-
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.
参
考
译
文
:
虽
然
受
到
快
速
发
展
的
国
际
金
融
市
场
的<
/p>
推
动
,
伦
敦
自
20
世
纪
90
年
代
末
网
络
富
源
之
后
再
也
没
有
享
受
过
原
来
的<
/p>
好
日
子
。
伦
敦
的
律
师
行
业
一
直
享
受
着
双
位
数
的
业
绩
增
长
速<
/p>
度
,
既
对
经
济
的
成
功
贡
献
了
自
己
的
力
量
,
又
受
益
于
经
济
成<
/p>
长
。
目
前
伦
敦
市
一
流
律
师
的
年
薪
超
过
了
200
万
英
镑
。
英
国
的
顶
尖
律<
/p>
师
事
务
所
选
择
了
不
断
扩
张
,
走
在
世
界
前
列
,
目
前
规
模
大
于<
/p>
美
国
同
类
的
事
务
所
。
实
际
上
,
根
据
英
国
商
业
报
纸
《
法
律
商<
/p>
业
》
一
项
世
界
50
家
领
先
律
师
事
务
所
的
< br>调
查
,
世
界
排
名
前
六
家
律
师
事
p>
务
所
(
按
营
业
额
计
算
)
有
五
< br>家
是
英
国
事
务
所
(
算
上
英
美
合
p>
资
的
DLA
Pi
per
事
务
所
)
。
但
是
就<
/p>
盈
利
能
力
来
讲
,
他
们
却
落
后
了
。
不
过
目
前
这
种
情
况
正
在
改<
/p>
变
。
伦
敦
五
家
“
魔
力
圈
”
事
务
所
(
Clifford Chance, Slaughter and May, Allen & Overy,
Linklaters and
Freshf
ields
)
的
利
润
近
年
来
飞
速
上
升
,<
/p>
现
在
虽
然
不
能
说
超
过
,
但
也
可
以
说
已
经
与
纽
约
“
白
鞋
子
”<
/p>
精
英
相
抗
衡
了
。
Slaugh
ter and
May
是
五
家
中
唯
一
没
有
走
向
< br>世
界
的
事
务
所
,
目
前
已
经
成
为
p>
全
球
50
家
第
二
高
利
润
事
务
所
。
不
久
前
,
伦
敦
的
外
科
医
生<
/p>
还
有
望
与
市
律
师
收
入
相
当
。
但
是
尽
管
最
近
医
院
会
诊
医
生
的<
/p>
收
入
有
了
大
幅
增
长
,
但
与
伦
敦
律
师
的
工
资
涨
幅
比
起
来
还
是<
/p>
相
形
见
拙
。
比
如
在
Slaughter and
May,
去
年
PEP
平
均
收
入
以
275
万
美
元
为
基
数
涨
了
1/3
(
以
美
元
计
算
)
,
这
要
比
任
何
全
球
前<
/p>
50
名
律
师
p>
事
务
所
或
美
国
的
律
师
界
工
资
< br>都
高
,
其
PEP
平
均
为
280
万
美
元
和
300
万
美
元
。
当
然
一
些
资
深
律
p>
师
的
收
入
更
高
。
争
取
最
好
< br>律
师
的
竞
争
是
激
烈
的
,
挖
墙
角
p>
时
有
发
生
。
因
此
,
有
必
要
保
< br>持
名
人
的
PEP
数
字
上
升
,
有
时
甚
至
以
牺
牲
p>
股
东
为
代
价
,
从
而
将
奖
金
的
< br>更
大
一
部
分
留
给
剩
下
的
人
。
Fre
shfields
目
前
就
正
在
裁
减
< br>大
约
100
名
< br>股
东
。
其
他
领
先
的
事
务
所
也
同
p>
样
经
历
重
组
的
痛
苦
。
因
为
< br>业
界
在
不
断
寻
找
最
好
的
人
才
,
p>
因
此
刚
获
得
资
格
的
新
律
师
起
< br>薪
也
大
幅
增
长
。
Freshfields
和
Allen &
Overy
支
付
给
律
师
的
第
一
年
工
资
为
6
万
5
千
英
镑
,
三<
/p>
年
后
升
至
9
万
英
镑
。
(
在
美
国
顶
尖
律
师
事
务
所
律
师
的
第
一<
/p>
年
工
资
为
8
万
英
镑
。
)
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
在
1969
年为
Elisabeth Taylor
新购一块又小又厚的钻石时,他
可能对南非小
镇
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
月
22
日,
De
Beers
,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
“
百
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
年
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
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
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。
p>
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
万
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.