US firms are on the march in the London legal market. They are here to stay and continue to take a larger slice of the London pie from the magic circle and the other leading UK international firms. As a result, they will be on the lookout for talented NQ's to build out their teams each year.
It has been a stomper of a year for US firms in London. They have overtaken some of their UK counterparts in London revenue and gained top end work from Magic Circle firms.
The graph below represents the increase in moves from The Lawyer UK 100 and Magic Circle Firms to AM LAW 200 Firms in London year on year since 2020.
Every leading City law firm, US, UK, or otherwise, needs and wants newly qualified solicitors. They are the firm's future, work hard, work enthusiastically, and are needed to churn through work at a cheaper rate, of course.
Some US firms in London don't have their own trainee programme. Instead, they rely on external NQ recruitment each year. Even US firms that have their own trainee solicitor programme still rely on external NQ recruitment each year to supplement their supply of trainees. This demand creates one of the most competitive recruitment markets in the City, with plenty of opportunities for ambitious trainees.
The key practice areas generally in demand are:
- Corporate Private Equity
- Leveraged Finance
- Funds
- M&A
- Corporate Tax
- Restructuring
- Disputes (only a few roles, though)
What are the attractions of working at a US firm on qualification?
There are many reasons for trainees to consider moving from their training firm on qualification. For example, to get a role in the desired practice area, to have a backup option if they are not offered their preferred team at their training firm, more money, different work, more prestige, better work-life balance, larger firm, smaller firm – the list goes on.
There are also many reasons to stay at your training firm – market leading work, world class training and development, loyalty, career progression and personal and professional relationships.
However, when considering a move to one of the elite US firms, your motivations should revolve around the following...
Motivations for a move to a US firm
1. Wanting to be remunerated at the very top of the market and being prepared to put the hours in to earn it – the UK firms cannot compete with the leading US firms on compensation.
2. Wanting to work in a leaner team. If you feel like a small cog in a large machine and don't like the hierarchy and restrictions that a large team brings, then a smaller team is the answer.
3. Liking and wanting more responsibility. Due to their smaller team size (compared to the magic circle), US firms like people who take on responsibility and thrive in that environment.
4. Being attracted to working in the private equity sector
What do you do if you want to be considered for an elite US firm?
1. Use a recruiter
Law firms rely on recruiters to introduce them to the best talent on the market. Or rather, they rely on good recruiters to attract the best talent (lawyers who are broadly happy where they are and performing well) to their firm. Therefore, using a recruitment consultant is often the best way for a lawyer to secure the best role.
2. Be wary of recruiters
Firms pay recruiters for successful placements. We are only paid for our time and effort if our candidates are successful. When a recruiter introduces a CV, that is the point at which we have ownership of the application, and no other recruiter can get the fee for that individual. Therefore, it is in a recruiter's interest to have your CV with as many firms as possible as soon as possible. This is not always in the candidate/lawyer's best interest. You are best served by working with only one recruiter to get optimal results.
3. Get a great CV together detailing all your experience
When a partner reviews your CV – it is the first interview! Please don't leave anything to their imagination. Include all your training contract experience, and don't leave anything out to keep it to two pages!
4. Make the appropriate applications at the correct times
US firms like to go to market before most firms offer their fourth-seat trainees NQ roles to try and hire the best they can. Therefore they start collecting CVs quite early in the year. You must ensure your application goes in early enough not to miss out! There is a caveat, of course, too early, and your CV is skipped over as it's not a priority for the partner/recruitment team. You want it to land with maximum impact.
5. Get an offer from your training firm as a backup but also as proof of calibre
As the US firms want to hire the best talent they possibly can, in the interview process, the partners want to hear that the lawyers interviewing have heard the right noises about being offered their chosen role at their training firm. Basically, as the US firms want to be hiring the very best an obvious way to ensure that is to target those who are in line to be successful at their current firm.
Next Steps
Talk to a recruiter to help you assess your best options.
Learn more about Sonder and how we work, our team, and get in touch to speak to a trusted consultant - jonathantaylor@sonderconsultants.com
