Macfarlanes is one of the most distinctive mid-sized law firms in the City, with a corporate department that regularly competes with the Magic Circle on deals.
The firm eschews costly foreign offices in favour of a referral network. To this extent the firm is very much a miniature Slaughter and May, which of course means that assistants can expect to be similarly Slaughtered by the hours. Still, at least they earn the same sort of cash (plus a bonus scheme of up to 25% of salary), and the work is some of the best in the City.
The firm's had a pretty stellar run of it financially, 2015/16 aside, when revenue was flat, profits dropped almost 9% to £74.5m and PEP slipped 17% to £1.29m. But that followed several years of impressive rises, and in 2016/17 the balance sheet rebounded with revenues of £167.6m, up 4%, PEP up 8% to £1.38m, and profits up 4% to £85.85m.
Macfarlanes unveiled pay rises in July 2016. Bear in mind, though, that the figures include both performance-related bonuses and the firm's estimated firm-wide bonus. On that basis, NQ's are now paid £80,000 - 83,000, with performance bands for 1PQEs of £86-92k, for 2PQEs of £92.5-102k and for 3PQEs of £97.5-110k. For the May 2016-April 2017 period, the firm raised the lawyers' bonus limit to 25%.
Major clients include Goldman Sachs, 3i, RBS, Reebok, Barclays Wealth and Paramount. And the firm's been keeping its nose in some very tasty deals, such as Duke Street Capital's secondary buy-out of the Wagamama's chain and it advised Brit Insurance on a $1.3bn cash offer for Apollo Management VII and CVC Partners. The firm also represented oil company Trafigura in the Abidjan Personal Injury Litigation, the largest group litigation ever brought in the English Courts and possibly one of the most controversial. It also recently advised Verizon on its $130bn purchase of Vodaphone's interest in the company.
Like many firms, Macfarlanes was forced to make redundancies in 2009, but things now seem to be very much on the up. It has been fine at retaining qualifying trainees from recent intakes, too, taking on 92% (23/25) in autumn 2017.
Like Slaughters, Macfarlanes has a reputation for being a fairly old-school outfit. The partners may deny this, and certainly the firm has taken steps towards showing its progressive, funky side - in the past corporate assistants have been invited on free skiing trips. And whilst associates claim there are many partners "who let you share their Werther's Originals and know a good story about a bridge" there are others who are "down with the kids" and even some who "like the rap music". Word.
So maybe it's the law firm equivalent of your father trying to dance at the school disco. But the lawyers we've met all seem like a very nice bunch, and since senior partners are taking home some pretty serious wedge we imagine they quite frankly couldn't care less.
The firm is also seen as one of the most meritocratic in the City. So aside from the money and partnership prospects, there are other clear advantages to training and working at Macfarlanes over and above the larger City practices: chiefly, its small size means that you can expect proper, hands on experience from the day you start. And whilst it's generally referred to as a corporate boutique, it also has a cracking private client department if that's your bag - a rarity in such a profitable firm.
The downside is that there's nowhere to hide - if you're crap you'll be found out in double quick time - and given the lack of foreign offices it's not the best place to go if you fancy heading off to the Med for a little R&R.
The firm's performance in RollOnFriday's Firm of the Year survey is improving, and it scored a mid-range, but satisfactory score of 69% this year. Lawyers still complain that the firm "embraces change reluctantly" and that "the sacrifice of life outside the office is totally expected". Others worry about a logjam higher up the ranks, with one saying the firm "still needs to address hierarchy problems and how to manage with large number of senior solicitors and few partnership places". But there was a lot of praise for the "genuinely friendly" collegiate atmosphere, the "very bright people" and the "interesting and challenging work from trainee level up". Partners are described as "approachable" and the firm's Senior Partner, Charles Martin, received praise for his leadership. As for its fuddy-duddy ways? "The firm's classic retro charm is bang on trend with hipsters".
Clearly this is a good firm at which to work, as long as you're happy with tough hours and have the intellectual ability to cope with early responsibility. Along with Travers Smith (similar work, slightly less crusty), it's one of the better mid-sized firms in the City.
NB The salaries listed in the table are the average amounts payable within those bands. There is also potential for a firm-wide bonus.