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Slaughter and May 
One Bunhill Row London EC1Y 8YY
Lex 100 winner
Favoured by 5 users (Register to add this entry to your favourites)

The trainee verdict

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The lowdown (in their own words...)


Why did you choose this firm over any others? 'Its understatement and prestige'; 'no billing targets, straightforward approach, reputation for excellence, high-profile work, high trainee retention rate'; 'formidable reputation and first-class training'; 'doing a training contract here means best prospects outside law if wanting to switch'

How does your training compare with peers' at other firms? 'Multi-specialist approach means you do a much wider variety of work'; 'work harder, do better deals'; 'seem to be treated in a more adult way. More scope to run with things and take on responsibility'; 'more comprehensive in-house training'; 'far more satisfied than my peers'

Best thing about the firm? 'Quality of the work and quality of the people'; 'brilliant annual party and multiple Christmas events'; 'the people and the social activities: our hockey tours are legendary!'; 'great collegiate atmosphere'; 'being surrounded by some extraordinarily intelligent people'; 'people are happy to volunteer their assistance if a fellow trainee is snowed under' 

Worst thing about the firm? 'Unpredictable hours (though they're rarely bad)'; 'gap between what's expected of you as a trainee and what's expected of you as an associate'; 'very serious working environment (not a lot of chat around the office)'; 'rigid social hierarchy'; 'too much good food in the restaurant'

Best moment? 'Finding out I was being seconded to New Zealand'; 'working on a job for the Treasury regarding the nationalisation of UK banks'; 'going to 10 Downing Street'; 'I met a billionaire. That was a first'; 'completing a (small) transaction that I'd been given sole responsibility for'; 'closing the first deal'; 'interesting multi-jurisdictional deal'

Worst moment? 'Getting shouted at by a stressed associate'; 'going into a seminar and seeing a mate of mine currently on secondment to Brussels on the big screen TV at the back of the room sitting with his Belgian peers and remarking 'look, it's Andy, the fat bastard' and then seeing him and everyone around him react. Turns out the TV was equipped for two-way'; 'copy-checking at 2am'



The Lex 100 verdict

The firm

Slaughter and May is distinguished from its Magic Circle competitors by its smaller size, independent status and 'best friends' strategy, and is widely recognised for the calibre and versatility of its lawyers as well as for the quality and depth of its corporate client base. The financial crisis led to a raft of high-profile, cross-disciplinary work for the firm, much of it from HM Treasury.


The star performers

Acquisition finance; Asset finance and leasing; Bank lending; Banking litigation; Commercial litigation; Commercial property; Corporate restructuring and insolvency; Corporate tax; Equity capital markets; EU and competition; Financial services; Insurance (corporate and regulatory); M&A: upper mid-market and premium deals, £250m+; Pensions; Securitisation.

The deals

Advised Banco Santander on ‚¬7.2bn rights issue; advising Cemex on $35bn refinancing and restructuring; acted for Morgan Stanley Real Estate on restructuring of £1.5bn debt facilities; advised HM Treasury on the UK's £250bn Credit Guarantee Scheme.

The clients

Barclays Capital; BA; Deutsche Bank; GE; Goldman Sachs; Merrill Lynch; Nomura; Shell; Standard Chartered.

The money

(from Legal Business magazine)

Turnover in 2008: £421.7m (+16% from 2007) Profits per equity partner: £1,726,600 (+17%)

Winner of Law firm of the year; Highly commended Banking/restructuring, Dispute resolution, Corporate, and Competition teams of the year.


The Lex 100 verdict

Slaughter and May is a prestigious firm best known for its blue-chip clientele, stellar corporate practice and, unlike the other Magic Circle firms, cautious management in respect of overseas expansion. And it's exactly these factors which are serving it well in the current downturn, hence with no announced redundancy rounds, trainees here vote the firm a Lex 100 Winner for feeling confident of being kept on. From the start Slaughters does things differently, hence 'at the law fair all the other firms wheeled out pretty associates and free gifts. Slaughter and May was just two fat blokes. I liked that - it seemed more honest'. There's a 'no-frills application process and no frills approach to the day-to-day job - what you see is what you get'. Once you start, the firm's multi-specialist approach means that 'you do a much wider variety of work within each department'. There's perhaps 'more emphasis on formal training than practical experience' and some trainees hanker for more client contact and worry about 'the gap between what's expected of you as a trainee and of you as an associate'. The firm certainly has high standards and you'll be working alongside 'extraordinarily intelligent people; the way some partners can pick out complicated underlying issues is inspiring.' Some enjoy the challenge, others find it rather frightening with one 'feeling out of my depth and worrying that I'd never perform at the level expected of me'. Many trainees say the firm encourages 'the attitude that you get your work done and then have a life outside', but when deals hot up work/life balance goes out of the window. Compensation is headline-grabbing work and often ground-breaking law, and the busiest times can be the best, hence 'working on the bank nationalisations/rescues with the Treasury' was the best moment for one trainee. Put simply, 'there's no place better to train if you're thinking of qualifying into corporate/M&A' and if you can respond to 'the culture of excellence', it's an outstanding place to start a legal career.

A day in the life of.....

A day in the life of.....

Abimbola Lawore second-seat trainee, Slaughter and May
University: Leicester
Departments to date: Competition, corporate
Degree and class: Law with French, first class

8.00am: I walk into the office and into the staff restaurant for some breakfast before I head upstairs. Today I have a number of tasks to get through and I am looking forward to the day. In reality, I can expect new twists and turns as the day progresses. My training contract is teaching me the importance of flexibility, time management and most importantly, working to meet targets.My supervisor is leaving for an external client meeting. I am starting research into the effects of provisions that have been newly incorporated into legislation governing limited liability partnerships. Before my supervisor leaves, she hands me some documents including instructions. I am required to carry out the client's instructions and discuss by the end of the day.10.00am: I read through the documents; the transaction relates to an equity investment. I need to draft some provisions for a loan note instrument and a security assets debenture to ensure they are tailored to meet the client's requirements. The timetable for this deal is tight, the client is keen to close the deal and the value of the deal is considerable. I feel like I am part of a focused team and I am excited at the prospect of being given considerable responsibility. This is a great opportunity for me to improve on my drafting, amongst other skills, and is a far stretch from the 'boring' work many expect a trainee to be laden with.

12.45pm: An email pops up on my screen; it's a group of fellow trainees inviting me to lunch. The weather is warm and there is an offer to sit outside the staff restaurant today. I head downstairs and we munch on lunch while talking about everything from the economic downturn to the prospects of qualification in a year's time. After some hearty laughter and conversation, I return to my desk.1.15pm: I continue drafting the provisions for the transaction documents. I also ensure that all the instructions left by the client are complied with; these include ensuring a company's compliance with the correct financial regulations. I complete this task, noting I have a concern in relation to the financial regulation point. I make a note to let my supervisor know.4.15pm: An associate asks for my help with some discrepancies arising in a company's share capital statements; this is in relation to a proposed acquisition. We decide that I should investigate the issues and provide some feedback on what I think. The issues here are serious and they involve a potential acquisition; my findings will affect the course of the transaction. I have been given a considerable amount of responsibility to ensure that the deal is closed successfully; I feel like I have a significant role to play. There are a lot of documents to go through, so I begin taking the first box of documents apart and I work my way through conscientiously. 6.15pm: My supervisor returns and I raise the financial regulation point with her. She agrees this is a concern. I place a call to the client, with whom I discuss my concerns and the surrounding issues. The client understands the position and we reach a positive solution that will be reflected in the documentation. I relay this to my supervisor. We agree this is an appropriate solution and agree certain amendments to the documentation.7.00pm: I email the client with updated versions of the documents and explanations of any amendments. We are ready to move to the next stage of the transaction.7.30pm: As I like to do, I leave a to-do list on my desk ready for tomorrow morning.



About the firm

About the firm

Address: One Bunhill Row London EC1Y 8YY
Telephone: 020 7600 1200  Fax: 020 7090 5000
Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Senior partner: Chris Saul
Total partners: 130
Other fee-earners:550+
Total trainees :180
Other offices: Paris, Brussels and Hong Kong, plus 'best friend' firms in all the major jurisdictions. Plans to open an office in Beijing at the end of 2009.

Who we are: Slaughter and May is a leading international law firm whose principal areas of practice are in the fields of corporate, commercial and financing law.

What we do: Our clients range from the world's leading multinationals to venture capital start-ups. They include public and private companies, governments and non-governmental organisations, commercial and investment banks.

What we are looking for: A strong academic background (high 2(1) ability or better), plenty of common sense and the willingness to accept responsibility. We are interested in applications from any source - over 60 universities are represented among the lawyers who work for the firm.

What you will do: A training contract with the firm gives a thorough grounding in the practice of being a solicitor, combining formal sessions with a high degree of hands-on experience.

Perks: Private medical insurance, money purchase pension scheme with life cover, interest-free loan, childcare vouchers, interest-free season ticket loans, personal accident cover, subsidised staff restaurant and coffee bar, special membership terms for healthclub, corporate entertainment benefits.

Sponsorship: The firm pays for tuition and examination fees for both the CPE/GDL and LPC courses and also provides a maintenance grant.

Application process

Apply to: Mel Binks, HR manager.

How to apply: Through our online system (www.slaughterandmay.com).

When to Apply: No deadline.

What is involved: Interview with two partners.

Facts and figures

Trainee places available for 2012 95

Applications received pa 2,000

Percentage interviewed 25%

Salary

First year £38,000

Second year £43,000

Newly qualified £61,000

Placement schemes

Winter: 14-18 December 2009.

Spring: 12-16 April 2010.

Summer: Two-week periods from Monday 21 June 2010 (see website for application dates).