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2021-02-12 03:08
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2021年2月12日发(作者:蛋饼)


UNIT FIVE


TEXT ONE


Boosted by booming international financial markets, the City of London has not had it


so good since the end of the dotcom


bonanza


in the late 1990s.


Basking


in double-digit


growth rates, London's law firms have both contributed to that success and benefited from


it. The earnings of top City lawyers can now exceed ?


2m a year.



Having opted to expand and go global ahead of most others, Britain's leading law


firms tend to be bigger than their American rivals. Indeed, according to a survey of the


world's top 50 law firms, compiled by


Legal Business


, a British trade paper, five of the


world's top six law firms



in terms of


turnover



are now British (if DLA Piper, the result


of an Anglo-American merger, is included). But they have tended to lag behind in terms of


their profitability. That is now changing.


The profit margins of the City's five “magic circle” firms—


Clifford Chance,


Slaughter and May, Allen & Overy, Linklaters and Freshfields



have soared in recent


years and are now comparable with, if


not higher than, those of New York's “white shoe”


elite. Slaughter and May, the only one of the five not to have gone global, has the joint


second-highest profit margin among the top 50.



Not so long ago, a London surgeon could expect to earn as much as a City lawyer. But


even the recent big rises in hospital consultants' earnings


pall


in comparison with those


enjoyed by London lawyers. At Slaughter and May, for example, average profits per equity


partner (PEP) jumped by almost a third (in dollar terms) last year to $$2.75m



more than at


any other of the top 50 law firms bar two in New York where PEP averaged $$2.8m and


$$3.0m respectively. Some senior partners get a lot more of course.



Competition for the best lawyers is fierce and poaching frequent. Hence the need to


keep headline PEP figures up



even at the cost of getting rid of equity partners, leaving a


bigger share of the


bounty


for the remaining ones. Freshfields is in the process of shedding


around 100 of its equity partners. Other leading firms are also undertaking painful


restructuring.



Newly qualified lawyers' salaries have also been shooting up in the search for the best


talent. Both Freshfields and Allen & Overy now pay their first-year associates ?


65,000,


rising to around ?


90,000 after three years. (First-year associates at America's top law firms


get the equivalent of ?


80,000.)


But, as many other top-rank City employers have discovered, big earnings do not


necessarily guarantee big satisfaction. According to a YouGov poll, published by the


Lawyer


earlier this month, a quarter of Britain's lawyers (including a fifth of law-firm


partners) would like to leave the profession. The


disgruntled


complained about


cripplingly


long hours, intense competition and the impersonality of the biggest firms


(some with more than 3,000 lawyers). So why don't they quit? Because, say three-quarters,


of the pay.







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Clifford Chance, Slaughter and May, Allen & Overy,


Linklaters and


Freshf ields












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Slaughter and


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但是,正如伦敦其 他许多顶尖的雇主所发现的,高工资并不意味着高满意度。根据本月初


刊登在《律师》上 的一项


YouGov


民意调查,英国律师有

1/4


(包括


1/5


的律师搭档) 都想要离


开这个行业。那些不满意的人抱怨几近极限的工作时间、激烈的竞争和最大事务 所(拥有


3000


名以上雇工)的非人性化。那么他们为什么不 放弃这个工作呢?



因为收入,


3/4


的人这样回


答。



TEXT TWO


Richard Burton probably knew nothing of the small South African town of Cullinan


when he bought yet another


chunky


diamond for Elizabeth Taylor in 1969. Now the


Cullinan mine itself, like so many of the diamonds unearthed there, is about to change


hands. On November 22nd De Beers, the diamond giant that has owned the mine since


1930, said it was selling it to a


consortium


led by Petra Diamonds, one of South Africa's


emerging diamond producers, for 1 billion rand in cash. Provided regulators approve the


deal, the transfer should take place by the middle of next year.


De Beers is selling because the mine is no longer profitable, despite attempts to turn it


around. But Petra reckons the mine still has another 20 years of production in it and plans


to extract at least 1m carats a year. The unexploited “Centenary Cut” deposit, which lies


under the existing mine, could yield a lot more. This is good news for the mine's 1,000 or so


employees and for the town, which has depended on the diamond business since Sir


Thomas Cullinan discovered a prospect there in 1898 that contained


kimberlite


, a rock


that can be rich in diamonds. The mine, established in 1903, is one of 30 or so kimberlite


diamond mines in the world, and is believed to be still the world's second-most- valuable


diamond resource




Petra is a relatively small outfit, listed on London's Alternative Investment Market,


that specialises in buying mines that bigger companies see as marginal. Its trick is to extract


better returns by rationalising production and processing, and keeping operating costs and


overheads down. Petra has already bought two of De Beers's loss-making South African


mines



both of which are now profitable



and is finalising the 78.5m rand acquisition of


the group's underground operation in Kimberley, which stopped working in 2005.


It already operates four mines in South Africa and has promising exploration in


Angola (a joint-venture with BHP Billiton), Sierra Leone and Botswana. Petra expects to


produce over 1m carats by 2010



quite a jump from 180,474 carats in the year to June. The


company has yet to make a profit, but expects to be making money by the middle of next


year.



In the 1990s De Beers decided that it was no longer a good idea to try to monopolise


the diamond market. It started focusing on higher returns rather than market share, and has


been revamping its mine


portfolio


, selling off mines that are no longer profitable and


investing in more


enticing


operations, such as its mine off the west coast of South Africa,


its V


oorspoed operation in the Free State province, and two new mines in Canada.


This has opened the way for a new class of diamond firm that operates in the vast


middle ground between the world's handful of large producers and a multitude of much


smaller exploration firms. The Cullinan deal should


entrench


Petra in this middle tier,


alongside firms such as Kimberley Diamond and Trans Hex. But even if it does reach its


target of 1m carats a year, Petra will still not be able to match the sparkle of the giants. Last


year De Beers produced 51m carats from its mines in Botswana, Namibia, South Africa


and Tanzania, which amounted to 40% of the world's diamonds by value.



参考译文:



Richard Burton



1969


年为


Elisabeth Taylor


新购一块又小又厚的钻石时,他 可能对南非小



Cullinan


一无 所知。现在


Cullinan


连同埋在地下的钻石一起都将易主 了。


11



22


日,



De


Beers

< p>
,这个从


1930


年起就一直是矿主的钻石巨头说 要以


10


亿兰特现金的价格卖给


Pet ra


Diamonds


为首的财团,


Petra Diamonds


是南非新兴的钻石制造商。现在管理者已经同意了这笔< /p>


交易,该矿将于明年年中易手。



De


Beers


要做这笔买卖是因为尽管采取了很多措施,该矿不再 是利润丰厚了。但是


Petra


估计该矿还可以生产


20


年,计划每年最少挖掘


100


万克拉。而位于该矿下方尚未被开采的




年切割



层,生产力更高。这对于该矿


1000


名左右的雇工以及小镇来说是一个好消息,这个小


镇从


1898



Thoma s


Cullinan


爵士发现该矿含有金伯利岩(可能富含钻 石的一种岩石)后,就


一直依赖钻石生意存活。该矿建立于


19 03


年,是世界上约


30


个金伯利岩钻 石矿之一,现在仍


被认为是世界上第二最有价值的钻石储藏矿。



Petra


是比较小的一个商业组织,在伦敦的



Alternative Investment Market

< p>
上市。该组织专门


收购大公司认为不重要的矿产,其秘诀在于通过合理化生 产和加工、以及降低运作和管理费用


来获得更好的收益。


Pet ra


已经在南非收购了


De Beers


两家亏损的矿


(这两个矿目前都在盈利)


< br>目前也即将完成以


7850


万兰特收购该组织在金伯利地 下矿的项目,该矿于


2005


年停产。



目前该公司在南非经营四座矿藏,在安哥拉、塞拉利昂和博茨瓦纳也有非常好的勘探项目


(与


BHP


Billiton


的合资公司)。


Petra


希望到

< p>
2010


年产量可以超过


100

< br>万克拉,相比六月前


180474


克拉的年产量来说是一 个飞跃。公司现在还未赢利,但可望从明年年中开始赚钱。



2 0


世纪


90


年代开始,


De


Beers


认为垄断钻石市场不再是个好主意了 ,它开始关心更高的


回报率而不是市场份额了,也一直在修改它的矿产组合,卖掉不再盈 利的矿产,投资更让人动


心的项目,如南非西海岸的矿产、自由州省的

< br>Voorspoed


项目、加拿大的两处新矿。











这就为钻石行业的一个新阶层开辟了道路,这个阶层处于世界上少数的大生产商和众


多小勘探公司之间那片广阔的区域。


Cullinan

< br>这笔交易确立了


Petra


作为这个中间阶层的地位,< /p>


类似的公司还有金伯利钻石和


Trans


Hex


。不过即使达到年产量


100


万克拉,


Petra


还是远不及


那些钻 石巨头。去年,


De Beers


在其博茨瓦纳、纳米比亚、南 非和坦桑尼亚矿的产量为


5100



克 拉,估计价值占到世界钻石的


40%





TEXT THREE


When there is blood in the water, it is only natural that


dorsal fins


swirl around


excitedly. Now that America's housing market is


ailing


, predators have their sights on the


country's credit-card market. Analysts at Goldman Sachs reckon that credit-card losses


could reach $$99 billion if


contagion


spreads from subprime mortgages to other forms of


consumer credit. Signs of strain are clearly visible. There are rises in both the


charge-off


and


delinquency


rates, which measure the share of balances that are uncollectable or more


than 30 days late respectively. HSBC announced last month that it had taken a $$1.4 billion


charge in its American consumer-finance business, partly because of weakness among card


borrowers.


It is too early to panic, though. Charge-offs and delinquencies are still low. According


to Moody's, a rating agency, the third-quarter delinquency rate of 3.89% was almost a full


percentage point below the historical average. The deterioration in rates can be partly


explained by technical factors. A change in America's personal-bankruptcy laws in 2005


led to an abrupt fall in bankruptcy filings, which in turn account for a big chunk of


credit-card losses; the number of filings (and thus charge-off rates) would be rising again,


whether or not overall conditions for borrowers were getting worse.


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