Commercial Law Guide 2014/15 by UBLC

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C O M M E R C I A L L AW G U I D E

F I R S T

E D I T I O N

Contents

Commercial Law Guide

PREFACE

THE ROLE OF A COMMERCIAL LAWYER

THE DIFFERENT TYPES OF LAW FIRMS

THE COMMERCIAL LAW GUIDE

A CONCISE GUIDE TO COMMERCIAL LAW - THE INDUSTRY, THE FIRMS, THE CAREER If you want to learn more, dive in...

PRACTICE AREAS

BECOMING A LAWYER

APPLICATION ADVICE

COMMERCIAL AWARENESS

MAKING USE OF THE LAW CLUB

RESOURCES

COMMERCIAL LAW JARGON

ARTICLES FOR NON-LAW STUDENTS

KEY APPLICATION DATESS

THE UNIVERSITY CAREERS SERVICES

PUBLISHED by University of Bristol Law Club October 2014 WRITTEN by Calvin Yang Abdur-Razzaq Ahmed (Non-law) DESIGNED by Calvin Yang (Content) Abdur-Razzaq Ahmed (Cover)

IMAGES

Page 1: Page 4: Page 9: Page 10: Page 13: Page 14: Page 19: Page 20: Page 21: Page 26: Page 27: Page 29: Page 30: Back Cover:

Jim Nix /Flickr Flazingo Photos/Flickr Rafael Aleixo/Flickr Images Money/Flickr Berts @idar/Flickr Timothy McCormack/Flickr Jonathan Mueller/Flickr Flazingo Photos/Flickr Gareth/Flickr poolie/Flickr Loco Steve/Flickr Wade M/Flickr Moyan Brenn/Flickr craig Cloutier/Flickr reynermedia/Flickr Lucy Hill/Flickr

Preface

Commercial Law Guide

PREFACE

first thought of writing an introductory guide to commercial law when I reflected on my own experiences in learning about the industry and going through the application and assessment process. For aspiring solicitors, the life of a law student is a hectic one. You have to juggle between extracurriculars, studies and applications, earlier than students from any other discipline. Thinking about a career in commercial law can be difficult and stressful without a go-to place for even basic, introductory information. Although you can gather information from law firm workshops and from speaking to friends and seniors, these sources are scattered and it can be difficult trying to make sense of all these information in your head. My first attempts at applying to law firms (for campus brand manager roles) were met with failures because I did not have sufficient knowledge about the industry and the assessment process. This is where this guide comes in. Its purpose is to provide introductory yet insightful information on various aspects of commercial law and the application process to set students (both law and nonlaw) off in the right direction. It aims to be comprehensive in terms of breadth, covering information from the working life of a lawyer to advice on applications and the current status of the legal market. Completing this guide from scratch was not a simple process. It was difficult choosing the relevant information and organising it in a clear, coherent manner. At a length of three-and-a-half law courseworks, the result is longer than I initially expected. However, writing it was definitely more interesting than writing a law and state essay! The content mostly originates from my own experience in applying and completing vacation schemes, and speaking to both people in the profession and knowledgeable friends. Certain specific, technical points are adopted and adapted from the sources I have listed in the â&#x20AC;&#x2DC;Resourcesâ&#x20AC;&#x2122; section. As much as I want the information in the guide to be objective, certain perspectives and advices are tainted by my own experiences. Hence, this guide should serve only as a starting point for you and you should definitely do your own research to further your knowledge. I hope that you will find this guide informative and that it will help you in choosing whether or not to go into commercial law. If you do choose this career path, hopefully this guide will be practical and useful to you in achieving your aims and goals. I wish you every success in your studies and your future career. Best wishes, Calvin Yang UBLC Careers Secretary, future trainee solicitor at Clifford Chance LLP

Special thanks to Caroline Chew and Chris Webb for reviewing the content of this Guide.

The Role of a Commercial Lawyer Commercial Law Guide

WHAT DO COMMERCIAL LAWYERS DO?

roadly speaking, commercial law firms provide a comprehensive range of legal services to a wide variety of clients. Solicitors in such law firms generally specialise in a particular practice area (e.g. corporate, finance, dispute resolution), perhaps in a particular sector (e.g. consumer products, energy, public sector, real estate).

What does the role involve? The actual work that a commercial lawyer does can vary greatly according to different practice areas. However, in general, it will involve the following:

Being a good time and project manager

Working with clients and other legal counsels

Dealing with complex documents

As a trainee, you will be inundated with all types of work given to you by different senior lawyers. The level of responsibility increases as you move up the career ladder in a law firm. Imagine receiving and dealing with hundreds of emails, attending numerous conference meetings and calls, and doing substantive work for multiple deals, all in one day! You will have to be excellent in managing your time and prioritising your work. In addition, you will need to be very efficient in everything you do, and always be prepared for a new time-sensitive matter to land in your in-tray at any point of the day.

Other than working with your fellow lawyers, you will also be working with people outside your firm â&#x20AC;&#x201C; your clients and the legal counsels of different parties to a transaction or a dispute. Broadly speaking, the more senior you are, the more client contact you will have. Senior lawyers also engage in business development, which involves building long-term relationships with clients so that they will return to you with new cases and deals.

As a lawyer, you will be expected to make sense of complex legal documents. A good commercial lawyer can cut through the legal jargon and present it to clients in a clear and concise manner. Furthermore, you may have to draft, amend and proofread many documents. Commercial transactions may require hundreds of documents, each ranging from a single page to over a hundred pages in length. Massive litigation cases can involve documents in the millions (including both legal and non-legal documents)!

The Role of a Commercial Lawyer Commercial Law Guide

The three main categories of work The practice areas in commercial law firms can generally be separated into three categories: (1) transactional, (2) contentious, and (3) advisory.

Transactional

Transactional work usually involves two or more parties collaborating together to complete a transaction, be it making an acquisition (corporate), borrowing from a bank (finance) or issuing bonds (capital markets). The workload in these practice areas can vary enormously, peaking just before the closing of a transaction and hitting a low shortly after a closing.

Contentious

Contentious work refers to work involving disputes between parties. This can include dispute resolution (litigation and arbitration etc.) and a portion of the work in the intellectual property, employment, competition and tax practice areas. As is with the workload in transactional work, there are peaks and troughs, although the degree of fluctuation is much lower.

Advisory

Advisory work, as the name suggests, is providing advice to corporations regarding their day-to-day running of the business. The main aim is to ensure that the clientsâ&#x20AC;&#x2122; business plans and actions are complying with the law. This category of work generally includes tax, employment, intellectual property and competition law.

A low down on the job - the perks and the downsides THE PERKS The money - the pay is good, even as a trainee. Your salary as a graduate will generally be second

only to that of those working in certain financial institutions such as investment banks. Even after making deductions for income tax, rent, transport and other living costs, you will still have a comfortable sum to live with (within reason).

Working with other people - the hours may be long, but it is much better when you have

colleagues accompanying you (as opposed to the collegiate environment working as a barrister). You will have supervisors supporting you with advice, and fellow trainees/associates will be working on the same transaction/deal with you. With your supervisors putting in the hours alongside you, you will never be slaving away alone at 2am!

Challenging work - as a solicitor, it is unlikely that you will ever be good enough (sadly) to breeze

through your work. Depending on the practice area you are working in, every transaction/case may well be very different from the last. This leaves plenty of room for adapting your skill set to a vast set of circumstances. With such intellectually stimulating work, there will always be something new to get involved with.

International work - if you work in an international law firm (firms with overseas offices or partnership firms), chances are that you will be working on transactions/cases involving multiple jurisdictions. If you are lucky, you may even get to travel abroad, although few solicitors seem to have done any sightseeing at all. The usual itinerary involves going from the airport to meetings and conferences and back again. Also, you probably will not be travelling in business class until you are at least a senior associate! 5

The Role of a Commercial Lawyer Commercial Law Guide

THE DOWNSIDE The hours - it goes without saying that you cannot expect to work from nine-to-five (9am to 5am

maybe?) as a commercial lawyer. The hours will depend on the department (transactional departments are usually the busiest) and the type of firm (the Magic Circle and US firms are known to have the longest hours). So if you were a finance lawyer in one of those firms, leaving before 11pm would be considered early! However, in general there is no face-time culture in law firms (unlike investment banks), which means that if you have no work on your hands, leaving early is not a problem at all. Here are some statistics for the working hours at different types of law firms:

The stress - how can a great job not come without a little pressure? The stress mainly comes from the long working hours and the desire to maintain a work-life balance. Trying to meet the annual billing targets and avoid making mistakes in transactions/cases that are worth billions may also contribute to the stress level. However, seeing your deals reported in the mainstream financial press can sometimes be ample reward for the high stakes involved. Below are some statistics as to the key causes of stress as a lawyer:

Next, we take a look at the different types of law firms. â&#x2013; 6

The Different Types of Law Firms Commercial Law Guide

THE DIFFERENT TYPES OF LAW FIRMS

here is no standard method for classifying law firms. They can be differentiated from one another by the type ofworktheydoorspecialisein,thequalityoftheirwork,andthelocationsoftheirinternationaloffices(ifany). Other statistical measures are the number of lawyers, the annual revenue of the firm, and the profit per equity partner (PEP). Below is a traditional and simplistic model of classifying firms:

MAGIC CIRCLE The Magic Circle consists of five law firms – Allen & Overy, Clifford Chance, Linklaters, Freshfields and Slaughter and May. They all share highly similar traits: • their history can be traced at least a century back; • they have revenues of at least £1 billion (except for Slaughter and May); • they have PEPs of over £1 million; and • they have uniformly excellent performances in many practice areas (more tier one Chambers UK rankings than other firms). These firms are widely considered to be the most prestigious, taking on about 100 trainees each year. Their revenues are largely driven by corporate and finance work.

SILVER CIRCLE Traditionally, these firms are Herbert Smith Freehills, Ashurst, Berwin Leighton Paisner, King & Wood Mallesons (previously SJ Berwin), Macfarlanes and Travers Smith. These firms are predominantly London-centric but have many international offices (except for Travers Smith) and have PEPs and revenues that are higher than the UK average. However, due to the myriad mergers between UK firms and non-UK firms throughout the industry in recent years, the difference between the Silver Circle firms and the other UK firms is diminishing.

UK INTERNATIONAL FIRMS Prominent examples include: CMS Cameron McKenna, Dentons, DLA Piper, Field Fisher Waterhouse, Hogan Lovells, Norton Rose Fulbright, Simmons & Simmons, Taylor Wessing. These firms have international offices but are usually smaller in size than the Silver Circle firms. However, some firms (notably Norton Rose Fulbright, Hogan Lovells, DLA Piper) have risen to great heights after undergoing major mergers in recent years.

UK NATIONAL/REGIONAL Examples: Burges Salmon, Nabarro, Osborne Clarke, Pinsent Masons, Reed Smith. National firms usually have more than one office in the UK and have their headquarters outside London. Regional firms tend to have only one office in their home cities. The work done by these firms are, naturally, at a national level. They also tend to have relatively smaller corporate and finance departments and specialise in a few ‘niche’ areas of law.

US LAW FIRMS Examples: Cleary Gottlieb Steen & Hamiltons, Davis Polk, Latham & Watkins, Shearman & Sterling, White & Case. The US firms have a reputation for being stressful and intense – in terms of both the working hours and the culture. The upside is that the pay is much higher (depending on the firm) than that at UK/international firms. Some firms pay up to 50% more (at a whopping £100,000 a year) than Magic Circle firms for Newly Qualified (NQ) lawyers. ■ 7

Careers in law

The best of all worlds. All inbest oneofplace. The all worlds. All in one place.

Working with international offices should feel seamless. Yet not every firm works this way. Even fewer do it with the strong sense Workingculture with international offices should Yet not at of shared and collaboration thatfeel weseamless. have fostered every firm works way. Even fewercomplex, do it with the strong sense Hogan Lovells. Wethis routinely tackle high profile of shared culture and collaboration that we have fostered at cross-border deals; but we always tackle them as one. Hogan Lovells. We routinely tackle complex, high profile cross-border deals; but we always tackle them as one.

Thatâ&#x20AC;&#x2122;s why for us, and your career, this is the best of all worlds. Thatâ&#x20AC;&#x2122;s why for us, and your career, this is the best of all worlds. www.hoganlovells.com/graduates www.hoganlovells.com/graduates

Practice Areas

Commercial Law Guide

PRACTICE AREAS IN COMMERCIAL LAW

he classification of practice areas for each law firm may be different. For example, capital markets is a standalone practice area in some firms while in others, equity capital markets is under corporate and debt capital markets is under banking & finance. Tax, employment and pensions may be a single practice in some firms, and they may be entirely separate in others. Below are short introductions to the different practice areas. Note that this is only for the purpose of giving you a broad overview of what different commercial lawyers do. You are not expected to know which practice area you want to work in until you are at least halfway through a training contract.

CORPORATE Corporate lawyers advise companies on significant transactions, such as mergers and the acquisitions of other companies. In acquisitions, a law firm can act for the bidder (the acquirer) or the target (the company to be acquired). In the process, the lawyers have to set up legal structures for their clients and prepare the required legal documents for the transactions. The lawyers also help to ensure that the clients’ activities are in compliance with the companies’ own constitutional documents. Due to the complexity of such certain corporate transactions, corporate lawyers will need support from other lawyers, such as those in tax, real estate, finance and/or litigation departments. Therefore, their jobs may involve coordinating other lawyers with regards to the transactions.

FINANCE Banking and Finance are usually within the same practice area but are of a slightly different nature. Banking involves companies taking loans from banks for general business purposes (i.e. the day-to-day running of the business). Finance also involves companies taking loans, but for a specific purpose. It could be to fund: • the acquisition of another company (acquisition finance); • the purchase of a large asset, such as aeroplanes, ships and oil rigs (asset finance); • infrastructure projects such as the building of wind farms and power plants (project finance); or • the restructuring of a company due to financial difficulties (restructuring/insolvency). Finance lawyers may work for both the lenders (the banks) and borrowers. However, the larger firms tend to act for the banks. Unsurprisingly, the lawyers will be drafting all the required documents, such as the loan/facility agreement.

CAPITAL MARKETS Capital markets can be split into two parts – equity capital markets and debt capital markets. As mentioned above, the former can be placed under corporate and the latter under finance. Both involve raising capital for the company but the products issued are different in each case. Equity capital markets concerns raising capital through the sale of shares, which is termed as an initial public offering (IPO). Debt capital markets also involves raising capital, but bonds are issued instead. Both the shares and bonds may be offered exclusively to institutional investors or to both institutional investors and the public. Lawyers will work with both investment banks (also the underwriters) and accountants to conduct the transactions, with the lawyers responsible for the majority of the legal documents and, most importantly, the prospectus. 9

Practice Areas

Commercial Law Guide

DISPUTE RESOLUTION Dispute resolution is a collective term that encompasses various methods of resolving business-related disputes. The main procedures that commercial lawyers are concerned with are litigation, arbitration and mediation. Litigation is where a case is taken to court and a final verdict is to be reached by a judge. Arbitration is slightly less formal and usually involves tribunals, where a decision is reached by an independent arbitrator. The work in disputes resolution is contentious and adversarial in nature. There is always a party on the opposite side and so a lawyer must be able to navigate confrontation. Cases in disputes resolution generally last much longer than transactions – usually a few years. They also follow court timetables and hence the work is more predictable, and lawyers will experience less fluctuation in hours.

REAL ESTATE Real estate involves a wide range of work, which includes advising corporate institutions, property developers and institutional investors on the development, acquisition, leasing and disposal of commercial, industrial and retail properties. Lawyers like the work because it involves ‘tangible’ assets, as opposed to shares and bonds, which are more elusive. The diversity in the types of properties and clients makes the work interesting. There will also be opportunities to visit the physical property and make contact with clients. The hours are known to be predictable.

INTELLECTUAL PROPERTY Intellectual property (IP) lawyers advise on the legal protection of IP rights, which include mainly patents, copyright, trademarks and design rights. The practice can be advisory, transactional (e.g. as part of an acquisition of a company) or litigious. A significant proportion of IP lawyers have completed a science degree, as IP law can be highly technical in nature. The practice is also very diverse as clients can range from fashion designers to pharmaceutical companies.

COMPETITION Competition law is about regulating the markets to make sure no company is abusing its market power. The transactional and advisory parts of the work are ensuring that client companies comply with the competition regulations. This may involve advising companies on clearance for mergers and acquisitions or providing general advice on regulated sectors. Another part of the work is contentious, whereby the lawyers advise complainants, defendants or the competition regulators on infringement investigations and litigation. As UK’s competition law is partly based on EU treaties and many corporate transactions involve multiple European countries, there is a substantial amount of EU law involved in the competition practice.

TAX, EMPLOYMENT AND PENSIONS These are considered to be ‘niche’ areas of commercial law. Again, the work can be transactional, advisory and contentious. In transactional work, lawyers in these practices play a supporting function in transactions such as mergers and acquisitions. The work tends to be very technical. Tax entails creating tax-efficient structures for companies in their endeavours whilst employment and pensions involve companies’ employment contracts and pension schemes. ■ 10

Becoming a Lawyer Commercial Law Guide

BECOMING A LAWYER YOUR PATH FROM STUDYING LAW TO WORKING AT A LAW FIRM

First Year

Penultimate Year

Graduation

Completion of the LPC

Final Year

Apply for vacation schemes Apply for vacation schemes Apply for and attend open (Oct - Jan) and/or training contracts (if has days and insight workshops Apply for training contracts yet to obtain one) Gather some legal/non-legal Apply for the LPC work experience over summer in the summer (Jun - Jul)

Completion of Start the two-year training Training Contract

Start the LPC immediately, or contract take a gap year

Newly-Qualified solicitor!

the (NQ)

FIRST AND SECOND YEARS

our first year and second years are without doubt the most crucial part of the process.

In your first year, you need to build up a good profile - by achieving good grades (2:1) and engaging in extra-curricular activities and work experiences. In your second year, you will need to balance your time between studying and making applications for vacation schemes. During the summer after you have received your second year grades, you will need to make applications for training contracts. Below is an introduction to opportunities offered by law firms and the LPC.

FIRST YEAR OPEN DAYS AND INSIGHT WORKSHOPS Open days (or insight days/workshops) allow you to spend a day or two in a law firmâ&#x20AC;&#x2122;s office. You will get the opportunity to speak to different members of the firm, from the graduate recruitment team to trainees and senior lawyers. They are available for all students, but are mainly targeted at first year students. You will usually get an office tour, presentations and case studies about what the firm does, and information about the application process. Most importantly, you will gain a sense of the culture of the firm and be able to decide whether the firm is right for you. Attendees thus get a slight edge when making further applications to the firm for vacation schemes and training contracts! Nick Queffurus and Faith Wylde share their interesting experiences applying for and attending open and insight days on the next page. 11

Becoming a Lawyer Commercial Law Guide

Nick Queffurus - attended an insight day at DLA Piper (London) In July 2014 I attended an insight day at DLA Piper’s London office. The application form was, in the main, very similar to the forms used by most of the other big law firms. However, the questions specific to DLA Piper covered achievements in the last academic year and what could be gained by attending this event. There were about thirty first year law students at the event, three of whom were from Bristol. Lord Tim Clement-Jones, the London Managing Partner, kicked off the day by welcoming us and introducing the firm. Later, we took part in an activity that resembled speed dating: trainees from different departments, in rotation, came to our table and discussed what their jobs entailed and their experiences at the firm. I found this to be the best part of the day as some of the more esoteric practice areas were explained and we heard a frank account of what it is like to work at the firm. The impression I got was that the firm was very similar to the other top firms in terms of the clients it acts for and the work it does, but its culture seemed a bit different. Here, there seemed to be more of an open-door policy and the atmosphere seemed a little more relaxed. Lunchtime provided a good opportunity to network and speak directly to members of the graduate recruitment team. After lunch, there was an interactive session that involved pitching a pro bono project to the floor. This required us to decide which kind of project would match the firm’s ethos and capabilities best. It was a good experience as we had to argue our position in front of a room full of people and we were judged by members of the firm. Finally we were taken through the application process for vacation schemes and training contracts. This was very useful as we could ask for advice and clarification about the process from those who actually assess the applicants. Faith Wylde - attended open days at Burges Salmon, Clifford Chance and Hogan Lovells The application process for open days consists of sending a copy of your CV to the firm as well as completing competency questions online where you provide examples of leadership, achievements and explanations of why your characteristics would suit the firm you are applying to. Other additional questions may include: (i) a short paragraph explaining which area of commercial law interests you; (ii) which recent commercial news interests you and why; or (iii) why you want to work as a solicitor in a commercial firm. The word count for these questions tends to be between 200 and 300 words. Open days do not require interviews or assessment centres. However, the negotiation activities you partake in may be viewed as a mini-assessment! Most open days start with talks by partners of the firm giving you an insight into the firm’s clients and culture. Negotiation activities, lunch and a tour of the firm follow, as well as networking with trainees. Take the opportunity to ask the trainees any questions you may have (no question is too silly) as this is where you will get the most authentic insight into firm. It is incredibly important to attend open days because commercial law firms all do similar business but each has a different ‘feel’ and you need to see which type of environment appeals to you most. The Burges Salmon Insight Day was my most enjoyable as we were in groups of five for the entire day, meaning that the talks from partners of different departments were much more intimate. In addition, the negotiation activity was different to those of Clifford Chance and Hogan Lovells. Each individual was given a different argument to propose to the group about how best to spend £1m of a fictional firm, whereas at Clifford Chance and Hogan Lovells, we negotiated in pairs on a contractual point and had to come to an agreement within a limited time. At Hogan Lovells, partner Chris Stoakes’ informed talk on the different types of financial markets was incredibly useful as he simplified complex commercial concepts, which can often be quite daunting.

Becoming a Lawyer Commercial Law Guide

VACATION SCHEMES Vacation schemes (known colloquially “vac schemes”) are the law firms’ version of internships. They are the best ways to learn about the working life of a solicitor in a commercial law firm because you will get to work on real transactions/cases. The duration of vacation schemes typically range from two to four weeks. Some firms even offer opportunities to spend fully funded (flight + accommodation) international vacation schemes where students can spend a couple of weeks in their overseas office. As you might have heard, the competition for vacation schemes is legendary. It is even fiercer than that for training contracts, because there are fewer places and some students take on multiple vacation schemes. Vacation schemes serve a few main purposes – they allow you to: •

find out if a career in commercial law is for you;

•

ascertain the type of work and firm that is for you;

•

give your CV a major boost;

•

meet new friends and contacts from different universities in the UK and around the world; and most importantly

•

fast-track yourself into getting a training contract from that particular firm

Making applications for vacation schemes is a tedious, painful and yet crucial task for second year law students. Information on applying will be covered in the ‘Application Advice’ section.

LPC The Legal Practice Course (LPC) is the vocational stage of training that you must complete before undertaking a training contract. It provides you with further legal knowledge and practical skills such as drafting documents. The length of the course is usually nine months of full time study. However, some firms offer accelerated LPCs that take only seven months to complete. If you have accepted a firm’s training contract offer before taking the LPC, the firm will usually sponsor the full cost of the LPC (~£14,000) and provide you with a maintenance grant (~£7,000).

TRAINING CONTRACTS You will spend two years as a trainee in a training contract (colloquially “TCs”) before qualifying as a solicitor. During the two years, you will do some classroom training (known as the Professional Skills Course) but most of your time will be spent working on transactions and cases in the office. You will usually spend time in four departments (known as “seats”), experiencing work in different practice areas. The Solicitors Regulation Authority’s (SRA) regulations require you to complete at least one contentious and one non-contentious seat. Most firms also provide opportunities for trainees to go on international secondments in their overseas offices and client secondments with particular clients, usually large corporations or financial institutions. ■

Dentons. The new Global Elite law firm created by Salans, FMC and SNR Denton.* Join Dentons and you will launch your career in a fast-paced, dynamic global firm. Join Dentons and you will have access to the calibre of training, support and practical experience that leads to success. Join Dentons and you will be given all the responsibility you can handle, right from the start. Interested? Learn more and apply at dentons.com/uk-graduates

* Acritas Global Elite Law Firm Brand Index 2013. ÂŠ 2014 Dentons. Dentons is a global legal practice providing services worldwide through its member firms and affiliates. Please see dentons.com for Legal Notices.

27247-BLC Commercial Awareness Guide - grad rec advert.indd 1

04/09/2014 10:5

My relationship with Norton Rose Fulbright started when I became their university manager during my third year at university. But it was when I came here for some work experience that I knew it was the place for me. I was so impressed by how willing the senior people were to help, and the international work really appealed. So far, my work has included a hydroelectric plant in Albania, a wind project in South Africa and the listing of a Middle Eastern cement company. Every project has taught me something new. And Iâ&#x20AC;&#x2122;ve been given more involvement and responsibility every time. Sam Bamford Trainee, University of Bristol alumni

For more information about opportunities at Norton Rose Fulbright, please see our website nortonrosefulbrightgraduates.com

Progress with purpose

Application Advice Commercial Law Guide

MAKING APPLICATIONS WHAT DO LAW FIRMS LOOK OUT FOR?

lanning ahead for your future applications, you need to know what will make you an attractive candidate to law firms. It is only when you know the criteria that you will be able to work out what to aim for and what extra-curricular activities are most beneficial. Being prepared well in advance is the key to excelling in any application process.

Grades There is no doubt that law firms are looking for candidates with strong grades. Scraping a 2:1 (but not any lower) may be enough for some firms, but many firms have higher requirements. As a guideline, a mid-2:1 with one or no 2:2 individual unit will be enough to meet the requirements of most law firms comfortably. However a high 2:1 and above is usually necessary for you to get a good chance at US firms. There are no hard and fast rules as to grades and low grades can often be mitigated by exceptional extracurricular activities. It would also be in your favour that your grades remain relatively consistent across your units.

Extra-curricular activities and competencies Each firm has its own list of ‘competencies’, i.e. the qualities in students that they are looking for. Most law firms look for the same qualities, but name them differently. Below is a short list of the key qualities: • teamwork • leading and managing • communication/ interpersonal skills • problem solving/ analytical skills • conflict solving/management • business awareness/ commercial mind • determination and drive • attention to detail These competencies are generally available on the firms’ graduate recruitment websites. When reviewing applications, the graduate recruitment team will look for those qualities and ‘tick boxes’. When choosing extra-curricular activities, the guideline is: do and excel in what you do as much as possible. Of course, ‘as possible’ means that you should not compromise your grades. Law-related and/or leadership positions are added bonuses. You might want to think about how your activities relate to the different competencies that law firms are looking for.

CHOOSING FIRMS When it is time to make applications, the starting point is to choose the firms you want to work for. To narrow the scope, you should think about and find out whether you would like to work in a large, international firm or a mid-sized national firm. Once you have your mind set on a particular type, get to know as much about those firms within your scope of interest as possible. Law firms’ websites and brochures are all largely similar and use the same adjectives. A better way would be to speak to law firms’ representatives at firm presentations and the law fair. The best method would be to attend as many open days at law firms’ offices as possible. 15

Application Advice Commercial Law Guide

MAKING APPLICATIONS Once you have some firms in mind, you will need to decide how many firms to apply to for vacation schemes or training contracts. There is no optimal number, but 5-10 applications would be a sensible number. Applying to more than 10 firms is possible, but the quality of each application must not be compromised. Quality is always more important than quantity. Each application must be tailored to the corresponding law firm. Application for vacation schemes is always more competitive than that for training contracts. This is because there are on the whole fewer vacation scheme places available, and some students will take two or more places.

RESEARCHING FIRMS As mentioned above, attending open days and speaking to representatives of law firms are great ways of learning about different firms. However, they do not provide a full picture. Online resources are incredibly useful, and should be used to complement direct contact with law firms. The following resources are highly recommended:

Student Chambers Guide: The True Picture This is by far the best resource, providing a truthful and insightful lowdown on each law firm. In addition to the lengthy main passages, the guide also provides key statistics and the Chambers UK Rankings of each of the firm’s practice areas. The Rankings are particularly useful if you are especially interested in a particular practice area and wish to apply to firms that are excellent (Band 1) in that area. For most law firms, there is an additional ‘Bonus Features’ section that you can find on the left bar. This section provides you with application and assessment tips and advice for a particular firm. It may also cover the history and international aspect of the firm.

Roll on Friday This is the infamous law firm gossip website which all lawyers read (whether they admit it or not). Its ‘Inside Info’ section, despite being not very helpful in writing applications, definitely makes an informative and interesting read. Statistics such as salary and benefits are listed. The most interesting statistics can be found in its ‘UK Firm of the Year’ table, where criteria such as pay, work/life, social life and even toilets and biscuits for each law firm are scored. Though the numbers do reflect the truth to some extent, you should not base your choice of firms solely on them.

Law firm graduate recruitment websites They are not the most interesting websites to read, but law firms tend to market their strengths on their websites. If you can spot what the firms are most proud of, that information will be useful when it comes to writing applications. The websites also give you a good idea of how international the law firm is and the areas they practice in. You will also be able to find recent news about the firms and recent deals that the firms have been working on.

FILLING IN THE APPLICATION FORM This is probably the most vexing part of the application process. The majority of UK firms (with the notable exception of Slaughter and May) will require you to submit an online application form where you need to fill in, amongst other things, your past grades, work experience, extra-curricular activities and, the worst of all, ‘application questions’. For most sections, you can use the same information. However, it is the ‘application questions’ that will require you to do research and tailor your answers to each firm. Inevitably, you will be asked to explain your motivation for wanting to be a solicitor in commercial law and your reasons for applying to that particular firm. Ideally, you should come up with three reasons (that are not applicable to most law firms) as to why you wish to apply to that firm. 16

Application Advice Commercial Law Guide

There will be approximately three other application questions to answer, and they are different for every firm. Examples include questions about: a current economic issue that you are interested in; a recent challenge that you have faced; and a time when you have worked with others as part of a team. Some firms will have a list of ‘core competencies’ that can be found on their graduate recruitment site. Incorporate those competencies into your application form (work experience and extra-curricular activities) where possible.

CV AND COVER LETTER Most US firms (and Slaughter and May) will require a CV and covering letter for their applications. You will still need to fill in an online application form, but generally ‘application questions’ are not included. You CV should not exceed two pages and you should make the most out of the available space. There are no guidelines for cover letters, but three-quarters to a full page will be a sensible length. You may want to structure the content in the following manner: • First paragraph: your (~three) reasons for pursuing a career in commercial law (refer to the perks of the job section on page [5] for inspirations) • Second paragraph: your (~three) reasons for choosing the firm • Last paragraph: a summary of your traits and why the firm should choose you Do note that your cover letter will need to be in a proper letter format. A good guide for formatting your CV and cover letter can be found in The Gateway newspaper’s Application Toolkit. *Do remember to check your applications over a few times before submitting. It will be useful to get a friend to check it for you. Any applications with spelling (such as with the name of the firm) or grammatical errors will not be considered further. As most law firms recruit on a rolling basis, submit your application as soon as possible, ideally within the first two-thirds of the application period (before Christmas for summer vacation scheme applications).

ASSESSMENT INTERVIEWS

CENTRES

AND

If you are invited to an assessment centre or an interview, you are well on the way to being made an offer. Most US firms only conduct interviews, but many UK firms have full assessment days. A typical assessment day may include a combination of any of the following: an interview with one or two partners, an interview with a member of the graduate recruitment team, a written exercise, a group exercise and a case study exercise. There are two different types of interviews – competency-based interviews and case study interviews (part of the case study exercise). Competency-based interviews centre on ‘core competencies’ of law firms, with questions such as “tell me of a time when you have demonstrated teamwork/communication skills/analytical skills/commercial awareness.” Competency interviews are easy to prepare for in advance while case study interviews require a genuine ‘commercial awareness’. For more information on ‘commercial awareness’, please refer to page [19]. 17

Application Advice Commercial Law Guide

BRISTOL STUDENTS IN LAW FIRMS - THE STATISTICS Here are some encouraging statistics of the number of Bristol students training in large commercial law firms:

Source: Chambers Student

As you can see, the University of Bristol is near the top when it comes to the number of students working in commercial law firms in the UK.

Source: Chambers Student

The UBLC will be holding a workshop in late November/ early December on applications, assessment centres and interviews. It will provide more information and advice on succeeding in the application process. The links to the resources mentioned on this section can be found in the list of resources on page [24]. â&#x2013;

Commercial Awareness Commercial Law Guide

COMMERCIAL AWARENESS WHAT IS COMMERCIAL AWARENESS?

‘

Commercial awareness’ is an arcane, cryptic, enigmatic, nebulous and obscure term. Law firms dislike the term so much that they often rephrase it as ‘business awareness’, or ‘commercial curiosity’ or having a ‘commercial mind’ etc. The key thing that law firms are looking for is a genuine interest in the business world, and this needs to be evidenced by substantial knowledge about current affairs and how the business and legal worlds function. This knowledge cannot be picked up overnight and requires long-term dedication to reading the news and learning the financial terms and concepts. This guide cannot help in this respect but can provide you with a general account of how ‘commercial awareness’ is tested and give you some introductory information that will be useful in the application process. Do note that this information alone is not sufficient and you should use it merely as a starting point to develop your knowledge further.

HOW COMMERCIAL AWARENESS IS TESTED ‘Application questions’ and interviews with the graduate recruitment team Certain application forms will require you to answer a question on a piece of recent economic/business/ current affairs news that you have followed and state why you are interested in that issue and how that issue may affect the law firm. Interviews with the graduate recruitment team usually involve one such question asked in a similar fashion, albeit in less depth. These questions can be prepared for in advance, and you should always be prepared to discuss at least one or two news issues before you go for an interview. In preparation, you should skim through the Financial Times (FT) or Economist for news articles that you have a genuine interest in. Following that, look up the key terms or companies involved in those articles in the search bar in the FT online page – there will be a list of related archived articles that are relevant to the topic. Read up all the articles that are dated up to a few months back and look up any financial terms that are foreign to you on Investopedia. By the time you are done with the reading, you should be sufficiently knowledgeable to discuss those news/issues. Most economic activities will have an impact on at least one particular sector or practice area of a law firm’s business, and it is up to you to draw the link between them.

Case-study interviews and interviews with partners These interviews are more difficult to prepare for, and a wide scope of knowledge could be tested. Most questions will centre on (i) the types of lawyers (i.e. lawyers belonging to which practice areas) that will be needed for an acquisition of a company or asset; or (ii) your views on recent headlines (e.g. sanctions on Russia, fines and regulations imposed on banks). Questions that fall into the latter category will obviously require you to keep up-to-date with current affairs. However, the questions belonging to the former can be prepared easily. A video titled “The Anatomy of a Deal” produced by Allen & Overy (see ‘Resources’ section on page [ ]) will provide you with a good understanding of how transactions are completed. In addition to learning from the video, it will be useful for you to understand the different practice areas and the different types of legal work (see ‘Practice areas’ section). 19

Commercial Awareness Commercial Law Guide

Group exercises A significant proportion of firms conduct group exercises and they can be an indirect test of your commercial knowledge. Whilst it is possible to breeze through a group exercise with ‘common sense’ with regards to business strategies, you will impress more if you can bring in your own knowledge of the ‘real’ commercial world. For example, many group exercises involve emerging economies and it will be incredibly useful if you can cite trends and statistics of the markets of those countries. Again, you need to take the initiative to keep up with the headlines. As you would know by now, The Economist and Financial Times are fantastic resources. The Economist is especially good for students since the issues come weekly and will provide you with a summary of the news for the past week. The UBLC Commercial Awareness Programme also presents a great forum for you to learn together with other students.

THE LEGAL MARKET TODAY This section will give you an overview of the legal market scene today and explain some of the challenges and opportunities currently facing law firms.

The clamour internationally

expand

Today, the majority of the City firms have a really strong focus on the international legal market and they are constantly seeking to break into emerging economies. Recent years have seen many cross-border mergers occurring – think Herbert Smith Freehills, Ashurst, Norton Rose Fulbright, Hogan Lovells and Dentons etc., not to mention Baker & Mckenzie and DLA Piper, which are constantly merging with other firms. There are an increasing number of multi-national corporations operating across the globe and many are looking to expand into emerging economies, driving up the demand for multi-jurisdictional legal advice.

Opportunities in the legal market today (1) The legal market in the UK is pretty much saturated, with law firms competing vehemently for work from the same few large corporations. The biggest opportunities lie in emerging economies, where the legal markets are still heavily regulated. Singapore and Korea are recent countries to allow foreign law firms to operate offices independently. However, India and many African countries are still difficult areas for law firms to venture into, due to regulations and political instability. (2) Another significant opportunity is the gradual recovery of the European and world economy. The number of transactions (mergers, acquisitions, IPOs, bond issues and financings) has increased in recent years and has given most City firms a great boost in revenue. Meanwhile, the number of cases in dispute resolution and restructuring/insolvency has not decreased owing to the legacy of the financial crisis. In short, this is a great period of growth for commercial law firms.

Commercial Awareness Commercial Law Guide

Challenges in the legal market today (1) Ever since the financial crisis, companies have been very keen on cutting legal costs. As a result, there is a greater need for law firms to compete on legal fees, in addition to legal expertise. Fee arrangements are now a norm for most transactions and more often than not, law firms have to offer discounts on hourly rates and a cap on fees. This has taken a toll on the profitability of law firms’ business. (2) Following from the above, in recent years, many firms with relatively small market share in the UK are seeking to take a larger bite of the pie by offering contingency fee arrangements for not just dispute resolution cases, but also finance transactions. This poses a threat to the larger and more established firms, forcing them to price their legal services more competitively and distinguish themselves through legal and commercial expertise. (3) The number of corporate and financial institutions that have their own in-house legal teams has increased steadily over the past decade. In-house lawyers are able to deal with simpler types of legal work and have extensive knowledge of their employer as compared to private law firms. They are also very savvy as to costs and quality of legal services. Therefore, law firms are increasingly required by clients to provide legal services of higher quality on complex transactions at a competitive rate. (4) The Legal Services Act 2007 brought about a great change to the legal market – by introducing alternative business structures (ABS). The Act allows non-lawyers to own and invest in law firms, resulting in the coining of the term ‘Tesco law’, which is used to describe the concept that obtaining legal services can be as cheap, simple and accessible as grocery shopping. ABS firms, however, are unlikely to pose any material challenge to large commercial firms as they are unlikely to be able to compete on the high-end market due to the complexity of the work involved. (5) When international law firms strive to break into emerging economies, they face many formidable barriers, the largest of which are regulations and political risks. As discussed above, many countries still have strict regulations restricting foreign law firms from practising local law. Political instability in emerging markets also presents a high level of risk to law firms establishing a local practice as the governments may revoke operating licences or introduce policies that will damage the local business environment, affecting law firms’ ability to operate and make profits in those regions. Many of the group exercises in assessment days are actually based on discussions about where to open a new office. For any interviews and assessment days at international firms, it is imperative that you know your emerging economies – if you are still thinking about the BRIC nations, it is time to do some research on MINT! For an analysis of law firm mergers and growth strategies, read the “How modern law firm mergers affect the legal landscape” article in Dicta 2013/14. ■

Every practice. Every office. For every client. Work at the very centre of the developments that shape global business – from international capital markets transactions to industry-shifting mergers and acquisitions. Students interested in training contracts and vacation schemes can find more information at davispolk.com/careers Davis Polk ranked 1st in 16 Global and US categories – more than three times as many as the next firm – Bloomberg 2013

We have had more #1 rankings than any other US firm every year since 2007 – Thomson Reuters and Bloomberg

1st in announced UK M&A and 1st in announced worldwide M&A with over $323 billion in value and 13.5% of international market share

Davis Polk helped raise more than $433 billion in capital markets transactions in 2013

Ranked in the top 3 law firms for IPOs involving an EMEA issuer by both value and volume

– Thomson Reuters

– Bloomberg 2013

– Thomson Reuters 2013

New York Menlo Park Washington DC São Paulo London

davispolk.com

Paris Madrid Tokyo Beijing Hong Kong

Making Use of the Law Club Commercial Law Guide

THE LAW CLUB ATTENDING MEET-THE-FIRM EVENTS

he Careers Dinner is one of the Law Club’s most popular and successful events. It provides approximately 80 students the opportunity to speak with representatives from 10 law firms over a fully sponsored three-course meal and champagne at Bordeaux Quay, a fantastic restaurant at the Harbourside.

This is a great opportunity for students to find out about different law firms and the recruitment process for each, and decide which ones they are interested in applying. There is a simple selection process for the dinner – Year 2 law students have priority for the event and all students that wish to attend are required to submit their CVs. Date: late November (TBC)

ATTENDING LAW FIRM WORKSHOPS During the first two terms of the academic year, there will be plenty of law firms coming down to the law school to give presentations. There will be one to two workshops per week, each with varying content. They will give an overview of the firm and then teach students a variety of skills – anything ranging from making applications to negotiating skills to drafting a contract. As it is usually a member of the graduate recruitment team giving these presentations, they present great opportunities to learn more about particular firms. They are usually two hours in length, and will be held in the Old Council Chamber of the Wills Memorial Building. Registration for the workshops will begin two weeks in advance. Check the UBLC calendar on the UBLC website for more information!

PARTICIPATE IN COMPETITIONS The Law Club organises the Hunt Cup Debating Competition and the Herbert Smith Freehills Mooting Competition. These are fantastic ways to develop your public speaking and legal research skills. Law firms follow these activities closely as they are intricately linked to skills required by a solicitor in a commercial law firm.

START WITH THE UBLC SPONSOR FIRMS Law firms sponsor the Law Club for a reason: they want to recruit Bristol students. These sponsor firms have shown their willingness to recruit you, and hence our list of sponsors (found on the UBLC website) is a great starting place to discover firms that you may want to apply to.

BECOME A COMMITTEE MEMBER OF THE UBLC Law firms look favourably upon any affiliation with the university Law Club. Becoming a committee member is not only a valuable addition to your CV, but is also a great way of learning various skills that are transferable to the working environment. You will also contribute to the law students’ community. Look out for opportunities in February each year! ■ 23

Resources

Commercial Law Guide

RESOURCES Rest assured that only the best resources are listed here. Allen & Overy – The Anatomy of a Deal – an excellent, 7-minute video that shows you how a corporate acquisition deal is conducted and the roles that lawyers from different practice areas play. Watch this a few times, take notes on how the different practice areas come together and you will impress in a case study interview!

https://www.youtube.com/watch?v=4UTzk6UsLA8

Dicta 2013/14 – “How modern law firm mergers affect the legal landscape” (page 29) – this article (especially the second half) provides a fairly useful introduction to law firms’ growth strategies – mergers, organic growth, and establishing ‘best-friend’ relationships with other firms.

http://issuu.com/ublc/docs/dicta2_lo_res_proof

Financial Times (FT) – the university library provides full online access to the Financial Times, which can be accessed through a link at the bottom of the Library-Online Newspapers page.

http://www.bristol.ac.uk/library/resources/collections/newspapers.html

Know the City (book) – written by Chris Stoakes, Director of Legal Projects at Hogan Lovells, this book is a very accessible and informative book introducing financial concepts and terms, even including a very practical guide to reading the FT. It is available on Amazon. Lawyer2B – legal news and very insightful articles about commercial law. Check out the ‘What the FT?’ section for explanations of FT front page news.

http://l2b.thelawyer.com/

RollOnFriday – your informal guide to firms and gossips.

http://www.rollonfriday.com/

Inside Info – http://www.rollonfriday.com/InsideInfo/CityFirms/tabid/68/Default.aspx

UK Firm of the Year – http://www.rollonfriday.com/InsideInfo/UKFirmoftheYear/tabid/282/Default. aspx Student Chambers Guide

The True Picture – hands down the BEST guide out there, best bar none – http://www.chambersstudent.co.uk/Browse/Law

US Firms in the UK information – http://www.chambersstudent.com/Pdfs/Student/US_Firms_in_the_UK.pdf The Gateway – short articles about commercial law, banking, consulting and accounting

http://thegatewayonline.com/

Application Toolkit – pages 5 and 6 provide a timeless guide for structuring your CV and cover letters – http://www.esamadison.org/wp-content/uploads/Gateway%20Newsletter.pdf

List of Commercial Legal Jargon Commercial Law Guide

A LIST OF BASIC COMMERCIAL LEGAL JARGON Billable Hours are the number of hours of a lawyer’s work that are chargeable to clients. Lawyers need to record how each hour of the day is spent and differentiate between hours that the law firms can charge clients for and those that are not chargeable. Billing Target is the number of billable hours a lawyer is expected to achieve each year. UK city firms tend to have a target of 1700 hours and the number rises to 1800-2000 hours in US firms. The amount of hours you exceed your target by will also help determine the annual bonus you receive (although lawyers do not get much of a bonus). Bonds are issued by companies to investors, who will make a loan to the companies. The companies then make repayments at certain interest rates to the investors. Bonds are different from traditional loans in that they are tradable. Chambers UK Rankings is an authoritative guide that ranks lawyers, law firms and their practice areas on a tier-based system (ranging from Band 1 to Band 5). It is useful for conducting research on law firms’ level of excellence in each of their practice areas. Due Diligence is investigations undertaken prior to a particular transaction (usually an acquisition of a company) from a legal perspective. It is a basic task that is done mostly by the trainees. Fee Earners are any lawyers that bill clients for their work and earn fees for the law firm. Trainees, associates and partners are all part of this category. In-House Lawyers are lawyers that work in a corporate or financial institution’s legal team instead of private practice. Their work involves advising on non-complex legal issues, choosing law firms for complex transactions and working with lawyers in those law firms. Initial Public Offering (IPO) is the issuance of shares by companies for the first time in order to raise capital. You need to understand at least this one financial term before walking into an interview room. NQ, Newly Qualified, means… newly qualified lawyer. You will achieve this after a two-year training contract and will be promoted to an associate. PEP, profits per equity partner, shows a firm’s profitability and can be calculated by dividing the profit of the firm by the number of equity partners it has. PQE, Post Qualification Experience, is the number of years you have worked as a solicitor since qualification. You will become a senior associate approximately 4 years PQE and if you are lucky, a partner at 7 or 8 years PQE. Securitisation is the process of selling multiple income sources (e.g. mortgage repayments, credit card receivables) to investors by collating them up and dividing them into separate bundles according to their risk levels. This is a method of raising cash and is a process mostly undertaken by banks. Bonds are a typical type of security. SPV, Special Purpose Vehicle, is a company set up for the sole purpose of undertaking a transaction (e.g. acquiring a company or issuing bonds) or to own a single asset. It is considered essential in most transactional deals and is used to separate the rights and liabilities of subsidiaries and their parent companies.

Non-Law Students Commercial Law Guide

ARTICLES FOR NON-LAW STUDENTS

by Abdur-Razzaq Ahmed

AN INTRODUCTION With the UK graduate market for professional services becoming increasingly fluid and accessible, no career seems to have barriers to which only specific degree holders can apply. The UK commercial law market used to be highly protected but with the aid of technology, the diversity of clients and a greater range of services, law firms are far more open to non-law degree holders. The skills they bring to the table are different to that of a law graduate. In this section, we take you through some of the considerations you should take into account if you are thinking of pursuing a career in law. We take you through the application process, the further academic requirements that are required, as well as the reasons why non-law graduates have gone down this route in the past. We have spoken to people in the industry from trainees through to partners about their views on a number of key issues that face the legal industry, and more importantly, non-law graduates. Speaking from a personal point of view, applying to law firms for a job which you do not even know the basics of (while law students do) can be daunting. However, commercial law firms are not looking for students who can recite the law or discuss the most important points of law examined in the past twelve months – they are looking for individuals with the raw skills to apply and examine the law in order to best advise clients and assist them in reaching their commercial objectives. The ability to drive a car is mutually exclusive from the knowledge of how the engine works. The law is the engine. Lawyers are business advisors. They are strategists. They are sassy. None of these skills are on any law syllabus. These are skills which are developed and perfected through experience and hard-work.

GO DOWN LAW LANE AND TAKE A RIGHT | What is the GDL and what is it like? Can you recall the uber-awkward situation when you were with your friends, walking down a street but the pavement was slightly too narrow to accommodate you in one uniform line? One of you will have had to take it on the chin and follow on behind (or head out in front). It’s not exactly a trigger for depression, but it can be annoying. What you need is for the pavement to get bigger, so you can get involved and not be left catching the conversation one step behind. Bear with me – this is (for some) what the Graduate Diploma in Law represents: a widening of the pavement for you to walk hand-in-hand with your legally educated counterparts. The optimists say the GDL allows a non-law degree holder to bypass three years of gruelling case research, essays and late nights. The pessimists say it’s a hugely compressed year of “catching up”. So you can see, there is a wide range of opinion. If only that pavement was as wide. The GDL is a post-graduate conversion course that allows you to become eligible for further courses to become either a solicitor or a barrister. The GDL does not differentiate between the two and so you may (if you self-fund your course) be amongst future professionals who plan to go in another direction to yours. You are taught the key concepts, cases and theory that every lawyer needs. Be under no illusion, this course arguably progresses you in the ever frictional employment market as you possess a legal qualification. Unlike your law graduate friends however, all of your exams are open-book. Now you can see why some of them are re-thinking their lives. 26

Non-Law Students Commercial Law Guide

Legal employers say their ideal candidate has, on balance, the following skills: intellectual ability, problemsolving skills and experience. Hold on. Nothing in there is exclusively possessed by a law graduate. Tim Bradshaw, a careers consultant at the University of Law (one of the universities that offer the GDL qualification) is one of the many professionals that advocate the benefits of doing a non-law degree and then converting: “by taking the conversion route to law, you are also showing determination and have chosen law at a later stage than some others – this looks good to employers.” What do you actually do? Well, you will need to learn the core parts of law before you are able to practice and so you will study contract, tort, equity & trusts, criminal, EU and public law modules. Together, the knowledge you gain from these modules will enable you to assist clients when they come to you with a potential legal issue. In addition, many GDL providers have preparation modules. The University of Law, for example, has a “Preparing for Practice” module that involves problem-based learning, commercial awareness training, company law, pro-bono work and research work. In summary, you take the best and most relevant parts of a law degree and put them into a 10 month course. You will no longer have to stare at a whiteboard and mutter how useless what you are learning is for the purposes of your epically planned out life that you seemed to have expertly sold yourself.

Contract law How is a contract made? When is a contract valid? Is every agreement a contract? These are some of the most basic questions in contract law upon which the more complex issues commercial lawyers and barristers deal with on a day-to-day basis.

Criminal law Yes, you have seen Silk, Judge Judy and Suits but criminal law, while a hugely important area of the law that touches every citizen within a given jurisdiction, has a relatively small microphone on the commercial law stage. There are obviously the very interesting cases that evolve in corporate crime – such cases are more intricate that you might have first thought.

Equity and trusts You will deal with the making of gifts and trusts, the role of trustees in various parts of law. This area is highly relevant in all types of commercial law. You will also look at remedies that can be brought against trustees when they a breach trust agreement.

European Union law Since we are in the United Kingdom, a member of the EU, naturally the EU law impacts us – you will find out to what degree is does and how it will be relevant to your career.

Land law The law relating to the ownership of land is hugely important. You will learn about rights and the creation of rights over land. Land is an important factor in any commercial deal and so it would be unusual to not have a property aspect to any commercial issue.

Public law You will look at the relationship between Parliament, the Government and the court system. You will also look at the history of the UK legal system and its most important aspects.

Interested in a legal career regardless of your current subject?

DEAL Perspective in association with

Join Pinsent Masons in November and Make the decisions on a commercial deal and test your skills to their limits Advise our client on a crucial acquisition and experience the work of our commercial lawyers in a ground-breaking new commercial competition offered to university students University of Bristol Law Society will be holding an information and wine reception at 6pm-9pm 16 October 2014; Reception Room, Wills Memorial Building Register by e-mailing deal.perspective@pinsentmasons.com Or speak to A.Razzaq Ahmed sa12947@my.bristol.ac.uk You may apply as an individual or as a group of five. You must be on track for a good 2:1 in ANY degree and achieved 340+ UCAS points (equiv.)

places available

Non-Law Students Commercial Law Guide

Law of tort Tort can be defined as a civil wrong – you will study the various ways that a wronged individual or company can seek a remedy for the damage that has been done. Tort law is both statute and case law based and thus is a highly interesting area of law. These modules will be taught wherever you do your GDL. The main providers are BPP Law School, University of Law and Kaplan Law School (although there are many other fantastic law schools). After the GDL of course, you have a choice of which career path to take; barrister or solicitor, each demanding a different qualification course. If you are fortunate enough to gain a training contract before you graduate, many of the top law firms sponsor you and pay your fees!

GETTING STARTED So how do you get started? Well of course the Law Club is here to guide you through every step of the way. However, it’s easy for you to get the ball rolling by: 1. Researching the different universities 2. Being able to answer the question “why do you want to study law?” 3. Finding some work experience as early as possible 4. Planning your funding. 5. Applying for the GDL as early as possible 6. Networking! A current trainee solicitor at Davis Polk & Wardwell who studied history told CLG “it was certainly a very busy year with the challenge of juggling seven subjects at the same time. Still, it was also a very interesting year, which allowed me to explore many aspects of the law, even though they were not directly relevant to my career. I particularly enjoyed writing the two assessed pieces of coursework, where I could go into greater depth on particular topics. Crucially, the GDL showed me how to approach a legal problem of any area of law and how to find the solution to it myself. The best part, however, was meeting future solicitors from countless other firms and sharing our experiences. I feel like I know a bit about quite a few law firms in the City!” You will notice that converting to law isn’t a huge U-turn; it is a broadening of your employability and your skill set; it’s a pavement widener! We spoke to a recently promoted partner at international law firm Pinsent Masons, who studied ancient history. “My view is you should study whatever interests you most at university” he said, and went on to state that “university is to teach you to think and apply and the actual subject is not crucial. It may be you are interested in law and so can do a law degree (and then go on to do something else). I have never felt either at an advantage or a disadvantage having not done a law degree.” He is just one of many partners throughout the City that proves you don’t need to have a law degree under your belt to make it to the top of the profession.

Non-Law Students Commercial Law Guide

“I’LL HAVE WHAT SHE’S HAVING” | THe changing nature of the legal market and value of non-law skills The late and great Nelson Mandela probably wasn’t thinking about the legal market when he said “education is the most powerful weapon which you can use to change the world,” but from a certain angle, it comprehensively explains why the legal services market is changing so rapidly around us. The increasingly globalised nature of our world, widening consumer tastes and ever-picky graduates have each contributed to the now ubiquitous graduate recruitment policy of “50% non-law”. For most large city firms, as well as the coveted barrister trade, having a non-law degree does not impinge you from a statute and case law ridden career. What are some of the reasons behind this transition? The first affects all of us in all walks of life: technology. Legal process outsourcing, be it research, document drafting or submitting court applications has caused the market to become “polarized” according to Caroline Strevens from Portsmouth University. At one end of the market are highly qualified lawyers and at the other, paralegals who provide value for money – something clients are placing a larger emphasis on. Technology also means that contracts can be fully and correctly drafted in an instant. Various off-the-shelf precedent contracts tailored to individual matters and clients are used by law firms, as opposed to the careful and bespoke drafting of every intricate word that one might imagine. That is no longer efficient in either a monetary or time manner – knowing such a fact is an example of being commercially aware. With all this technology, research assistance and easily obtainable information, it is obvious why the need for a law degree is diminishing. The Legal Practice Course (the essential postgraduate course before your training contract) supposedly teaches you the basics you need to know anyway. In addition, most firms provide further “vocational” and professional development courses when you begin; they bring you up to date on various laws and processes that you will use repeatedly on the transactions you work on, or update you on the practice’s most important court decisions over the past year. It’s clear therefore, that firms put a lot of effort into their recruits. Another very significant point whittles down to pure economic scarcity: scarcity of knowledge. Languages students possess are assets for communication with clients in foreign languages. With our increasingly globalised world, companies want to take advantage of opportunities all over the world. Knowledge of languages and cultures becomes an enviable commodity. In the world of science, intellectual property, defence, financial services, degrees such as engineering, economics, chemistry and biology have a clear benefit. In most cases, an economics graduate understands how markets work better than a law graduate; an engineering graduate knows better why a technology client wants to acquire certain assets as opposed to a whole company; a biology graduate is more likely to be able to understand the most important commercial issues faced by their pharmaceutical client. We spoke to a partner at a London law firm who said, “I have friends with science backgrounds who have become Intellectual Property lawyers and that has certainly helped.” Law graduates; fear not. He said one’s degree doesn’t necessarily define their legal career as much as a previous job can; “a finance degree may not help – time spent working for a bank certainly would. Time spent out of a law firm and within a business is invaluable to a legal career – only then will you understand what clients want from you as a lawyer.”

Non-Law Students Commercial Law Guide

It is also not unheard of for non-law graduates, who originally took to another career path, to rise to the top of the legal market in certain areas. Ian Whitehall, a partner at Bristol’s very own Burges Salmon, is a leading figure in the aerospace industry having previously been an Army Officer in the Royal Signals. When I spoke to him last year, he made it clear that his clients and his expertise were a result of his previous experiences, completely unrelated to law. He is able to become ingrained in his clients’ businesses because he understands the complex and technological nature of the issues they face. The probability for a successful commercial law career clearly starts when you begin at a law firm and can rely on any other skills and contacts you have managed to pick up - not when you begin your law degree.

“WHERE YOU ARE IS GREAT; WHERE YOU ARE GOING IS GREATER” | How a career in commercial law can help you in more ways than you first thought It is important to be flexible and not think a career in a law firm is for life. The days of beginning a training contract and believing that you are on a road to partnership are gone. Private-practice commercial law is as much of a business venture as a full-fledged company. It is important to note that the skills you learn as a commercial lawyer are broad, transferable, and once you specialise, increasingly deep. Partnership is therefore no longer the end of the motorway. It is increasingly common to see a lawyer slip out of the shoes of the law and into another industry where their skills are of use. Roughly two years ago, the Law Society held a poll for junior lawyers, the result of which indicated that over 85% would at some point consider an alternative career to law. Many destinations will be “in-house” departments – areas within a company that provide internal legal services solely to the company. Essentially, these lawyers run all things legal for their employer. From the outset, they are no longer, or required to be, specialised. They must be able to address all of the legal and commercial issues the company faces. The benefits? They no longer have to worry about billable hours or the amount of business development (additional work relating to the practice of finding new clients to advise). In most cases, it provides individuals with a better, more reliable work-life balance. One can still find these jobs in the city—at banks, large FTSE institutions as well as smaller companies. The down-side is that they are relatively hard to come by and often go to lawyers who have advised those companies already for a notable period of time. Depending on their practices, lawyers also have the chance to learn skills that might benefit specific industry roles. Banking, corporate and finance lawyers are often literate in the realm of accounting and economics. That skill, combined with their knowledge of the law, can be a phenomenal combination. Those working in the technology sector have a skill-set that is hugely marketable as they not only have the industry knowledge but are able to assist in the planning and building stages of any new initiatives. “The later you make the move the harder it becomes.” This was another crucial statement from the partner. If we consider the skills you will learn in your training contract and in the first few years after qualifying, you will notice they are indirectly setting you up for a whole range of jobs. The aim of this article is not to put you off commercial law. Quite the opposite. It is to show you that the career you aspire to embark on can also lead you down many different paths, some of which will lead you off of the concrete-paved path and into the woods. Be sure to at least evaluate the opportunities when they arise because chances are they will not stay open for long.

Non-Law Students Commercial Law Guide

AN INTERVIEW WITH A TRAINEE SOLICITOR WITH A NON-LAW DEGREE What did you study for your undergraduate degree? History.

Upon completion of your GDL, did you feel that you were on the same level as students who had just finished their law degree? I felt that the GDL gave me the tools and foundations I needed to understand how the law functions and be able to go into further depth on any topic or subject within the legal sphere that is of interest or need. Thus, even though it covers a broad range of subjects over a short period of time, it gave me the same toolkit as the one a law student would have. The Legal Practice Course (LPC) proved to me that this was the case and I felt that both law and nonlaw students were exactly at the same level there.

Rumen Cholakov Trainee solicitor in Davis Polk

When applying for training contracts, did you feel at a disadvantage having not studied law at undergraduate level? Not in the least. Commercial law firms take as many law graduates as non-law graduates and it has never been a disadvantage that I studied History first. Indeed, many of the people who interviewed me were historians themselves and this was a great conversation-starter!

Is it essential to get as many vac schemes and other law related experience under your belt as possible? Also, how important is it to have other forms of experience, not related to law? Having done a vacation scheme in a law firm of the same or similar practice to the one you would like to work in is quite important for you, as much as for the law firms. This is the best way to experience what the job would be like and whether it is the right thing for you. Good lawyers are people with many different interests. Having other experience in the area of law you would like to practice in can set you apart from the many others who have just ticked the boxes. Working for a bank if you want to do finance law or as a research assistant for a professor, if you want to do Human Rights law is equally valuable. All the firms are also interested in the kind of person you are. Lawyers want to employ people they want to work with every day of their career, so someone with a variety of interests always makes good company. You will have contact with clients and if your career progresses, you will be expected to foster relationships with them and bring business to the firm. This means that your personal skills and character are crucial and can be demonstrated through completely unrelated-to-law experiences that will make a difference to your application.

Is it necessary to be interested in the academic side of law to be a good commercial lawyer? Commercial law is an intellectually demanding and exciting profession. Doing research on a current authority or the newest regulations is a frequent part of the job, for partners and senior associates, as much as for trainees. This does not mean it is necessary to take interest in the academic debates behind the law, but, on the contrary, it is much more important to see the practical applications to real-life commercial situations. What matters is being curious about the business you represent and how the law affects its operations.

Non-Law Students Commercial Law Guide

What do you consider to be the most important characteristics for future lawyers to have? The twenty-first century has made all of us more international. Interest in cross-border complicated transactions, as well as the ability to relate to multinational businesses and different cultures will be an evergreater part of the career of future lawyers. Good communication skills in the electronic age and the ability to work under time pressure go together with this. But future lawyers will need the essential characteristics of past lawyers as well â&#x20AC;&#x201C; attention to detail, intelligence, and a good sense of humour!

What would your one top tip be for non-law students pursuing a career in law? Shine in your degree, whatever it may be.

Tell us about a skill or experience you have from your non-law background and how it has helped you as a solicitor. Throughout my school and university years, I was involved with a lot of debating, participating in a number of competitions and training sessions. This helped me to express my thoughts and understand the concerns of others, which is crucial in any commercial situation. Being able to defend your position when challenged is also a vital skill for a lawyer to have, whether it is in a negotiation or in an interview.

What sort of benefits and/or issues do you expect a non-law graduate to experience with regards to their career development? The most important advantage for a non-law graduate is probably also the biggest issue with regards to career development and that is making the right choice. Becoming a lawyer is an obvious path for someone who studies law at university, but for a non-law graduate, there are many avenues to explore. This is both an asset and a challenge, because plunging into a career too quickly without thorough consideration of all other options can be an easy decision, but is not a good one.

Supreme Court judge Lord Sumption QC caused a stir when he suggested that the best lawyers do not study law as an undergraduate; what do you think? I have a self-interest in answering this question, but I believe that lawyers with different first degrees have an additional analytical perspective that allows them to think about the practical implications of the law. To me, the best lawyer is the one who is concerned about the people, businesses, or societies, which are affected, not just the law in abstract.

How do you feel the commercial law area will change over the next decade and how will it affect applicants? I feel that the outlook is a positive one. Economically, the climate is improving after the cold years following 2008 and this will create more work for prospective commercial lawyers. At the same time, entrepreneurship is becoming ever more popular with the spread of free capital and there are more businesses, inventions, and advances now than ever before. This growth is an exponential one, so I expect applicants will find themselves in an increasingly better position over the next decade.

Do you feel your degree gives you the skills to specialize into a particular area of law? Where and why? Studying History and then the GDL is a combination that I feel gives anyone complete freedom to choose the area of law they would like to follow. I think that you get the skills to specialize later on, when your start experiencing work â&#x20AC;&#x201C; in vac schemes, during the training contract or pupillage, and even as an associate.

What career paths did others on your degree course go on to pursue? Students from my course went on to pursue a phenomenally broad variety of careers. I have friends who are bankers, accountants, many lawyers and, of course, many academic researchers, writers, civil servants in a number of countries, and undoubtedly a few secret service agents (though I cannot ever be sure about that!). So think carefully about the choice you want to make. 33

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Key Application Dates for Sponsor Firms Commercial Law Guide

KEY APPLICATION DATES FOR SPONSOR FIRMS All applications open 9 October 2014. Closing dates: Winter Open Day (final year non-law students) - 14 November 2014 Summer Vacation Scheme (law and non-law students) - 30 January 2015 Spring Open Day (first year law students) - 6 March 2015 Non-law Training contract - 31 March 2015 Law Training contract - 31 July 2015.

Programme Law Workshop 1 Law Workshop 2 Non Law Workshop 1 Non Law Workshop 2 First Year Focus Programme 1 First Year Focus Programme 2 International Workshop (to Paris) Summer Vacation Scheme 1 Summer Vacation Scheme 2 Summer Vacation Scheme 3 Non Law Training Contracts Law Training Contracts Law Training Contracts

Date of programme 15/12/2014 16/12/2014 18/12/2014 19/12/2014 30/03/2015

Applications Open 01/10/2014 01/10/2014 01/10/2014 01/10/2014 01/10/2014

Applications Close 27/11/2014 27/11/2014 27/11/2014 27/11/2014 27/02/2015

31/03/2015

01/10/2014

27/02/2015

09/04/2015 - 10/04/2015 01/10/2014

27/02/2015

22/06/2015 - 10/07/2015 01/10/2014

06/01/2015

13/07/2015 - 31/07/2015 01/10/2014

06/01/2015

03/08/2015 - 21/08/2015 01/10/2014

06/01/2015

2017

01/10/2014

06/01/2015

2017 2017

01/10/2014 01/06/2015

06/01/2015 31/07/2015

Key Application Dates for Sponsor Firms Commercial Law Guide

Apply for a placement if you want to train at Jones Day. We expect to recruit all our trainees from the twoweek placement schemes we hold during the holidays. Winter: 8 - 19 December 2014 Spring: 16 - 27 March 2015 Summer 1: 6 - 17 July 2015 Summer 2: 20 - 31 July 2015 Our schemes are open to final year law and non-law students, graduates and postgraduates. Our Summer schemes are also open to penultimate year students undertaking a qualifying law degree. Applications open early on 1 September 2014. Final deadlines (unless places fill earlier) are 31 October 2014 (Winter scheme); 19 December 2014 (Spring scheme); 16 January 2015(Summer schemes).

Programme Winter workshop 2014 Training contract 2017 Spring vacation scheme 2015 Summer vacation scheme 2015 Pathfinder 2015 Training contract 2017

Who can apply Final year/postgraduate, any degree Final year/postgraduate, any degree Final year/postgraduate, any degree Penultimate year, any degree First year, any degree Penultimate year law and final year/ postgraduate, any degree

Duration 2 days (December)

2 weeks (April) 3 weeks (June, July and August) 2 days (March and April)

Application Window 1 October 2014 – 10 November 2014 1 October 2014 – 4 January 2014 1 October 2014 – 28 November 2014 1 October 2014 – 4 January 2014 2 January 2015 – 28 February 2015 1 June 2015 – 31 July 2015

Applications for open days, vacation schemes and training contracts all open on 1 November 2014. Deadline for vacation schemes is 31 January 2015 Deadline for training contracts is 31 July 2015 36

Key Application Dates for Sponsor Firms Commercial Law Guide

Vacation Schemes Winter vacation scheme open to final year undergraduates and graduates. Applications are open from 1 – 31 October 2014 and the scheme will take place from 10- 19 December 2014. Summer vacation scheme open to penultimate year students from law and non-law backgrounds. Applications are open from 1 November 2014 – 31 January 2015. We have two two-week schemes, the first from 22 June – 3 July 2015 and the second from 13 July – 24 July 2015. Open Days/ Events We hold 3 open days per year and applications are open from 1 November 2014 – 31 January 2015. The days are as follows: 4 December 2014 – Penultimate year students law and non law 29 January 2015 – Finalists and graduates non-law 27 February 2015 - Finalists and graduates law We also have two first year events. Applications for these are open from 1 March – 30 April 2015 and the events take place on 7 & 8 May 2015 and 4 & 5 June 2015.

Training Contracts Non-law students can apply when final year onwards and applications are open from 1 October 2014 – 28 February 2015 Law students can apply from penultimate year onwards and applications are open from 1 June – 31 July 2015 Applications will open on 1st November 2014 Closing dates: Open days for first and second year non law students and first year law students (to be held on 17th and 18th March 2015): 16thFebruary 2015 Summer Vacation Scheme (The 2015 schemes will be running from 15 June until 26 June 2015 and from 20 July until 31 July 2015.): 31st January 2015 Training Contracts: 31st July 2015

“I really cannot speak highly enough of Nabarro as a firm. Somewhat uniquely, Nabarro only recruit trainees from their vacation scheme, so if you want to work for them a vacation scheme is the only way. The application process is relatively straightforward with a pretty standard online application form. If you are invited to an assessment day, it is actually quite fun! It consisted of an interview with a partner and an associate, a group exercise and ‘speed-networking’ where various representatives from across the firm ask you various questions with three minutes to answer. If you are successful, you will sit in the same department for the entire three weeks, for example I sat in Real Estate. This is a massive positive because it gives you the opportunity to really establish yourself within your department and perform to the best of your ability. There were also around 3 socials per week organised by the firm and the intake became so close very quickly that it was rare for us not to go for a drink each night after work. The balance between work and socials was perfect.” Miles Pope, Third Year Student Future trainee solicitor at Nabarro

Key Application Dates for Sponsor Firms Commercial Law Guide

All applications open 1 October 2014. Two week Christmas Scheme 2014 (8-19 December) (no deadline: places offered on rolling basis) Two week Summer Schemes in 2015: w/c 22 June, w/c 6 July and w/c 20 July (deadline is 31 January 2015) Training Contracts 2017 (deadline 31 July 2015) Salary £275 per week. Please see the following table for dates of our vacation schemes and application deadlines: Vacation scheme Summer Winter Spring ‘Legal Ladder’ Insight Workshop Open Days

Dates 22 June – 10 July 2015 13 July – 31 July 2015 15 – 19 December 2014 08 – 09 April 2015

Application window 01 Nov 2014 – 31 Jan 2015 01 Oct – 01 Nov 2014 01 Jan – 01 Feb 2015

03 March25 June16 July 20 August

Ongoing

Training contract

01 Nov 2014 – 31 Mar 2015 01 Jun 2015 – 31 Jul 2015

Who can apply Penultimate year law All final yearGraduates All final yearGraduates First year law Penultimate year nonlaw Anyone All final year and graduates Penultimate year law

Information of training contract/work experience dates: Training Contracts 2017 (Non Law/Law finalists and graduates) - Opening date: 1st October 2014 Penultimate year Law -Opening date: 1st June 2015 First Year Programmes (Law Students) - Easter Open day 2015. Accept applications from 1st October - 30th January 2015 Penultimate Year Programmes (Law and Non Law) - Easter Work Experience Scheme 2015 (1 week) , Summer Work Experience Scheme 2015 (3 weeks) and September Work Experience Scheme (3 weeks). Please see our website for more details. Law and Non Law Graduates/Finalists- Christmas two day workshop (please see website for more details)

Message from the University Careers Service Commercial Law Guide

MESSAGE FROM THE UNIVERSITY CAREERS SERVICE

onsidering your future can be exciting and daunting. The University Careers Service is open each weekday during term time and vacations to support you explore your career ideas, develop your ideas into specific plans and enable you to compete with other students and graduates. Targeted careers information and advice on the legal sector and related careers will be provided by Kate Colechin, Careers Adviser. During the academic year there will be a number of timetabled careers sessions for law students. During each session a graduate working in the sector as a solicitor, barrister or related occupations will be providing a case study of their career. This will help you to explore your own career ideas and understand the requirements of law firms and other graduate recruiters. The first of these sessions on Tuesday 21st October 13:00-14:00 (WMB 3.31 Coutts) will concentrate on preparing for the Law Fair, which will take place on 5th and 6th November in the Wills Memorial Building (13:00-15:30). Over 80 law firms and organisations will be attending and they want to meet University of Bristol students. Come prepared, having researched the organisations and aware of the skills that you would bring to an organisation. It might lead to real opportunities! Undertaking work experience (formal or informal experience) is vital to ensuring that employers notice your skills and potential. You might be already gaining work experience or have positions of responsibility; donâ&#x20AC;&#x2122;t forget you can get these activities recognised by the University of Bristol PLUS Award and Outstanding Award which would be another talking point at an interview. In addition, make the most of your Law Club and the activities that they organise as this will enable you to meet employers and improve your commercial awareness. Law graduates go into a range of graduate careers and postgraduate courses. In 2013, 46% of Law graduates were in paid employment and 41% were undertaking further full and part time study (Source: HESA 2013). Many of these graduates will have studied professional qualifications such as the LPC or BPTC. During this academic year, keep an open mind on the options available, meet a range of employers to find out what they want from graduates and be aware of how you can promote your skills and experience in applications and interviews. The Careers Service can support you: use them! http://www.bris.ac.uk/careers/

WORK ON BILLION-DOLLAR, MULTI-JURISDICTIONAL DEALS. JOIN A FIRM THAT’S FAMOUS FOR DOING WHAT’S NEVER BEEN DONE BEFORE. BECOME PART OF A GLOBAL ELITE. TOGETHER WE ARE CLIFFORD CHANCE. When you start your career in law at Clifford Chance, you become part of something. We share an ambition that has fuelled our growth around the world – and our ability to tackle some of the most complex and fascinating legal issues facing the world today. As a trainee, you will be an integral member of the team shaping those deals. You’ll work hard. You’ll push yourself. You’ll feel the rewards. Because it may be our goals that unite us, but it’s our diversity of talent that sets us apart.

TOGETHER WE ARE CLIFFORD CHANCE www.cliffordchance.com/gradsuk