A survey of trainees and junior lawyers at American law firms’ offices in London shows that they spend as much as 13 hours a day at work—roughly twice the average work week in the U.K.

That comes with a lifestyle of Deliveroo dinners and picking up calls at “ungodly hours or on days off,” an anonymous employee told Legal Cheek, a legal news site that surveyed 2,000 workers across London’s various law firms, in November.

“I haven’t seen sunlight in three months,” said another anonymous employee. 

Yet another participant said that although vacation time was respected, they were always expected to answer work calls. 

Yes, all the tropes that shows, like Suits, make you believe about how long and hard law firms work their new staff work, might just be true. 

While it has the trappings of a toxic work culture people would try to avoid, working long hours at law firms comes with handsome pay. Starting salaries in the top firms are over £170,000, or nearly five times the U.K.’s median income in 2023. 

The likes of Kirkland and Ellis and Paul Hastings, American law firms with practices in London, pay £172,000 and demand an average of 12 to 13 hours a day, The Times reported. In contrast, British firms make employees work slightly shorter on average while capping starting pay at £150,000.   

To be sure, not every firm in the industry has brutally long hours in exchange for a six-figure paycheck. Several of the firms listed by Legal Cheek in its survey limit their workday to 9 hours or so for freshly qualified solicitors. 

Still, that’s a far cry from the average workweek in the U.K., which spans 36.6 hours or 7.3 hours a day.

Billable hours are the metric law firms often use to measure the performance of their lawyers. In some cases, those hours tick up to 2,000 a year. The U.S. demands a higher number of hours on average compared to Britain.

However, the model has been controversial amid cost pressures and demands for a more transparent system. Lawyers also argue that there could be more efficient ways to do the same work without a billable hours structure that determines pay. With AI’s emergence into public consciousness, the legal profession is already beginning to change.

That hasn’t hit hiring momentum, at least at the top level. London’s top law firms hired partners at record speed in 2024, driven by American law firms’ appetite to compete for talent in the British capital. 

Part of the appeal for fresh talent at U.S.-based firms is the high pay they can swing relative to British ones. The most esteemed law firms are rethinking their partner pay structure in response to the growing competition.   

“The impact of the covetous New Yorker on the highest levels of the London legal services market over such a short period has been profound,” a report by recruiting firm Edward Gibson said in July.    

A version of this story was originally published on Fortune.com on Nov. 5, 2024.

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Seychelles-based OKX announced on Tuesday that it is relaunching the U.S. version of its crypto exchange and unveiled a new wallet for American users to store as well as trade cryptocurrencies. The company also named Roshan Robert, a longtime employee of Barclays, as its U.S. CEO and revealed it would locate its U.S. regional headquarters in San Jose, California.

“It is not just the rebrand. The entire technology interface, everything has changed,” said Robert, who was recently an executive at the crypto prime broker Hidden Road, which was acquired by Ripple for $1.25 billion in April.

OKX’s renewed focus on the U.S. follows a settlement the exchange’s international entity reached with the Department of Justice in February. Prosecutors alleged that OKX failed to implement adequate anti-money laundering processes and solicited U.S. customers even though its international entity wasn’t registered in the States. As part of the agreement, OKX paid a $500 million fine, pled guilty to one count of operating an unlicensed money transmitting business, and agreed to pay for an external compliance consultant through February 2027.

“For over seven years, OKX knowingly violated anti-money laundering laws and avoided implementing required policies to prevent criminals from abusing our financial system,” Matthew Podolsky, Acting U.S. Attorney for the Southern District, said in a statement announcing the settlement.

“There were no allegations of customer harm, no charges against any company employee and no government appointed monitor as part of the settlement,” OKX said in a blog post.

The exchange’s U.S. relaunch also comes amid a more favorable regulatory environment for crypto under President Donald Trump. Robert, the U.S. CEO, said OKX’s plans to increase its U.S. presence predates Trump’s second term. He started talking with the crypto exchange in the summer of 2024 and was officially brought on in September. “We were preparing our compliance infrastructure, our risk management infrastructure for the last year and a half or so,” he added.

That said, Robert welcomes the Trump administration’s less aggressive approach to crypto. “The rulemaking will take some time, but there is a path that we can see,” he said.

As Robert steers the new, relaunched OKX U.S., he’s facing stiff competition from incumbents Coinbase and Kraken. However, he believes that the market in the U.S. isn’t zero sum and thinks that younger generations’ appetite for risky crypto bets will grow the pie. “The whole digital asset market is an expanding universe,” he said.

Hong Fang, OKX’s global president, previously oversaw OKX’s U.S. entity, which was formerly named OKcoin. 

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Figma, the design software unicorn, has confidentially filed for an initial public offering more than a year after a $20 billion acquisition bid by Adobe fell apart due to antitrust concerns.  

The filing signals some optimism for public debuts despite the current market turmoil set off by President Trump’s push to implement tariffs. The uncertainty has rattled investors and sown doubts about the near-term viability of many IPOs. 

Figma on Tuesday announced it had submitted a draft of its IPO filing to the Securities and Exchange Commission, but did not publicly release the full document, which would normally provide financial details about its operations.

The valuation Figma ultimately seeks in the public markets will be something to watch. In 2021, amid a low interest rate-fueled venture capital boom, Figma was valued in its Series E at $10 billion. In 2024, Figma conducted a tender offer that valued the company at $12.5 billion. 

Figma’s VC backers include Kleiner Perkins, Sequoia Capital, Greylock, Index Ventures, Founders Fund, and numerous others. 

Figma has about 1,600 employees and millions of customers, including Airbnb, Google, Microsoft, Netflix, Salesforce, Spotify, Square, Stripe, and Zoom. The business is also international, with 85% of its users outside the U.S. 

Figma publicly shared some financial details in May 2024, when the company told CNBC that it had $600 million in annual recurring revenue. ARR is an important benchmark for many companies, as it measures predictable revenue that’s usually tied to long-term contracts and subscription-based revenue. 

Figma, founded in 2012 by Dylan Field and Evan Wallace, has made headlines in recent years, both around high expectations for when it would file for an IPO and for how it would fare in the aftermath of Adobe’s thwarted mega-acquisition. (Field and Wallace met while students at Brown University.)

In 2022, Adobe announced plans to acquire Figma, but faced intense regulatory scrutiny, including from the European Commission. In 2023, the two companies backed away from the deal, and Adobe paid Figma a $1 billion termination fee. 

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