An introduction:
The greatest contender to the “Magic Circle”, Herbert Smith Freehills is an international law firm, with headquarters in the UK and Australia. The firm in its current iteration was created by a merger between the UK’s Herbert Smith and the Australian law firm Freehills. Though the firm is typically seen as a dispute resolution powerhouse, its full-service status sees it hold a pre-eminence in several areas, ranging from general corporate to tax.
With a winning combination of elite work, high-quality training, a collegiate culture, and a vast international network; ambitious students in search of a training contract may wish to “run for the Freehills”.
Facts about the firm:
- With a 2020/21 revenue of £1.04 billion, the firm takes considerable stature from its work. As of 2021, Herbert Smith Freehills were the 9th largest UK firm by revenue, while as of 2018, the firm sat as the 29th largest law firm in the world by revenue.
- For those interested in jet-setting, Herbert Smith Freehills has an international network spanning 26 offices. From Moscow to Sydney, and beyond, the firm’s global presence gives way to cross-border opportunities. Lucky trainees and associates may even get the opportunity to work on a secondment overseas.
- The firm hires each of its trainees through its vacation schemes, with each vacation scheme candidate being provided with the opportunity to interview for a training contract.
- As of 2021, profit per equity partner stands at a healthy £984000, though the road to becoming an equity partner will be arduous and unlikely.
- The firm looks for a “unique combination of skills and potential”. The core competencies listed by the firm are confidence, empathy, diligence, drive, and an international mindset.
- The firm runs four vacation schemes per annum.
- Make it as far as the training contract, and you shall be rewarded handsomely. First years receive £47k, second years receive £52k, and newly qualified lawyers can earn more than £107k.
Key practice areas:
Per the firm’s website, “Our work is incredibly varied. We provide top-quality tailored legal advice to major corporations, governments, and financial institutions as well as various commercial organisations. We operate at the forefront of many exciting sectors and combine legal expertise with a global perspective and local insight. Our dispute resolution practice is widely recognised as number one globally and this includes both our leading international arbitration practice and award-winning in-house advocacy unit.
We can therefore offer a complete litigation service and a realistic alternative career to the Bar. We also specialise in finance, competition, regulation and trade, intellectual property, real estate and more.”
Trainees must complete at least one contentious seat and two transactional seats throughout their training contract, with trainees spoiled for choice, given the firm’s varied services.
Notable recent deals/cases:
- HSF teamed up with the Financial Conduct Authority to build a digital solution to help businesses impacted by the Covid-19 pandemic check to see if they’re potentially eligible to claim under their insurance policies.
- For the football fans, Herbert Smith Freehills advised the EFL in securing a loan fund to help Championship clubs meet PAYE liabilities, due to the impact of COVID-19.
- HSF advised National Grid plc on its acquisition of Western Power Distribution, the UK’s largest electricity distribution business, from PPL Corporation for an equity value of £7.8 billion. This has been described as a transformational deal in allowing the UK to reach net-zero emissions.
- Herbert Smith Freehills advised professional services firm KPMG on the sale of its UK insolvency and restructuring the advisory business to private equity firm HIG Europe.
- Herbert Smith Freehills advised longstanding client bp on its move into the offshore wind for the first time with a new strategic partnership with Equinor. Listeners of the FT’s Daily News Briefing will certainly recognise this deal.
To keep up with the latest legal news, click on legal to get your daily dose.
Donate & Support