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Woolgate Exchange 25 Basinghall Street London EC2V 5HA 
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The lowdown (in their own words...)Why did you choose this firm over any others? 'Two reasons: (1) strong finance practice, enabling it to compete with other big guns in the City; (2) it's American, which means good pay'; 'small and collegiate'; 'global practice'; 'one of the largest firms in the world, with the benefit of a smaller office in London'; 'big-ticket work'; 'collegiate atmosphere' How does your training compare with peers' at other firms? 'Very much focused towards City work. Training similar to other US firms'; 'quality of training and general experience can vary widely between each seat'; 'seems to be taking active steps towards a structured training experience'; 'training tutorials are useful' Best thing about the firm? 'The international work. Pay day!'; 'only 250 people in London but the 9th largest firm in the world, and everyone is incredibly supportive'; 'a great deal of exposure to the partners who are all very talented individuals. There's a culture of associates buying trainees drinks'; 'you're allowed and encouraged to get stuck into transactions' Worst thing about the firm? 'If you don't like finance, you won't like Sidley!'; 'lack of ongoing feedback in relation to work done'; 'although not a massive office, at times some departments seem isolated from others, so you don't always know what's going on elsewhere in the firm'; 'lack of a work/life balance'; 'only one overseas seat, despite having 16 offices' Best moment? 'Every day in the tax department; simply awesome'; 'on just my second day here I worked on a matter involving a sum of money with many, many, many zeros!'; 'being given a challenging pro bono project to more or less run by myself'; 'the first time I knew enough of what was going on in a structured finance transaction' Worst moment? 'CMBS due diligence over the Christmas holidays'; 'a few weeks following Lehman's collapse where work dried up for me. Not the firm's fault'; 'thrown in at the deep end!'; 'bibling is tedious and time-consuming, however you learn a lot about how deals are structured, so it does have benefits'; 'consecutive late nights' The firmSidley Austin's London capabilities are largely reflective of its expertise in the US, with particular strengths across the finance sector. It has a good record in hedge funds and an established position in structured finance, competing with the Magic Circle and fellow US firms. In the corporate arena, the firm completed 30 deals, totalling over £6bn last year. The star performersTop-ranking departments according to The Legal 500*Commercial property; Corporate tax; Corporate restructuring and insolvency; Debt capital markets; Derivatives; EU and competition; Hedge funds; Insurance insolvency; Investment funds; M&A: smaller deals up to £50m; Property finance; Securitisation. The dealsActed for Citi as arranger on Morrigan 1 CMBS, a £1.8bn issue underpinned by commercial mortgage loans; advised Citigroup Global Markets on £20bn residential mortgage-backed note programme; continues to act for Federal-Mogul Corporation in US Chapter 11 proceedings, as well as in the administration of UK subsidiaries; advised Bradford & Bingley on an asset-backed programme. The clientsBarclays Capital; Europe Arab Bank; James Caird Asset Management; M2M Management; Mastercard; Thames River Capital; Triple A Partners; Western Union. The money(from Legal Business magazine) Turnover in 2008: $1,386.1m (+11% from 2007) Profits per equity partner: $1,380,000 (+6%) Highly commended Insurance team of the year for advising 15 solvent members on the WFUM Pools Scheme. The Lex 100 verdict'If you don't like finance, you won't like Sidley!', but if you do then this is a great firm. With one of the top financial practices globally, but only 250 people in London, it's very well placed to compete with the other big guns in the City. The size creates a collegiate, friendly atmosphere which was commented upon by several current trainees - 'you get to do work of a similar complexity to the Magic Circle, but as one of eight trainees rather than over 100'. The client list is 'replete with the big players in the corporate world' and you're 'entrusted with a lot of responsibility early on'. For one trainee this meant 'on just my second day I worked on a matter involving a sum of money with many, many, many zeros!' Don't expect a particularly diverse or structured training programme ('very much focused towards 'City' work, heavily finance-orientated more often than not working for banks - with training similar to other US firms'), although apparently 'the firm seems to be taking active steps towards a structured training experience'. In the meantime trainees find the tutorials useful, but one says that 'the quality of training and general experience can vary widely between each seat'. However, what Sidley may lack in structure it makes up for in 'exposure to partners who are all very talented individuals' and a great deal of hands-on work. There's also a 'culture of associates buying trainees drinks', although trainees say there are 'very few firm/department social events'. Hours are 'on a par with or worse than, Magic Circle, but things have really lightened up with the credit crunch' and the potential lack of a work/life balance is something of a concern. But if you don't mind being thrown in at the deep end and want deals with an intimacy the Magic Circle lacks, plus 'it's American, which means good pay', Sidley's a strong contender. A day in the life of.....Izzat Qaraman trainee, Sidley Austin LLP
University: Durham
Departments to date: International finance, corporate (employment)
Degree and class: BA English Literature, 2(1)
9.30am: I am currently in my corporate seat in the employment department and share an office with my supervisor, Nicholas Turner, who heads up our London employment team. I like to get in before my supervisor so I can check my emails and see what needs to be done for the day, as well as seeing what's going on in the news. In the current economic climate we are particularly busy and we have been advising a range of clients in relation to their redundancy programmes. The employment seat is interesting because there are so many areas that we deal with, from helping the corporate department with TUPE issues and general employment advice to being involved in litigation (I have recently been able to attend the Employment Tribunal, which is quite rare since most cases would not get to this stage).11.00am: Having discussed with my supervisor the order for the day, I focus on some agreements relating to the redundancies that need to be drafted to go out to the client later on today. We have just received the written decision from the Employment Tribunal and I spend a bit of time scanning through it and raise any questions I may have with my supervisor. 1.00pm: Lunchtime is usually spent catching up with other trainees. There is a restaurant in the building, but if it is a pleasant day we try to go outside. In the summer months the office roof terrace with views out over the Guildhall is open at lunchtime, depending on the weather, which is a good place to catch some sunshine. In addition, there is a training programme covering a variety of topics which is aimed specifically at trainees and takes place on different days throughout the year.2.00pm: I join my supervisor on one of the numerous client conference calls that he must field. I take note of any queries that might need to be researched and any salient facts. After the call my supervisor asks me to research one of the points that arose on the call and see if there are any cases related to it.4.30pm: I finish the first draft of the agreements for my supervisor to check and then begin on the research. It can at times take quite a while to get the most pertinent bit of information.6.15pm: Since there is a softball game tonight (Sidleys is part of a lawyers' softball tournament) I ask my supervisor if there is anything else to be done and leave a bit earlier to get to the game. It's great having these kind of events as you are able to socialise with the associates and partners from the firm (and hopefully beat the opposition as well!).
About the firm Address: Woolgate Exchange 25 Basinghall Street, London EC2V 5HA Telephone: 020 7360 2016 Fax: 020 7360 2576 Email:
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Managing partner: Drew Scott
Total partners: 37
Other fee-earners:81
Total trainees :18
Other offices: Beijing, Brussels, Chicago, Dallas, Frankfurt, Geneva, Hong Kong, London, Los Angeles, New York, San Francisco, Shanghai, Singapore, Sydney, Tokyo, Washington DC. Who we are: Sidley Austin is one of the world's largest full-service law firms, providing a broad range of services to meet the needs of large and small businesses across a multitude of industries, financial institutions, governments and individuals. See www.sidley.com. What we do: Our principal practice areas are: corporate, competition, corporate reorganisation and bankruptcy, debt and equity capital markets, employment, financial services regulatory, hedge funds, insurance, IP/IT, litigation, real estate and real estate finance, securitisation and structured finance, tax. What we are looking for: Candidates from both law and non-law disciplines who are focused, intelligent and enthusiastic with personality, humour and a real interest in practising law in the commercial world. What you will do: Trainees have the opportunity to spend time, up to six months, in any of the following practice groups: corporate and securities, corporate reorganisation and bankruptcy, insurance, international finance, real estate and real estate finance, and tax. Perks: 25 days' paid holiday per annum, private healthcare insurance, pension, income protection scheme, life assurance, contribution to gym membership, interest-free season ticket loan, walk-in GP service, eye test, employee assistance programme. Sponsorship: Full course fees for the LPC and GDL; maintenance grant, up to £7,000, during the LPC and GDL years. Application processApply to: Lucy Slater. How to apply: Download an application form from www.sidley.com/careers/world/london/trainees.asp. When to Apply: By 30 July 2010 for a training contract in 2012. What is involved: The shortlisted candidates will undertake a critical reasoning test and be interviewed by two partners. The candidates will have an opportunity to speak one-to-one with a current trainee. Facts and figuresTrainee places available for 2012 12 Applications received pa 250 Percentage interviewed 30% SalaryFirst year £39,000 Second year £43,000 Newly qualified £70,000 |
