2020-21 Vacation Scheme Applications Discussion

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layk

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Jul 16, 2019
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Thanks @Jaysen and @layk.

I want you to ignore what I said in the presentation and focus on my response below, as hopefully this shall address any confusion.

In simple terms, leveraging makes it possible for partners to bring in more money, billing no more and often fewer hours than they are currently billing. To increase leverage, a partner will place more associates on a matter.

Let's take for example a partner (Partner). Partner charges £300 an hour for 10 hours of work and brings in £3,000.

Let's change this fact pattern. Let's say 5 of the 10 hours Partner worked are passed down to an associate (Associate). The Partner now brings in only £1,500 and the Associate, at their rate of £150 an hour, bring in £750. The total billed to the client, is reduced to £2,250. Bare in mind that the £750 that wasn't charged isn't "lost", because the extra five hours Partner doesn't bill on this matter can go on another matter, which will give the firm an additional £1,500. Add this £1,500 to the £2,250 billed and the firm sees £3,750 - all without the partner billing an additional hour / more time.

As you can see from the above, by leveraging up more associates on a matter, the firm is able to gain more revenue. Further, as Partner's salary comes from the firm's revenue, they will get paid more.


Let me know if this is still unclear!

Thank you so much for your in-depth explanation! It all makes sense now :) Thank you also for the webinar, it was super helpful!
 

ZaraB

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Dec 13, 2020
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Trying to find a plain background in my house for a video interview like...
Confused Chrissy Teigen GIF
 

Selggib16

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Jul 20, 2019
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I have a question that is not intended to start a controversy, I am just curious. What do you think the opinions would be of working for a law firm that is representing Trump, given the press around it recently. Would this hurt my career in the long term and what are the chances of the firms reputation dropping significantly? I am a bit worried about job Security/reputation.
 
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tk166

Esteemed Member
Jul 17, 2020
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I have a question that is not intended to start a controversy, I am just curious. What do you think the opinions would be of working for a law firm that is representing Trump, given the press around it recently. Would this hurt my career in the long term and what are the chances of the firms reputation dropping significantly? I am a bit worried about job Security/reputation.
Is this morgan lewis? I think look at how much the parters donated to each party and you’ll get a vibe, but I assume over 50% of partners at least will be pro Trump...
 

tk166

Esteemed Member
Jul 17, 2020
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No I have seen lots of articles about Jones Day however also articles saying they are not representing him any longer?
Tbf I don’t know much about Jones Day in the UK but they have been through quite a bit in the US (gender discrimination lawsuit etc). Regarding reputation, if Kirkland can get away with representing Jeffrey Epstein and still be successful I think Jones Day won’t rlly be affected by this.
 
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Legal_rawn

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Dec 21, 2019
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No I have seen lots of articles about Jones Day however also articles saying they are not representing him any longer?
Jones day released a statement about this on their LinkedIn page a while ago so I’d see if you can find that. From what I know they represent the Republican Party and not trump himself? That may have changed or have been different in the past but that was what I got from what they had said
 

Jacob Miller

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  • Feb 15, 2020
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    I have a question that is not intended to start a controversy, I am just curious. What do you think the opinions would be of working for a law firm that is representing Trump, given the press around it recently. Would this hurt my career in the long term and what are the chances of the firms reputation dropping significantly? I am a bit worried about job Security/reputation.
    I highly doubt you would experience any career damage working for a firm which represented Trump - if some place judged you negatively for this, it would speak volumes about them to be honest! Notwithstanding you being implicated in some form of legal wrongdoing as a result of such representation, I see no reason why it would be an issue; in that event, it would be a challenge irrespective of the firm or client anyway so it's a moot point.
     

    layk

    Legendary Member
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    Junior Lawyer
    Jul 16, 2019
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    Just received a White & Case VI invite. This is my first application cycle, so does anyone have any useful tips for White & Case VIs, and video interviews more generally?
    Congratulations and the best of luck!!! Could I be that person and ask when you applied? Still waiting to hear back for me...
     
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