Law firms of all sizes play a significant part in the legal system, but their roles are very different. Each has its benefits and drawbacks; it depends on your style which one you prefer.
Big Law firms
If you spend even a couple of minutes in the legal section of the news you will hear names such as Linklaters, Latham & Watkins, and Clifford Chance – mainly because they handle some of the most prestigious clients in the world. Working at a big-city law firm provides you with the opportunity to be involved in the most intellectually stimulating, high-profile, complex cases that are often showcased on the front page of the Financial Times. The success and resources of these firms provide not only exciting, high-end work but also extensive opportunities for career progression.
It won’t come as a surprise that you need to be prepared to compete against thousands of other applicants for a place at one of these firms. It is one of the most competitive career paths you could choose and if you do get there, be ready to labour the infamously long hours. However, many say that it’s all worth it when you’re under the supervision of some of the best lawyers in the industry and working at the cutting edge of law.
Your hard work will also be rewarded with very generous financial packages. For example, trainee salaries in the Magic Circle – London’s most prestigious law firms – start at £45,000 and reach over £51,000 in the second year. But the compensation doesn’t stop at your salary. You can confidently expect benefits such as health and dental insurance, gym memberships, and other luxuries. Allen & Overy even have badminton courts in the office building!
Furthermore, if you’re looking for a firm with an international presence, larger law firms are for you. Firms such as Freshfields have offices around the world which means that trainees have the opportunity to do secondments in locations ranging from Dubai to New York.
Smaller Firms
There are several reasons why smaller firms can provide you with a more fulfilling career.
Firstly, you are likely to have greater responsibility and be relied on more because there are fewer people to distribute work to. This means you’ll probably have a bigger learning curve and be able to get involved with more meaningful work straight away! Further, there is arguably more opportunity for growth because of regular association with senior partners.
It allows you to be known and stand out, and it’s more likely that your merits are recognised. Often partners at smaller firms make great, well-connected mentors, especially when they have experience at larger corporations. However, it is also important to consider that if they don’t value mentorship, there won’t be many to choose from.
Trainees may not be involved in the restructuring of Virgin Atlantic or the sale of BPP, but there’s plenty of interesting work to be done at smaller firms. For example, high-street firms were at the front line of cases related to the 2011 riots.
It is also likely that you will be exposed to higher levels of client contact. This may be particularly important to you if you are working on cases such as domestic abuse, assault, or divorce and want to make a personal difference in your clients’ lives. Furthermore, clients are likely to be from the surrounding areas which mean you’ll also see the effects your cases have on individuals and the community.
Many people who have a strong public service ethos choose smaller firms as day-to-day cases may have a more obvious impact on the local community. However, the resources of a larger firm allow for more pro bono work.
Finally, you may be put off by the lower pay, but in return, you are almost guaranteed more sociable working hours along with reduced stress levels. The fewer number of employees allows for stronger relationships which are conducive to a more relaxed atmosphere. Further, if you’re looking at a firm outside of the big city, lower living and transport costs may offset the lower salary.
Conclusion
The two types of firms are very different and you may find that you are perfectly suited to one and not the other. However, if you are attracted to the benefits of both big and small law firms, working in a small office of a big firm may be the right choice for you.
When large firms open new offices in new cities, the size is far more comparable to a much smaller firm with maybe only 20 lawyers. Joining this team would mean you can enjoy advantages such as being known by the partners and also have access to the extensive resources of a big city firm.
Whatever you choose, do also remember that each firm will have different cultures, values, and priorities, thus, it’s important to do your research on individual differences as well as the different categories.
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