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City Place House 55 Basinghall Street London EC2V 5EH
Favoured by 4 users
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The lowdown (in their own words...)Why did you choose this firm over any others? 'The opportunity to take a seat in New York and to take the New York bar upon qualification'; 'dynamic and cross-border nature of the work'; 'specialism in competition law, competitive salary, approachable partners'; 'great level of client contact, large amount of responsibility, top notch people, international work' How does your training compare with peers' at other firms? 'Cleary runs training classes every Thursday (with a delicious breakfast as additional incentive!) but there is a lot more emphasis here on on-the-job training'; 'attorneys here are given far more responsibility, which means taking it upon yourself to learn without being constantly supervised' Best thing about the firm? 'The friendliness and excellence of colleagues at every level - there is no sense of a hierarchy - the salary also can't go unmentioned'; 'availability of excellent support staff allows trainees to take a more prominent role on deals'; 'the camaraderie, the responsibility, and the canteen'; 'the bespoke contract so you get to choose your career path' Worst thing about the firm? 'With informality and flexibility comes lack of structure'; 'lack of space in the London office is forcing junior associates to start sharing offices'; 'The long hours'; 'the work can be stressful, but that is unsurprising'; 'the Blackberry'; 'the lack of transparency of some decisions - leading to a bit of a rumour mill'; 'can be pressurised' Best moment? 'Single-handedly negotiating a contract for a top-ranking investment bank against two senior associates at a Magic Circle firm'; 'winning an a.m. hearing in Luxembourg at the CFI in time to catch a flight back to the UK for the newbies' dinner at a top London restaurant'; 'getting recognition for writing a very good memo on adminstrators' responsibilities' Worst moment? 'Working on a closing from Saturday afternoon at 2pm until 10pm on Sunday with no break!'; 'failing to notice a mistake in what was supposed to be a final version of a prospectus'; 'having a million tasks coming at you from all angles'; 'any of several periods involving consecutive all-nighters'; 'deals dying due to market conditions' The firmCleary Gottlieb was one of the first US law firms to expand into Europe in the 1920s, and has had a London office for more than 30 years. However, it is to date resisting the major expansionist strategies of rival firms. With a focus on advising banks and corporate organisations on cross-border deals, the UK operation also handles a lot of work for private equity clients. Last year the firm achieved the accolade of being ranked number one for diversity among the top 250 US law practices. The star performersAcquisition finance; Bank lending; Corporate tax; EU and competition; International capital markets (debt and equity); M&A (US capability); Private equity. The dealsRepresented Evraz in connection with a $400m recourse and $400m non-recourse bridge facility as part of the financing of the acquisition of IPSCO's North American plate and pipe business from Swedish steel company SSAB; advising Reliance Communications on a $20bn facility to acquire MTN; advice to United Company RUSAL on its $4.5bn syndicated loan to facilitate the acquisition of Norilsk Nickel. The clientsAIG Financial Products; Arcelor Mittal; Arjo Wiggins Appleton Ltd; Bank of America; Citigroup Global Markets; Credit Suisse; Evras; Goldman Sachs. The money(from Legal Business magazine) Turnover in 2008: $890m (+9% from 2007) Profits per equity partner: $2,160,000 (+3%) Highly commended Private equity team of the year for advice to Texas Pacific Group on its acquisition of 50% of a Russian pharmaceuticals distributor for a reported $800m. The Lex 100 verdictAs we said last year, for first-rate work, international opportunities, an intelligent and hard-working atmosphere and top pay, Cleary Gottlieb is right up there. There is a small, high-quality intake of trainees who are given a lot of responsibility and have to take it upon themselves to learn the law and do their job without being constantly supervised. 'A great deal of trust is placed in our abilities' comments one, and obviously this leads to a certain amount of stress - although the 'collegiality of the firm means that assistance is always at hand'. The training here is less formal than at many firms and there is also an informality between all members of staff - from support staff to senior partners which creates a comfortable, non-hierarchical atmosphere. Despite (or perhaps because of) the 'daily, challenging, high-quality international work', there is also a great team spirit and camaraderie between colleagues and the firm is even a Lex 100 Winner in the social life category this year. It is also a winner for the second year running in the 'vacation scheme' and 'confident of being kept on' tables - this latter category indicating a high level of confidence in the firm, particularly in the current climate. There are not too many complaints from these self-assured trainees, although some would like a bit more structure to their training, while others admit the pressure can be quite stressful. So it won't be an easy life but if you feel you're up to the challenge, there's no doubt Cleary Gottlieb will provide you with excellent experience and a great start to life as a high flying international lawyer (or attorney as some of them like to call themselves...). A day in the life of..... Garry Manley second year trainee, Cleary Gottlieb Steen & Hamilton LLP University: University College, Oxford Degree and class: BA Jurisprudence (1st) Trainees at Cleary get a great deal of exposure to 'cross-border' deals. What does this mean? First, as a trainee at a truly global law firm, most of the transactions you work on will involve parties in a number of jurisdictions (during my first year at Cleary, I travelled to four different countries for work purposes and negotiated agreements with lawyers in more than 30 different jurisdictions). Secondly, you will get a great deal of exposure - trainees at Cleary are encouraged to take responsibility as soon as they are ready to do so. Second seat: Cleary operates a non-departmentalised structure, which means that, although trainees are allocated to a particular supervisor, we may gain experience of more than one of the firm's main practice areas - corporate, finance, capital markets, dispute resolution, competition/antitrust - during each seat. During my first seat I worked on financing aspects of the leveraged buyout of EMI plc. I then worked on the M&A aspects of a management buyout of a leading hedge fund manager. I started working on this before moving to sit with my second seat supervisor who was leading that MBO. These transactions provided me with significant client contact - I was even given the responsibility of conducting a board meeting at the conclusion of the management buyout, after which I received a handwritten note of thanks from the CEO. During this seat I also continued to work on a financing project for a leading Wall Street investment bank, which I had carried over from my first seat. Third seat: I spent my third seat in our New York office. Cleary's European and US offices work very closely together. As I had frequently worked with a number of my colleagues in New York during my first year, I very quickly felt at home across the Pond. Within weeks of arriving, the collapse of Lehman Brothers meant that our services were in great demand. I attended the very first creditors' meeting in a conference room overlooking Central Park and, since Cleary advised Barclays in its acquisition of Lehman's North American investment banking and capital markets businesses, I attended the hearing of the United States Bankruptcy Court that approved the sale (eventually - at 2am on Saturday morning!) I continued to advise the investment bank that I had started working with in my first seat back in London, becoming their main contact point at Cleary on a complicated structured finance project, which involved me running a local law survey in over 20 jurisdictions and negotiating an agreement directly against a senior associate from a Magic Circle firm. This natural development of an attorney-client relationship can only be permitted at trainee level by a training contract like Cleary's, where there are no unnatural end-of-seat 'hand-overs'. In addition to advising numerous Wall Street clients during one of the most stressful periods in the history of the financial services industry, I also managed to enjoy being a New Yorker for half a year and to take advantage of the firm's season tickets to the Knicks! Next year: Cleary recently continued its tradition of retaining 100% of qualifying trainees. Unlike at other firms, trainees at Cleary are not required to qualify into a particular department or practice group. This multi-specialist approach to development means that, upon qualification, I will not be assigned to work in one narrow area, but will continue to work on transactions in a number of the firm's practice areas. Social: To get a feel of what life is like as a lawyer at Cleary, it is as simple as dining in the cafeteria at lunchtime. Commensurate with Cleary's collegiate atmosphere, partners, trainees and associates sit together. Our lawyers also organise frequent informal nights out and benefit from the firm's popular vacation scheme events, which have recently included in 2009 a drinks reception at Vertigo 42, polo lessons at Guards Polo Club and clay pigeon shooting at the Four Seasons in Hampshire. About the firm Address: City Place House 55 Basinghall Street EC2V 5EH Telephone: 020 7614 2200 Fax: 020 7600 1698 Email:
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Managing partner: Mark Walker
Total partners: 198 (16 in London)
Total trainees :16
Other offices: New York, Washington DC, Paris, Brussels, Moscow, Frankfurt, Cologne, Rome, Milan, Hong Kong, Beijing. Who we are: A leading international law firm, with 12 offices located in major financial and political centres around the world. What we do: Our lawyers specialise in one or several of these types of work: M&A (public and private), debt and equity capital markets, loan and other types of financing and derivatives, competition, tax, international dispute resolution, financial regulation and IP/IT. What we are looking for: We are looking for very bright, enthusiastic and diverse individuals who have an international outlook and a desire to work in a collegial and diverse firm. What you will do: We offer bespoke training that is individually tailored to the interests, experience and aptitudes of the individuals that join us. We encourage our trainee solicitors to accept increased responsibility as soon as they are ready to do so. Perks: Health club membership, BUPA healthcare cover (personal and family), life insurance of twice annual salary, employer pension contribution, employee assistance programme, subsidised staff restaurant. Sponsorship: LPC and GDL funding. A maintenance grant of £8,000 is paid for each year of professional study. Application processApply to: Graduate Recruitment How to apply: Cover letter and full CV via the website.. When to Apply: By 31 July two years in advance of the year in which the training contract is due to commence. What is involved: We recruit the vast majority of our future trainees from among our vacation students. Selection for vacation placements is through an open day comprising presentations on the firm, case study workshops and interviews. Candidates applying outside the vacation scheme have two interviews with partners and associates. Facts and figuresTrainee places available for 2012 10-12 Applications received pa 2,000 approx Percentage interviewed 5% of applicants are invited to attend an open day. SalaryFirst year £40,000 Second year £45,000 Newly qualified £92,000 Placement schemesWinter: Apply by 15 November 2009 Spring: Apply by 28 January 2010 Summer: Apply by 28 January 2010 |