Update:
This post is going to be dedicated to my thoughts on the Akin Gump open day, as it left me a lot to think about!
Akin Gump Open Day Overciew
I had such a good day at this event yesterday! It really helped me understand the work that lawyers do in more detail and it challenged my perceptions of the firm a lot. It was also the first open day that the firm has ever run in their London office and we were inundated with branded stationary to take home, and incredible food. I realise this is not the main purpose of open days, but it was certainly a neat addition.
Deal Anatomy
The firm took us through two recent deals that they had been part of and told us in detail how the different teams interacted and what specific work was done at each point of the deal. They asked us not to share specific details about the deals, so I'll just share a few interesting points I picked up on:
- At Akin Gump, trainees largely take responsibility for due diligence. They need to check for any potential liabilities, inconsistencies, or any other areas for concern. I realise this is why so many firms look for potential recruits with strong attention to detail. There will be hundreds and potentially thousands of documents in the virtual data room that need to be examined. This is done systematically, generally with a specific focus (e.g. documents relating to real estate), and these documents are then looked through with a fine-tooth comb.
- In corporate M&A, employment teams look through and draft service contracts. These can include non-compete clauses, or clauses that prevent staff from leaving immediately after an acquisition.
- Some companies require many restructurings. After a company has been restructured, it is up to management to ensure the success of the business and law firms have very little to do with this. Unfortunately (or I suppose fortunately from the perspective that it generates work for law firms), one law firm could restructure the same company three times.
- Tax teams can be very involved in financial restructurings to ensure that the restructuring is done in the most tax efficient way possible.
My (Changing) View of the Firm
As well as understanding the anatomy of a deal better, I really learnt a lot about Akin Gump. My expectations were that it would be an office with an intense and overworked atmosphere with people who loudly displayed their intelligence. Instead, I was struck by the absolute calm in the office. Following the panels of trainees and senior lawyers, I realised that this was a place where nobody had anything to prove, and were instead quietly confident about the quality of their work. There was a larger focus on retaining their loyal clients rather than searching for new clients (although the latter of course makes up part of the work they carry out). There was also an aim to expand on areas ancilliary to the work they already do, rather than opening up brand new practice areas. They have had a slow, but steady growth in London over the years. There was clear commeraderie between all employees from all levels. It made me realise that this firm has formiddable teams that work excellently together and lets their work speak for itself.
Diversity
Their focus on teamwork and supporting each other was also clear from their talk on diversity networks. I am very used to law firms sharing the awards they have won for their initiatives, or spending ten minutes at the end of a presentation to briefly explain their initiatives. This presentation was completely different, however. They had the London chairs for each firm diversity network present (social mobility, abilities, out&allied, BAME, women, parents&caregivers). The respresentatives then explained the work they individually did as well as how they worked as a firm and with other diversity networks. They talked about the metrics they used to measure their success and their personal stories. To me, this showed that they were really serious about improving diversity, equity and inclusion, and they weren't just paying lip service. This was also highlighted by the large budget Akin Gump gives each of the diversity initiatives. They also seek to involve their clients in these initiatives to help improve the diversity within their clients' companies too. I particularly enjoyed hearing about their pronoun training and social mobility initiative to get underprivileged Year 12 students to have the opportunity to spend time at the firm.
Small Trainee Intake and Lack of Formal Training
Whislt I was at the firm, I asked one of the trainees how he knew that he would thrive in a small trainee cohort with lots of responsibility. For me, high levels of responsibility sound great in theory, but in practice I don't know if I would find it too stressful. He gave me some really great things to think about:
- This particular trainee explained that he was very introverted. For him, standing out was harder to do in a big group (like the magic circle cohorts), and from his experience, these cohorts tended to have a lot more extroverted people in them. This is not something I had thought about before. I am also pretty introverted, so perhaps a smaller trainee cohort would also suit me better? I'm not sure, but it is definitely something I want to have a think about.
- For this trainee, he suggested that if you thrived at university when working in smaller groups with more of a focus on individuals, you may find a smaller trainee cohort better. I found this point very interesting because firstly, I did prefer smaller groups at university, and secondly, I hadn't considered the more individualised experience you could get in a smaller trainee cohort. My thoughts had been that more formal training in a larger group sets you up better to understand the work you are doing. For me, structure = proper training. After this conversation, however, I suppose larger groups with structured training are like big classrooms at school, whereas smaller cohorts with a lack of formal training are like 1:1 mentoring.
- The trainee explained that, yes, you might mess up with work being handed directly to a client. Despite this, surely it's better to mess up as a trainee than it would be to mess up as a more senior lawyer?
Overall, this left me a lot to think about. I also think that this particular trainee's experience of a small cohort may not reflect the experience of trainees in small cohorts at other firms. Here, there seemed to be a lot of support, but I have seen other firms where trainees are left up to their own devices more. I still think I am more comfortable with formal training, however, I think I would enjoy the training at Akin Gump due to their specific approach. I guess
I need to delve into the specific approach of each firm with a small cohort that I am considering applying to.
Quick Note on Application Process
- This starts with several questions on an application form dedicated to understanding your written skill. Each question requires 250 words. There is a commercial question at the end, but graduate recruitment does not screen this question at this stage. Akin Gump usually receives around 500 applications each year.
- Successful applicants then get sent a Watson Glaser Test. There is a pass benchmark which graduate recruitment could not quantify, but said that it was a 'fair' benchmark.
- If you pass the Watson Glaser, you move onto a Telephone Interview. This is largely there to expand on answers in the original written application and ask any questions. This will be conducted by graduate recruitment. This is a new stage of the application process.
- Following a successful Telephone Interview, the commercial question you wrote in your original application will be assessed by lawyers at Akin Gump.
- A successful commercial question will lead to an Assessment Centre including case studies, a group exercise, and interviews with partners and graduate recruitment. This is a new stage of the application process.
- A successful assessment centre leads to a vacation scheme. Akin Gump usually invites around 12 people to this stage.
- Following a successful vacation scheme, around 8 lucky people will be offered a training contract.
Overall Thoughts
I wasn't sure about Akin Gump before this open day, which was one of the reasons I applied to attend. Following the open day, I will definitely be applying to this firm. I was genuinely overawed at their understated excellence and genuine sense of commeradarie. They are nothing at all as I had imagined, and in this instance, I don't think it matters that the firm does not fulfill all of the criteria I set out for myself (i.e. formal training), because it seems that they support trainees in an equally valuable way. This also shows me the importance of open days and actually being able to attend in-person office events!
Thanks for following my journey!
