Dubbed “the Real Madrid” of the legal world by Legal Cheek, Slaughter and May have always been a firm completely shrouded in mystery, preferring to let its inherent prestige do the talking. Indeed, until a few years ago, the firm didn’t even have a dedicated marketing department, with a small team of partners handling this function of business instead! Furthermore, the firm has been historically associated with a “conservative, traditional approach” to its work, though the extent to which this is true maybe slightly overstated, based on the firm’s tendency to hire candidates from Oxbridge.

The firm also tends to attract a slightly nerdy, incredibly intelligent type of lawyer, perhaps explaining part of its affinity for Oxbridge, as the firm seeks out the brightest young legal minds. Nonetheless, despite the firm’s quirks, Slaughter and May remain one of the best places in the world to start a legal career, with incredible work, no target hours, and immense prestige.

Facts about the firm:

• The firm does not release its financial results (one of its many quirks), but the firm’s profit per equity partner is rumoured to be the highest of any European-based firm! It is estimated that their profit per equity partner extends from between £2 million to £3 million, though keep in mind that these are purely rumours.
• Contrary to its peers in the Magic Circle, Slaughter and May have a small number of offices in foreign jurisdictions, with just 4, compared to Clifford Chance’s 32 and Linklaters’ 30. International work is still very much on offer, with Slaughters relying on a carefully curated network of close working relationships with other leading law firms from across the world. Trainees may also be seconded to these “best friend” firms in the second year of their training contract.
• Its international approach is not the only way in which Slaughters differs from the crowd. The firm takes a “multi-specialist” approach to training, which means that trainees act as generalists in each department, rather than specialising in a particular subset of work.
• The firm typically receives around 2,000 applications each year for up to 85 training contracts. The application process is rather simple, with the firm only requiring a cover letter and CV.
• During the 1980s and 1990s, the firm acted on several privatisations in the United Kingdom, including those of British Airways, British Gas, and British Steel Corporation under the Thatcher governments. This close link with political bodies has continued, with Slaughters still taking a considerable level of work from the UK government.

Key practice areas:

Being a Magic Circle firm, Slaughters holds considerable strengths across the board, with top banking & finance work on the borrower side, high-end corporate/M&A, competition, financial crime, tax, and mid-market real estate mandates. Along with this, seats are offered to incorporate; financing; competition, disputes and investigations, financial regulation, intellectual property/technology, pensions, employment and incentives; real estate, and tax.

Notable recent deals/cases:

• Slaughter and May advised Standard Chartered on its strategic investment in Atom Financial, which operates Asia’s largest buy now pay later platform, Atome, as well as digital lending platform Kredit Pintar in Indonesia.
• Slaughter and May advised Kosmos Energy Ltd on its acquisition of Anadarko WCTP Company from Anadarko Offshore Holding Company LLC, a subsidiary of Occidental Petroleum Corp. Kosmos is a full-cycle deepwater independent oil and gas exploration and production company, and is listed on the NYSE and the LSE.
• Slaughter and May are advising Shell on certain English law aspects of the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash. The transaction will transfer all of Shell’s interest in the Permian to ConocoPhillips, subject to regulatory approvals. The cash proceeds from this transaction will be used to fund $7 billion in additional shareholder distributions after closing, with the remainder used for further strengthening of its balance sheet.
• Slaughter and May are advising Travers Smith LLP on the pre-let of its new headquarters at Stonecutter Court, London EC4.
• Slaughter and May are advising Daily Mail and General Trust plc (“DMGT”) on a transaction for the sale of its Insurance Risk business (“RMS”) to Moody’s Corporation (“Moody’s”) for approximately £1,425m in cash at completion (the “Sale”).

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New York’s Shearman & Sterling has an impressive reach around the globe, continuously closing “sterling” deals and cases. Considered to be a member of Wall Street’s “White Shoe” group of firms, Shearman’s name carries tremendous weight in the legal world too. Shearman & Sterling was founded in New York City in 1873 by Thomas Shearman and John William Sterling, who concentrated on litigation and transactional matters respectively. The young firm represented financier Jay Gould and industrialist Henry Ford and cultivated several important business ties that would evolve into long-standing client relationships, such as with the Rockefeller family. The firm’s history is an incredibly interesting one, with roots stretching back to several members of the American elite.

Despite this, do not be fooled into thinking that Shearman’s London office is a mere satellite office- it’s been established in the capital since 1972! Due to this, lawyers at the firm tend to view it as a “British firm in an American firm’s clothing”. On top of this, Shearman is a truly international firm, with a position as one of the first major law firms to expand into Africa. Additionally, Shearman & Sterling was one of the first firms to grasp the future strategic importance of the Asia-Pacific region, establishing offices in Hong Kong in 1978. Given this winning combination of prestige, top-quality work, excellent pay, top training, and a huge international network, a traineeship at Shearman is a truly “sterling” opportunity.

Facts about the firm:

• After four successive years of profit per equity partner growth, the firm has seen a tougher financial year. PEP dropped 22.9% to $1.9 million (£1.4 million) and revenue dipped 11% to $861 million (£624 million). This can partly be explained by the firm’s specialisation in energy work, which was initially hit hard by the pandemic. Of course, these numbers are nothing to scoff at, given the firm is still one of the world’s largest.
• With 23 offices in 16 countries, the firm’s global reach is nothing short of impressive- especially given Shearman’s strong reach across each continent.
• Shearman typically hands out 15 training contracts a year. Confining the stereotypes of US firms, deal teams are typically much leaner than those at a Magic Circle firm, which may lead to early responsibility for trainees who prove themselves worthy.
• First-year pay stands at £50k, second-year pay stands at £55k, and once qualified, lawyers take a small £145k gross- plus a very sizeable bonus. Pay rises sharply through the ranks, with those who make it to 6PQE taking a whooping £250k home. Under the assumption that student loan payments are outstanding and no pension contributions are paid, this works out to a huge £123,618 after taxes, student loan contributions, and national insurance is paid. For context, that could buy one Porsche Taycan a year, with money left over.

Key practice areas:

Perhaps best known for its prowess in project finance, M&A, arbitration, and antitrust, Shearman offers London seats in the following areas:
antitrust; funds; M&A; project development and finance; finance; litigation; international arbitration; financial institutions advisory; tax; employment; financial restructuring and insolvency.

Notable recent deals/cases:

• Shearman & Sterling advised Abu Dhabi National Oil Company (ADNOC) and ADNOC Drilling Company PJSC (ADNOC Drilling) in connection with the initial public offering of ADNOC Drilling on the Abu Dhabi Securities Exchange (ADX). The listing raised over $1.1 billion, making the ADNOC Drilling IPO the largest-ever ADX listing to date and saw significant interest, with total gross demand of over $34 billion.
• Shearman & Sterling advised ALD Automotive, one of the leading global providers of mobility solutions, in connection with the creation of a joint venture with Ford dedicated to providing new integrated fleet leasing and management solutions across Europe under the name of Ford Fleet Management.
• Shearman & Sterling is advising the banks in connection with the senior financing in support of the £2.3 billion public-to-private acquisition of Aggreko plc by TDR Capital and I Squared Capital.
• Shearman & Sterling advised AlbaCore Capital Group (AlbaCore) about its investment of up to $200 million in Babylon Holdings Limited (Babylon). The investment is sustainability-linked, whereby the interest rate of the notes is linked to the delivery of affordable healthcare to under-served areas.
• Shearman & Sterling advised Allgaier Group on a comprehensive restructuring of its financing involving a guarantee of the state Baden-Württemberg.

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Opened in 1901 when two Wall Street lawyers, Justin DuPratt White, 31, and George B. Case, 28, contributed $250 each to launch the firm, White & Case has grown into a firm with a tremendously globalist outlook. Though its roots lie in the United States, the firm has an office in almost every jurisdiction imaginable, from Geneva to Riyadh. Indeed, the firm has expanded well beyond its New York roots, opening offices in leading cities in the US and around the world, and it has practice groups in emerging markets including Latin America, Central and Eastern Europe, Africa, the Middle East, and Asia.

The firm’s global strategy is certainly paying dividends, with reports that the firm is a very happy shop, while financial results indicate that White & Case is performing swimmingly, with a global revenue within the world’s top 10 amongst law firms. Indeed, amongst the US firms in London, White & Case is perhaps the most anglicised, which may be due to its global reach. This approach lends itself to a strong training programme.

The firm offers a guaranteed international secondment to all its trainees in London; when combined with the exceptional training, stellar pay, and incredible opportunities, White & Case shows itself as a very tantalising prospect for aspiring lawyers.

Facts about the firm:

• Though the adjective “globalised” has been repeated several times throughout my introduction, no other adjective can come close to describing the immense reach of White & Case’s international network. With almost 50 offices in 30 countries, the firm tangibly has all its bases covered.
• Contrary to the typically smaller trainee intake of its US rivals in London, White & Case offers over 50 training contracts a year. Of course, competition is fierce for these spots, with the firm averaging 4000 applications a year for its vacation schemes and training contracts, respectively. The firm offers an incredible package to those interested.
• Global revenue stands at a cool $2.4 billion (£1.7 billion), while profit per equity partner stands at a strong $3 million (£2.2 million). According to Legal Cheek, “A sizable chunk of this figure — around £321 million — came courtesy of the firm’s London office, underlining the UK’s continued strategic importance to White & Case.”
• Pay is of no issue to trainees and associates at White & Case either. First-year pay stands at £50k, second years take in £55k, and NQs earn £130k, plus a sizeable bonus.

Key practice areas:

• The firm’s London office is full service, with strong practices in the following:
• Banking & finance
• Capital markets
• Competition
• Construction (contentious & non-contentious)
• Corporate M&A
• Corporate private equity
• Disputes
• EIPAF
• Employment, compensation, and benefits
• Financial institutions advisory
• FRI
• IP
• Real estate
• Tax
• White-collar crime

Notable recent deals/cases:

• White & Case advised Qatalyst Partners on Vista Equity’s £1.1 Billion Public Offer for Blue Prism.
• White & Case LLP has advised Softbank Vision Fund II on its investment as lead investor in the Series C financing of StreamElements. The White & Case team which advised on the transaction was led by partner Dan Turgel with support from partner Marc Israel (both London) and counsel Earle Miller (Los Angeles), showing the firm’s global outlook.
• Global law firm White & Case LLP has advised FIVE Holdings on its acquisition of the under-construction hotel in Jumeirah Beach Residence, Dubai. Due to open in 2023, the beach-front property will have 227 suites, 102 serviced residences, culinary and nightlife venues, a spa, a social pool, and a private beach.
• White & Case LLP has advised a syndicate of lenders led by Societe Generale, London Branch to subsidiaries of Cheiron Petroleum Corporation and Cairn Energy PLC on a reserve-based lending facility of US$325 million for the acquisition of upstream oil and gas assets located in the Western Desert in Egypt from Shell Egypt N.V. and Shell Austria GmbH for a base consideration of US$646 million and an additional contingent consideration of up to a maximum of US$280 million.
• White & Case LLP has advised Neighbourly Brands Limited on its acquisition of the entire issued share capital of Pimlico Group Limited and Sail Street Holdings Limited, which together hold the business and property of the Pimlico Plumbers group.

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Perhaps best known as the most “cutthroat firm in London”, US titan Kirkland & Ellis needs little introduction. Kirkland & Ellis is the largest law firm in the world by revenue, the seventh-largest by the number of lawyers, and is the first law firm in the world to reach US$4 billion in revenue. With this cutthroat reputation comes an insane level of pay, for equally insane hours; UK publication, Legal Cheek, estimates that the average junior at Kirkland’s London office has clocked off at 11:30 pm over the past year! Including these long days, weekend work has been known to be a common occurrence at Kirkland & Ellis.

These comments may cause some to question why working at Kirkland is seen as such an attractive prospect. Equal to its cutthroat image, Kirkland has truly built a reputation as one of the leading corporate firms in the world, with several accolades given to the firm. For example, The American Lawyer ranked Kirkland & Ellis as the 2018 Law Firm of the Year. “Mergers & Acquisitions” ranked Kirkland & Ellis as the 2019 Law Firm of the Year for advising on 400 U.S. based-deals (more than twice that of the firm ranked second), and for advising on the largest number of global deals, in each case, in 2019. Given this reputation, the firm typically attracts those who are “self-starters”, looking for an environment where responsibility is gifted early. Along with this, Kirkland tends to appoint lawyers as non-equity partners once they reach 6 years post-qualification.

Facts about the firm:

• The largest firm in the world by revenue, Kirkland took in $4.83 billion (£3.5 billion) in its 2021 financial results. Perhaps the “eat what you kill” style truly leads to gargantuan revenues like this.
• Profit per equity partner is no less gaudy, standing at a casual $6.2 million (£4.5 million). Generational wealth is on offer for those with the incredible stamina to make it to the top at Kirkland & Ellis. Furthermore, the firm is known to be a “genuine meritocracy”, with high-performing associates gaining recognition quickly- though this may lead to even worse hours.
• This profit per equity partner is not burdened by the firm’s global network, which involves 17 offices in 6 countries.
• Kirkland offers a mere 10 training contracts per year, though this is broadly in line with its fellow US competitors in London. The firm generally receives over 500 direct training contract applications, on top of the hundreds it gets for vacation schemes.
• The firm has been keen to push gender equality to the forefront, with its shining women’s leadership programme.
• Much like other US firms, deal teams are incredibly lean, and training is of the “hands-on” variety. This is typically seen as preferable by the types that are attracted to Kirkland.

Key practice areas:

If you’re interested in a traineeship with Kirkland, please be aware that their London office does not provide the same breadth of work that UK based firms typically offer. Though for those interested in the sort of work Kirkland specialises in, this is no bad thing. M&A, Private Equity, Restructuring, and Litigation make up the bulk of the firm’s work. If this is of interest, please check out my guides on these practice areas.

Notable recent deals/cases:

• Kirkland & Ellis advised World Quantum Growth Acquisition Corp., a special purpose acquisition company (SPAC) in connection with its $200 million IPO.
• Kirkland & Ellis advised Fox Corporation on their joint venture with chef, restaurateur, and presenter Gordon Ramsay to jointly form STUDIO RAMSAY GLOBAL, a new production entity co-owned between the two that will develop, produce, and distribute culinary and lifestyle programming worldwide. As part of the deal, Fox Corporation will acquire 100% of Ramsay’s existing production business.
• Kirkland is advising Hudson Pacific Properties on Plans for New World-Class Film and TV Studios in the UK.
• Kirkland & Ellis advised Ares Management Corporation (“Ares”) on the investment, alongside Public Investment Fund (“PIF”), of £400 million in McLaren Group Limited in the form of Preference Shares and Equity Warrants.
• Kirkland & Ellis represented Acadia Healthcare Company, Inc. (NASDAQ: ACHC) on a definitive agreement for the sale of its UK operations to Waterland Private Equity for a purchase price of approximately £1.08 billion.

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If you’re reading this article, the odds are that you will have heard of Clifford Chance. A member of London’s “Magic Circle”, the firm’s name carries considerable weight in the legal world. It ranks as one of the top ten largest law firms in the world measured both by the number of lawyers and revenue, and each of these lawyers will have a world of exit opportunities opened for them. As of 2020 Clifford Chance secured the most European M&A mandates, becoming the most popular adviser to top-tier private equity clients in the continent.

Clifford Chance is a corporate colossus, with an incredible covenant of good remuneration, excellent perks, and headline-making deals on offer for the exchange of (possibly) crushing hours. Nonetheless, the firm prides itself on its culture- with the firm typically known to be the “friendliest” of the big 5. Indeed, this has trickled over to its graduate recruitment schemes, with ACCESS, SPARK, PRIME, and IGNITE showing a commitment to a friendly culture and technological innovation.

Located in London’s Canary Wharf, nestled amongst the buildings of various financial corporations, Clifford Chance’s office is one of the immense wonders, featuring a swimming pool, in-house restaurant, and many other great amenities.

Facts about the firm:

• The firm has 34 offices across 23 countries, including locations in Newcastle, Casablanca, and New Delhi. Clifford Chance’s global network is one of incredible stature.
• In 2020, it was named International Law Firm of the Year at the International Financial Law Review (IFLR) Europe Awards, part of the Euromoney group.
• In 2019-20, Clifford Chance had total revenue of £1.803 billion ($2.5 billion), the highest of any firm in the Magic Circle, and profits per equity partner of £1.69 million.
• Equally, the firm’s pay is the best in the Magic Circle! First-year trainees earn £50k, second years earn £55k, and newly qualified lawyers can expect £100k, with a sizeable bonus on top. While junior pay is uniform across the Magic Circle, Clifford Chance reportedly pays their associates far more than the other 4 at later stages.
• The firm is notable for recruiting the majority of its trainees from the first-year SPARK scheme. The scheme blends classroom learning with on-the-job experience.
• A whooping 95 training contracts are given by Clifford Chance each year. The size of the intakes can partially be explained by Clifford Chance’s high level of attrition from 3PQE onwards.

Key practice areas:

As a Magic Circle firm, Clifford Chance holds a wonderful pre-eminence in almost every area of commercial law imaginable. The firm truly dominates legal directories with its strengths. Keyseat options include:
capital markets; corporate M&A; private equity; financial institutions; funds; TMT; structure and asset-backed real estate; banking; asset/project finance; restructuring; regulatory/derivatives; litigation & dispute resolution; tax; pensions; employment/incentives; real estate; public policy.

Notable recent deals/cases:

• A cross-border team has advised Avolon, the international aircraft leasing company, concerning its ground-breaking aircraft order with Vertical Aerospace Ltd. (Vertical), an electric vertical take-off and landing aircraft (eVTOL) manufacturer, to create the largest VTOL order in history.
• Clifford Chance advises Lloyd’s on the establishment of the ground-breaking insurance-linked securities platform approved by the PRA. It is the first UK ILS structure that has been approved by the PRA for use for multiple, market-wide transactions for Lloyd’s members and will establish a market standard and efficient mechanism for existing and new investors to participate at Lloyd’s for years to come.
• Clifford Chance advised Goldman Sachs on the launch of SIGMA X Europe MTF in Paris.
• Clifford Chance advised the joint bookrunners on GTC’s EUR 500 million debuts green bond issue.
• Clifford Chance advised THG on its option and collaboration agreement with SB Management, a subsidiary of SoftBank Group Corp., for a $1.6bn investment opportunity in THG Ingenuity.

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