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.