp, who left Wilde Sapte last year to join LeBoeuf Lamb, also finds several differences - the principal one being that US lawyers get much more involved in their clients' business strategy and thinking.

These differences make fellow City lawyers curious.

Mr Sharp often finds that in cases which have City firms on the other side, partners not involved in the case turn up at meetings held at LeBoeuf's offices just to have a look around.

'They sit in on one meeting and are never seen again,' he laughs.But many City lawyers view US firms with more than mere curiosity.

'There are a few City firms who clearly feel insecure about the arrival of US firms on the scene,' Mr Sharp says.

Mr Allen describes 'a nervousness that goes beyond the threat we are today'.

However, Anthony Salz, senior partner at City giant Freshfields, says that US firms are just another aspect of the increased competition his firm routinely faces.

Mr Salz expresses more concern about competition for staff, with US firms 'buying them for amounts which would not seem economic'.The rewards offered by US firms have been the talk of the City for some years.

LeBoeuf Lamb made the first impression in 1994 by advertising partnerships at 450,000.

By May 1996, the ante had been upped by Chadbourne & Parke, which received national newspaper coverage for advertising partnerships worth up to 700,000.An important reason for US firms' growth in London is the capital's position as the pre-eminent staging-post for doing business in Europe.

Not only is the City home to many financial institutions, agreements are often reached and executed there.

The US financial institutions are now the powerhouses in eastern Europe, and US law firms ar e challenging the superiority of UK firms in Europe.

The latest evidence of this came last week when Dewey Ballantine bought City firm Theodore Goddard's stake in four eastern European offices that the two firms had run together for five years.By contrast, says Mr Allen, UK firms have not made similar in-roads into the US market, leaving themselves at a competitive disadvantage.

'UK firms such as Clifford Chance feared US firms coming here as it gave them less time to establish themselves in the US,' he explains.Ultimately, many people believe the future will bring transatlantic mergers and global megafirms, a prospect raised last year by unfounded rumours of a merger between Freshfields and major New York firm Davis Polk & Wardwell.

Mr Salz foresees such mergers as likely within the next ten years.

Mr Allen agrees but says 10 years may be too late.

'By then US firms will have achieved their position in the London and European markets organically,' he says.

'Merger is a far less popular way of getting to that stage.'TAKING THE MICKEY: NEIL ROSE TALKS TO SOME OF THE UK LAWYERS WHO ARE HEADED FOR ORLANDO TO MARKET THEIR WARESIf you are the kind of solicitor who thinks that the perfect holiday is a week in the company of Mickey Mouse and 13,000 US lawyers, then you should be going to the American Bar Association's annual meeting next week.

A conference held at Walt Disney World in Orlando, Florida, is not every solicitor's idea of a testing time, but those travelling there are quick to defend the trip as being more than just a tax deductible holiday.'Obviously my partners think it is a doddle, but it is actually hard work,' said Peter McGarrick of City firm Morgan Bruce, who will be attending the meeting for his fifth successive year.

He says there are four reasons for going to the meeting.

First, there is the chance to talk to lawyers about their practice problems.

Mr McGarrick says that US firms have similar problems to their British counterparts but are more advanced in solving them.

Second is a range of useful business sessions at the meeting - a staggering 2500 are scheduled.

Third is the opportunity to meet large numbers of non-US lawyers, as lawyers from 60 jurisdictions will be seeking the same benefits as Mr McGarrick.

Finally, and most important, Mr McGarrick will use the week to keep in touch with several US firms with which he has made contact at previous ABA meetings.

For many, the real purpose of going to the ABA meeting is to make contacts and drum up new business and, for Mr McGarrick at least, it works.

'The accumulation of 13,000 lawyers in one place is a considerable networking opportunity,' he pointed out.Robert Bond of City firm Hobson Audley Hopkins Wood is attending the conference for the third time.

'We have someone at the ABA meeting every year.

It always produces contacts that lead to work,' he said.

Another third-timer, Tony Martin, an international trade specialist at Manchester firm Vaudreys, has so much US work that he is actually an ABA member.

'I am specifically going there to meet attorneys I am currently working with,' he said.

At least two of these jobs came about directly as a result of previous ABA meetings, he added.The ABA is split into practice sections, one of which deals with international law and practice.

British lawyers tend to spend most of their time at sessions run by that section.

A few English lawyers will be speaking at the meeting, including new Law Society President Tony Girling, who will preside over two sessions on European legal issues.

David Penry-Davey, chairman of the Bar, will also be in Orlando.None of those attending the meeting deny that they will also be having fun during the week, and Mr Bond is one of many taking a family holiday at the end of the meeting.

But they all fear Florida's August heat, which has led to the ABA deeming this the first ever 'casual meeting', and advising delegates to forego their suits.

The ABA's annual meeting runs from 1-7 August in Orlando, Florida.AMERICAN DREAM: FOR THOSE WISHING TO PRACTISE IN THE USA, DAVID COHEN EXPLAINS THE DIFFERENT WAYS OF QUALIFYINGThere are two ways solicitors may practise in the US: they may requalify, or they may practise under home title as a foreign legal consultant (FLC).

In order to requalify, a solicitor must take the particular state's bar exam.

Most states require a three-year US law degree (juris doctor) in order to sit the exam.

Additionally, most states require candidates to sit the multi-state professional responsibility exam.

All states require candidates to satisfy the moral character and fitness standards of that state.

The following states allow recipients of LLB degrees (or their equivalent) from non-US law schools to sit the bar exam, subject to other criteria (such as a minimum number of years' practice in a common law jurisdiction): Alaska, California, Colorado, District of Columbia, Hawaii, Louisiana, Maine, Maryland, Montana, New Hampshire, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia and Washington.

New York (NY) recognises most English LLBs, provided they roughly correspond to the time spent on similar subjects in US law schools.

Unlike California, NY does not recognize the CPE as sufficient to take the bar exam.

However, solicitors may qualify to sit the exam in NY after completing a minimum 24 credit hours (around one year's worth of courses) at an American Bar Association-approved law school, in accordance with the rules of NY state's highest court.

Some NY law schools have special programmes for this purpose.

A final method to qualify to take the bar exam in NY is to be accepted onto an accredited US LLM course.

Solicitors who qualified with a CPE and wish to sit bar exams in other states should contact the relevant state bar.

Because these rules are in a constant state of flux, it is imperative that all answers from state bars be in writing before proceeding.Admission to another state without having to take the bar exam of the second state is governed by the admission rules in individual states.

The criteria for such admission differs from state to state, but usually involves minimum periods spent in practice.

For preliminary information, contact the state bars' representative organisation at: The National Conference of Bar Examiners, 333 Michigan Avenue, Chicago, Illinois 60601, USA.

Exemptions made by state bars should be in writing.In the US there are some review courses which help prepare law school graduates for the various bar exams.

This year BAR/BRI, one such course, established a branch in London to prepare lawyers for the February and July New York and California bar examinations.

For further details contact: Graham Wood Law Consultancy, 28 Upper Montague Street, London WIH 1RP; tel 0171 706 0644; fax 0171 724 5966.

Additionally, the University of California runs an orientation course in US law for lawyers, judges, pre-LLM students and business professionals.

For further information on this course and any other matters concerning practising in the US, contact Ann Frazer at the Law Society; tel 0171 320 5775.The Fulbright Commis sion, which promotes education and cultural exchange between the UK and the US, runs an education advisory service for people seeking information on law studies in the US.

For information on courses and funding, please contact: The Fulbright Commission, Education Advisory Service, Fulbright House, 62 Doughty Street, London WC1N 2LS; tel 0171 404 6994; fax 0171 404 6874.

As an FLC, it is possible to advise on home country law and international law, but not to appear in court.

FLCs are recognised in the following states: Alabama, Arizona, Connecticut, District of Columbia, Florida, Georgia, Hawaii, Illinois, Indiana, Michigan, Minnesota, Missouri, New Jersey, New York, Ohio, Oregon, Texas and Washington.

California does not allow FLCs.

As the rules affecting FLCs are constantly changing, it is best to contact the individual state bars to find out the precise details and to receive confirmation in writing.