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Our view...
Jones Day dramatically
increased its share of the London market in February 2003 by taking
over Gouldens - a traditional mid-sized City firm known for its high
profits and stellar salaries. The following year the merged firm posted a
global turnover of over $1 billion and equity partners now pocket an
average of more than £1million a year. It is one of the most profitable, as well as one of
the largest, law firms in the world.
The London office has been having a
very busy time of it. Recent deals of note included advising ENRC on
its $3bn flotation and acting for private equity investors on the
purchase of the ceramics division of Johnson Matthey, a deal that
covered some 15 jurisdictions. On the litigation side the firm
successfully defended the SFO's biggest investigation to date when it
represented pharmaceutical company Goldshield.
As for all City firms it remains to
be seen whether the credit crunch will impact on the rate of deal
flow. But the firm reckons its international presence should make it
pretty recession proof, and it currently has no plans to cut its
extremely healthy rates of pay. Prospective trainees will be glad to
hear that the firm is currently paying its new initiates the highest
starting salaries in the City - £39,000 for your first seat, rising to
£50,000 for your final one.
The firm runs a unique non-rotational training system, where trainees are
expected to seek out their own work rather than being assigned to a
partner in any particular department. Whilst this certainly
eliminates the chances of your being stuck in a slow department for
six months, the firm readily agrees that it might not be suitable for
wallflowers. But insiders rate it, praising the benefits of being in
their own office and having some control over their workload.
The firm also gets points for its
flat management structure - "there's no hierarchy, associates
are very much encouraged to develop their own practice/contacts etc."
There are a couple of grumbles about long hours, but if you want to take home
Mid-Atlantic rates of pay you have to expect to burn the midnight oil
occasionally. And with chargeable targets at a fairly standard
1500-1700 hours a year, you shouldn't have to graft any harder than at most
decent, corporate City firms.
The firm pitches itself as a realistic
competitor to the Magic Circle, but with the added bonus of working
in a smaller office with greater partnership potential. If you go
there expecting to work for a profitable international giant rather
than a quirky independent boutique, you should be well rewarded.
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