K&E

[Jaysen]

Hi Jaysen,

Could you possibly do an insight into Norton Rose Fulbright please?

Thanks

Hey, I'm still finishing up, but in the meantime here are some initial thoughts. I'll use Norton Rose for short (although I know the firm hate when students do this !).

Norton Rose Fulbright​

How Norton Rose transformed itself

• Recent applicants probably only know Norton Rose as a huge global law firm. But that's only a recent phenomenon and it's a testament to how quickly the firm has grown its brand. In 2008/9 Norton Rose was a decent mid-sized firm that - in the CEO's own words - was trying to replicate Linklaters. And even as it was caught between the magic circle and boutiques, firms like Simmons & Simmons still boasted a higher turnover and PEP.
• Norton Rose decided to narrow its practice-area focus and concentrate on becoming a member of the international elite. Between 2009-2013, the firm made use of Swiss verein structures to quickly expand across the globe, entering Australia, Canada, South Africa and the US.
• In those five years, Norton Rose grew revenue from £297m to £1.1bn and its partner headcount from 246 to 1,156. All of a sudden, Norton Rose was a different beast altogether and many UK rivals followed suit. Norton Rose wasn't following Linklaters anymore.
• Its most impressive merger was with Fulbright in 2013. Not many firms had successfully carried out a merger with a US firm and after that, Norton Rose became a top 10 global law firm in revenue and lawyer headcount.

...and again

• After those mergers, Norton Rose spent some time on integration and in particular investing in Asia and Africa.
• But recently, it looks like Norton Rose has been pursuing a second transformation. The firm opened offices in Europe, returned to Canada for a merger with Bull Housser, invested heavily in the US through lateral hires and another merger with Chadbourne & Parke, and boosted its Australian practice with another merger.
• Transformation 2.0 gave Norton Rose about 4000 lawyers, revenues of up to $2 billion and 59 offices in 33 countries. In its $1-2bn bracket, Norton Rose has the biggest partnership and largest international footprint, according to The Lawyer. It's so big that it's almost double the average in its bracket.
• The firm wins a lot of work by pitching its global presence. For example, the firm won M&A Team of the Year in the 2017 Legal Week Africa Awards for its work advising Barclays. Barclays noted that few firms had such a strong presence in both Africa and London. In fact, Norton Rose is one of the most established firms operating on the African continent.

Energy expertise

• An article by The Lawyer rated Norton Rose as the most international law firm in the world with 86% of its partners outside the UK. In 2016-17, 80% of its revenues were also outside the UK.
• Norton Rose leads the market in energy work. The mergers mean Norton Rose can leverage its global practice to win work for major corporations. That was a big reason behind its merger with Fulbright as its base, Houston, is a key market for energy work. Chadbourne & Parke also brought its energy practice to the table and gives Norton Rose a deeper US platform. According to The Lawyer, Norton Rose now has one of the largest global energy practices in the world.

Efficiency and profitability

• At the moment the firm is undertaking a number of big efficiency projects. That includes a very expensive global management system, investment in business services centres in Newcastle and the Philippines.
• Part of the reason behind that may be profitability. The firm may have grown in size but it hasn't really grown its profitability. In fact, its PEP was higher a decade ago. Swiss vereins may have helped Norton Rose reach everywhere, but at what cost?

 

[Salma]

Hey, I'm still finishing up, but in the meantime here are some initial thoughts. I'll use Norton Rose for short (although I know the firm hate when students do this !).

Norton Rose Fulbright​

How Norton Rose transformed itself

• Recent applicants probably only know Norton Rose as a huge global law firm. But that's only a recent phenomenon and it's a testament to how quickly the firm has grown its brand. In 2008/9 Norton Rose was a decent mid-sized firm that - in the CEO's own words - was trying to replicate Linklaters. And even as it was caught between the magic circle and boutiques, firms like Simmons & Simmons still boasted a higher turnover and PEP.
• Norton Rose decided to narrow its practice-area focus and concentrate on becoming a member of the international elite. Between 2009-2013, the firm made use of Swiss verein structures to quickly expand across the globe, entering Australia, Canada, South Africa and the US.
• In those five years, Norton Rose grew revenue from £297m to £1.1bn and its partner headcount from 246 to 1,156. All of a sudden, Norton Rose was a different beast altogether and many UK rivals followed suit. Norton Rose wasn't following Linklaters anymore.
• Its most impressive merger was with Fulbright in 2013. Not many firms had successfully carried out a merger with a US firm and after that, Norton Rose became a top 10 global law firm in revenue and lawyer headcount.

...and again

• After those mergers, Norton Rose spent some time on integration and in particular investing in Asia and Africa.
• But recently, it looks like Norton Rose has been pursuing a second transformation. The firm opened offices in Europe, returned to Canada for a merger with Bull Housser, invested heavily in the US through lateral hires and another merger with Chadbourne & Parke, and boosted its Australian practice with another merger.
• Transformation 2.0 gave Norton Rose about 4000 lawyers, revenues of up to $2 billion and 59 offices in 33 countries. In its $1-2bn bracket, Norton Rose has the biggest partnership and largest international footprint, according to The Lawyer. It's so big that it's almost double the average in its bracket.
• The firm wins a lot of work by pitching its global presence. For example, the firm won M&A Team of the Year in the 2017 Legal Week Africa Awards for its work advising Barclays. Barclays noted that few firms had such a strong presence in both Africa and London. In fact, Norton Rose is one of the most established firms operating on the African continent.

Energy expertise

• An article by The Lawyer rated Norton Rose as the most international law firm in the world with 86% of its partners outside the UK. In 2016-17, 80% of its revenues were also outside the UK.
• Norton Rose leads the market in energy work. The mergers mean Norton Rose can leverage its global practice to win work for major corporations. That was a big reason behind its merger with Fulbright as its base, Houston, is a key market for energy work. Chadbourne & Parke also brought its energy practice to the table and gives Norton Rose a deeper US platform. According to The Lawyer, Norton Rose now has one of the largest global energy practices in the world.

Efficiency and profitability

• At the moment the firm is undertaking a number of big efficiency projects. That includes a very expensive global management system, investment in business services centres in Newcastle and the Philippines.
• Part of the reason behind that may be profitability. The firm may have grown in size but it hasn't really grown its profitability. In fact, its PEP was higher a decade ago. Swiss vereins may have helped Norton Rose reach everywhere, but at what cost?

Thank you, if you could please do an insight for Slaughters, much appreciated!

 

[Jaysen]

Thank you, if you could please do an insight for Slaughters, much appreciated!

Sure thing.

 

[Jaysen]

FYI the full NRF insight is up: https://www.thecorporatelawacademy.com/insights/norton-rose-fulbright/

 

[GD1995]

Thank you!

 

[Jaysen]

Thank you, if you could please do an insight for Slaughters, much appreciated!

Hey, I haven't been able to finish it tonight but will definitely have it out tomorrow!

 

[Jaysen]

More to come guys, but in the meantime - here's my initial thoughts:

Slaughter and May
​

Best friends

• It's no secret that Slaughter and May is an anomaly when it comes to international expansion. In the early 2000s, when the magic circle were busy opening offices and merging with foreign firms, Slaughter and May was pulling out of New York, Singapore and Paris. Over the years, many spectators have criticised Slaughter and May's international footprint, suggesting the firm will fall behind because of its limited overseas presence. So the question is, has it?
• The answer is Slaughter and May's best friend network. But by itself that doesn't explain how Slaughter and May competes against the global elite. Indeed, many firms have foreign alliances, but that doesn't mean they don't need an international presence.
• The difference is that Slaughter and May has cultivated some of the best foreign relationships across the world. For decades the firms have referred work, shared knowledge, offered secondments and operated joint events for lawyers and clients. By partnering with the best firms, Slaughter and May can offer clients a consistently high level of service across different jurisdictions. Ultimately, that's what matters.
• When there's an acquisition worth billions, clients need the best expertise in the market. And Slaughter and May doesn't have to worry about the quality of its bolted-on-merger, it can rely on the quality of service across the pond.
• Slaughter and May and best friend, Hengeller Mueller advised Deutsche Bank after its $2.5bn fine from US and UK regulators for manipulating interest rates.
• Across the Atlantic, Slaughter and May has developed many enviable relationships with elite New York firms like Cravath Swaine & Moore, Paul Weiss and Wachtell, Lipton, Rosen & Katz. In 2016, the firm was shortlisted for the title of Transatlantic Law Firm of the Year by Legal Week. Not bad for a firm without a US presence.
• But some criticism remains fair. Slaughter and May's international capability depends on the strength of its best friend relationships. Take Davis Polk for example. Data from The Lawyer and Thomson Reuters shows that Slaughter and May and Davis Polk were co-counsel on 19 M&A deals between 2008 and 2013. But in 2012, Davis Polk began to develop its own English law capability in London, which led to less referral work between the two firms. And that's the risk. If the other firms decide to develop their English law capability, Slaughter and May may need to find new friends.

The Slaughter and May brand

• Slaughter and May is the UK's most profitable firm. At least, that's what legal publications estimate because the firm doesn't report its financial figures. The firm doesn't have to because it's structured as a general partnership and not a limited liability partnership. We think that's a good thing. It stops the media worrying about a one year drop in PEP and lets the firm focus on the long-term picture.
• The fact that Slaughter and May remains a general partnership ties in with its old-school image. It's also because the firm builds its small partnership by promoting people from within rather than aggressive lateral hiring. According to The Lawyer, between 2000 and 2015, Slaughter and May's partner headcount increased by just 7. Compare that to 282 at Allen & Overy or 269 at Clifford Chance.
• Slaughter and May has only ever made two lateral hires. The first was to develop a US law capability in Hong Kong after a number of US firms moved into the region. The second was to boost its pensions capability in London. Unlike the rest of the magic circle, US firms haven't had much luck poaching Slaughter and May partners either. According to The Lawyer, of the new partners that started between 2005 and 2015, 95% remain at the firm.
• All this adds to the image of Slaughter and May as a traditional close-knit firm with loyal partners.

Corporate heavyweight

• If there's an acquisition on the front page of the FT, chances are that Slaughter and May was involved. The firm is widely regarded as one of the best for high-end UK corporate work.
• That prestige has helped Slaughter and May secure the biggest deals in the market. The firm topped the table for UK M&A deals by value in the first quarter of 2018, according to research by Mergermarket.
• The firm has had a strong start to the year so far, acting for GlaxoSmithKline in buying out Novartis from its consumer healthcare joint venture - the largest deal in the first quarter of 2018. This was closely followed by its work advising engineering giant GKN in the UK's biggest hostile takeover in almost a decade. And, over the next few months, Slaughter and May should finish up advising Vodafone India on its $23bn merger with Idea Cellular. The firm's work advising its longstanding client Vodafone helped it top the Mergermarket's 2017 league tables in India for M&A deals by value.
• The firm advises more UK stock market clients than any other law firm. According to research undertaken by Adviser Rankings, the firm had 115 listed clients in November 2017. That's 34 more than its nearest magic circle rival Linklaters.

 

[J Wu]

Kirkland's application form this year requires both work experience entries (x6) and a CV. I was wondering how people have approached this in the past? I'm just incredibly wary of not wanting to repeat myself or cut work experience entries short if there isn't enough substantial content.

I was thinking that my CV would focus on key achievements for each employer and my extra-curricular achievements, and then I would flesh these achievements out in much more detail for the work experience entries.

 

[Jaysen]

Kirkland's application form this year requires both work experience entries (x6) and a CV. I was wondering how people have approached this in the past? I'm just incredibly wary of not wanting to repeat myself or cut work experience entries short if there isn't enough substantial content.

I was thinking that my CV would focus on key achievements for each employer and my extra-curricular achievements, and then I would flesh these achievements out in much more detail for the work experience entries.

This sounds about right. I'm sure K&E will be aware these sections overlap, so I wouldn't worry too much if you cross-over on some of the points.

 

[Mimi]

Kirkland's application form this year requires both work experience entries (x6) and a CV. I was wondering how people have approached this in the past? I'm just incredibly wary of not wanting to repeat myself or cut work experience entries short if there isn't enough substantial content.

I was thinking that my CV would focus on key achievements for each employer and my extra-curricular achievements, and then I would flesh these achievements out in much more detail for the work experience entries.

From attending their Open Day last week they highlighted that there is overlap, however, they want you to go into more depth within the work experiences section so maybe highlight what you did, your responsibilities and what you learnt from doing that task.

 

[alex_cole987]

Hi Everyone,

I wasn't too sure where the right place to post this was.

I have just been invited to the Kirkland & Ellis Video Interview. Historically I have always struggled on the video interview stage and was wondering if anyone had any tips?

So far I have prepared for:
- Why Law
- Why K&E
- Standard Competency Questions
- A story in the press
- General private equity knowledge

Any further help would be much appreciated.

 

[Salma]

Hi Everyone,

I wasn't too sure where the right place to post this was.

I have just been invited to the Kirkland & Ellis Video Interview. Historically I have always struggled on the video interview stage and was wondering if anyone had any tips?

So far I have prepared for:
- Why Law
- Why K&E
- Standard Competency Questions
- A story in the press
- General private equity knowledge

Any further help would be much appreciated.

Hey Alex!

At the open day, GR confirmed the video interview will consist of 2 questions, so I would assume one competency, and one either on why law/why K&E/a question based on private equity.

Congrats and good luck!

 

[Daniel Boden]

Hi Everyone,

I wasn't too sure where the right place to post this was.

I have just been invited to the Kirkland & Ellis Video Interview. Historically I have always struggled on the video interview stage and was wondering if anyone had any tips?

So far I have prepared for:
- Why Law
- Why K&E
- Standard Competency Questions
- A story in the press
- General private equity knowledge

Any further help would be much appreciated.

I just completed Weil's VI which I imagine would be very similar to Kirkland's. I prepared for all of the things you have mentioned and was asked 4 questions on why the firm, why law, a business story that interests you and a competency question (mine was biggest achievement) so I think you look good having prepared those to be honest!

 

[Daniel Boden]

Hi Everyone,

I wasn't too sure where the right place to post this was.

I have just been invited to the Kirkland & Ellis Video Interview. Historically I have always struggled on the video interview stage and was wondering if anyone had any tips?

So far I have prepared for:
- Why Law
- Why K&E
- Standard Competency Questions
- A story in the press
- General private equity knowledge

Any further help would be much appreciated.

And was this for a vacation scheme or TC? I'm still waiting to hear from Kirkland... thought they were non-rolling

 

[Salma]

And was this for a vacation scheme or TC? I'm still waiting to hear from Kirkland... thought they were non-rolling

Hey Daniel, just as @Abstruser mentioned in https://www.thecorporatelawacademy....rom-firms-ac-interview-tips-share.709/page-18, Kirkland are somewhat similar to Links, they review all apps/invite candidates to complete a VI on a 'rolling basis', but do not invite anyone to the AC until after the deadline.

(confirmed at the open day)

I hope this clarifies any confusion

 

[alex_cole987]

Thanks for all the help Salma and Daniel.

Only the two questions seems a little short compared to others I have done and K&E said it would take 15-20 minutes in total. I guess that includes a couple of practice questions and setting everything up then.

Good luck with the Weil App, I spent time in their structured finance department last year and really enjoyed it there.

I also thought they were on a non-rolling basis, but from the sounds of the email for the video interview it implied that I should get it in as soon as possible. This was for the vacation scheme in spring or summer.

 

[J Wu]

Does anyone know whether Kirkland wants a formal cover letter format (as in with addresses, date, etc.) or if it is ok to simply start with "Dear..."?

 

[Salma]

Does anyone know whether Kirkland wants a formal cover letter format (as in with addresses, date, etc.) or if it is ok to go start with "Dear..."?

I do not think they require addresses/date etc (since the word count for the CL is 400 words max)... I started the cover letter with 'Dear Graduate Recruitment Team', and so forth

 

[CF]

I do not think they require addresses/date etc (since the word count for the CL is 400 words max)... I started the cover letter with 'Dear Graduate Recruitment Team', and so forth

At the Open Day I attended in December, they confirmed this. There is no need to include date, address ect!

 

[DarylSYJ]

Thanks for all the help Salma and Daniel.

Only the two questions seems a little short compared to others I have done and K&E said it would take 15-20 minutes in total. I guess that includes a couple of practice questions and setting everything up then.

Good luck with the Weil App, I spent time in their structured finance department last year and really enjoyed it there.

I also thought they were on a non-rolling basis, but from the sounds of the email for the video interview it implied that I should get it in as soon as possible. This was for the vacation scheme in spring or summer.

Hey Alex!

I have been invited to the Video interview as well and I was wondering if you would be able to share your experiences?