When it comes to the legal industry there are a wide range of firms to choose from, and your experience in the sector will vary greatly depending on which one you decide to join.
Whether you are a newly qualified (NQ) Solicitor eager to make your mark or a Senior Associate contemplating a strategic move to break through into the Partnership, knowing which type of law firm will best meet your needs is vital to your job search and corporate law career.
Types of Law Firms
Each style of law firm is looking to promote themselves in an effort to attract top talent. However, each will have its specific benefits and drawbacks depending on what exactly it is that you are looking for. It’s important, when making your next career move, you understand which firm is the best fit for your own private practice legal career.
US Firms
Offer the largest salaries and access to some of the most high-profile cases and legal matters in the world.
NQ Solicitors are presented with the opportunity to command a sizeable six-figure plus salary right out of the gate. This comes with intense working hours and an incredibly demanding environment based on the nature of the matters you will be working on: big ticket, highly technical and complex cross-border transactions.
Magic Circle Firms
The top five law firms headquartered in London, known as the Magic Circle, are Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters, and Slaughter and May. These firms are some of the most prestigious and long-standing in the world. What sets them apart is their global presence and world-class training. Like many large-scale US firms, these institutions offer an extremely attractive salary but come with a very high workload.
It’s important to remember that if you are looking to obtain a role at the upper echelons of the legal profession, like at a Magic Circle firm, they will hire often hire talent from similar structured law firms. Direct experience working for a firm of a similar stature and/or banded in the top tier within your specific legal discipline.
Silver Circle and City Law Firms
These firms are still highly regarded and global recognised for offering quality work, excellent career development, and highly attractive salaries. These include Ashurst, Bryan Cave Leighton Paisner, Herbert Smith Freehills, Macfarlanes, and Travers Smith.
Some will be ranked Band 1 or Band 2 in a particular legal discipline such as Corporate M&A, Corporate Tax, Restructuring & Insolvency law, banking & finance etc. The Partners running these departments will carry a lot of weight in the London market and are highly regarded and strongly recognised alongside their peers working in the US and Magic Circle law firms.
National and Regional Firms
These types of firms will advise mostly domestic based clients on UK based matters. For those looking for a change of lifestyle or to escape the London lifestyle, a regional law firm may be a good choice. They offer interesting projects and a better work-life balance. However, you will not be able to command the same salary as London based firms.
Small and Boutique Law Firms
The boutiques can provide fantastic exposure to the Partners based on the size of the teams and added responsibility to help accelerate your career. Certain boutiques will market lead in their field based on having an identify and core specialism recognised across the wider London market.
What to Look for When Mapping Your Legal Career
Now that you have an idea of the types of law firms, here is our advice on what to look for when deciding which one is right for your corporate law career. When it comes to deciding on a law firm there are many aspects you need to consider for both your professional development and career satisfaction.
Culture Fit
Research the firm’s culture. Does it align with your work style and professional values? For example, big US firms can have a culture similar to that of an investment bank, with a work-hard, play-hard mentality. Smaller firms will have a more relaxed culture and a better work-life balance, with a lower salary as the trade-off.
Those in the latter stages of their corporate law career may be looking for a different pace and less demanding work environment, while those fresh from their traineeship are often more likely to be seeking a firm that offers the biggest salaries and the best career development opportunities.
If you want to find out more, RollOnFriday has released its survey on the best firms to work for in 2024 based on company culture.
Work Quality
Additionally, you should be asking yourself whether the firm’s projects align with your interests and career goals. For example, are you seeking a broad range of experience or to specialise in a particular discipline? The largest multinational firms will give you the opportunity to work on some of the most complex and high-profile cases in the world.
Billable Hour Targets
You should also ask yourself what the firm’s billable hours expectations are for your position. Does it align with your work style and desired work-life balance? For Magic Circle firms, the billable hours will be around 1,800 hours a year, while US firms can be even higher, at around 2,000 hours. The billable hours target is also a good indication of what you can expect for your salary and bonus.
If you would like to find out more than download our legal private practice salary guide.
Client Contact
Do you enjoy building strong client relationships? Smaller firms will allow for closer client interaction, but the type of clients you will be exposed to will be far less prominent than those at top-tier firms. Client contact will be taken care of by the most senior solicitors at large firms. But if you are already a senior associate, you will get the chance to network with world-leading clients.
Partners
Rather than deciding on a firm, you may want to look at the Partners instead. Do they have a strong reputation and track record in your area of interest? If so, this can be a smart deciding factor for your career development compared to having your eyes set on a specific firm.
Legal Specialisms
While some dream of securing a role at a top multinational legal firm, others may prefer to choose the top law firm in their specific field. This is a wise choice for those who have a keen interest in a specific type of law, as you will be exposed to the best training and experience for your legal discipline.
You can find the ranking of each law firm and their specialism at The Legal 500.
Once you have decided on the firm that suits you best, it’s time to work on securing the role. However, these highly competitive jobs are not easy to acquire. You need to understand what hiring managers are looking for to ensure you stand out.
Of course, the requirements will slightly differ depending on the firm, area of law, and the specifics of the role. In general, law firms are seeking a combination of masterful legal expertise and impressive business acumen for senior-level roles. Here are some of the top attributes law firms typically look for:
● Strong business acumen
When it comes to senior-level positions, law firms want more than outstanding legal expertise. Strong business acumen is a must, as is the ability to expertly manage complex accounts, bring in and retain clients, and build up a strong network of contacts within the industry.
● Leadership and management skills
Like with all senior positions, you will be in charge of a team, and firms are looking to see whether you have the capacity to lead said teams effectively and ultimately produce the results. So, having strong leadership skills is a must.
● Proven client relationship management
A role at a top firm will involve working with clients at the highest level, which could potentially include corporations worth billions. Legal firms are looking for a demonstrated ability to understand clients’ needs and consistently deliver.
● Commercial awareness
A deep understanding of the commercial and financial implications of legal decisions and the ability to provide practical, commercially-focused advice to clients are essential skills.
When it comes to progressing your corporate law career, firms are seeking well-rounded individuals who not only excel in their area of legal practice but also possess the business skills and personal attributes necessary to make their mark in this highly demanding and ultra-competitive industry.
As expert recruiters in both the legal and corporate finance sectors, we specialise in connecting talented individuals with the most coveted jobs across both industries including insolvency and restructuring law, M&A and more. We can help you find the right postions and law firms for your corporate law career.
So if you are looking for a new position get in touch with us here or contact our team on 02036332500 and take the first step towards securing your dream role.
