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2008
December 18,2008
Get a Legal Training Contract Grant of £30,000!
The
Legal Services Commission (LSC) provides funding to support the training of new
legal aid solicitors. The package includes over £30,000 per grant.
Need some funding? The Legal Services Commission (LSC)
runs a grant scheme offering over £30,000 per grant! This covers tuition fees
for the LPC and PSC, plus a 75% contribution to salary costs for the 2 year
Training Contract.
The Training
Contract Grants Scheme (TCG) was introduced to support Legal Aid
organizations in their recruitment process. The LSC currently provides 590
grants to support the training of new Legal Aid solicitors.
What Does the Grant Cover?
If you are able to secure a TCG, it will provide up
to 75% of your salary during the 2 year
Training Contract. The package also
includes payment of tuition fees for the Legal Practice Course (LPC) and the
Professional Skills Course (PSC). The grant will NOT cover any additional costs
such as exam re-sits or living expenses.
NOTE: If you have already completed the LPC, the grant
will not cover the tuition fees retrospect. Also, if you are starting your
second year of a Part-Time LPC when the grant is awarded, only the second
year's fees will be covered.
How Do I Apply?
Grants are awarded to solicitor and not-for-profit
organizations which are committed to Legal Aid work. You will need to apply via
the successful organizations. You cannot apply for a Grant directly from the
LSC.
For a current list of Grant Awarded Organizations,
follow this link: -
http://www.legalservices.gov.uk/public/training_contract_grants.asp
The list can be located under the Documents tab, entitled
"Training Grants Recipients 2007". There are also a ...
Read the full article
November 11,2008
Choosing a Law Training Contract Firm: Five Crucial Factors to Consider
Practice Areas
This is undoubtedly one of
the most crucial factors for you to weigh up as part of the process for choosing
a
training contract firm.
There is a big difference
between studying the law and practicing it. As a law student, it is easy to believe
that what you learn at university will correspond to the workplace. You may not find the books and lectures of a
particular subject especially interesting, but the same subject may be much
more dynamic and exciting when you are out in the field and working on real
cases.
Whilst the larger firms may
have departments that cover all practice areas, each department will be a
different size and carry its own reputation within the industry. Whether you are
looking to work in Corporate, Real Estate, Finance, Litigation, Employment,
Incentives or Competition, doing your research about the different departments
within your prospective firms will help you choose the best ones to apply to.
It will also provide you with invaluable credibility when it comes to the
training contract interview stage. You will probably not be given the exact combination of seats that
you would like in your legal
training contract. However, you can't go too far wrong
if you have chosen a firm whose major practice areas match those that you are
interested in.
Client Base
The
profile of a firm generally corresponds to the profile of its clients. Some
people prefer to work with high profile organizations, but will usually have to
contend with dealing with people from varying levels within the organization.
Smaller clients give you a chance to work more directly with the key people and
your input will be more visible.
...
Read the full article
October 25,2008
Eight questions you must ask yourself when choosing a law firm
The
decision to apply to any law firm for a
training contract can be daunting
enough without having to decide on which ones to apply for. Though it may be
tempting to apply to everything you find to increase your chances, this can be
counterproductive. Not only will it be time-consuming to go through each
application process but your answers to application questions may become
generic and unfocussed. It is therefore a good idea to pick only a few
companies based on criteria which are important to you, remembering that different
law firms can vary as much as the employees who work for them. Here is a list
of basic questions to ask yourself when thinking about where to apply:
1. In
which location do I want to work?
Whilst most big companies tend to be located in
London, a good number will have offices in other cities
such as Leeds,
Manchester or
Birmingham. If you have never lived or worked
in
London, it
may be worth considering the type of lifestyle change you may have to undergo,
but also realise that salaries in the capital will tend to be higher to balance
costs. Also, large international firms often offer opportunities to work in one
of their offices abroad, so if travel appeals to you this may be something to
think about.
2. What
size of company do I want to work for?
The size
of the firm will determine a lot about the kind of work you will be doing and
what life at the company will be like. New trainees can suffer from "small
fish, big pond" syndrome when working in large organisations but this can also
be more rewarding than working in a smaller company that deals with less
impressive work.
3. What
are the main areas the firm deals with?
Most ...
Read the full article
September 30,2008
Training Contracts - Six Types of Firms Explained! Amongst the
myriad of law firms offering
training contracts, choosing the right one for you
can be very daunting- especially as you are expected to decide which firms to
apply to well before finishing your post-graduate training (LPC/CPE). This quick
guide will help you distinguish between law firms according to their typical
sectors, work environment, main clients and salaries. Keep in mind that these
are generalisations and you will need to research specific companies, attend
law fairs, talk to your careers adviser and most importantly use your
experience of work placement schemes to get the full picture and make an
informed decision.
Specialist
These are small firms dealing with specialized matters and
therefore tend to offer more interesting work than other firms, but in a very
limited field. This is a good option if you are passionate about a particular
line of work as it will boost your career development, but only in that area.
Avoid these firms if you are not yet sure what to do and opt for a broader type
of training experience.
High Street
High street firms (also called legal aid) deal with private
client matters or small private companies. Working hours are often lower than
at other firms, and this is reflected in the lower salaries. However, this
usually means that the work environment is friendlier, more relaxed and reputed
to encourage personal development.
Medium city
You can expect a broad range of cases from these firms, with
some important PLCs (Public Limited Companies) as well as larger regional
companies. As a result of their bigger range and size, you will be offered
quality support services and facilities.
Large city
Firms located in major cities will offer commercial ...
Read the full article
August 22,2008
LPC to Training Contract - Making it Pay
Law
student debt can reach £40,000 by the time you start a Training
Contract (TC). The fees for the postgraduate, pre-training "bridge"
Legal Practice Course (LPC), which
should ensure that you are ready to take on the challenges of working
as a trainee solicitor, can cost around £14,000 alone. There
are several ways to fund the LPC, most of which will land you in
further debt. But for most people the biggest challenge is not just
the money. It's making your LPC a real bridge to a training
contract and your career as a qualified lawyer.
Although
a
training contract includes the cost of your studies for the
Professional Skills Course, funding from firms to do the LPC is the
exception rather than the norm. A list of firms offering sponsorship
can be found in The
Training Contract
and Pupilage Handbook 2008 published by
The Law Society. The double-edged sword of sponsorship is that
funding for your LPC usually guarantees a
training contract with the
firm and you are then bound to the firm for a certain period of time
- for most, this is a good thing; for others, not always. And, of
course, competition is ferocious.
There
are also several bursaries and scholarships on offer from The Law
Society. Again, competition is tough, and there isn't the guarantee
of a
training contract afterwards.
It's
important to note that the LPC does not come under
government/education authority funding or student loans. What you can
get is a Professional Studies Loan from a
commercial high street bank or, if you haven't anywhere else to
turn to, a Career Development Loan (see the Department for Children,
Schools and Families website). As a potential high-earner, commercial
banks won't be too worried about lending to you. However, remember
they are much stricter than a normal student loan, as you do have to
start paying ...
Read the full article
August 15,2008
5 MUST DOs at every Training Contract Interview Display confidence and be well prepared
Confidence and preparedness is one of the most desirable traits and
characters that interviewers look for in
training contract candidates. No amount of disguise can cover a lack of confidence
and preparation, so don't test the skill and patience of the interviewers by
trying to hide anything inside, because it will invariably show up on the
outside.
You also need to be able to present your preparation and confidence to
the interviewers with your body language. This means good eye contact with the interviewers, and answering
questions with a calm and assuring tone. By being concise and accurate with your responses, you can also project
your knowledge of the firm and your own abilities to the interviewers
positively.
With preparation comes confidence, and with confidence comes the ability
to handle anything that they throw at you during the interview.
Show genuine passion and enthusiasm
Just as you can't disguise a lack of confidence, interviewers are also
looking for people who are genuinely passionate and enthusiastic when it comes
to interviews. Interviewers can sense
very quickly whether a candidate is interested and keen about the work, and it
becomes more obvious when further questions are asked about their interest in
law and their views about the firm.
To help you project the image of being passionate and enthusiastic, keep
your eyes on the interviewer at all times, and use open and positive gestures
and body positions to help with delivering your responses in a upbeat
tone.
The more you can establish a common interest with the firm and a career
in law, the more likely they are to see your interest in working with them.
Keep up with appearances
Needless to say, first impressions count for a lot during an ...
Read the full article
July 04,2008
Training Contract Application - 5 Common Mistakes To Avoid Too many spelling or grammar problems
This is the undisputed cardinal sin of written submissions.
Nearly all spelling and grammar errors are picked up by word processors,
and with some good proofreading you can eliminate the rest of the errors. Apart from giving them the impression that
you're not one for close attention to details, it also conveys a lack of
professionalism to your prospective
employers.
If you are also looking for a well-written and presented applications,
then there is no room for mistakes like these.
Regurgitating, or cutting and pasting
information
There are plenty of good examples of
training contract applications out there, but there
can be no substitute to one that you write by yourself. Other than spelling and grammar errors, there
is probably nothing more irritating for reviewer than for them to spot
instances of copy and pasting from other sources.
Incorrect information and mistaken names can be a great source of
embarrassment during the review process. In addition, having the reviewers spot something that is copied directly
from another source gives very little credit to the rest of your work.
Inappropriate use of language
As with other types of formal writing, it is not considered good
practice to include slang or colloquial language with your application. Write with a clear and direct purpose to give
your writing added readability.
When it comes to questions that require you to provide an opinion, take
one side of the argument, but remain balanced in your views. Avoid making your arguments and points too
long, or you'll struggle to retain coherence and consistency.
Going over the top with your words
For many ...
Read the full article
June 20,2008
How Non-Law Graduates Can Get a Training Contract: Six Easy Steps Didn't choose to study law? Enjoy your course but after
two years of soul searching realize that a career in law is the thing for
you? If this is you, take a step back, relax and follow this four-step
guide. With a little patience and a lot of passion you'll be well on your way
to plotting a successful career as a solicitor.
You should know that the
law training contract is essentially
the last and most difficult hurdle for those wishing to become solicitors. With
competition now tougher than ever non-law graduates can feel totally at sea
when it comes to deciding how to tackle the challenges ahead. However, if you
think and plan carefully, there's no reason you can't be fully armed when the
time comes to win (and keep) a
solicitor training contract.
Step One: Get Informed
The first thing you must do is your homework. Remember you
will be competing against people who might already have some familiarity with
the way the legal profession works either through their course or via early
work experience. So, now is the time to make good use of all the resources
available. One place to start is the Times law reports for digestible
information on the latest judicial decisions and legal analysis for the layman.
Also, familiarize yourself with some basic legal jargon. Remember, lawyers work
in firms never in companies. Use your university careers office. Most
institutions have a careers team and you should book a personal appointment to
discuss your options in depth. It may still be early days but the more you
know, the better equipped you will be to succeed later.
Step Two: Work Experience
In the meantime, if you are a second year student, try to
get some informal work experience over the summer vacation. Smaller firms are
the most likely to be accommodating in this respect. ...
Read the full article
June 18,2008
Thinking of Taking a Law Conversion Course Followed by a Training Contract?
A fast track into the challenging
and potentially lucrative profession of Law could be yours with a conversion
course. Here's how it could work for you...
What is a conversion course?
A law conversion course enables graduates of non-law
degrees to enter professional training as either a solicitor or a barrister.
Conversion courses normally last one year, or two if taken part-time. The
conversion course comes in many guises, all of which are roughly equal in
content and standing: Common Professional Examination (CPE), Graduate Diploma
in Law (GDL), Senior Status Law degree, Postgraduate LLB or GDip. MA
qualifications in this field tend to last for two years, full-time, and often
take studies into further detail.
Law firms welcome non-law graduates for the diversity of
experiences and skills they can bring to their work. For example, a first
degree in Languages could come to your advantage in multinational legal work.
How does a conversion course compare to a
traditional law degree?
Most graduates who studied law for their first degree will
have spent three years getting to grips with the intricacies of the Law.
A conversion course won't cram all the material of a full undergraduate degree
into one year. Instead, it will focus on the seven core areas of law:
· Contract Law
· Tort Law
· Constitutional and Administrative Law
· European Union Law
· Equity and Trusts
· Land Law
· Criminal Law
Students will also gain general legal analysis skills and
have the to chance to specialise in another area of law of their choosing.
Often this 'specialism' forms the basis of an extended essay to be assessed at
the end of the course.
How to choose the right conversion course
Course content: Although ...
Read the full article
May 24,2008
Graduate Market 
- How does
the graduate market for the legal sector compare to other industries?
- Well,
firstly you won't be lonely since law hires a large portion of all graduates
(7%).
- Hiring rates are very stable because law firms
hire three years in advance of qualification.
- They
have to play safe unless they are willing to make a bet on the economy three
years down the line.
- Unlike
banks which grow and shrink their workforce in line with market conditions.
- Salaries:
- Secondly,
you will be awarded one of the highest starting salaries for anyone your age.
- On
top of which, salaries for junior associates are being pushed up by the
American firms in the UK.
- Given
the desirability of a law career, whilst there are many applicants per place,
the figure is not astronomical. This is probably explained by a degree of
self-selection amongst applicants who know what is required to make the grade.
- This
is perhaps unlike Fast Moving Consumer Goods (FMCG) companies (who make things
like shampoos and toothpaste) which attract over 100 applicants per place. An
applicant to a law firm is less likely to have speculatively written a cover
letter and CV after seeing the brand name of a shampoo in the shower.
Sources include: AGR Summer Survey, Company
Websites, The Lawyer, Legal Week, Topemployers, Legal 500, Hildebrandt, ALM
Research, Legal Business, First Research, Legal Marketing News and The
Economist.
May 23,2008
Recent History and the Future
- The top 20 law firms in the UK have remained largely
unchanged.
- Reluctant consolidation among smaller firms.
- Legal industry recovering after 3 years of tough
conditions.
- Firms
have pruned partners to preserve PEP.
- But
have emerged leaner and in better shape for the future.
- Legal
services will be liberalized by the LLP model.
- A new phase of growth is anticipated.
- The
UK's largest firms have followed a path of international expansion.
- This
has led to an increase in size and revenue but a decrease in profit margin.
- However,
many lessons have been learnt about international strategy and many may
continue to aggressively pursue the U.S. market.
What
have been the trends in 2007 for each practice area?
Corporate
- M&A
market remains buoyant with many large deals.
- However, focus has moved away from highly leveraged
(debt funded) buyouts by private equity buyers to corporate-on-corporate deals.
Finance
- Continuing credit crisis and tightening of credit leading
to:
- Recent crash in leveraged buy out (LBO) deals.
- An increase in restructuring mandates due to more
companies facing financial difficulties because of the drying up of credit.
Real Estate
- Very strong year.
- Profitability is now competing with that of Corporate due
to:
- Increased investment in real estate.
- Growing complexity of transactions.
- Blossoming regeneration.
- REITs providing a new source of work.
- Worries about raising interest rates.
Litigation
- A few big cases, but long term trend towards mediation ADR
to avoid costly litigation.
- However,
fresh hopes ... Read the full article
May 22,2008
Top UK Firms' Practice Sectors
- Companies are often best described by the products they
sell and law firms are no exception.
- If you want to work in a specific practice area,
or want to get an objective flavor of how a firm is positioned, it pays to see
where their business comes from.
- Evidently the large firms can handle work in all service
areas and have specialist partners in each of the four main practice areas of
Corporate, Finance, Real Estate and Litigation.
- Most of the firms pride themselves on having large and
profitable Corporate divisions. There are various proportions of Finance and
Litigation however there tends to be relatively little exposure to Real Estate
work (although this is now increasing).
- The "Other" category consists mostly of Tax, Competition,
EU, Incentives, Employment and Projects.
Benefits From Large / Small Divisions
Large
- Brand status (useful for the CV).
- Excellent in-house education.
- Higher pay (e.g. Law School fees).
- More international secondments.
- Experience on deals that only large departments
can handle.
Small
- Broader job description.
- More meaningful ties with colleagues.
- More responsibility.
- Big fish - small pond.
- May be more profitable.
These charts show the proportional increase in each
firm's revenue and PEP by assuming that they were all equally sized in 2001:
...
Read the full article
May 21,2008
The UK Market
- The UK legal market is carved up into firms that can be
grouped into four broad categories: The Magic Circle, The Silver Circle,
International Firms and UK National Firms.
- Whilst revenue volume, strategy and client base define a
firm's position in the market, employees should also be interested in PEP.
However, PEP can overestimate margins and remuneration for fir ms with a high number of non-equity
partners.
- In support of Robert Joffe's point regarding diseconomies
of scale, there is little correlation between the size of firm and its
profitability. The exception to this is the Magic Circle, who proudly maintains
both.
Magic
Circle (Pink)- Historically dominated the top end of the City Mergers
& Acquisitions market.
- No sign that they are losing this position and several are
strengthening their grip.
"Silver" Circle (Grey)- Generally advise premium UK clients rather than global
institutions.
- Work tends to be real estate, AIM business, private equity
and litigation.
- Dislike for bureaucracy and over management.
- Strong recent performance and have adapted well to the
recent downturn.
International Firms (Purple)- Internationally focused City firms whose larger members
are known as the "Chasing Pack".
- Slower to react to the downturn than their mid-tier rivals
due to their larger size - producing ... Read the full article
April 22,2008
Go Global or Stay Local - The Jury Is Still Out
Introduction
Other
professional service industries such as accounting and advertising have
consolidated to produce big global generalists. For example, these include the
"Big Four" accountancy firms: Deloitte, Ernst & Young, KPMG and PwC and
advertising agencies such at JWT, Omnicom and Publicis.
Whilst
there are some law firms with a truly global footprint, there are relatively
few internationalists compared to other industries.
Why
hasn't a cross-border merger wave swept the legal sector?
- Marriages
have been stymied by the different nature of business in its two biggest
markets: London and New York. See below for details.
- London
law firms want to be more global, New York firms want to be more profitable.
- So
far, the Londoners have been pursuing the New Yorkers, but the east coasters
seem happy to remain independent and have been resisting their merger advances.
In
Europe, many German firms also advocate a global strategy. French firms,
however, have largely remained independent.
However,
if you are looking for a law firm with a global outlook, London is the best
place to find one. The chart overleaf should provide a few ideas.
The Big Smoke and The Big Apple
Both
cities have a small group of premium firms which are marked out by their blue
chip client lists.
- In London
this is the "Magic Circle": Allen & Overy, Clifford Chance, Freshfields,
Linklaters and Slaughter and May.
- In
New York they are known as the "Charmed Circle": Cleary, Cravath, Davis,
Simpson, Skadden, Sullivan and Wachtell (abbreviated names).
- New
York firms are by far the most profitable. Only one UK firm, Slaughter and May,
makes it into a list of Top 10 firms by PEP which is dominated by the
relatively specialist New York firms.
- There
is ... Read the full article
April 22,2008
Law Firms as Businesses - What Type of Companies Are They?
"When billions are at stake, nobody is sacked for
hiring the best lawyers." - The Economist
The legal market is highly
fragmented.
- The top end of the market mainly serves corporate clients and is dominated by large firms which can offer a wide range of legal services.
- Small firms can compete successfully by providing specialized expertise or by operating locally.
London and New York house the greatest concentration of law firms.
- These cities house the world's largest capital markets and companies everywhere want to tap into them.
- International business is therefore often conducted under English or American law regardless of the client company's own jurisdiction.
Demand is dependent on the volume of economic transactions.
Profitability depends largely on the reputation and contacts of the
partners.
Happily for lawyers, salaries are the major operating expense.
Unlike most other industries, marketing is often aimed at other lawyers
since a large amount of work is done through referrals.
- Referrals are mainly inter-jurisdictional but some are inter-specialization.
Serving corporate clients is both the most profitable and the largest slice of
the market.
April 22,2008
Consolidation Trends of Legal Services
Consolidation
is driven by the desire of some corporate customers, who require a host of
legal services, to have one firm handling all of their needs, a
"one-stop-shop".
Firms
typically add specialist lawyers and practice groups to do this. However, they
can achieve this more rapidly and on a grander scale by merging with other
firms.
Non-global
players traditionally share an international mandate with a local player, or
refer the client to a firm which they recommended. An example of this is the
Slaughter and May (UK) / Cravath (US) "best friends" relationship.
One
of the hottest current debates regards whether firms will consolidate globally
to offer cross-border one-stop-shopping or whether firms will be chosen on
their ability to provide the best service in a particular jurisdiction similar
to a specialist boutique.
April 22,2008
Partners not Shareholders - Law Firms are Different
Margin
not Profit
- Unlike
limited companies which aim to maximize total profits for their shareholders,
almost all law firms operate as partnerships or LLPs.
- With
no shareholders to worry about, the profits are distributed across the
partners. Therefore they are
incentivised to maximize profits per equity partner (PEP).
- This
makes them potentially more concerned about maximizing profit margins (by
keeping headcount down, for example) rather than increasing revenues by adding
fee earning partners.
- The
same is not true about companies since the shareholders care only about margin
in as much as it affects profit.
- Most
companies would happily exchange a small decrease in profit margin for an
increase in profit. Quite the opposite can be true of partnership law firms.
Partners
not Board Members
- Law
firms usually take decisions by reaching a consensus amongst the partners. If
they don't, partners can defect to rival firms or set up their own, leaving the
firm to disintegrate.
- Therefore,
legal practices tend to behave more cautiously than their clients.
March 31,2008
What Is A Training Contract?
A
training contract for solicitors is a practical training
period for law graduates in the UK who wish to qualify as solicitors.
A full-time
training contract typically lasts for two years, and is undertaken
by students who have completed the Legal Practice Course (LPC) , which is the
professional phase for becoming a solicitor in England and Wales.
The
training contract is mandatory for all law students graduating with a law
degree or with a non-law degree. If a person is qualifying without a degree, a
training contract is typically not required. In such cases, non-graduates
typically advance toward qualification by passing exams administered by the
Institute of Legal Executives (ILEX) - all the
while working under the supervision of a solicitor.
To
carry out a
law training contract, a graduate must apply for an opening for such
position at a law firm. The problem encountered is that the number of graduates
applying for
training contracts in the UK surpass the number of annual
contracts available.
Websites
such as
www.TopEmployers.co.uk strive to resolve this
problem by providing easier accessibility to the UK trainee recruitment
marketplace. Students can expose their details and resume online in order to
attract law firms which have yet to fill their
training contract vacancy. These
law firms invite suitable candidates to partake in
training contract
interviews.
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