Lex 100 - Clyde & Co

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Clyde & Co

The St Botolph Building 138 Houndsditch London EC3A 7AR

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The trainee verdict

The lowdown (in their own words...)

Why did you choose this firm over any others? 'Small enough to still value its people as individuals, big enough to be going places'; 'international prospects'; 'great dispute resolution reputation over a diverse range of practice areas'; 'the opportunity of doing three litigation seats';

How does your training compare with peers' at other firms? 'Work seems more varied and interesting'; 'better work/life balance'; 'strong sense of team spirit'; 'get the opportunity to attend marketing events with clients which my peers do not'; 'I am treated more like a human being, and am often asked my opinion on what to do next, or what I think about a particular situation'; 'hours are fantastic for a major City law firm'

Best thing about the firm? 'Friendly atmosphere and interesting work; international presence'; 'the work is extremely interesting and varied and the people are great'; 'levels of responsibility'; 'encouragement of carving your own path and support for business development, even as a trainee'; 'the level of support and assistance people are willing to give to a trainee'

Worst thing about the firm? 'Needs to be more social events'; 'no gym'; 'old partner culture still exists in a few of the departments'; 'trainees are required to do a six-month placement in Guildford, which results in a long commute if you live in London'; 'the appearance of the London office (although a move is on the horizon)'

Best moment? 'Drafting a franchise agreement for a major clothes retailer'; 'getting the chance to research and draft advice for an entity of the Russian Government'; 'my six months in Abu Dhabi'; 'informal chats with partners'; 'being involved with an emergency freezing injunction application'

Worst moment? 'Being faced with unreasonable and rude clients'; 'any time my supervisor tells me to do something related to the IT system - it's truly awful'; 'the smoked salmon and mustard sandwich I inadvertently consumed during a lunch time seminar'; 'dealing with six contracts in a very short time frame and repeatedly receiving contradictory instructions from the client'

The Lex 100 verdict

The firm

Clyde & Co is a market leader in insurance, aviation, shipping and commodities. It continues to focus its efforts abroad, expanding its deal flow from markets such as South America and India to supplement its traditional Russia strength. It also has prowess in commercial litigation, particularly for disputes against banks. In November 2011 it merges with Barlow Lyde & Gilbert.

The star performers

Aviation; Arbitration; Asset finance and leasing; Commercial litigation; Commercial property; Commodities; Construction; Debt recovery; EU and competition; Employment; Immigration; Insurance; Insurance and reinsurance litigation; Mediators; M&A: lower mid-market, £50m-£250m; Multi-modal transport; Professional negligence; Public international law; Shipping.

The deals

Advising New Age Africa in taking a 25% stake in an oil production and sharing contract in the Republic of Congo; acting for a major European bank regarding the handling of certain investments and derivatives; advised EMB on its sale to Towers Watson; advised City General on aspects of acquiring the general insurance business of Generali Assurances GÃ©nÃ©rales.

The clients

Arch; Canopius; Glacier Group; Houston Casualty Company; Marketform; Randall & Quilter; Whittington; W.R. Berkley.

The money

(from Legal Business magazine)

Turnover in 2010: £192m (+9% from 2009) Profits per equity partner: £463,000 (+14%)

The winners

Legal Business Awards 2011

Winner Law firm of the year, highly commanded Insurance team of the year

The Verdict

If you are looking for a firm with great 'international prospects' as well as a 'strong emphasis on litigation' then Clyde & Co is worth considering. Well-regarded for its dispute resolution focus, this City firm sits in the top 20 firms in the UK. Trainees like the fact that it is possible to do 'three litigation seats' over the two-year training period and describe the work that they get to handle as 'more varied and interesting' than for their peers. Expect to be given plenty of responsibility and the hours are generally 'fantastic'. Current trainees would like to see 'more social events' and will be glad to move to the new St Botolph building in October as the current one is 'a little outdated'. But with opportunities to 'research and draft advice for an entity of the Russian Government' or potentially go on secondment to Abu Dhabi for six months, if you are lucky enough to get a contract here there are guaranteed to be some exciting times ahead, particularly following the merger with fellow insurance giant Barlow Lyde & Gilbert in November 2011.

A day in the life of.....

Fiona Carfrae, trainee, Clyde & Co LLP
Departments to date: Dispute resolution, corporate insurance
University: Nottingham
Degree: German and Russian BA (Hons) 2(1)

7.00am: I get up and get ready for the gym before work (a rarity but a must given that I am getting such a good deal - Clyde & Co contribute towards your gym membership no matter which gym you choose to attend).

9.00am: I arrive at work in good time, stopping off at the firm's coffee shop for breakfast. We don't have to start until 9.30am but I always like to get in early and be prepared before my supervisor arrives. I am currently sitting in the firm's corporate insurance group, which is similar to the corporate group but which caters specifically for clients who operate in the insurance and/or reinsurance industries.

9.15am: When I get to my desk I find a parcel addressed to me on my chair. I open it and discover it contains original copies of the legal opinion provided by our client's Bermudian lawyers immediately before completion on one of the deals I have been working on (the sale of the shares in our client's subsidiary). This pleases me because it means I can set up a meeting with the other side's lawyers to exchange original documents and then start making a bible for the transaction. I log on and check my emails and see I have received one from the other side's law firm asking when we can exchange originals. I immediately phone them and arrange a meeting for 3.00pm this afternoon. I update my supervisor and then prepare a pack of original documents to take with me to their offices.

11.00am: My supervisor has asked me to do some urgent research for another transaction relating to the rules concerning indirect benefits in the FSA Handbook. I have been asked to spend no longer than an hour on this.

12.15pm: I brief my supervisor on what I have found so far and we send out an email to the client.

1.00pm: I am organising a trainee social event with a few of the other trainees. We meet up over lunch and grab a sandwich to discuss potential ideas and venues. We decide on a quiz night in a bar down the road and head off to negotiate a good deal. I note the positions we have reached, which I will have to incorporate into the next draft of the loan agreement.

2.00pm: I head back to my desk and as it is coming to the end of the month it is time to start preparing the group's monthly regulatory update. I check the FSA and EIOPA websites for recent publications and draft a list of developments which we may need to include in the update.

3.00pm: I go to the other side's law firm with our client's original documents. It is a sunny day and so I am glad their office is close enough for me to walk to. I am greeted by their trainee and we exchange our original documents. I have attended other meetings at their offices, including the completion meeting and I have met her before so it is nice to briefly catch up.

4.30pm: I return to my desk and update my supervisor on the meeting and what original documents the other side has provided.I then draft an email to our client to enquire about how they would like the bibles to be made up.

5.00pm: My supervisor has reviewed my list of developments to be included in the regulatory update and so I begin to draft the update.

6.00pm: I check my emails one last time and having nothing further urgent to do, I log off. We are having a trainee social event this evening - it's a bowling night at All Star Lanes, Brick Lane. I meet the other trainees in the corporate insurance group including one who is from the Hong Kong office and we head over to the bowling lanes together.

About the firm

Address: The St Botolph Building, 138 Houndsditch, London EC3A 7AR,

Telephone: 020 7876 5000

Fax: 020 7876 5111

Website: www.clydeco.com/graduate

Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Michael Payton

Total partners: 194

Other fee-earners: 738

Total trainees: 52

Other offices: Abu Dhabi, Caracas, Dar es Salaam, Doha, Dubai, Guildford, Hong Kong, Montreal, Moscow, Nantes, New Jersey, New York, Paris, Piraeus, Rio de Janiero, San Francisco, Shaghai, Singapore, Toronto and associated offices in Belgrade, Mumbai, Riyadh and St Petersburg.

Who we are: Clyde & Co's main objective is to help clients do business in over 120 countries around the globe. We are the premier law firm in insurance, transportation, trade and energy, and our dispute resolution and international arbitration practice is world class.

What we do: Aviation and aerospace, corporate/commercial, dispute resolution, EC/competition, energy, trade and commodities, insurance and reinsurance, real estate, shipping, transport and logisitics.

What we are looking for: Clyde & Co values entrepreneuralism, commercial problem-solving excellence and the freedom to be an individual. We look for trainees with commitment to an international firm, excellent academic record, commercial acumen, outgoing personalities and keen interests.

What you'll do: You will gain early responsibility and be supported through close personal supervision and day-to-day coaching complemented by a wide range of training courses. You will undertake four six-month seats in London and Guildford, which will cover both transactional and contentious work. You may also choose to be seconded to one of our overseas offices or have the opportunity for a client secondment.

Perks: An optional £1,000 interest-free loan on joining, pension, private medical insurance, subsidised gym membership, interest-free ticket loan and coffee shop.

Sponsorship: Full fees for GDL and LPC as well as a maintenance grant of £7,000.

Application process

Apply to: Jess Heading, graduate manager

How: Online via website at www.clydeco.com/graduate

When to Apply: By 31 July 2012.

What is involved: Interview, legal drafting exercise, psychometric testing.

Facts and figures

Trainee places available for 2014: 26

Applications received pa: 1,300

Percentage interviewed: 10%

Salary

First year: £35,000

Second year: £38,000

Newly qualified: £58,000

Vacation schemes

Spring: April 2012

Summer: June/July 2012 (apply 1 November 2011-31 January 2012)