Types of law firm
There aremany different kinds of law firm, and where you train has a significant influenceon your career as the style, size andclienteleof each will vary. Consider the followingbroadcategories and think about which typeof law firmmight best match your career goals andworking style. International firms These aremainly located in theCity of London. For theUK-born ‘Anglo’ firms, London is the hub of their international operations, which can range from just a couple of strategically located offices to a sprawling global network –CliffordChance, for example, has 32 in 23 countries. Among theseAnglo firms are some of theworld’s legal giants, reflecting the fact that English law governs complex, big-ticket transactions across the globe and is the lawof choice for high-value disputes. The appeal of English law is not the only asset for UK firms: they also reap dividends from the ubiquity of theEnglish language, theCity’s status as a key financial centre and the convenience of European time zones for coordinating cross-border deals. A firm’s footprint determines the availability of overseas secondments for trainees, and in the current economic climate these opportunities aremore important than ever. Wherever you are based, expect toworkmostly onmulti- jurisdictional matters for either UKor foreign- based corporate clients. Aswell as providing a comprehensive commercial offering, each will have its own strong suits; for example, Allen &Overy is dominant in all things finance- related, whileClyde &Co excels in disputes. It’s important to understand the key practice areas and client sectors of the firms you apply to. People sometimes refer to the ‘magic circle’ and ‘silver circle’. These expressions have historical resonance, but no real significance. Themagic circle comprises Allen &Overy, CliffordChance, Freshfields BruckhausDeringer, Linklaters, and Slaughter andMay. The so-called silver circle firms are not quite as big as their magic circle peers, although one or two are equally profitable.
US firms in London used to be viewed as a separate category, having offeredEnglish law advice only since themid-1990s. However, there are nowaround 75US-born firms in theUnited Kingdomand around a dozenmore hybrid Anglo-US firms. Approximately 40 run training schemes, somewith 30-plus trainees and others just a handful. Yet small in London need not equate to small globally: Arnold &Porter Kaye Scholer LLP, for example, employs some 1,000 lawyers across 13 global offices , but takes on just twoUK trainees each year. Staff work long hours in return for top dollar. A trainee’s starting salary could be in the high £30,000s to £40,000s, or evenmuch, much higher if you join amagic circle or US firm. If you join a big London office, you’ll have resources, amenities and peers aplenty, and probably a relatively bureaucraticworking environment. While potential seat optionswill be abundant, competition for themost popular oneswill be stiff, and youwill have to spendmuch of your time in core departments. For a profile of a solicitor at an international firm, seeAngus Rankin of Hogan Lovells in the ‘ Construction ’ chapter. UK-focusedCity firms Exclusively UK-based firms typically offer a broad commercial training, emphasising one or two specialist areas; some will also have a private client practice, reflecting longstanding relationships with wealthy individuals and trusts. Bristows, for example, is a market leader in IP law; meanwhile, Boodle Hatfield LLP has a real estate focus, resulting from its connection to vast landowner The Grosvenor Estate. Most domestic firms cultivate relationships with overseas lawyers, and this attracts some multi-jurisdictional work. If you think you would be happiest working in a smaller, less frenetic environment, then there are plenty of firms to choose from. Starting salaries are typically in the low to high £30,000s.
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