The Principle - Issue 2 by AllAboutGroup

Issue 2. May 2015

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ISSUE 2. MAY 2015

Commercial insights and fundamental advice for aspiring lawyers

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A Quiet

REVOLUTION How new routes into the legal industry are opening up

LIFE AS A LAWYER

COMMERCIAL FOCUS

Mergers & Acquisitions

CAREERS

‘Access To Justice’

The Entire Process

Does It Exist?

Land a Training Contract Everything You Need To Know

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Issue 2. May 2015

A NOTE FROM THE EDITORS

Billy Sexton – Editor, AllAboutLaw.uk

THE STATE OF THE LEGAL INDUSTRY

Jos Weale – Editor, AllAboutLaw.uk

Welcome to the second issue of The Principle, an exclusive offering from the team behind AllAboutLaw.co.uk. We’re in the midst of training contract season, so we’ve made sure that this issue is packed full of careers advice and analysis of industry related issues. We’ve provided you with in-depth information on matters affecting the legal marketplace, the impact of governmental cuts on ‘Access to Justice’, the lowdown on LLMs and finally a bit of comic relief on all the things to leave OFF your law CV! The Principle wouldn’t exist without the support and contributions from law firms and publishers. As always, their awareness, acumen and expertise provides readers of The Principle with an astute advantage when it comes to training contract applications and taking the next step on the route to becoming a fully qualified lawyer. Enjoy!

In the previous issue of The Principle, we took a brief look at how the legal industry appeared to be recession-proof, using the example of Slaughter and May and their work during the bailout of RBS and Lloyds TSB. Although there will always be legal issues for lawyers to get their teeth into, there are an increasing number of pressures on the industry. Billy Sexton explores further…

irst and foremost, the legal industry isn’t immune from technological developments. Previously, a firm’s IT expenditure simply accounted for software that assisted lawyers, such as shared hard drive systems, security and confidentiality clearances and general firm management, such as website hosting and email servers. The cost of doing this for a large firm would be a lot of money for you or me, but for a firm that brings in billions every year, IT costs burnt a relatively small hole in the pocket. However, firms are beginning to invest in better, cuttingedge technology. Why? Firstly, judges are putting pressure on firms to have systems in place to file, record and retrieve information quickly. Secondly, clients are pushing for an end to the billable hour, and so firms need to have greater control of their finances.

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With 82 per cent of firms believing IT to be a source of competitive advantage, progressing technologically is a must for firms...and it makes sense to do so. Benefits can materialise over a number of years but a full roll-out can be expensive, particularly for international firms who have a number of offices overseas.

Issue 2. May 2015

There may still be work for law firms to carry out in a recession, but there’s a vast range of clients out there wanting to reduce their legal services bill. As a result, law firm profitability is plummeting. Figures reveal that the top 50 law firms saw their turnover (the number of sales) increase by 6.9 per cent. However, profits have shrunk by 0.5 per cent, revealing how firms are struggling to manage their costs. Matthew Akin, Graduate Talent Specialist at DWF, explains: “The economic crisis undoubtedly changed the legal landscape, pushing firms to evaluate how to deliver exceptional service in a

The UK legal sector contribution to UKGDP was £20.4bn (1.5 per cent of the GDP total) in 2012. way that is beneficial to both the client and the advisor. Only those firms with a real commitment to doing things differently would be able to prosper, and it’s been this ability to quickly adapt to change that has allowed DWF to continue meeting client demands with the same levels of efficiency and service as we always have done. Pricing pressure is ever prevalent in legal services as clients want to ensure that they receive value for money, and our focus on efficient allocation of work and investment in cutting-edge IT has been critical to delivering this value and staying competitive in a challenging climate.”

So what can firms and partners do to manage the increasingly expectant client whilst also keeping costs down? One way partners have tackled the economic downturn is through delegation. Associates earn less than partners, meaning the same work is being done for less money. At the same time, partners can get their heads down to seek out more business through their extensive networks and cultivate existing client relationships. Additionally, an associate who feels challenged in their job and undertakes more intellectually stimulating work is more likely to experience higher levels of job satisfaction, loyalty and motivation. There may also be a change in the fee arrangements between firm and client and an increase in non-solicitor lawyers. However, the fact of the matter is that the industry is unbelievably saturated. Supply far outstrips demand and the UK’s legal market is attractive to foreign headquartered firms who are able to bankroll a satellite office in London. This has resulted in an increasing number of mergers. Financial pressures and economies of scale make mergers attractive to firms. By pooling resources and clients, firms can lower their cost but increase their output. Not only that, but mergers can open new markets and jurisdictions to firms – Dentons’ recent merger with Chinese firm Dacheng created the largest law firm in the world. Additionally, Akin says: “DWF has recently launched an office in Dubai to deliver services to clients in the construction, energy, insurance and transport sectors. We were getting increasing demand from major developers, contractors and insurers for legal advice on the ground in Dubai to support the construction boom across the Middle East. Our presence there allows us to engage on some high profile projects, so we’re seeing a clear opportunity to build a range of complementary service lines and strengthen relationships.” But what does all this mean for

the aspiring lawyer? Unfortunately, the consolidation rather than expansion of the legal sector means that the number of training contracts will stagnate. Indeed, in 2013 5,512 training contracts were available, with 5,514 available in 2014. Does this mean that with the increasing use of paralegals means more opportunities in that career path for graduates? However, for those lucky (and talented) enough to get a training contract, there will be increased trainee opportunities – a larger firm will have a greater number of seat options, and there will be international secondments galore!

316,000 people were employed in legal services in 2012. Statistics courtesy of TheCityUK, Legal Services report, Jan 2014

LEGAL HOTSPOTS

Singapore

UAE

New York

London

China

Singapore’s growth in financial services and appeal to international financial institutions over the past few decades means that the legal sector has gradually grown alongside it to accommodate to these business’s needs. The city is becoming a major force in the global legal market, competing with cities such as London and New York, and an increasing number of western law firms are opening offices here. If you’re keen to do an international secondment during a training contract with a City or international firm, there’s a distinct possibility that time in a Singapore office will be available.

Oil-rich Dubai and Abu Dhabi are attractive to a number of international law firms due to their solid political base, from which firms can target Middle Eastern and African markets. Magic Circle members Allen & Overy and Clifford Chance have a presence in the region, as do Cleary Gottlieb Steen & Hamilton and Baker & McKenzie. Firms get their teeth into Middle Eastern and African mergers in the telecoms and hospitality section. There’s also a fair bit of litigation work stemming from the construction sector in the region.

The Big Apple has long been a big legal player. Home to Wall Street, New York naturally has a wide-spanning corporate law scene and is a base for some of the USA’s most prestigious law firms. This is a site for big M&A deals and cases at the cutting edge of technology. It’s a hugely popular location to study a law degree in the USA.

London has a long history of prestige within the global legal market. The City is home to the UK’s biggest law firms and around 200 foreign law firms have offices in the capital, including over 100 US firms. London’s status as a huge financial centre makes it a hub for corporate law. Around 40 per cent of governing law in all global corporate arbitrations is English law, which consolidates London’s position as a leading legal services provider internationally.

The sheer value of the Chinese economy, over $8tn, makes it an attractive market to law firms. Berwin Leighton Paisner have offices in Beijing, but there are a number of restrictions on the firms. For instance, foreign law firms cannot practise PRC (Chinese) law and PRC-qualified lawyers cannot practice local law if working for a foreign firm. Mergers with Chinese companies are not permitted if costs and profits are shared. Nevertheless, firms are looking to conduct mergers and acquisitions work for globalised Chinese businesses and their affairs outside of China.

FIRMS WITH AN OFFICE IN SINGAPORE INCLUDE: Addleshaw Goddard, Latham & Watkins, Mayer Brown, Nabarro, Norton Rose Fulbright, Olswang, Sidley Austin, Simmons & Simmons and Taylor Wessing.

FIRMS WITH AN OFFICE IN UAE INCLUDE: Akin Gump, Dechert, DWF, Cleary Gottlieb Steen & Hamilton, Ince & Co., Kennedys, King & Wood Mallesons, Pinsent Masons, Reed Smith and Weil Gotshal & Manges.

FIRMS WITH AN OFFICE IN NEW YORK INCLUDE: Ashurst, Dentons, Freshfields Bruckhaus Deringer, Hogan Lovells, Kirkland & Ellis, Mischon de Reya, Orrick and Skadden Arps.

FIRMS WITH AN OFFICE IN LONDON INCLUDE: Bevan Brittan, Bond Dickinson, Bristows, Browne Jacobson, Burges Salmon, Farrer & Co, Foot Anstey, Irwin Mitchell, Macfarlanes, Michelmores, Mills & Reeve, Osborne Clarke, Penningtons Manches, PwC Legal, Shoosmiths, TLT Solicitors, Withy King and Wragge Lawrence Graham & Co.

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FIRMS WITH AN OFFICE IN CHINA INCLUDE: Baker & McKenzie, CMS Cameron McKenna, DLA Piper, Fieldfisher, Holman Fenwick Willan and White & Case.

Hong Kong Hong Kong is one of the most competitive legal markets in the world. Large US-based firms and the Magic Circle are established players in Asia’s primary financial and legal market. The UK firms look to offer a full service, whilst the US-based firms focus on large transactions and dispute resolution.

FIRMS WITH AN OFFICE IN HONG KONG INCLUDE: Berwin Leighton Paisner, Hill Dickinson, Herbert Smith Freehills, RPC, Shearman & Sterling and Slaughter and May.

Issue 2. May 2015

THE TRANSFORMATION OF THE LEGAL PROFESSION Billy Sexton explains how an occupation as a solicitor or barrister isn’t the only option for aspiring lawyers. With training contracts stagnating, an increasing number of graduates are looking to alternative careers, particularly that of a paralegal…

There’s no denying it, the legal profession is undergoing a quiet revolution. The roles and rights of paralegals and legal executives are changing, and there are an increasing number of initiatives to make the industry more accessible and diverse. Unless one has been sleeping under a rock for the past few years, the Coalition government cut funding to the education sector, leaving the vast majority of universities with no choice but to raise tuition fees to a jaw-dropping £9,000 a year. With those wishing to convert to law after their undergraduate degree looking at another £8,000-£10,000 for the Graduate Diploma in Law (GDL) conversion course and Legal Practice Course (LPC) – which is a necessary qualification for all aspiring solicitors – fees topping £14,000, there are understandable concerns that the profession is becoming closed off to those from less privileged backgrounds. The rise in tuition fees has instigated a widespread growth of school leaver qualifications, and the legal sector now has various routes 16-18 year-olds can take before eventually qualifying as a solicitor, or simply utilise as a means to secure a career in the profession without attending university. Take legal apprenticeships, for example. All that’s required to land a legal apprenticeship and undertake a role as a junior paralegal is an impressive set of GCSE and/or A-level results. Apprentices undertake real legal work and will usually specialise in business administration or secretarial services, assisting solicitors in various areas of law, including commercial litigation, debt recovery and personal injury. With paralegals arguably ‘the backbone of the legal sector’, a debt-free route into the profession was understandably preferable when a glass ceiling prevented paralegals from progressing further and becoming a solicitor. Now, with

Alternative Business Structures, paralegals are undertaking work that only solicitors were doing previously, meaning that legal apprenticeships and working as a paralegal are legitimate starting points on the route to becoming a solicitor. Additionally, under new Solicitors Regulation Authority (SRA) regulations, paralegals who pass the LPC may now qualify without having to complete a training contract, if they can demonstrate “other assessed learning and work-based learning” through “equivalent means” of training. Are we seeing the paralegal role transform into one that could eventually bear the fruit of future trainees, associates and partners? The answer is, quite possibly, a yes. Take Magic Circle firm Slaughter and May, for example. When the company recruits paralegals it outlines that: “A legal background is necessary and most of our paralegals have either a degree in law or a Graduate Diploma in Law qualification. We also usually require our paralegals to have completed the Legal Practice Course or the Bar Professional Training Course.” Couple this with the fact that Slaughter and May’s paralegals “typically join us for a 12-month period”, it’s arguable that the paralegal route is already a stepping-stone to qualification. With the law graduate market becoming increasingly saturated, is it time for graduates to gear themselves for a period of working as a paralegal before securing a training contract? This is what Alexander ShindlerKelly did before securing his training contract at Herbert Smith Freehills. “From day one I was treated as an equal and given interesting, and occasionally billable work to undertake,” he says. “This included research notes for partners, attending meetings and compiling client presentations. From speaking to trainees, their roles were similar, albeit with more of a focus on billable work. Having very much enjoyed the responsibility, it seemed a natural choice to

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apply for a training contract and I would certainly say that being a paralegal helped me secure my training contract. In my interview I was asked about what I had worked on, what I learned, what I found interesting and what I could improve upon. My time as a paralegal meant I could justify my answers with real work experience.” Stephanie Eaton, also a trainee at Herbert Smith Freehills, says: “Paralegal experience definitely helped me to secure my training contract as I was able to show that I knew working in an international commercial law firm was the right choice for me. The experience also helped me to gain the relevant commercial awareness and provided me with examples to use in the interview. The paralegal experience also improved my ability to approach and build relationships with more senior members of the firm.” Having said this, not all roads lead to a training contract. Where there are trainees and associates, there is a need for paralegals. That’s why the Institute of Paralegals are working to transform the paralegal from an occupation into a career, particularly because ‘paralegal’ is a catchterm all term that could refer to both a school leaver who works in a firm’s typing pool and the legal secretary who has been working at the firm for over a decade. Following on from this, previously paralegals had no recognition of expertise. The Institution has therefore introduced professional titles for their members; Associate Paralegal (fewer than six years Legal Practice Experience (LPE)), Qualified Paralegals (more than six years LPE) and Fellow of the IOP (more than six years LPE and have passed an approved test or course). With paralegals branching out into different areas of law, being able to qualify as a solicitor and being recognised for their levels of expertise, how long will it

be before paralegals are able to make partner, just as legal executives can? Under the Legal Services Act 2007, legal executives, who carry out a very similar job to solicitors but specialise in fewer areas of law, were granted the right to make partner in a law firm. For graduates, becoming a chartered legal executive provides yet another alternative to fighting for a training contract or pupillage. The CILEx Graduate Fast-Track Diploma is a far cheaper option than the LPC, and there is no requirement to secure a training contract. Instead you are required to complete a period of qualifying employment, and with the option to study parttime or distance learn, the route to becoming a legal executive is the most flexible and cost effective in the industry. Back in the day, the only way to become a solicitor would be to undertake a vacation scheme, followed by a training contract, all whilst studying a law degree or intending to complete the GDL. This was, and still is, a very expensive route to qualification. With new regulations, pursuing a career in the legal profession is no longer a pipe dream for a few, but an option for many.

Issue 2. May 2015

Other Law Careers

HOW TO QUALIFY A-levels

University: Law or NonLaw Degree

If you decide that university isn’t for you, this doesn’t mean that your dreams of a career in law are over. Top A-level grades in any subjects can provide a springboard to a Higher Legal Apprenticeship.

Higher Apprenticeship A Higher Apprenticeship in Legal Services has been available for some years now. It allows students to follow a non-university route to becoming a Chartered Legal Executive, paralegal or legal secretary. You can even progress to becoming a solicitor if you can display an ‘equivalent means’ of work experience that is similar to a training contract and pass the Legal Practice Course (LPC).

An LLB is not essential to become a lawyer. Nonlaw graduates are sought after too! Aim for at least a 2:1 degree classification.

CILEx Level 6 Following the completion of a Higher Legal Apprenticeship, you can undertake the CILEx (Chartered Institute of Legal Executives) Level 6 qualifications. These include the Diploma in Law and Practice and the Certificate in Law. Completing the Diploma in Law and a period of employment will mean you’re able to apply to become a fellow of CILEx.

CILEx Fast-Track

Legal Secretary

Paralegal Paralegals carry out backoffice management and clerical duties, such as filing, answering telephones and setting up client appointments. However, recently, paralegals have been known to be feeearners for the firm.

Legal secretaries carry out general administration and office management activities. They manage incoming telephone calls, take minutes or dictation, type up correspondence and prepare other paperwork.

Graduate Diploma in Law (GDL) The mandatory law conversion course for nonlaw graduates who wish to become a lawyer. One year of full-time study or two years part-time.

Qualified Chartered Legal Executive

Being a solicitor or barrister isn’t the be-all and end-all of a career in the legal industry. You could pursue an occupation as a legal executive, paralegal or legal secretary.

Legal Executives are very similar to solicitors and carry out similar roles. Usually specialising in, but not limited to, family law, immigration law, criminal law or employment law.

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CILEx offer a Fast-Track graduate route which allows students to complete the Diploma in Legal Practice without the need for an LPC. Graduates of the CILEx Fasttrack qualify as Chartered Legal Executives and can go on to become partners in law firms.

Issue 2. May 2015

Be A Team Player Become An Organiser First things first; if your university doesn’t already have a mooting club, why not consider setting one up? It’s certainly one way to demonstrate initiative, and will bring you into contact with more lecturers and legal professionals as you seek support for your venture and source judges for moot events.

From the research stages to the moot itself, you need to work well with your team mates! Support each other, share ideas and ensure everyone gets their chance to shine on the day. Remember, it’s not about having one star speaker; judges will look at how well a team performs as a unit.

by Jos Weale

Preparation

ooting is just one of many activities you can get involved with whilst studying law. Although only a mock trial, mooting is looked on favourably by law firms and barrister chambers. What’s more, there are even national competitions to decide which law school or department is the cream of the mooting crop. With this is mind, here are some handy tips to set you on the road to becoming a demon mooter…

An ill-prepared argument could well mean that you fall at the first hurdle. A judge looks for how well you can build a legal argument with sound supporting use of authorities, so don’t neglect putting in the groundwork and fully consider the mooting problem from either the appellant or respondent point of view, as appropriate. You should also consider what your opponent could refer to in the moot. Don’t forget to mention any relevant, but opposing authorities. Recognising them and then finding a way to push forward your argument is better than running the risk of an opponent doing so and turning it to their advantage. Keep to outlined formats for presentation of your skeleton argument too. In formal competitions, elements like this will also be considered. It may also help to have spare copies of any cases, documents, statutes or journal pieces you will refer to, just in case something is missing and the judge asks to see it.

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In The Moot The big day of the moot calls for top presentation skills. Remember to keep on topic! It’s all about conciseness, clarity and skill in the presentation of a sound legal argument. Verbal waffle, distracting gestures and efforts to beguile the judge with flowery language will not help your argument! Keep cool, speak at a steady pace, engage fully with your case, and aim to make eye contact with the judge and opponents. This will help you to keep calm and handle challenging questions from the judge too. Honesty is the best policy. Obviously it’s great if you can provide a relatively quick and legally sound response to any queries from the judge, however if you really can’t answer something then it’s best to admit it. If you flounder or make promises to address it later and don’t, you’ll run into more difficulties.

Issue 2. May 2015

t’s all but certain that your university or students union has a law society. Whether you’re a law student or a non-law pupil looking to convert to law, being a member of your university’s law society brings many benefits.

Enjoy It! Yes, mooting can be a great activity for aspiring lawyers to add to their CV – particularly for those interested in pursuing a career at the Bar. However, you are much more likely to succeed at mooting and demonstrate your interest in the activity if you really do enjoy doing it. It’s not just mooting that can be proof of dedication to a legal career. There are also options such as pro bono work and working for the Citizens’ Advice Bureau. It’s important to pick what means the most to you as, unfortunately, you probably won’t fit in everything! What’s more, don’t forget about all-important insight events, law fairs and vacation schemes. A CV lacking in this type of experience could struggle in a competitive field of career-focused applicants!

Careers Advice

Networking Events

Alongside your lecturers, your university careers service and AllAboutLaw.co.uk (of course!), your university law society will run some careers events and workshops. With their links to law firms across the country, your law society can help you with those all-important training contract and vacation scheme interviews. For instance, a member of the committee or a final year student may have been successful in landing a few vacation schemes when they were at your stage. As such, they may have some invaluable advice, especially if you’re applying to the same firm.

Law societies are usually sponsored by a range of law firms and whilst this means that you can go on some amazing socials, it usually means that there are some exclusive networking events for your university only. For example, the University of Nottingham Law Society organises an annual ‘Dinner with the City’, where students have the opportunity to wine and dine with lawyers from some of the top City firms. It’s very unlikely that any other departmental society at university could put you in front of graduate recruiters the way that a law society does.

Study Help & Revision Workshops Law societies are full of, well, law students. So when exam season comes around and there’s a few dozen students sitting the same paper and encountering the same problem areas, law societies may organise revision sessions where students can pool knowledge and ideas. That contract law exam seems less daunting now!

Enter A National Competition If you really do enjoy mooting, then you could get in touch with your tutor to enquire about entering a national mooting competition. The ESU – Essex Court Chambers National Mooting Competition has been held annually for over 40 years, and sees mooting teams from universities and colleges across the country compete in knock-out rounds. The grand final takes place in London, and finalists win a week as a mini-pupil as well as a cash prize. This kind of experience could really help to progress and showcase your research and advocacy skills, and of course a finalist place will make you stand out as a candidate for more work experience and training contracts.

Mooting

Socials!

Mooting allows students to partake in a mock court proceeding, presenting arguments on a fictional set of facts. Students win on the quality of their argument and research skills and it allows them to develop communication skills, confidence and knowledge of the law.

Last but not least, the socials thrown by law societies are great! From winter balls, to champagne and chocolates, to trips to the theatre, your university’s law society is also a great place to make friends and have fun.

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Issue 2. May 2015

ANATOMY OF A DEAL by Billy Sexton

o, you want to make it as a commercial lawyer? A word of warning, if you think you’ll be living a Harvey Specter-esque lifestyle, think again. Being a commercial lawyer is much more than sauntering into the office 30 minutes after the working day starts, coffee and bagel in hand and finally glancing at your inbox around 10am.

Corporate lawyers need to work quickly on setting up the acquisition vehicle, which also needs to be approved by the banks.”

There are many aspects to the role of a commercial lawyer, and the entire field of law encompasses many sub-sections, such as corporate law, contract law, employment law, competition law and banking and finance law to name but a few. To be a successful commercial lawyer, you must have an abundance of (yep, you guessed it), commercial awareness. Commercial law is concerned with business and contracts. Contracts hold businesses together; businesses are interested in buying and selling and equally concerned with ownership, price and value of their business and services. But what happens in the more complex commercial deals when one business wants to merge or acquire another business? Hint: it’s a lot more than just an exchange of cash, and commercial lawyers are involved in every step of the process. Let’s say that a private equity firm (think Dragon’s Den but on a corporate scale), wants to buy a mobile technology company that manufactures phones and tablets and also create apps. The company values itself at a tidy £950m. Unfortunately, our private equity firm doesn’t have this lying around or stashed under the bed. However, it does have £350m (not bad) to invest in shares and can borrow £600m from pals at the bank. Time for the debt finance lawyers to get involved. Jonathan Wood, a corporate partner at Weil Gotshal & Manges who has previously overseen acquisitions made by eBay, explains: “When a private equity firm finds an attractive business to buy it needs to

model the best way to use equity and debt at its disposal to finance the acquisition. The money typically comes from two places. First, the investors in its private equity fund make monies available to fund investments identified by the private equity firm. This money is known as the ‘equity cheque’. Secondly, the private equity firm raises debt finance from the international finance markets. There are all sorts of different types of debt available, with lots of names - term loan, revolver, high yield, mezz, unitranche, senior, subordinated, PIK and toggle notes. All of this needs to be pulled together and carefully crafted to make sure it all works for the business and its private equity investors, and lawyers are right at the heart of making that happen.” The private equity firm will have the intention of using the £350m it has from its investors to run the mobile technologies company better, and increasing revenue. This revenue will be used to pay the interest racked up on that mammoth £600m loan. Then, when the private equity company want to sell, it’ll put the mobile technologies company on the market for £1.3bn - £600m will pay the bank back, and the remaining £700m will represent a profit on the initial £350m investment. Sounds smooth, right? Not necessarily. The devil is in the detail and that’s where the commercial lawyers come into play. Firstly, the private equity firm may need to create an entirely new company as an acquisition vehicle, creating a triangular merger, where the company being acquired becomes a subsidiary of the private equity firm. The acquisition vehicle will

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run the mobile technologies company and lawyers need to establish what type of company this will be – a limited company or a limited partnership? Karen Sewell and Ruth Draisey, partner and trainee at Addleshaw Goddard, say: “An acquisition vehicle varies from deal to deal. The main aim of the buyer is to minimise, to the extent possible, the immediate and future tax cost. Ultimately, in considering the type of acquisition vehicle, the buyer will need to consider how the cash is intended to flow in the vehicle.” “The following will need to be addressed; How the acquisition is to be funded, How the buyer intends to extract cash/profits from the target, the investors in the vehicle (individuals, companies, partnerships.) and where they are located, what the buyer intends to do with the target company after acquisition and the administrative burden, and associated costs, of complying with regulations for certain acquisition vehicles.” On top of this, firms must consider where to register an acquisition vehicle, as there may be differences on tax law in different jurisdictions. Sewell and Draisey observe: “The location of the acquisition vehicle can depend on where the parties or the target company is based. Incorporating acquisition vehicles in countries with more favourable tax treatment can be a relevant consideration, however, some clients may be wary of the reputational issues this can lead to.” Specialists in international banking law will need to work on the case and establish the differences on matters dealing with releasing cash in order to pay the interest on debt.

Next up is due diligence. What do we know about the mobile technologies company other than the fact that it manufactures phones and apps? Does it have any external contracts? Any liabilities? Is it being sued? Any contention over their intellectual property? Lawyers need answers to all these questions before the acquisition vehicle can be set up. Once all this has been completed, corporate lawyers need to work quickly on setting up the acquisition vehicle, which also needs to be approved by the banks. If you though this was the merger and acquisition complete, think again. Employees also have to be considered in a deal, meaning employment and benefit lawyers will have to ensure that the migration of salaries and labour laws are abided by at all times. On top of this, it’s highly likely that the private equity firms will want to restructure the business and trade unions may contest these changes. Moreover, the anti-trust and competition lawyers will need to investigate the transaction and query whether the private equity firm are involved with any other businesses or whether the merger and acquisition will breach competition law. Sewell and Draisey explain: “Countries around the world (as well as supra-national entities like the EU) have their own ‘merger control’ regimes. The purpose of these regimes is to make sure that transactions which might be capable of harming competition can be reviewed before they happen. “These regimes have specific transaction thresholds and

Issue 2. May 2015

competition authorities will review transactions that trigger those thresholds. If the thresholds are met competition lawyers will then look at the extent to which the target and the buyer’s businesses overlap, how those markets work and how competition is likely to be affected. “Competition authorities have the power to block or place conditions on a deal where they are concerned that it could have a significant impact upon competition, and a competition lawyers job is to argue the case for the transaction.” Finally, once all of these considerations have been taken into account can a Sale and Purchase Agreement (SPA) be drafted, negotiated, re-drafted, re-negotiated, adjusted and made to include further provisions. There’s a lot of legwork from the lawyers on both sides here and only when both sides are happy can the relevant documents be signed... and then the lawyers can breathe a heavy sigh of relief!

MERGER MANIA

any analysts are predicting a flurry of merger activity in 2015, supported by Shell’s £47bn purchase of BG Group in April. Shell is already Britain’s largest company, and their new acquisition will see them grow to more than 50 per cent a greater size than HSBC. But what do the numbers say?

FAMOUS MERGERS & ACQUISITIONS Remember when Orange and T-Mobile were separate mobile networks? In 2010 Deutsche Telekom’s subsidiary T-Mobile merged with Orange S.A.’s subsidiary Orange and the result was a new mobile network, Everything Everywhere, now known as EE. Orange and T-Mobile stores were given the EE makeover in 2012

47%

Merger and acquisition activity jumped by 47 per cent between 2013 and 2014.

and is now the most prominent of the three brands.

In 2006, Disney acquired animation studio Pixar. Though Disney had released all of Pixar’s movies before, a merger would allow for closer collaboration. Distribution contracts were about to expire and with Disney having made $3.2bn from six Pixar releases, a merger made perfect sense.

Ever wondered why Cadbury are now doing ‘exciting’ chocolate

£2.25tn Merger and acquisition activity in 2014, the highest since

bars? (Yes, Dairy Milk Oreo, we’re looking at you). It’s mainly because of the company being acquired by Kraft Foods for £11.5bn. A controversial acquisition due to the volume of jobs cut as a result and also due to the British government’s supposed opposition despite the Royal Bank of Scotland, which was 84 per cent owned by the government at the time, funding the acquisition.

the economic downturn in 2007. Not all mergers and acquisitions

Number of deals with a value of $10bn+ in the first quarter of 2015, the most in a first quarter since 2006.

are successful. Back in 2005, eBay acquired with Skype for $2.6bn, only to sell it four years down the line for $2bn. The relationship ended due to “limited synergies” between the two companies.

Arguably the most catastrophic merger in history, the AOL-Time Warner merger was unprecedented in both scope and failure. $164bn saw Time Warner merge with AOL in 2000 at the height of the dot com boom, in what was considered a combination of the best of both print and electronic worlds. It was intended that AOL would deliver

TECHNOLOGY, HEALTHCARE & ALTERNATIVE ENERGY The three industries where merger activity is most expected in 2015.

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Time Warner’s print publications to 130 million subscribers. However, the growth of AOL stalled as the dot com bubble burst, with AOL Time Warner losing $99bn in 2002. It has since been described as “the biggest mistake in corporate history” by Time Warner’s very own Jeff Bewkes.

Issue 2. May 2015

LAW FIRMSâ&#x20AC;&#x2122; BUSINESS STRATEGY: WHATâ&#x20AC;&#x2122;S THE DEAL? I

n recent years, providing legal services has become a lot more than just billing clients for your time. Billy Sexton looks into how an intricate understanding of the clients business needs is required, alongside competitive prices and a leading role in the market.

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Issue 2. May 2015

Factors at play for the client can include overarching business objectives such as growing or shrinking in certain areas or the importance of certain business relationships, technical issues...political factors...other intangible factors such as publicity and brand impact, and running through it all can be risk and reward appetite; the list is almost endless.” Graduate Recruitment Partner Tom Astle and associate Joy Bristow

Following the financial meltdown of 2007/08 and the subsequent lack of liquidity, the demand for legal services initially plummeted. Moreover, clients faced financial pressures and demanded more value for their legal expense as budgets were scrutinised. As a result, the business strategy of law firms changed dramatically. Typically, a firm is owned by its partners and they are supported by associates. Obviously, when revenues fall, firms with higher associate: partner ratios will suffer and some associates face the axe as partners look to cut costs. On top of this, firms face pressure to move away from the billable hours model and adopt a fixed fee approach. Of course, law firms have two broad functions: to practice the law and run a business. Practicing the law is second nature to lawyers, but shortfalls can occur in the business of law. What are firms’ priorities when it comes to business? Revenue and profitability are arguably the most key elements. So, how do firms ensure that these priorities are addressed? Revenue is, quite clearly, inextricably linked to client management. A successful law firm is one that provides legal advice and services tailored to clients’ needs. Increasingly in recent years, firms have been keen for their lawyers to look at things through the client’s eyes, understand their needs and the sector in which they operate. Polly Kennedy, Senior Business Development Executive at Bristows, says: “The importance of aligning our objectives with those of our clients in order to deliver exceptional client service… we tailor our services to fulfil each client’s individual needs. These include value added services like customised training, innovative portals/extranets, helplines and secondments.” Similarly, Graduate Recruitment Partner Tom Astle and associate Joy Bristow of Hogan Lovells say: “How much does the client expect us to know? As much as possible, the more the better, and more than your competition. Your client’s assessment of problems and opportunities often depends entirely upon perspective and perception… The number of variables mean that in complex situations there is rarely a single ‘right’ approach (although there may be several wrong ones!)” One can presume that lawyers at all the top firms will be able to effectively put themselves in clients’ shoes and increase their own expertise and commercial awareness; as a result, specialism in a particular sector is no longer a ground-breaking approach to managing client relationships. The transactional, non-contentious work a firm does for a client and how they carry this out is, broadly speaking, going to have the same result. The only difference that remains is that of price. Or is it? Effective client management now goes further than expertise and price. Clients are increasingly looking to other factors that differentiate firms from one another. Hence, marketing, branding and a firm’s ‘position’ in the legal market is key. This comes easier to Magic and Silver Circle firms, as they receive the most training contract and vacation scheme applications year-on-year. However, an increasing number of firms are looking to manage their client relationships in unconventional ways. Kennedy says: “Our internal processes are also client focussed. Partners remain directly engaged and take a hands-on approach throughout each case and transaction and we take pride in our cost-effective service and flexible fee structures.

“There are no billing targets for our lawyers, encouraging teamwork and putting the focus on client service. Recognising the importance of offering more to clients, every member of staff is trained on a clearly defined set of client care standards.”

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There’s no doubt that the profitability of law firms has been brought into question since 2007-08. Indeed, in 2009, a Magic Circle partner billed ‘just’ £450, though this figure has since climbed to £850 in 2013. With clients wanting more bang for their buck, and also becoming alienated from the billable rate system, alternative fee arrangements (AFAs) are becoming more desirable for clients. Moreover, studies suggest that there is too much capacity for the volume of work currently available and with billable rates arguably reaching a plateau, profitability is not going to be maintained, given inflation and the saturated industry. The growth in AFAs has initially been slow, but an increasing number of firms are looking into ways to move away from the billable rate model and introduce a scale that is more client friendly. The most common alternatives include fixed fees, where the fee for handling a case is a prespecified amount. Alternatively, a regular client may wish to negotiate a flat fee for multiple cases or for all cases that occur in a specific time period. Conversely, bonus arrangements may be in place, in which a firm receives an extra payment on top of its fee or billable rate for a desirable and/or speedy resolution. Matthew Akin, Graduate Talent Specialist at DWF says:

“We’re finding that clients are increasingly looking for more innovative fee arrangements which deliver cost certainty, clarity and transparency. We offer different strategies for different projects and work types, each with the prime aim of delivering value, reducing cost for our clients and ensuring operational efficiency. We’ll work with the client to develop an approach to resourcing and pricing which best meets both their needs and ours. Whether it’s an hourly rate, fixed or value-based fee or one of the many other solutions, our priority is maintaining an open and transparent approach that ensures costs are never a surprise to our clients.” Firms are also looking into increasing profitability by giving paralegals more responsibility. Paralegals are taking on more work than they did previously and bill less than qualified solicitors and partners, which keeps clients happy. This is a well-established development and looks to continue, with 30 per cent of firms planning to grow their non-legally qualified fee-earner in the coming year. Akin explains:

“We are continually looking at innovative ways of delivering legal services to our clients and this includes increased opportunities for non-legally qualified people such as paralegals. There is a growing recognition within the legal market that much of the process-driven legal work can be resourced differently and more efficiently and costeffectively so we employ over 400 paralegals and apprentices who support our clients.” The law business strategy is changing; gone are the days where clients would happily get billed for hours on end and not think twice about coughing up the dough. Now, clients are demanding a more comprehensive service and looking for ways to drive down their own costs. As for law firms, they now face two options: sink or swim.

Issue 2. May 2015

DOES ‘ACCESS TO JUSTICE’ EXIST ANYMORE? By Billy Sexton

Access To Justice? Only if you can afford to pay for a private solicitor.” In January 2015, the Coalition government announced plans to increase court fees for money claims. Following a necessary and politicised introduction about the UK’s system of justice, and how the nation is home to “the best lawyers, and finest judges”, Shailesh Vara, Parliamentary UnderSecretary of State for Justice and Minister for the Courts and Legal Aid, outlined how economic recovery is the top priority for the Coalition. Softening an upcoming blow by mentioning how the government are investing £350m into the courts, Vara said in the announcement: “Public spending must be brought under control, and the courts and justice system must bear their fair share.” Vara proceeded to launch a scathing attack on Access To Justice, announcing that court fees for claims exceeding £10,000 would be

1903

LEGAL AID: A HISTORY

set at 5 per cent of the sum claimed. Regardless of the £120m that this measure will raise and reinvest in the courts, the government’s plan has been condemned from all all sides. Peter Williams, Personal Injury Partner at Fieldfisher says: “The government is proposing to increase court fees by 600 per cent. Under these proposals it will now cost £10,000 in court fees just to issue most of our client’s claims at court.” The firm as a whole confirms this position: “Access to justice for injured victims of personal injury and medical negligence will be denied through the imposition of extortionate court fees.” For those who have suffered personal injury or medical negligence, Fieldfisher argue that the only option for speedy justice is through issuing a claim form at court. Though not all claims go to court, the issuing of a claim form speeds along the process of settlement. Previously, lawyers would fund “no win no fee” claims themselves in order to obtain rehabilitation funds and speed along the settlement process. The increase in fees is likely to result in the Defendants (usually large insurance companies) refusing to negotiate before a court issue is made, knowing full well that the Claimant will have to cough up payouts of up to £10,000. But why can’t the firm continue to pay the issuing fee? The huge increase means that issuing fees will rise into the millions, and despite the coffers of law firms generally being well stocked, this will be too much of an expense for plenty of firms. With many individuals and law firms soon to be unable to pay an issuing cost, there’s little doubt that Access To Justice is being cut off. On top of this, the legal aid, which provides funding for legal assistance, advice and representation to those who can’t afford a lawyer, has been viciously cut by the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Lapso). This has resulted in private family matters, personal injury and clinical negligence, some employment and education matters, some immigration issues and some debt, housing and benefit issues not being eligible for legal aid any longer.

1930

1949

People therefore have been forced to represent themselves in court, pay privately for a solicitor or use a “no win no fee” lawyer. Research conducted by The Independent found that 70 per cent of magistrates found self-representation to be a problem to the smooth running of the judicial system. Opinions can be spun by liberal-leaning national news outlets, but the facts speak for themselves. In 2013/14, there were 43,000 fewer people that were granted legal aid to be represent in court, and a massive 420,000 fewer were given legal help than the year before. This represents an overall decrease of 62 per cent. Access To Justice? Only if you can afford to pay for a private solicitor. The areas where legal aid cuts have been applied can be particularly sensitive too. The BBC reports on how a woman claiming she’d been raped by her partner and requsting legal advice was turned away, because she had no medical proof of the abuse. For lowincome women who have been abused, the £50 for a doctor’s note is a high price, and only adds to an already traumatic experience. Additionally, a man who has been accused of rape but doesn’t qualify for legal aid might be forced to represent himself, crossexamining the victim in court. Is this just and fair? With Labour announcing it won’t reverse the changes put in place by the Coalition, it appears that Access To Justice will become a privilege rather than a right. Shadow justice minister Sadiq Khan admitted they could not reinstate the £600m of cuts, echoing the view of his predecessor Andy Slaughter, who said: “We’re not going to get in a Tardis and go back to before. We are in a world where resources are tight and it would not be right to pretend otherwise.” Slaughter even went as far to say that had Labour won the 2010 election, they would have been forced to make the same cuts and would have promoted mediation as a cheaper option. Pro bono is still an option for those who have limited options but despite many firms going above and beyond the call of duty when it comes to corporate social responsibility, the industry appears to believe this doesn’t come anywhere close to replacing legal aid.

1950

1973

Poor Prisoners’ Defence Act

The 1903 Act was revised in

The Legal Aid and Advice Act

80 per cent of the UK

40 per cent of the UK

provided for limited legal aid.

1930 following an enquiry into

1949 established that those

population was entitled to

Placards that explained the

legal advice and assistance.

unable to pay for a solicitor

means-tested legal aid.

provisions of the act were

The Act provided for any

were entitled to free legal

posted in prison cells where

person committed for a trial

help. The Act was a result of

people were confined on

for an indictable offence may

the Rushcliffe committee,

remand of committal for trial.

apply for a defence certificate.

which recommended that

If a person could not afford

legal aid should not be just for

legal aid, a defence certificate

the ‘poor’ and that it should

would be granted.

be state funded.

AllAboutLaw.co.uk

Issue 2. May 2015

Congratulations on the award. Were you surprised at your win? How did you feel when you found out? It felt fantastic! When I read about the other finalists, I didn’t think I stood a chance. It wasn’t until the Attorney General started describing the work done by the winner, that I suddenly thought that it might be me. It’s a great honour, particularly because I believe that pro bono work is hugely important.

What were your motivations in undertaking pro bono work?

elen Ingram was recently awarded Best Contribution by an Individual Student at the LawWorks & Attorney General Student Awards. We caught up with her to investigate the pro bono work she has undertaken and ask her what advice she would give any current law student looking to get involved…

Pro bono is an excellent opportunity for students. It allows them to get involved in helping people to gain access to legal services which they may desperately need. It is also ‘real work’, and so gives students the chance to gain experience that will be invaluable in their careers. On a personal level, the projects I have worked on felt like a natural progression from the different types of voluntary work I had done previously. I am privileged to have learnt so much; over the last two years I have been able to work on a wide variety of projects from employment law to human trafficking, as well as having the chance to keep up my Spanish through the Legal Translation Service.

Could you detail your work with the Legal Translation Service (LTS)? How did your previous experience and skills allow you to excel here, and what kind of role did you take on? I am currently a Student Director of the LTS. The LTS is a team of student volunteers who provide free legal translation and interpretation services. Our clients consist of individuals, legal practitioners, other pro bono projects and NGOs. My role is to respond to clients’ requests, find the appropriate volunteer and then support them in completing the project. As part of this, we have developed initiatives with two NGOs to facilitate their advocacy on behalf of foreign nationals detained under immigration powers or in relation to the criminal justice system. I had previously worked as a translator and interpreter for individuals and charities but nothing quite like this! I started interpreting five years ago while working with an NGO in Central America and kept going through my year abroad and in university vacations ever since. After spending four months interpreting for ten people, often simultaneously, working with one client at a time is much less chaotic! However, the experience certainly helped me anticipate what our volunteers might need and to understand what is involved when our students commit to a particular project.

Could you provide more detail on your work with the Trafficking Legal Research Internship (TLRI). What kind of tasks did you carry out and what were the results of your work? The internship is run in conjunction with the Anti Trafficking Legal Project, with the aim of compiling portfolios of research on countries of origin for human trafficking victims. I investigated the situation in Uganda, conducting research into the position taken by different governments, as well as using case law, media articles and information presented by non-governmental organisations (NGOs) to discover the most common methods of trafficking and the risks for, and level of state protection available to, returning victims. The research has now been published by the Anti Trafficking Legal Project for legal practitioners to use and demonstrate the protection needs of victims.

1999

2008

Do you feel that undertaking pro bono work has increased your knowledge and application of legal practice skills? Pro bono is a commitment to society but is also an investment in my future career. I have gained experience in legal research and interfacing with clients, as well as learning how to balance my workload. Most significantly, having the chance to interact with real clients has not only given me greater confidence and an understanding of how to approach individuals - often in very stressful situations with very different expectations - but also a real appreciation of the vital role the law plays in the community. This is all invaluable knowledge and experience to any aspiring lawyer.

What advice or tips would you give current or future law students who want to know more about undertaking pro bono work? First of all, definitely do it! A lot of students may think about it but never actually get around to it. Secondly, apply for projects straight away. Getting stuck in is a great way of learning to adapt to balancing different commitments with your workload and getting involved right from the start is much easier than having to adjust later on in your course. It also means that you can choose the projects that you’re most interested in, rather than be dictated by the ones that still have spaces left.

Pro bono is a commitment to society but also an investment in my future career”

2009

2012

2015

The Access To Justice Act 1999

29 per cent of the UK

Legal aid costs the UK taxpayer

The Legal Aid, Sentencing and

Court fees increase by up to

reformed legal aid. The Lord

population was entitled to

£2bn a year. As a result of the

Punishment of Offenders Act

600 per cent.

Chancellor could authorise

means-tested legal aid.

economic climate, 36 per cent of

2012 reversed the position

legal aid funding in cases

the UK population was entitled

that legal aid was available

which were out of scope. Legal

to means-tested legal aid.

DID YOU KNOW?

for all civil cases. The Act

The Green Party pledged in their

aid now excluded personal

removed some types of cases

2015 general election manifesto

injury cases (other than

from the scope of legal aid,

clinical negligence), business

including private family law,

cases, boundary disputes and

personal injury cases and

company and trust law.

employment law.

AllAboutLaw.co.uk

to reverse the Legal Aid cuts introduced in 2012.

Issue 2. May 2015

HOW TO LAND A TRAINING CONTRACT Y

ou don’t need us to tell you that securing a training contract is the ultimate goal for any aspiring solicitor. As a result, the training contract application process is very competitive. However, it’s the most sure fire way to become a solicitor, despite other routes to the profession beginning to open up, so you have little choice other than to swim with the sharks. Billy Sexton spoke to some of the top law firms in the UK to find out what they look for in a stellar training contract application…

recruitment process with this approach, rather than sending applications to a long list of firms you can’t remember.”

Know When To Apply Before you even start any training contract applications, you need to know when you can apply. Most firms have a universal deadline of July 31, but your university year and course dictates your eligibility. This is because firms tend to hire two years in advance. If you study law, the ideal time to apply for a training contract is in your second year of university. This means that you have time to complete your final year and the Legal Practice Course (LPC) before commencing your training contract. Of course, you can apply for a training contract after your second year, but this will leave you with at least one gap year before you can start the training contract. Additionally, if you secure a training contract at the end of your second year, you can breeze through your final year and your LPC with less pressure. What’s more, the firm may even cough up LPC fees, which is always welcome, of course. Non-law students can apply for training contracts too. In fact, in 2013, 52 per cent of vacation scheme offers went to non-law students, revealing that students from a non-law academic background are just as sought after by firms. However, non-law students need to undertake a Graduate Diploma in Law (GDL) after their undergraduate studies. Bearing in mind that law firms hire two years in advance, the ideal time for a nonlaw student to apply for a training contract is in their final year of university. This will give you two years to complete the GDL and LPC, which may well be sponsored by the firm (thank you very much!).

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Narrow Down Your Choices So, second year law student and final year non-law student, you want to apply for a training contract, eh? You might think that because the battle to secure a training contracts is so competitive, you should send off as many applications as is humanly possible. This is a bad idea. Completing eight to ten high quality applications, that demonstrate thorough research and a focussed approach, is significantly more impressive than firing away 50 applications that have not been tailored to each firm. Nicola Standley, HR Assistant for Trainees and Apprentices, at Kennedys says:

“I’ve seen applications that have been copied and pasted, to the point that even a competitor has been referred to instead of ourselves! We appreciate that the forms can be lengthy, but this is to give you as much opportunity as possible to show yourself as the right candidate.” To avoid falling into the same trap as others, Nicola says:

“Research different law firms and send targeted applications to your favourites. You’re much more likely to get further through the

Lisa Powell, Graduate Recruitment Advisor at Weil Gotshal & Manges, agrees: “Candidates who submit multiple, generic forms with little thought or care, are very unlikely to progress to the next stage. Candidates need to have an understanding of the type of law that they want to practice and firm that they want to train with. This requires extensive research and engagement with the firm, which should naturally lead to a more detailed and firm specific application.” But how to make an application ‘focussed’? Lorraine Petheram, Head of Careers at Kaplan Law School says:

“Using the firm’s website as the main source of research or providing generic answers is an instant rejection. Answers need to demonstrate an in-depth knowledge and a real enthusiasm for the firm developed from a number of different sources. Be concise in drafting style, yet precise in reasoning why specific aspects of the firm are relevant and meaningful.” Therefore, it’s important that you narrow down your choices. If you want to become a corporate lawyer, the Magic and Silver Circle firms are worth considering. If you want the opportunity to go abroad on an international secondment, you should research and apply to firms that offer these opportunities. If a particular area of law tickles your fancy, such as personal injury or technology, media and telecommunications law, apply to firms that specialise in these areas.

Issue 2. May 2015

“It is vitally important that you showcase the commercial aspects of both your legal and non-legal work experience in addition to providing well researched answers. Commercial awareness is not something that can be learnt once and then forgotten, you need to be continually developing your commerciality!”

It also goes without saying that the firm is looking for a succinct, carefully crafted application that answers any questions with clarity.

Culture is also related to how its lawyers work. You will need to provide examples of challenges you’ve overcome, show that you can work effectively within a team and display good communication skills. These don’t necessarily have to come from your legal work experience; don’t underestimate your extra-curricular activities or part-time work. Be clear and focused, and able to relate experiences back to how they have developed your skills and confidence. Most importantly, be yourself!

Make The Grade & Tick The Boxes Law is competitive and firms expect to hire the best graduates. Not only will you need at least a 2:1 and a good set of A-level results, you’ll also need to meet some professional and personal standards. A firm will be looking for those who are able to work effectively with others, are able to think independently and with initiative. They’re also looking for those with an abundance of commercial awareness; an understanding of the industry is of utmost importance. Lorraine Petheram says: “The role of the modern lawyer has evolved from being a legal technician to being a business advisor. The ability to demonstrate that you have an understanding of the business world and the challenges facing the legal sector, the law firm you are applying to and their clients cannot be underestimated.

Natasha Sheehan, Recruitment Manager for Hogan Lovells echoes this sentiment: “The role of a lawyer is not just about knowing the law, but about understanding the objectives of your clients and ensuring that you are able to provide them with commercial advice. They do not simply want you to quote the legal position to them. You should read about and be familiar with recent deals in the business sector that you have a genuine interest in and think about how a law firm would be involved in the issue.”

A firm doesn’t want a legal robot, it’s also looking for somebody with a personality. Keon Stewart, Careers & Pro Bono Co-ordinator at Kaplan Law School says: “Law firms are not only looking for strong academics, but well-rounded individuals who are able to bring skills from other areas of life. Many candidates often have part time jobs, but usually dismiss this part of their work history. However, the more successful candidates are able to draw out the transferable skills such as knowledge of a specific sector and factors that affect the performance of the business, as well as the ‘soft skills’ such as team work, time management and innovation. The candidate should talk about unique experiences, which will help them to stand out from the crowd.”

Prepare For Assessment Days & Interviews Assessment days and interviews are going to be tough. Therefore, you’re going to need to prepare. It’s important that you research the firm thoroughly. Each has its own culture and you need to get a feel for that. This is when taking part in a vacation scheme or attending an open day comes in handy, but simply speaking to a firm at a law fair can help. You should read up on any deals in which the firm has been involved, its client base, and specialisms.

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Issue 2. May 2015

AN INSIGHT TO THE LLM F

ollowing graduation, the LPC isn’t the only option for aspiring lawyers. A Master of Laws (LLM) degree could boost your employability further whilst allowing you to specialise in a specific area of law. Mark Wall, Marketing & Student Recruitment Manager at Kaplan Law School gives the lowdown on the qualification.

What Is An LLM?

How Will You Study?

Why An LLM?

A Master of Laws (LLM) is an advanced law degree open to those with an undergraduate law degree, or equivalent qualification. It is generally studied in one year although some courses can take longer if you wish to study part time, due to work or other commitments. This flexibility means that there is no real ‘profile’ of an LLM student to draw upon. Some choose to study the qualification immediately after completing their undergraduate studies, while others may choose to undertake their LLM after years in employment, perhaps as a way of improving their knowledge with the aim of specialising in a particular area of practice.

It’s fair to say the main difference between an undergraduate degree and a postgraduate LLM is the amount of self-study involved. While you still attend lectures and seminars, you are expected to undertake vast amounts of pre-reading, so having a keen interest in the subject you are specialising in will definitely be an advantage when faced with an epic reading list. Contact hours may be less than on an undergraduate course but it is important to use your spare time wisely.

An LLM is a great opportunity to enhance your knowledge in a particular area of law. Graduate recruiters and training partners at law firms are looking for trainees that can hit the ground running and offer the firm insight and a fresh approach for their clients from the get go. Having specialist knowledge of an industry in which a law firm’s client base are big players is an advantage that shouldn’t be underestimated.

Whilst the common perception of the LLM may be of a purely academic pursuit; perhaps more suitable for a university lecturer or scholar rather than a commercially minded aspiring solicitor, studying an LLM that matches your interests with your ambitions can improve your employability and set you apart from other applicants in a highly competitive legal recruitment market. Suneet Sharma, a self-funding student on the Kaplan Law School LLM LPC thought long and hard about whether an LLM was right for him:

“The key for me was knowing exactly what I wanted out of the LLM before I undertook it. It quickly became clear that, for the conscientious student, the potential benefits for studying the LLM were not confined simply to academic furtherance.”

Assessment on an LLM is usually by coursework and/or dissertation, depending on what and where you choose to study. Most LLM programmes will ensure that timely feedback and support is given to their students to make sure they’re progressing.

With the above in mind, Kaplan Law School decided to team up with Nottingham Trent University to offer students an LLM Legal Practice Course (LLM LPC). As well as providing students with an internationally recognised qualification, the LLM LPC offers Kaplan Law School students the opportunity to gain invaluable practical and commercial insight ready for a successful career in legal practice. On the course, you have the opportunity to complete a project or dissertation focusing on aspects of legal practice that are of interest to you. As an LLM LPC student you also receive one to one support from a personal tutor throughout your studies and are given guidance before deciding which of the two pathways of the LLM to undertake. This assistance was vital for Suneet, who says: “discussing my options with fellow students, firms and staff was critical in helping me make an informed choice.

“Ultimately, I decided to study the LLM to pursue my interest in current affairs and their implication upon specific areas of commercial law. This ensured that the qualification would be highly relevant to my search for a training contract; I would be applying to firms that indicate strengths in similar areas.”

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What Support Is Available? Most LLM providers, being higher education institutions, will have an established careers service to offer you guidance on your options after completing your LLM. For example, Kaplan Law School offer bespoke, one-onone advice to LLM LPC students based on their individual career goals. The team is led by an ex-graduate recruiter with years of experience reviewing applications and interviewing, so they know exactly what it takes to gain a training contract. Rather than give general, remote advice, the team will sit down with you to gain a real understanding of your background and achievements and work on how this can be presented in the most effective way in any application. As well as oneon-one appointments, the team will offer mock interviews, assessment centre preparation, vacation scheme workshops and weekly Breakfast Clubs, during which there are discussions of current hot topics and the commercial side of the profession from leaders in their respective fields. It is important to remember that, whether your intention is to practice as a solicitor upon completion of your studies or you want to pursue another profession, you should be making the most of the opportunities available, such as work experience, open days and pro bono schemes. Ideally you should aim to dedicate a few hours each week to researching firms and/or the profession you’re aiming to join. This regular research won’t just improve your knowledge and appeal to potential employers, it will give you a break from the academic rigour of the course.

Issue 2. May 2015

Like what you’re reading?

BOUTIQUE LAW FIRMS W

ith a number of partners leaving firms to set up their own boutique practices, Billy Sexton looks into boutique law firms, why they exist and what benefits they offer to lawyers…

What constitutes a boutique law firm? A firm where every member of staff dresses in the latest independent fashion labels? Not quite. A boutique law firm is one that specialises in just one or a few areas of law, whereas general or full service firms work with a range of clients in various areas. There has been a proliferation of boutique firms since the economic downturn in 2008. While the recession hurt even the largest firms, boutique firms were set up by lawyers specialising in specific areas that weren’t feeling the squeeze and wanted to step out of the shadow cast by large practices. Similarly, boutique firms saw the opportunity to start litigation procedures against the financial institutions whose hands were muddied in the fallout of the global financial crisis. The Magic Circle and the like have a conflict of interest when it comes to opening litigation procedures against their highest paying clients, so they have to refer work out to either mid-sized or boutique firms with specialist knowledge. Mid-sized firms want to be welcomed into the City fold, so boutique firms happily take on the work that others sidestep. The litigation partner at a City firm may be dissuaded by other partners if they wish to represent those wishing to sue banks, FTSE 100 employers and the like. Take Signature Litigation, for example. Set up in 2012 by former Hogan Lovells partners Graham Huntley and Helen Brannigan, the firm was set up to focus on commercial and financial litigation – there was a demand for representation to be highly experienced in complex cases, Huntley and Brannigan could fit that bill. Unsurprisingly, 80 per cent of the work undertaken by Signature Litigation is litigation, and its client base is made up of investment and commercial banks, fund and asset managers, corporations and private equity firms. Boutiques aren’t just a result of conflicting interests. Maurice Turnor Gardner was set up in 2009 when Allen & Overy demerged their private client department. The firm specialises in private client law for wealthy individuals, offering immigration, real estate

There’s plenty more where that came from!

and tax planning services. The demerger resulted in redundancies, but departments may find it uneasy to tread water alongside larger corporate and finance departments. Additionally, CM Murray specialises in board room employment law, working on issues such as executive bonuses, appointments and large scale redundancy programmes. With this in mind, the benefits to the client of hiring a boutique firm are evident. Their case would be handled by a senior partner with a wealth of previous experience at an international or City firm. Billing rates may not be as steep as the £850 hourly rate (!) charged by Magic Circle partners either. Sound like your kind of gig, working at a specialist firm but still having an impressive client reel? Unfortunately, where the aspiring solicitor is concerned, there are very few training contracts on offer at boutique law firms. For instance, Cooke, Young & Keidan, which specialises in commercial and financial disputes, does not offer any training contracts due to the nature of the work it does and only seeks to hire “the very best business disputes lawyers who want to act on cutting edge cases”. On top of this, specialising at such an early stage in your career may not be advisable. Moreover, boutique firms that specialise in just one area would not legally be allowed to offer you a training contract, as the Solicitors Regulation Authority (SRA) outlines that in order to qualify you must have practical experience in “three distinct areas of English and Welsh law”. Working at a boutique firm is something that will come later in your legal career, but it’s important that you’re aware of what they can offer you: a specialism, an impressive client base and authority in a firm of just a few lawyers.

GET REGULAR COMMERCIAL INSIGHT, ANALYSIS & NEWS AT ALLABOUTLAW.CO.UK/NEWS

AllAboutLaw.co.uk

Issue 2. May 2015

Writing a law CV can be a pretty nerve-wracking task. We thought we’d help you out by showing you exactly what NOT to do! Allow us to introduce the irrepressible Brian Johnson. Check out his CV to get a good idea of what you most definitely shouldn’t be including in your training contract application.

HOW NOT TO WRITE A

Disclaimer: any resemblance to real persons, living or dead, is purely coincidental…

Brian ‘The Ambassador’ Johnson bigpimpin69@gmail.com | 07890 123 456 PROFILE

WORK EXPERIENCE

I am a dynamic law grad with

February 2015 - Work Experience @ Beyton Solicitors

July 2010 - Receptionist/Office Whipping Boy (Temp) @

a knapsack full of commercial

(Scunthorpe, UK)

Beezley Paper Supplies (Scunthorpe, UK)

‘fanny pack’ to all you American

Responsibilities included:

firms) full of passion.

- Photocopying documents, blank pieces of paper, my face etc.

- Fake smiling, filing and compiling (listed in order

awareness and a bum bag (a.k.a.

- Basking in the warm embrace of freshly-copied sheets; Here are some words which describe me perfectly: debonair,

- Drafting emails to clients, my ex-girlfriend and Roberta, the overly friendly legal secretary; - Doodling;

- Answering the phone almost every time it rang;

voluptuous, crepuscular, hard-

- Referring to myself as ‘The Shadow’;

- Reading Portnoy’s Complaint by Philip Roth;

working, hilarious.

- Attending court on two separate occasions;

- Visiting the toilet twice an hour to play Tetris;

- Napping in court on two separate occasions;

- Making excuses when invited out for ‘work drinks’ by my

I love, love, LOVE working long

- Conducting research (40% legal documents, 20%

hours and I’m ready to put

RollOnFriday, 20% BBC Sport website, 10% Twitter, 5% Kemp

my plums on the line for your

Folds Tumblr, 3% Freecycle, 2% ‘stain removal’ Google search).

abhorrent colleagues.

August 2009 to March 2010 - Burger Flipper/Chip Fryer

lovely law firm. After all, I’m

(Part-time) @ Wimpy Restaurant (Scunthorpe, UK)

incredibly keen to earn a salary which will allow me to satisfy

June 2014 to August 2014 – Bartender @ The Willows

my appetite for expensive

Health Club (Kent, UK)

trainers, Carr’s Cheese Melts

Responsibilities included: - Wearing an oddly flattering outfit;

and impromptu weekend

Responsibilities included:

- Sporting my chef’s hat at a jaunty angle;

breaks in Western Europe.

- Inadvertently pouring pints with ‘continental’ heads;

- Flipping burgers, frying chips, dousing everything with

- Flaring (unsuccessfully);

gallons of oil;

I have a law degree and I’m

- Pronouncing mojito ‘mo-jee-tao’ to annoy my boss;

packing a serious amount of

- Flirting outrageously with old women in the hunt for tips;

commercial awareness, spatial

- Massaging the egos of octogenarian men in the hunt for tips;

- Being overly liberal with the salt shaker;

awareness and self-awareness.

- Putting on a namby-pamby southern accent in the hunt for

- Feigning deafness when taking drive-thru orders;

Sort me out with a ‘Trainy C’ and you won’t be disappointed. Trust.

better tips;

- Resisting the temptation to find out exactly what they put in the milkshakes;

- Avoiding eye contact with other employees at all costs.

- Frequently seeking refuge from my tedious duties by napping in the linen closet;

EDUCATION

towels #bliss;

SKILLS & ACHIEVEMENTS

- Unsuccessfully attempting to romance Stacey Smith (a.k.a. ‘the FITNESS instructor’) in the health club’s hot tub.

September 2012 – May 2015 -

- My first word was ‘bamboozle’; - Rock (Expert), Paper (Expert), Scissors (Intermediate);

Bronsford University

- Word, Excel, Powerpoint, Paint, Minesweeper;

LLB (2:1) - Sometimes I have the

August 2013 - Vacation Scheme @ Johnson, Jammo & Big

- Facebooking, Tweeting

capacity to surprise myself.

Kev (Malaga, Spain)

- Passing the Cycling Proficiency Test with flying colours;

September 2005 – June 2012 -

Responsibilities included:

Bracklebury Grammar School

- Fostering international ‘relationships’ (wink, wink,

- Reaching the final of the UEFA Champions League with

A-levels - History (A), English

- Overfeeding the company goldfish, Mitzy;

rambunctious, judgemental,

- Burying my face in a pile of freshly-washed complimentary

LAW

of importance); - Data input;

nudge, nudge);

Literature (A), Français (B),

- Gaining plenty of ‘experience’ (wink, wink, nudge, nudge);

General Studies (U)

- Overseeing ‘mergers’ and ‘acquisitions’ (wink, wink, nudge, nudge); - ‘Liaising’ with the police on at least two occasions.

GCSEs – A mixed bag of As, Bs and Cs. March 2013 - Student Pro Bono Project @ Bronsford University (Kent, UK)

REFERENCES

Responsibilities included: - Attending three weekly meetings in a vain attempt to

Unlikely.

improve my CV; - Enjoying it immensely when our elderly supervisor pronounced it ‘pro boner’ on one occasion; - Managing to avoid actually doing anything.

AllAboutLaw.co.uk

Scunthorpe United on Football Manager; - I once managed to fit two entire packs of Trebor Extra Strong Mints in my tiny mouth.

Issue 2. May 2015

THE ULTIMATE LAW STUDENT PLAYLIST A quick flick through an aspiring lawyer’s music library may reveal more about them than first meets the eye. From emotive guitar shredding to cheesy pop, the songs they listen to expose the inevitable ups and downs of the journey to qualification.

We asked music blogger and law student Hannah Evans to compile her ultimate law student playlist, counting down the tracks that she feels define a law student’s experiences. Do you agree with her choices? Does Linkin Park’s ‘Numb’ encapsulate Tort Law? What tunes would you include on your ultimate law playlist?

FIRST YEAR

PUPILLAGE

As the naïve first-year lawyer takes their seat in the first lecture of their academic career, the realisation dawns that things will never be quite the same again. The minor key is suitably ominous.

The graduate strives for acceptance by members of the legal profession and searches for their identity at numerous chambers whilst trying on wigs and gowns for size.

TORT LAW

VACATION SCHEME

Learning the ins and outs of negligence and personal injury numbs the pliable young lawyer’s mind as they lose sight of “right” and “wrong”. The cognitive void is filled with guitar riffs and the voice of Chester Bennington.

The pressure to stand out in a crowd has never been greater, as each person competes to impress law firms. Won’t the real trainee solicitor please stand up?

‘Never Be The Same Again’ – Melanie C

‘Numb’ – Linkin Park

CRIMINAL LAW ‘Roxanne’ – The Police

The young lawyer begins to understand precisely why the police would give Roxanne such advice.

‘Only Girl In The World’ – Rihanna

‘Slim Shady’ – Eminem

FINAL YEAR

‘Survivor’ – Destiny’s Child Making it through a law degree is tough. It’s been long, it’s been hard, but the end is always in sight. Don’t fall at the final hurdle; always remember… You’re a survivor. You’re going to make it. You’re going to survive and keep on surviving!

EXAMS

‘Bonkers’ – Dizzee Rascal “I wake up just to go back to sleep” takes on a new meaning for the law student, the hours quickly escaping them as the examination period draws ever closer. A “heavy bass line” is preferable at this stage. It’s their “kind of silence” to be favoured over that of the library or exams hall.

TRAINING CONTRACT ‘Don’t Stop Believin’ – Journey

There will be tears, there will be stressful times, there will be rejections and there will definitely be a lot of pre-interview nerves. However, “Don’t stop believin’ (in your ability to get a training contract), hold on to the feelin’ (of wanting to be a top City lawyer)”.

LPC/GDL

‘Don’t Look Back In Anger’ – Oasis The weary graduate commits themself to yet more studying and wonders what they’ve done for the past few years of their life to lead them to this. As their “soul slides away”, they may take to playing Pachelbel’s Canon in D, which shares the same chord sequence, as a cry for help.

AllAboutLaw.co.uk

QUALIFICATION

‘The Show Must Go On’ – Queen The training contract may have come to an end and you’ve qualified as a solicitor! However, your journey in law has only just begun and indeed, The Show Must Go On!