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Good morning from the Financial Times. Today is Tuesday, October 11th.

And this is your FT News Briefing.

We've got a lot to say about the fallout from the Federal Reserve's interest rate rises.

The used top diplomat warn they could lead to a global recession.

Interest rates are putting a damper on the US property market

and they're creating headaches for British law firms who've been trying to grow their presence

in the US. I'm Mark Philippineau and here's the news you need to start your day.

London's law firms have always had a hard time matching their US competitors when it comes to pay.

Now it's even harder. The US central banks' interest rate rises have pushed up the dollar

and clobbered the value of the British pound. That makes it harder to pay enough to attract and

retain staff in the US just as London law firms are trying to gain a bigger foothold there.

Here's the FT's Joe Miller.

Traditionally, these law firms based in the city of London were quite snappy about America

until they realized that American firms were making vastly larger profits and really stepped up

their efforts to gain a foothold in the US market. Of course, it's always been quite difficult for

them. All of this was compounded last month when the pound started falling against the dollar

quite sharply. We learned that at least one big firm has had a major hiring attempt fall apart

in New York in recent weeks because the person involved looked at their options and looked at the

UK firm and thought they could get an awful lot more at a US rival and that other senior staff have

been asking their UK law firms to either increase their salary or peg it to the dollar so that they

...