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UK City Firms

Jones Day (London)

Our view...

Jones Day made its big move into London a decade ago when it took over Gouldens - a traditional mid-sized City firm known for its high profits and stellar salaries. Despite initial wobbles, it is one of the most profitable, as well as one of the largest, law firms in the world, with an enormous reputation for massive M&A.

The London office services some major property developers, as well as a host of private equity and hedge funds. It's a pretty major force in litigation, too, and has run some noteworthy cases through the courts in recent years.

As with all City firms, the financial downturn is bound to impact on deal flow. But the firm reckons its international presence has make it pretty recession-proof, and it currently has no plans to cut its extremely healthy rates of pay (or indeed jobs). But it's been a time of change for the Tudor Street-based shop, with the effect of the departure of senior partners a couple of years ago slowly fading.

Prospective trainees will be glad to hear that the firm is still paying its new initiates amongst the highest starting salaries in the City - £41,000 to start, rising every six months to hit a pretty astonishing £50,000 by the time you qualify (although the £72.5k NQ salary is a bit more run-of-the-mill by US standards). Trainee retention is historically extremely high, and the firm likes to promote from within - the 2012 set of partners all trained with the firm. In the City, that's pretty much unheard of, and to be admired.

The money's not the only difference here. Uniquely, the firm runs a non-rotational training system, where trainees are expected to knock on doors and 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, insiders readily agree that it might not be suitable for wallflowers and you need plenty of "self-motivation". There are some worries that it's easy to take on too much (just say no), but most insiders rate it and consciously chose the firm for the system. The benefits include your own office, having some control over your workload, getting a “high level of responsibility” and enjoying "great client contact". New joiners get whisked to Washington for a fondly-remembered week of free booze bonding with their peers from the firm's enormous international network. Although it's worth noting that there's no chance of a seat abroad other than the occasional stint in Dubai.

The firm also gets points for its flat management structure, lack of hierarchy and supportive working environment. The firm will "support associates' efforts to develop new skills and practice areas” and partners "seem to be care about your career goals and general professional development". There are the usual grumbles about long hours, but if you want to take home this sort of wedge you have to expect to burn the midnight oil occasionally. Chargeable targets are officially a reasonable 1500-1700 hours a year, but insiders say that 2000 is probably more like it (not that bonuses make up for it).

As with many a UK office of a big global firm, there are complaints about "opaque" central management from the US, with one senior Jones Dayer worrying about "Lots of senior Americans descending, but with no clear purpose". Fears that "everything goes through the US" were realised earier this year when several UK partners were moved to Of Counsel status - not a big deal across the pond, where the two titles have more parity, but a humiliating demotion here.

Aside from this there doesn’t seem to be much wrong. The firm consistently comes near the top of our annual Firm of the Year Survey, and dozens of lawyers write in to praise the firm's flexible, laid back atmosphere, extremely sociable employees and approachable partners who are "very friendly", "ridiculously intelligent" and in the pub every Friday (getting a round in). Others add that there aren't too many “sociopaths”, which is nice. Not only that, but the office is getting a nice revamp, too.

The firm pitches itself as a realistic competitor to the Magic Circle (hmm), 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.

For more information on Jones Day click here

For more information on Jones Day click here

Salary

Salary (1st seat trainee): £41,000
Salary (NQ): £72,500
Salary (1PQE): £77,500
Salary (2PQE): £85,750
Salary (3PQE): £94,000
Salary (Salaried partner):

Bonus Scheme

Bonus scheme: Yes
Typical bonus as % of salary
- NQ: %
- 1PQE: %
- 2PQE: %
- 3PQE: %
- 4PQE: %
- 5PQE: %
- Partner: %

Training

Grant for GDL: £8,000
Grant for LPC: £8,000
Training places per year: 20
% of trainees retained: 100%

RollOnFriday Firm of the Year Scores

Salary: 92%
Development: 89%
Work/Life: 63%
Openness: 63%
Biscuits: 71%
Toilets: 68%
Social: 87%
Firm of the year overall score: 78%

Benefits

Holiday allowance: 25
Flexi holiday: No
Pension: Contributory 5%
Healthcare: Yes
Maternity policy: Enhanced, 6 months full pay
Target hours: 1500 -1700
Childcare vouchers: No
Gym: Choice of two
Restaurant: No
24 hour photocopying support: Yes
24 hour secretarial support: Yes
Other: Salary increases at six monthly intervals, partners pick up regular pub bills, non-rotational system of training.

  

News Stories

Linklaters increases LPC grant by 40%
Firm becomes the best-paying benefactor of the Magic Circle ... read more > (8 comments)
UK Firm of the Year 2013: Career development
Which firms offer the best route to partnership? And which will keep you chained to the photocopier? ... read more > (1 comment)
Clutch of firms release 100% retention rates
It's shaping up to be a pretty healthy time for September 2012 qualifiers ... read more >
Jones Day, Weil Gotshal and Millbank censured for Lehman bills
$263k on photocopying not really acceptable, says US Pay Czar ... read more >
Jones Day "makes down" at least five London partners
The firm confirms that they are now Of Counsel (and no longer Of Equity) ... read more >
  

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