allenovery
TRANSCRIPT
A career in lawwww.allenovery.com/careeruk
The essentialsYour guide to applications and interviews
Big deal What happens on a major transaction and what do the lawyers do?
39 and counting
Graduate Recruitment Partner Richard Hough discusses the importance of our global network
Broadening access Why being a lawyer should be about brains, not background
In the City An insider’s guide to what’s happening outside the office
Trainee tales Reports from the front line
Allen & Overy continues expanding into new territories
Allen & Overy is an international legal practice with approximately 4,750 staff, including some 480
partners, working in 39 major centres worldwide. Allen & Overy LLP or an affiliated undertaking
has an office in each of:
Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is
used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent
standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s
affiliated undertakings.
© Allen & Overy LLP 2011
Abu Dhabi
Amsterdam
Antwerp
Athens
Bangkok
Beijing
Belfast
Bratislava
Brussels
Bucharest (associated office)
Budapest
Casablanca
Doha
Dubai
Düsseldorf
Frankfurt
Hamburg
Hong Kong
Jakarta (associated office)
London
Luxembourg
Madrid
Mannheim
Milan
Moscow
Munich
New York
Paris
Perth
Prague
Riyadh (associated office)
Rome
São Paulo
Shanghai
Singapore
Sydney
Tokyo
Warsaw
Washington, D.C.
Allen & Overy LLP
One Bishops Square
London
E1 6AD
United Kingdom
Tel: +44 (0)20 3088 0000
Fax: +44 (0)20 3088 0088
Email: [email protected]
Web: www.allenovery.com/careeruk
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32Staying away
06The knowledge
02 The making of a modern lawyerGraduate Recruitment PartnerRichard Hough, looks at the firm’s continuing expansion into new territories and considers what’s different about being a lawyer in 2011, and what has remained constant.
05 Out of the comfort zoneFive trainees reflect on what they have learned by moving beyond the familiar and going on secondment, overseas or to a client. See also pages 11, 29, 36, 46.66
06 The knowledgeWhat’s it really like to be a trainee? Get up close and personal with four trainees tofind out.
14 Going on vacationDo anything useful this summer? We look atthe benefits of gaining some relevant work experience.
18 The real dealWhat does it take to bring a deal together and what do the lawyers actually do?We unpack the Ocado flotation to find out.
24 City lifeTrainees offer their tips for balancing work with pleasure in one of the coolest cities on earth.
32 Staying awayBeing part of the global elite means the opportunity to live and work overseas.Two lawyers report back from Hong Kong.
34 The good lawyerHead of Social Investment, Susan Hazledine, counters the argument that pro bono work is just about PR.
37 This lawyer’s lifeLawyers lead interesting lives. Partner Etay Katz steps out of the office to offer up a few of his favourite things.
42 Life beyond the firmTraining as a lawyer opens up a worldof possibilities.
44 Open door policyAllen & Overy is leading the way in broadening access to the legal profession and encouraging social mobility.
47 The essentialsYour need-to-know guide to applying toAllen & Overy.
Contents
OUT OF THE COMFORT ZONE
8
The making of a modern lawyer 02
COVER IMAGE:The Bund, Shanghai –early morning exercisesalong the waterfrontpromenade featuringPudong skyline.
The ThTh Real DealRealReal
Welcome to Allen & Overy and to our new graduate recruitment magazine. Choosing a career in law and choosing the right law firm are two important, and separate, decisions – especially when firms can, from the outside, appear so similar. How can you tell them apart and make an informed choice?
This magazine aims to shed some light on what may lie ahead – from what lawyers do at work, to a little of what they get up to outside the office. It’s about law in general but it’s also about A&O, for which I make no apology. This is a great law firm and I think you’ll see in this magazine that our people, our culture – and our attitude – are a bit different from the rest.
Our office is located in a fantastic, vibrant part of London. With this in mind, we’ve asked some of our trainees to introduce you to some of their favourite venues for R&R. We also describe what kind of experience you can look forward to on a vacation scheme and what it’s like to go on a secondment as a trainee. And what about the work itself? In the The real deal, we’ve brought one of our deal teams back together to reflect on the late nights, the pressure, the paperwork and, ultimately, the satisfaction of putting together a successful transaction. David Morley, our senior partner, talks about one of his passions – broadening access to the legal profession – and we explore how and why we are active in the pro bono sphere. We also find out from some of our alumni how an Allen & Overy training has led to careers elsewhere.
Finally, my team has prepared a section at the back of the magazine – The essentials – which should give you all you need to know about training with A&O. And, after years of visiting campuses to meet prospective candidates, I’ve put together my own hints and tips on how you can give yourself the best chance of success.
It can feel like there’s a mystique about law – especially when you start talking about the global elite. In reality, there’s no mystery, just a lot of very bright people working very hard together to help our clients achieve their goals. What you need to decide is whether you like the look of the work, the clients and the people – especially the people.
Good luck and I hope to meet you, either on campus or at our Bishops Square office.
Caroline LindnerGraduate Recruitment Manager
Welcome
The making of a modern lawyer 03
In the last 18 months, we have opened offices in Australia, Qatar, Northern Ireland, Washington, D.C. and Morocco. We now have 39 offices around the world – a truly global presence – and we will not be stopping there.
02 The making of a modern lawyer
The making of a modern lawyer
A lot has changed since I first came to Allen & Overy as a vacation scheme student 24 years ago – 25 if you include a stint in the post room the year before. No more so than now with the legal and business world facing developments of almost seismic proportions. The economic downturn has left clients demanding better value, greater expertise and lower costs, while at the same time the
issues they need advice on have become more complex and more international.
I want to describe to you how we as a firm are responding and
what this altered landscape means for the people who join us
as trainees. But before I do, I want to focus briefly on a theme
that is in stark contrast to the trend of accelerating change.
As I look around, I see that a lot at Allen & Overy has stayed
pretty much the same. The offices are different – our move to
Bishops Square has proved universally popular – but the
people are very similar in terms of outlook and a good number
of the trainees I joined the firm with in March 1990 are still
here as partners. I think it’s worth reflecting on why that is the
case. Why do people choose a career at Allen & Overy?
Part of it, of course, is to do with each other. We’ve grown up
as lawyers and become good friends, as well as colleagues.
We know we can depend on each other. I recently saw the
same trait among our summer vacation students – as well as
experiencing the firm at close quarters, they became close as a
team. But it’s not just the people I trained with.
Allen & Overy has, I think, a knack of hiring people who
understand what it means to advise a client on the most
significant matters affecting its business, the weight of that
responsibility and the satisfaction that comes from delivering
technically excellent and commercially astute advice.
Over the years, I’ve worked my share of late nights – out of
necessity, I hasten to add, never to maintain appearances –
yet the commitment required is always justified when I
reflect on what an interesting and fulfilling experience my
time at the firm has been to date. Long hours are a fact of life
for a lawyer and it could be a turn-off – pressure, fatigue,
take-away pizza etc. – but at Allen & Overy that is rarely the
case. When the going gets tough, you gain energy and
inspiration from those around you. The quality of the people,
their willingness to pitch in, to offer up ideas and
to collaborate professionally never ceases to impress me.
Our trainee solicitors are the perfect illustration of this team
ethic. As a partner in the Corporate practice, I share a room
with a trainee. I work with trainees all the time and they have
the same focus and drive that I’ve seen throughout my career.
But they also have personality. They’re interesting characters
to be around, and that’s very important in a people business.
The other constant during my career with the firm is its
culture, which has two key and complementary aspects. The
first is complete professionalism and a mindset to explore
new and better ways of doing things. Standing still is not an
option for Allen & Overy – our strategy is ambitious, but
realistic, and we are looking for the next generation of
lawyers to make sure we deliver on it. And the second is
approachability and teamwork. I’m not sure I’ve ever heard
an Allen & Overy lawyer say they haven’t the time to help a
colleague – or at least not without agreeing a time when they
can – or known one with any delusion of self-importance.
This is a firm that thrives on people without ego who enjoy
working together to achieve results for our clients.
So, it’s been good so far; now let’s pan forwards. And as I said
earlier, the future is definitely looking different, even though
the character of the firm will remain the same.
The practice of commercial law has changed, especially for
the largest firms advising the largest clients. Our revenue
streams, for example, are dramatically different – 60% of our
income now comes from outside the UK. Nearly 70% of the
matters we take on involve offices in two or more countries
and 25% involve five offices or more. A far cry from my time
as a trainee when working with colleagues in another office
was the exception, rather than the rule.
What this means for lawyers and trainees is that, where we
previously benefited from some international exposure, now
it is an everyday occurrence; something that you are expected
to take in your stride. Transactions are increasingly cross-
border, and you can’t do that kind of work based solely in
London. This has two principal consequences. The first
is that we need, and have built, a global network of
offices run by people who embody this international ethos.
Richard Hough, Graduate Recruitment Partner
www.allenovery.com/careeruk
04 The making of a modern lawyer
In the last 18 months, we have opened offices
in Australia, Qatar, Northern Ireland, Washington,
D.C. and Morocco. We now have 39 offices around
the world – a truly global presence – and we will
not be stopping there. The second is that overseas
travel is now regarded by our lawyers as an
expectation as much as it is an opportunity.
Our lawyers, and perhaps you in due course, are
increasingly spending time in other offices around
our network, or on secondment to clients. You can
read about what that’s like later in this magazine,
but having an international mindset is no longer a
useful quality – it’s an essential part of the job and
you’re unlikely to succeed without it.
These extensions to our network, and the building
up of our presence in established markets such
as France, Germany and the U.S., are expressions
of our confidence. We are investing during difficult
times in anticipation of better times ahead, putting
ourselves in a position to improve our service
to clients when – and where – market conditions
improve. Having that kind of confidence and
ambition is energising; it puts a spring in your step.
As lawyers, our own role is continuously evolving.
No longer the practitioners of dusty old common
law and precedent, we are strategic advisers to
an international client base and, increasingly,
entrepreneurs for the firm, exploring opportunities
with clients and prospective clients, developing and
sharing ideas for their businesses and pitching
Allen & Overy as the firm to help them realise their
strategy. That’s a relatively new aspect to our role and
an exciting development. So, it was with real pleasure
that I saw how enthusiastically and convincingly our
vacation scheme students embraced a client pitch
exercise earlier this summer. If they join us as trainees,
those pitch skills and that confidence will put them in
very good stead.
Having been at the firm for over 20 years, I often
get asked “What does it take to be a lawyer at
Allen & Overy?”. We’ve put this magazine together
with the simple aim of answering that question, and
so I encourage you to read it. But the short answer is
you need to be interested in what’s going on in
the business world – with emphasis on the ‘world’
aspect. Everything we do is about helping clients
develop their business, so that should also be your
focus. Other than that, intelligence, an eye for detail,
a sense of humour, team spirit, endurance… the list
goes on. The best advice I can offer is to come and
meet us and make your own mind up. I hope you do.Casablanca Paris
Sydney
Hong Kong
Washington, D.C.
www.allenovery.com/careeruk Out of the comfort zone 05
Shanghai-based Megan Chen, studied Law at the LSE before joining the firm as a trainee in September 2009. Following her secondment in Shanghai, Megan will be qualifying into the Banking practice.
I was born in China and moved to the UK at the age of three, so it was one of my ambitions to spend my secondment here. Shanghai is a highly sought-after seat and I was really lucky to be selected.
My secondment is with the firm’s Corporate department but, as the only English trainee in the office, I have also had the chance to work across other areas of the firm, which has been really rewarding.
I am only at the halfway stage of my secondment but I have already found myself learning a huge amount about the Chinese legal system, which is based on Germany’s and is really different to the UK common law system. For one thing, there is much greater state control over the legal sector, which can make the process of advising clients more challenging as it’s much harder to predict what the outcome of a case is going to be.
One of the biggest challenges has been adapting to a completely different culture, which can be tricky, even for a native Mandarin speaker. This is my first experience of spending a serious period of time living and working in China so there is lots for me to learn, whether it’s finding my way around the city on public transport or knowing the right etiquette when going out to dinner with a client. Things eventually fall into place and after three months I think I’m almost there.
Shanghai’s night-life is definitely a major perk of being here and, with so much going on, it’s impossible to get bored. The city has an amazing bar scene, which caters to the expat community and young up-and-coming Chinese professionals. I’ve also enjoyed some of Shanghai’s more traditional attractions. The French Concession area of the city is a favourite place of mine to visit on weekends. I like going there to watch the older people congregate to practise Tai Chi or to play chess in the open. It’s important to keep an open mind and to make the most of all the opportunities on offer; you never know when you’ll get the chance to come back!
For junior lawyers, going on secondment is about exposure to a different side to working life. Five Allen & Overy secondees share their experiences, starting with Megan Chen based in Shanghai. Additional profiles, for secondees based in London, Milan and Abu Dhabi, are on pages 11, 29, 36 and 46.
SHANGHAI
OUT OF THE COMFORT ZONE
What’s it really like to be a trainee? Four intrepid
trainees, pictured in and around Bishops Square,
spill the beans on late nights, colleagues and who
really does the photocopying.
The knowledge
Akshay Agrawal
The biggest surprise has been just how approachable everyone is. People are always popping into our office for a chat (which is rarely work-related!) and are always willing to help if you are stuck on anything.
The knowledge 0706 The knowledge
Kate Dobson
I once got called into the office on a Sunday afternoon at 2 p.m. and worked through until 6 a.m. the next day... But it’s true what they say – the unsociable hours
are compensated by the buzz of the deal.
www.allenovery.com/careeruk
08 The knowledge
The knowledge Juliana Farrell
I once had to go over to a client’s mansion in a trendy upmarket London suburb to witness the client sign a €100 million guarantee.
Adam Baldwin
There are no social barriers within the firm so you feel a part of something, much more than just another trainee.
www.allenovery.com/careeruk The knowledge 09
Studied European Legal Studies at WestminsterFirst seat – Corporate (Financial Institutions Group) Second seat – Banking Third seat – Real Estate Fourth seat – Abu Dhabi
A&O is the perfect example to demonstrate that City assertiveness is not the only way to be in the top tier. The firm is known for being the ‘friendly giant’ and you really experience its welcoming atmosphere from the outset. Most importantly, this attitude extends, in particular, to the clients – a unique approach with a personal touch.
Double check, double check, double check – that’s my mantra. When you’re working under pressure, things can easily get missed. If you damage the confidence your clients have in you, it can be very hard to rebuild it.
Speak up when you have a comment to make even though you may think it is irrelevant at the time. At A&O, no question is a silly question and any observation made by any member of the team is taken as a meaningful contribution towards finding a solution.
I once had to go over to a client’s mansion in a trendy upmarket London suburb to witness the client sign a €100 million guarantee.
A tearing my hair out moment? Being led on a wild goose chase trying to get a simple answer from the European Commission!
Responsibility comes early and you quickly see that you are taken seriously. On one project, I was the first point of contact for all departments involved within A&O and helped co-ordinate workstreams between Corporate, Banking, ICM and Tax. Simultaneously, I was heavily involved in transaction process work – drafting contracts, record keeping, document reviews etc. In addition, the client contacted me directly to seek advice on discrete issues.
What have I said that I instantly regretted? “Do you need a hand with that?” at 5.30 p.m. on a Friday evening.
If you’ve done your work, go home. Contrary to the myth that partners love spending days and nights in the office, they much prefer leaving work on time and spending time with their families and friends – they are only ever in the office late if there is a good reason. They encourage their teams to adopt the same approach.
Sure there are some late nights and early starts. I worked until 5 a.m. on a closing of a deal. It was challenging but the excitement of weeks of hard work coming to a successful conclusion was extremely satisfying.
The biggest surprise has been how well-prepared I felt in making the transition from student to trainee after completing A&O’s bespoke LPC.
Yes I know how to refill the paper tray on the photocopier. You’ll find out that support staff are your greatest friends but sometimes you do have to do it yourself.
Lawyer joke? It was so cold last week that I saw several lawyers with their hands in their own pockets.
Studied Philosophy at SheffieldFirst seat – Corporate (M&A)Second seat – Banking (Global Loans) Third seat – ICM (General Securities Group)
Expect to deal face-to-face with clients early on. Law school may make you a master of some of the technical details, but dealing with real clients face-to-face and having to call them several times a day is a different matter entirely. Studying doesn’t necessarily prepare you for this.
You soon learn to be organised. Whether you have a client who wants advice every step of the way, or one who is happy to take a back seat and let you run with the transaction, both expect you to be completely on top of their deal.
Read it. Print it. Read it again. Print it. Read it again. It’s actually amazing how many tiny errors you spot within written work, emails, documents etc. There is nothing more embarrassing than handing work over to a partner and watching them correct a spelling or grammatical error in red pen – even if they do it with a smile.
A great trainer can make all the difference. My trainer is lovely. We spend a lot of time discussing important things like clothes, style magazines and horrendous TV programmes. Obviously, we spend a lot of time working hard too… but in an easy atmosphere which brings out the best in you.
Good enough doesn’t cut it at A&O. If you do a ‘good enough’ job, you won’t get asked to do another by that associate or partner. It’s better to take a bit longer and give it your best effort – it’s your reputation you’re risking.
My biggest rookie error? I was sending an email attaching some documents to a client. As soon as I hit ‘send’, I saw it. I had accidentally copied in to the email my friend from outside A&O, who happens to work at a rival City bank to the client. The client told me not to worry about it, but I will never make the same mistake again.
Expect to have the odd late one. I once got called into the office on a Sunday afternoon at 2 p.m. and worked through until 6 a.m. the next day. I then had to be back at work for 11 a.m., which didn’t leave much time for sleep. On another occasion, I worked until 5 a.m. straight through from 9.30 a.m. the previous day. But it’s true what they say – the unsociable hours are compensated by the buzz of the deal you are working on.
Trainees get perks, too. I was invited to an amazing closing dinner with cocktails and champagne, while a friend was given a bottle of champagne after one of his deals and a day off in lieu. The recognition of a job well done is priceless.
Juliana Farrell THE REALITY
Kate Dobson THE TRAINING
Out of the comfort zone 11
Jared Tausz, a London-based secondee, studied Theology and Philosophy at Durham and joined Allen & Overy as a trainee in September 2009. Jared will be qualifying into the ICM practice following a secondment to Goldman Sachs.
The pace of life at Goldman Sachs is just as you would expect – fast. The days go by so quickly and it’s very much a case of blink, and you’ll miss it. Often, I’ll be juggling five or six different tasks at the same time, so I have to be able to achieve a very quick turnaround when called upon.
A lot of the work I’ve been involved in during my secondment has been helping set up general corporate liquidity facilities for Goldman’s relationship loans between the bank and its clients. Each loan agreement takes about three weeks to complete from start to finish and the legal team at the bank are involved every step of the way. It’s a pretty hectic process, which means I have to keep on top of my inbox so that nothing slips through the net and I’m always communicating with the deal team to let them
know where I am in the process. There is a real sense of satisfaction at the end of a really busy day when you’ve managed to keep on top of everything and people are pleased with your work.
One of the pitfalls you could fall into as a trainee would be to make out that you know the answer to every question, when in fact you don’t. If you’re not sure of something, it’s much better to ask the person on the other end of the phone to hang on while you go and check, and then go and find them the answer – quickly.
I’m sure I’ll take a lot away from the Goldman Sachs experience, but the most useful aspect of working in a commercial environment is being able to understand clearly the way clients work and what makes them tick. It’s invaluable experience as, in the end, these are the people who are going to be using your services in the future.
OUT OF THECOMFORT ZONE
LONDON
10 The knowledge
Studied Law at SouthamptonFirst seat – ICM (Securitisation) Second seat – Banking
Day one can be pretty daunting. Being presented with so much information, I suddenly felt like I knew nothing. But now that I am three months into my training contract, I feel settled and that I am making a real contribution to the firm.
There is a ‘big picture’ mentality here. While the work you do as a trainee may often be limited to particular documents or other discrete aspects of a transaction, you always have to be aware of the impact on other areas of the deal. Keeping a record of changes is key to staying on top of things, and maintaining that ‘big picture’ in your mind.
What has surprised me? Just how welcoming and supportive the department has been. My colleagues are all very busy people with lots of work of their own, so I was half expecting people to be too occupied to help out a new trainee. But everybody I have encountered has been so patient, and more than happy to help me.
Trainees are an important part of the whole team. I always feel like my work is appreciated and the client contact I have experienced on a daily basis has been an added bonus. I am regularly the first point of contact for clients which means that I have been able to contribute personally towards resolving their queries.
Partners do listen to trainees. But it is important that the trainee is confident and certain in what he or she is saying – if it’s a difference of opinion, the chances are that the partner is right but they still want to hear what you have to say. Do your research, then feel free to express your view.
Everyone is human. It is definitely A&O’s view that we should strive to be the best, not cut corners, and be thorough in everything we do. However, I think it is also accepted that we are all human. We are all very grateful for the Document Checking department every now and then.
It’s not all work, work, work. When the summer sun is hitting the 6th floor terrace on a Friday lunchtime, the BBQ laid on is simply perfect. They even have a cool-box of ice creams. You almost feel like you are away from the office… almost.
The social scene here is fantastic. There are no social barriers within the firm so you feel a part of something, much more than just another trainee. There are plenty of opportunities to meet people by getting involved in sports teams and social events and many people within the firm are fast becoming some of my closest friends.
My favourite lawyer joke? A man says “I’m sending out 1,000 Valentine cards signed, ‘Guess who?’”. “But why?” asks the woman next to him. “I’m a divorce lawyer,” the man replies.
Studied Law at Oxford First seat – ICM (Corporate Trustee) Second seat – Corporate (M&A) Third seat – ICM (General Securities Group) Fourth seat – Banking (Restructuring) Fifth seat – Budapest
The best piece of advice anyone has given me was to be enthusiastic. It’s cheesy, I know, but it really does make a difference. There’s so much going on here – work, sport, pro bono and community activities – so the more you get stuck in, the more you’ll get out of it.
Despite the mystique, partners are people too. Their doors are always open, just like everyone else’s, and they wander around the office chatting just as much as the rest of us. A partner I had never met before came into my office and started talking about his passion – 1980s rock. Ten minutes later he left and returned immediately to put his headphones over my head so we could discuss the lyrics!
You have to be able to manage a client’s expectations. Sometimes what they ask for is not in their best interests and you have to be able to tell them that.
Sometimes you’ll be pushed outside your comfort zone. When my trainer was away I became the first point of contact on a deal involving an update on a Russian bank’s bond issue. It was highly time-pressured and a lot more complicated than I had first thought. I was getting hundreds of emails (sometimes very heated!) from all sides requiring changes and compromises to be made quickly.
It’s important that you work with people you like – you’re going to be seeing a lot of them. All the teams I’ve worked in have always been really helpful and a lot of fun. This is important as you are often required to work for long periods of time with a small team. Still being able to have a joke at 3 a.m. makes a big difference.
Getting out of the office is important and we’re in a great place to do it. When it’s a quiet day, a few of us will head out to a local place called Poncho No.8 which makes amazing fajitas. We’ll take our lunch to the lawn in front of the office or to one of the terraces, and just sit lounging and eating in the sun for an hour or so. It’s always a pretty good way to spend your lunch break!
The biggest surprise has been just how approachable everyone is. People are always popping into our office for a chat (which is rarely work-related!) and are always willing to help if you are stuck on anything. It really is a very friendly, relaxed place to work.
What would your advice be to someone applying for a training contract? Put in the time to do a decent application form. I would also strongly recommend doing a vacation scheme as it is the only way to see, first, whether the law is for you and, secondly, whether A&O is the place you want to be.
Adam Baldwin THE CULTURE
Akshay Agrawal THE PEOPLE
To find out more about the reality, the training, the culture and the people at A&O – see our ‘Myth Buster’ films at www.allenovery.com/careeruk
The knowledge
www.allenovery.com/careeruk
From the moment you join the firm, you’ll be involved inhelping our clients to protect and grow their assets.
Find out about the realities of training at Allen & Overy and check out our ‘Myth Buster’ films on www.allenoveery.coomm///ccaaaarrrreeeeeeeeeeeeeeeeeeeeeerrrrrrrrrrrruuuuuuuuuuuuuuukkkkkkkkkkk
Breakfast meeting
08:05
“Why do today what you can put off until tomorrow?” – this used to be the maxim of the undergraduate. Summers were for picking fruit, reading on the beach and falling in love. But with as many as 83 university leavers now reported to be jostling for every graduate position*, a gaping hole under ‘work experience’ on your CV is unlikely to improve your chances with prospective employers. For those with ambition and direction, there is no time to hesitate.
One of the most effective ways to boost your chances of securing a position is to get some work experience while still a student. It’s pretty much a given that employers will look more favourably on graduates who have spent their time outside university productively. The simple fact is that if you’re serious about getting a head start with your career, then you need to be looking at internships, open days and anything else that gets you inside the door and in front of someone from whom you can learn and on whom you can make a positive impression.
For those considering a career in the legal sector, a vacation scheme with a reputable firm is a fantastic way to start the ball rolling. Most major City firms offer paid summer placements to students about to enter their final
year of undergraduate study, and with it the chance of gaining an invaluable insight into the workings of a commercial law firm. For many, this will be an opportunity to decide whether law is truly the career for them while also putting to bed some of the common misconceptions held about the industry. Make a good impression over the course of the summer and you may even return to campus the proud owner of a training contract.
But don’t expect it to be a holiday. Vacation students aren’t just there for the ride – they are treated as trainees and expected to make a valuable contribution to the firm. The graduates we spoke to about their placements – all of whom have since accepted training contracts with Allen & Overy – worked alongside partner-led teams on some headline-grabbing deals.
So a work placement is serious and demanding. But it’s not all work, work, work. In between the assignments and presentations there are team dinners, drinks evenings and even the odd ice-skating outing. Well worth setting the alarm clock for, don’t you think?
* Biannual survey, Association of Graduate Recruiters (AGR), 2011
Going on vacation 15
vacationGoing on
14 Going on vacation www.allenovery.com/careeruk
16 Going on vacation
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1
Simon studied Law at Leeds and attended Allen & Overy’s 2010 summer vacation scheme, spending three weeks in London followed by a week in the firm’s Dubai office. Simon will be joining the firm in September 2012.
I sat in two departments in London – Antitrust and Intellectual Property Litigation – and was lucky enough to get involved in some of the live cases the departments were handling, which was pretty exciting.
The whole experience was a massive eye-opener for me personally. My preconceptions were that, given Allen & Overy’s reputation as a big City law firm, I’d find myself placed in a frosty, aggressive environment. This couldn’t have been further from the truth. I was working with some of the most highly skilled lawyers in their respective fields, yet people were approachable and throughout the scheme my questions were always taken seriously, however naïve they might have appeared.
Perhaps the most important thing I learned was what it means to work as part of a team for an international
law firm. Teamwork has become a bit of a buzzword these days, but the reality of working for a firm like A&O is that very few tasks are dealt with by one person and, more to the point, deals are invariably handled across more than one jurisdiction and therefore offices.
The chance to spend a week working in Dubai was one of the main reasons I chose to do my vacation scheme with A&O. It turned out to be the highlight of the whole experience and was a chance to get a taste of what it would be like to be a trainee in one of the firm’s international offices. I arrived during the height of summer so I spent a hectic week in a suit, dashing from one air-conditioned building to the next.
It was a pretty exhausting week but also an absolute thrill to be able to work in an environment and culture that was so different.
The icing on the cake was being invited to a client function at a swanky five-star hotel on the beach, which was a pretty awesome way to end my vacation scheme.
Zainnab studied Politics at Bristol. She joined Allen & Overy on the firm’s winter vacation scheme in December 2010 and sat in Corporate. Zainnab will be joining the firm in March 2013.
I approached the vacation scheme determined to enjoy the experience and to make the most of the opportunities on offer, which meant I soon had to forget about getting a lot of sleep. There was just so much going on.
I was lucky enough to be mentored by a partner during my placement, which I had not expected.
My job was to assist him while he worked on a pitch to win business from a potential new client. I carried out a lot of the research required to prepare the pitch document and became the first port of call whenever my trainer had a specific query that needed addressing. The highlight of the week was when I got to accompany him to a meeting with an existing client, which turned out to be a lot of fun.
One thing I found really useful was being able to meet some of the current trainees at the firm and to have the chance to quiz them on what life is really like for them. I was curious to find out about the kind of hours they worked and the sort of projects they were involved in. It helps that everyone on the vacation scheme was assigned a ‘trainee buddy’ – someone whose job it is to show you how everything works and to answer any questions.
At the end of the scheme I was invited to apply for a training contract, which led to an interview with a partner. It was much tougher than I’d expected and was quite a nerve-racking experience. Luckily my interview preparation paid off.
The friends I made over the course of the scheme were definitely an added bonus. I had expected the atmosphere between the vac schemers to be super-competitive, whereas it was actually really relaxed. It’s great to know there will be some friendly faces waiting for me when I start my training contract.
1. SimonCoates
2. ZainnabMakele
www.allenovery.com/careeruk
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Going on vacation 17
3
Chris earned a BA in English
from Cambridge and has
recently completed a Master’s
degree in Arab World Studies at
Manchester. He attended the
2010 winter vacation scheme,
spending eight days in the
London office. Chris is joining
the firm in March 2013.
I think I’ll be remembered from my
vacation scheme as the guy who
ended up ice-skating in a suit
during a group outing, having
forgotten to bring a set of casual
clothes to work.
When I wasn’t busy making a fool
of myself, my vacation scheme saw
me work closely with my trainer on
a bond issuance programme
involving a large institutional client.
It was far beyond what I expected
to be exposed to during a vacation
scheme and required me to be
aware of how my work fitted into
the rest of the project and to
understand everybody else’s role
in the process.
At the beginning of the week all the
vac schemers were divided into
small groups and tasked with
preparing a pitch presentation to
win business from a new or existing
client. My group was allocated a
private equity firm that was already
an important client of Allen & Overy.
The exercise gave us the
opportunity to spend time with
senior people across the firm,
including the relationship partner for
that client. We also worked closely
alongside the Business
Development team, who play an
important role in any pitch process.
It was a great chance to see
up close the kind of work the
different areas of the firm do
and to get an idea of which
areas I might be suited to.
My advice to someone thinking
about taking part in a scheme
would be to treat the whole thing
as an opportunity to learn. Take
advantage of the invitations to ask
questions and take the time to do
some internal networking by talking
to people in departments you are
interested in; it can never hurt to
show that you have a genuine
interest. And always have a change
of clothes at the ready…
Katharina recently completed
a Law degree at UCL. She
spent three weeks at the firm
on the summer vacation
scheme in 2010 and will join as
a trainee in September 2012.
My first seat was in Allen & Overy’s
Tax department and my second
was in Project Finance. Both seats
really threw me in at the deep end
but my trainers always took the time
to explain the background to the
projects I was involved in and what
the end goal was. One of the things
that surprised me was the spirit that
existed at the firm. From the
partners, to the trainees, to the
support teams, there is a really
great atmosphere about the place.
I felt welcome from day one and this
allowed me to be myself with the
people I met.
My personal highlight from the
scheme was the pitch exercise
where the objective was to gain
new or repeat business from a
specific client. Pitching is such an
essential part of what a lawyer
does. Ultimately, a law firm is a
business like any other – the work
doesn’t just come to you, you
actively have to go out there and
find it. Retaining existing clients is
just as important and, in a tough
market like the one we’re currently
in, you need to go that extra mile
to make sure you give the best
possible service. During the
scheme I also got the opportunity
to attend a client meeting with my
trainer where I could see first hand
how the different practice areas of
the firm work so closely together.
To those considering a vacation
scheme, I’d say, first of all, don’t be
afraid to go in there and be yourself.
Also, make the most of all the
opportunities available to get to
know the firm, both professionally
and socially.
As much as it’s a chance for the
firm to assess your strengths,
it’s also an opportunity for you
to gain a real insight into the
firm and to decide whether it’s
the right place for you.
It’s a big decision, so you need to
make sure you are making the
right one.
3. ChrisHurn
4. KatharinaAgena
vacationGoing on
In 2010 online food retailer Ocado floated on the London Stock Exchange. In the wake of the financial crisis it was big news, one of the biggest flotations of the year, high profile and especially interesting since the company had yet to make a profit. The media was all over the transaction and when the share price slumped almost immediately the naysayers had a field day. But, 12 months on, Ocado is in profit and the shareholders, notwithstanding the usual market fluctuations, seem satisfied.
The story of that flotation – which, in case
you’re not a regular reader of the
Financial Times, is the launch, also
known as an initial public offering or IPO,
of a company’s shares on the stock
exchange so that investors can buy and
sell them – is one in which Allen & Overy
lawyers played a central role. They
represented the banks that marketed the
deal to investors and, ultimately, whose
reputations were resting on its success.
“From our point of view it was a hugely
successful transaction,” says Louise
Wolfson, the Corporate partner at
Allen & Overy who led the firm’s deal
team. “For us it’s not about the share
price but doing a good job for our clients
and building relationships.”
Essentially, Allen & Overy’s role was to
represent the interests of the banks that
would be selling the new stock and
making sure that all the claims being
made by Ocado – and its team of lawyers
– in the sale prospectus were legitimate
and sustainable, and that the information
satisfied the regulatory requirements for
such a large transaction.
“Our role acting for the banks,” continues
Conan Lauterpacht, the lead associate
on the deal, “is to track what Ocado’s
lawyers have done and make sure that
we agree with the approach that has
been taken and the information that has
been included.”
The prospectus – in this case, a densely
written document of around 300 pages
– is effectively the marketing brochure for
the share issue, and is sent to people to
see whether they want to buy the shares
or not. And while Ocado may only go
through this process once, for the banks
sponsoring the issue, it’s their livelihood.
The picture it paints of the company has to
be both compelling and accurate so that
investors will listen to their recommendations
on the next transaction, and the one after
that. And for a prospectus, being right
means being accurate, comprehensive
and compliant – and that’s where the
lawyers come in.
It is a job in two parts says Conan: “The
first is due diligence where we review all
the documents the company has, its
contracts, its employee arrangements,
its agreements with suppliers. This is to
check whether there is anything in those
documents that we think absolutely has
to be mentioned in the prospectus
because it’s potentially a problem or
because it’s just something important
that I’d want to know about if I was going
to invest in Ocado shares. Then the
second part is verification, which is
where we look at what is included in the
prospectus and make sure that it’s
accurate, by going back and checking
what the base materials are for each
statement.”
A substantial part of this work falls to the
trainees: “The learning curve on Ocado
was massive,” says Malavika Raghavan,
a trainee in her Corporate seat at the time
of Ocado’s flotation. “I sat with Conan
and another trainee worked with Louise
and, for both of us, it was the first time
we were actually looking at an IPO.”
Typically, trainees are responsible for
managing the data room which contains
any and all relevant documentation.
“Usually you set up a virtual room,”
explains Malavika, “where you display
all the company’s different documents –
corporate, banking, property, insurance,
you name it. Our role was to sift through
all that and make sure that everything
which is at all relevant to the IPO is
included. It’s all these smaller judgement
calls that fall to the trainees.”
And then there’s the much mentioned,
but rarely understood, matter of due
diligence. What is it and why is it so
important? Louise offers a brief tutorial:
“Let’s look at one specific contract to
explain the idea of due diligence. In the
case of Ocado, they sourced most of
their goods through Waitrose; a lot of
them are Waitrose branded goods, but at
the time other products like Coca-Cola
and so forth also came through the
Waitrose supply chain. The Waitrose
supply agreement was a key contract for
Ocado and it was due to expire. So while
the transaction was progressing, Ocado
IPO
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The real deal 19
The Real DealBig law firm equals big deals – you’ll hear it everywhere once you start looking at a career in law. Lawyers in suits going in and outof shiny high-rise buildings, working late and under pressure, mountains of documentation and then bingo – or rather ‘pop!’ – the champagne comes out and the deal is done. But what actually happens during a deal? In fact, what is a deal? And why does it need lawyers? Why the late nights and why all that paperwork?
18 The real deal www.allenovery.com/careeruk
20 The real deal
was also renegotiating its contract with
its main supplier. Understanding the
original contract, the new contract, what
was different between the two and then
making an assessment about what
needed to be disclosed in the
prospectus – all of that was a key part of
our role and a good example of how due
diligence works in practice.”
For trainees, and the transaction team as
a whole, due diligence is fundamental.
“The documents sit on an online system
– the virtual data room,” says Conan,
“but there are sometimes thousands of
documents in that data room and the
very useful role that Malavika and Tim, the
other trainee on the deal, played was to
take a first look at the documents and flag
up to the rest of the deal team anything
which they thought was a serious issue
that needed further consideration.”
This is where the ‘commercial
awareness’ that law firms keep referring
to comes in, because it requires
particular skill – an ability to see how one
thing affects another – to understand
what’s normal and what may be an issue
which has a bearing on the transaction.
“You might discover, for example, details
around management incentive
arrangements or management service
contracts,” says Louise. “Or there may
be particular contract terms that
investors aren’t going to like or which
need to be disclosed in the prospectus.”
So, due diligence is a heavyweight task,
but that’s not the end of the paperchase
for the trainees on the deal. At the same
time, they are also responsible, under the
watchful eye of the associates and
partners on the project, for ensuring that
the requirements of the UK Listing
Authority – the regulatory body that
oversees listings on the London Stock
Exchange – have been met. That means
tracking down a whole body of
information, details such as the
company’s management employment
contracts, the shares that they own, a
description of the Articles of Association
and a host of other documentation.
“You have to ask the directors and
managers seemingly mundane things
like what are their other responsibilities;
are they a director of any other company;
is it a profit or a non-profit entity?”
explains Malavika. “A lot of these people
are pretty senior and their time is limited,
so you have to constantly follow up with
them and say, ‘please could you let us
know when you sat on the Board of such
and such philanthropic society or
organisation and when did that end?’.”
Not surprisingly, lawyers allude to the
value of persistence and a thick skin, as
well as sensitivity.
“You have several checklists that are
provided by the UK Listing Authority,”
says Malavika, “and you have to go page
by page, paragraph by paragraph,
checking the prospectus against these
lists. Even if it sounds painful, this is one
of those legal tasks that need to be right.”
And when it’s a 300-page document,
it’s easy to see how a minor error or
oversight could slip through. But, says
Malavika, “that’s just not acceptable in
terms of the service that we provide to
our clients. So, as a trainee, it is very
important to be thoroughly organised,
good on technical legal issues and to
liaise continuously with your team.”
In the case of Ocado, one aspect of
the transaction that immediately
complicated matters was the company’s
wish to offer employees the opportunity to
sell any shares they owned at the point of
flotation, and to give qualifying customers
and employees the opportunity to invest.
For the Allen & Overy team that meant
establishing structures for the sale of
shares and options, that were owned by
different types of employees, and also
structures for the purchase of shares by
customers and employees.
“We had to set up quite a lot of structures
to ensure that individuals who wanted to
participate and sell their shares in the IPO
were given an opportunity to do so. That
created quite a lot of work for the team,
and particularly the trainees,” explains
Louise. “They were tasked with obtaining
the authorisations to sell – and remember
we’re talking about hundreds of individual
shareholders – and then getting
shareholders to reconfirm their instructions
when the price at which the shares were
expected to be offered changed.”
Ocado added further spice to the mix
when it announced two weeks prior to the
formal ‘intention to float’ notice – which is
normally the starting pistol for the
marketing process and the race to place
shares – that “if it were to do an IPO it
would want to make an offer to customers
and that only customers who had spent a
certain amount within a certain period of
The R
eal D
eal
THE GAME WAS ON
www.allenovery.com/careeruk
time, prior to the ‘intention to float’
announcement, would be eligible to
participate”. It was effectively a savvy
invitation to Ocado’s customer base to
get spending – and an announcement to
the media that the speculation was almost
over. The game was on.
And what a lot of media attention there
was. “A lot of the attention,” recalls
Louise, “focused on why people should
invest in this company, particularly retail
investors – ordinary people like you and
me – not big institutions. Why should we
put our hand in our pockets and invest in
this company? In the Evening Standard,
every evening there was a discussion
about whether or not you should invest
in Ocado. I think nobody had really
anticipated quite that much media focus.”
As if that wasn’t complicated enough, at
the time of the transaction Ocado was
also in the process of refinancing its debt
– securing new or additional finance to
support its strategic direction. This
added a further dimension to the deal
for Allen & Overy since the firm, as well
as advising the banks on the flotation,
was advising a syndicate of banks on
their proposed lending to Ocado.
Darren Hanwell, a senior associate in
the Banking practice, was responsible
for this aspect of the transaction: “Ocado
had a huge expansion plan over the next
five years and so they needed lending to
make that business plan look realistic
and give it real credibility.”
“Ultimately,” he continues, “it has all got
to fit together with Louise and her team
to make sure that we all close at the
same time in a consistent manner.
My side of the transaction is key to the
prospectus – it adds plausibility to the
sale. Louise and her team need to make
sure that what I am doing and the
documentation that I ultimately agree
and we execute is accurately reflected
in the prospectus.”
For Louise and her team the main thrust
of the work is over once that prospectus
is published. There were other issues to
be tackled, legal opinions to be issued
and the question of a supplementary
prospectus to be addressed when the
indicative price range of the shares was
adjusted. But the team was able to ease
off the gas and leave it to the banks –
eight of them by now – which were then
in overdrive, contacting their investors
and building a book of sales. “There were
some 4 a.m. finishes in the final week,”
remembers Malavika, “when every
change to any material document had a
knock-on effect on other documents.”
After so much hard work, it is surprising
that the deal doesn’t end with fireworks
and a ticker-tape parade. In fact, after the
closing, when all the documentation is
complete, the team moves on to other
projects – the baton has been passed on
and it’s someone else’s baby. “There’s a
lot of adrenaline towards the end,” says
Louise, “and it is nice to know that in the
morning you wake up and you look in the
press and you can guarantee that in
every major newspaper the transaction
that you’ve worked on and that you
know ten times better than the journalists
is there in print. It makes you feel proud.”
Louise and her deal team were reunited in the summer of 2011 to make a film covering the transaction – now available to view on www.allenovery.com/ careeruk
Mala
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21 J
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201
0£937m
The real deal 21
That is the story of the Ocado IPO
and of the lawyers and trainees who
worked behind the scenes on the
documents that underpinned all the
marketing effort. The flotation on 21
July 2010 saw Ocado valued at £937m,
with around £200m raised in new
equity. It was one of the largest equity
capital markets transactions in the UK
market last year. The launch was
successful and, although Ocado’s
share price has experienced some
volatility, the company is making a
profit for the first time.
And Malavika? She was a trainee back
then but now she is a qualified lawyer
in Allen & Overy’s International Capital
Markets practice.
We offer one of the most tailored training contracts in the City, working closely with you to select your choice of seats. Around 80% of trainees complete an international or client secondment.
Take a look at our profile films on wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww.......aaaaaaaaaaaaaaaaalllllllllllllllllllllllllllleeeeeeeeeeeeeeeeeennnnnnnnnnnnnnnnnnnnnnnooooooooooooooooooooooovvvvvvvvvvvvvvvvvvvvvvvvvvvvveeeeeeeeeeeeeeeeeeeeeeeeeeeeerrrrrrrrrrrrrrrrrrrrrrrrrrrrrryyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy....................cccccccccccccccccccccccccccccccccoooooooooooooooooooooooooooooooooooooommmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm///////////////////////////////////////cccccccccccccccccccccccccccccccaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaarrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeerrrrrrrrrrrrrrrrrrrrrrrruuuuuuuuuuuuuuuuuuuuuuuuuukkkkkkkkkkkkkkkkkkkkkkkk
Off to training
12:30
24 City life
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www.allenovery.com/careeruk 25
Cit
y Life
Allen & Overy Our state-of-the-art officesoffer first-class work facilities, a superb fitnesscentre, green credentials and a rooftop terrace bar with spectacular views.
The Bank of England Independent since1997, The Old Lady of Threadneedle Streetsets the interest rate on which UK retail andcommercial interest rates are based.
Old Spitalfields Market An eclectic mixof stalls, shops, cafés and restaurants that’sliterally on your doorstep.
Brick Lane Home to arguably London’s bestcurry houses, cool bars and the only 24/7bagelry – try the hot salt beef but go easy on the mustard.
Shoreditch More cool bars and eateries than you could shake a fork at.
© 2011 Google
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London: capital of art and culture,food and drink, glitz and glamour,sport and leisure. Whether you’re aclubber or a cinema buff, a culture vulture or a barfly, a foodie or a wine connoisseur, this city has it all andmore. The life of a lawyer is certainly high-pressured and demanding. But with so much lying right on your doorstep there is plenty of fun to be had too. Ten of Allen & Overy’smost fun-loving trainees give thelow-down on the best the capitalhas to offer.
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City life 27
Top 5 lunchtimes:1. Galvin La Chapelle – Absolutely no contest if you’re
intent on blowing the pay packet and in for the long haul (and hopefully taking the afternoon off!).
2. Hawksmoor – Best steak in town? Very possibly, although competition from Goodman.
3. Poncho No.8 – A burrito here will fill you up for a week. Great take-away option for when the sun’s out.
4. Pizza Express – Cheap and cheerful but oh-so-reliable: always heaving at lunchtimes so arrive early, but extremely useful for quick meals out of the office.
5. The Lavanda BBQ – How many other City institutions cook up barbecued chicken, salmon and steak on their roof terrace in the summer months?
Top 5 evenings out:1. Dinner at The Don in the City. Very old school French.2. Bowling on Brick Lane at the All Star Lanes. Go for
the perfect 300 – great fun and a good place to go for team outings.
3. Curry on Brick Lane. If you can avoid the touts and tourist traps, this is still a fun place, and approximately five minutes walk from the office.
4. The Royal Exchange Bar for one of the more glamorous City venues.
5. Any Friday sports event at the O2. A few of us went to an NBA game last time it was held in town.
26 City life
Eating and drinking outWe’re spoilt for choice perched in Spitalfields, on the boundary between the City and Shoreditch. There’s a wonderful mix of classic haunts and funky, up-and-coming venues to discover. We’ve picked a few that are personal favourites. After two years as a trainee, you’ll have your own list, but try these for starters, say Matt Farrington, Joan Whybray and Vinayak Varma:
Breakfast and coffee – Carluccio’s breakfast baps are a top tip, especially if you’re feeling fragile from the night before! The sit-down breakfasts at Patisserie Valerie are tough to beat, while Spianata probably takes the prize for the best coffee.
Drinkies Many trainees would agree that on a sunny evening Lavanda, A&O’s own bar, beats all comers.The terrace has one of the best views of the City and the clientele is universally classy, sophisticated and devilishly attractive (of course!).
Pubs and wine bars – The Ten Bells, The Water Poet, and The Gun are all a stone’s throw from the office, and are a safe bet if Shoreditch doesn’t appeal, while The Poet Bar offers a popular alternative to the local All Bar One. It’s hard to top Bedales for a large glass of wine after a hard day’s work and the meat and cheese platters help soak it all up nicely, too.
On trend? – Press on into Shoreditch and there’s plenty of choice. Lounge Lover is a particular favourite: quirky, stylish and very Shoreditch, the stuffed animals on the wall quickly start to feel like old friends and the cocktails are to die for. No review of Shoreditch can omit reference to the Light Bar, a spacious bar in an old power station. This airy venue’s clientele is a perfect mix of City slickers and creative types from Shoreditch High Street – a good springboard to set up a long Friday night.
NoshSpitalfields is foodie heaven at all hours. Spanish, Italian, Indian: you name it, it’s there, either under the awnings of the fantastically regenerated market place, or in the side streets around Bishops Square and Brick Lane.
The eclectic – For something a little different, St. John Bread and Wine on Commercial Street behind the office serves an original range of English food in a non-stuffy atmosphere. The menu changes daily, so don’t get too attached to a particular dish (although we defy you to find a better combination of Eccles cake and cheese). The whole animal is served up (heart, bone marrow and trotters are old favourites on the menu) as opposed to just the standard cuts, so the best time to visit is when you are feeling robust and ready for a challenge!
The traditional – The Luxe, on the edge of the market, is a charming modern little bar/restaurant which serves a delicious range of hearty pub-grub while Le Relais de Venise is a good old-fashioned place serving nothing but steak and chips. Choose how you want your meat done, and leave the rest to them! Those serious about their cuts of meat could also try the Goodman steakhouse, which has possibly the best list of Californian wines in the City.
The hot date – Take them to Hawksmoor. Possibly the best steak in London, and certainly one of the better wine lists and cocktail menus; this is a seriously classy joint. A word of warning: book ahead!
Late night munchies – The Brick Lane Beigel Bake is one of the only genuinely 24/7 places in London, so make the most of it if you haven’t made it home by the small hours.
Sport and fitness Whether you’re a morning person, have a spare hour during the day or prefer an evening work-out, Matt Stanton, Michael Hagai and Ben Ogden have the answers:
A&O Fitness Centre – A&O has a first class on-site fitness centre including a gym equipped with various cardio machines, weights and even vibrating power plates. The changing rooms boast a sauna and fresh towels are provided daily. As well as the gym, there is a multi-purpose sports hall – where you can play basketball and table tennis, and a fitness studio hosting classes such as spinning, yoga and zumba. The great thing about the gym is that it puts everyone on the same level, regardless of their job title upstairs.
Squash – A&O has an agreement with Slim Jims on the other side of Liverpool Street Station whereby A&O employees can hire the squash courts for free. It’s only five minutes from the office so a quick game fills the lunch hour perfectly.
Running – A lot of people run to and from work at A&O and the ground floor changing rooms and lockers facilitate this perfectly. Quite a few people go for runs in the surrounding area at lunchtime. The river is only a 10-minute jog away and the South Bank with its wide pavements is a great place for a run. Alternatively, a slightly greener run is to head east out of the office.
Cycling – There’s nothing better for waking you up in the morning than cycling into work. There’s secure parking under the office, as well as showers, changing rooms and lockers specially reserved for runners and cyclists. And, if your wheels could do with an upgrade, the firm offers an interest-free loan to enable you to get a new bike and accessories.
Cit
y Life
www.allenovery.com/careeruk
28 City life
3-a-side football – Smaller and less popular than 5-a-side, but what 3-a-side lacks in numbers it makesup for in ferocity. The sports hall is transformed into the Thunderdomeand partners and trainees alike give everything they’ve got – wrists have been broken and noses remodelled,but the adrenalin and thrill of the competition makes it all worthwhile. Most departments have a regular lunchtime slot and weekly emails invite anyone and everyone to take part.
Sailing – Onshore theory courses are organised throughout the year for those wanting to improve their knowledge, but the real highlights are the two weekend regattas each year. The partying tends to be as competitive as the racing with some pretty impressive fancy dress on display after the day’s sailing has ended.
Team sports – The firm also supports a number of teams, including football ona Wednesday evening and rugby at the weekend. The standard may vary but it’s always competitive and players enjoy the opportunity to get one over on lawyers from rival firms, as well as mixing with them in the bar afterwards.
Shopping Now that you’re earning you’ll need somewhere to spend some of that salary. Maria Staiano-Kolaitis and Ahmed Badr are your guides:
For him:
Xen, Harrow Place – This unassuming shop sells a wide range of quality handmade shoes from Loake andBarker at lower-than-internet prices.Great for work.
The Menu, Brushfield Street –The helpfulness of the staff at this independent store sets it apart fromthe competition. A mini-Selfridgeson your doorstep.
Lomography Gallery Store, Commercial Street – Whether you think the toy camera craze is justifiably cool or a ridiculous trend, a wander round this shop is always interesting. Who doesn’t need a camera with four coloured flashes?
The warehouses along and around Brick Lane have frequent designer end-of-season and sample sales – from American Apparel to Gieves & Hawkes, there’s bound to be something to grab your interest. Many start mid-week, so head on over in your lunch break and avoid the swarm of bargain-hunters at the weekend.
For her:
Absolute Vintage, Hanbury Street – Possibly the largest vintage shoe and handbag collection in the UK, it’s an excellent place to rifle around for designer bargains.
Author, Commercial Street – London’s best-kept shoe secret…very boutiquey and perfect for the latest addition to your collection.
Reiss, Liverpool Street Station – Bag that beautiful dress for work before Kate Middleton wears it and it sells out.
Spitalfields Traders Market is brilliant for the occasional random buy. With everything from casual dresses, modern artwork to Venetian jewellery, you can easily pick up a treat for yourself or alast minute birthday present for a friend. There is also Petticoat Lane Marketon Middlesex Street – great bargains!
Other interests“You want it, we’ve got it”, say Tiernan Fitzgibbon and James Osun-Sanmi. London is the perfect place to indulgeyour passions whether you’re into food, fashion, comedy, music, dance, theatre, wine tasting, art, bowling… the list goes on and on. And guess what? Bishops Square is right at the centre of it all – welcome to Spitalfields.
Culture vulture?Spitalfields is loaded with more galleriesthan you can shake a stick at. Into Hirstor Emin? The White Cube is just upyour street (www.whitecube.com),maybe try The Whitechapel Gallery foryyour art fix (www.whitechapelgallery.org).Both are less than 15 minutes walk away from the office.
Venture just that little bit north on theEast London Line and you’ll comeacross the acclaimed Arcola Theatre– Tuesday nights are “pay what you can”nights. On a somewhat similar note,Rich Mix is a mixed arts venue with apretty decent cinema to boot. If music isyour thing, Shoreditch is bursting at theseams. A great place to check outwhat’s happening in the area (assuminga gig’s not actually happening in-store)is Rough Trade just off Brick Lane, oneof London’s most popular independentmusic stores.
Fancy a change?Like to laugh until your sides hurt?Check out the comedy at The Water Poeton a Thursday (www.waterpoet.co.uk).Or how about living out that childhooddream of life on the high wire courtesyof Circus Space(www.thecircusspace.co.uk).
A&O’s got talent!From dance classes and choral groups to string quartets, the firm offers a whole gamut of cultural activities for people to get involved with. In fact this is the second year running in which the firm is staging its very own operatic production, Carmen at Sadler’s Wells Theatre. And if it’s not in-house then it’snearby – Bishopsgate Institute, forexample, offers classes ranging fromMandarin to pilates.
Cit
y Life
www.allenovery.com/careeruk Out of the comfort zone 29
MILAN
Hugh Hobhouse, a Milan-based secondee, studied History at Edinburgh and began his training contract with Allen & Overy in September 2009. He is qualifying into the firm’s Corporate department.
I wanted to do my secondment in a city with a strong European flavour, so Milan was a good option for me. The city is really well-connected and it’s a good base from which to visit Venice, Florence or other parts of Europe.
I came here expecting Milan to be full of loud, stylish people bouncing around on mopeds, and this has proved very much to be the case, though the pace of life here is definitely less hectic than in London. A&O has a relatively small practice here. There are only four of us in my team – a partner, two associates and me – so it’s a really friendly, relaxed atmosphere in the office. Another bonus of being in a small team is that there is a lot more responsibility to go around. I’ve been able to get my teeth into some really interesting projects, involving a mixture of Italian and English law. The business community is much smaller than in London, so it’s easier to build a rapport with clients as
you often find yourself working with the same people, which rarely happens back home. This has really helped to build up my confidence as a lawyer.
There are lots of trainees here on secondment from UK firms, so there is always plenty going on in the evenings and at weekends. I’m a huge football fan and have been to a few games at the San Siro, including AC Milan’s last home game of the season. The team ended up winning the league title, which led to massive celebrations in the city’s central square. As you would expect, food is a really big deal for Italians and most days involve a long lunch of some description, while on weekends we usually go out for aperitivi.
I’ve found most people here speak English reasonably well, but it’s important to have some Italian. Luckily, the firm provides language classes to all secondees, both in London and on arrival, so I’ve been able to make a fair amount of progress. I have a very talkative landlady so it’s definitely been put to good use.
OUT OF THECOMFORT ZONE
Even in such a large firm you’re part of a small, highly focused team, playing a significant role.
Take a look at the trainee’s role in a typical deal atwwwwwwwwwwwwww....aaaaalllllllleeeennnnoooovvvvveeerrryyyy...ccccoooommmm////cccaarrreeeeerruuukkk
15:48
Focusing on the detail
Lawyers at the largest firms lead increasingly international careers. That can mean getting in early or staying late to be on a call, or jumping in a cab to get to the
airport. But for some lawyers, visiting other countries is not enough – they want to stay. Peter Crossan is an associate in Allen & Overy’s dynamic Hong Kong office
and Alan Ewins is a partner there.
Staying away
To many, Hong Kong has a
mystique or an aura that few other
places can rival. It’s a place where
East doesn’t so much meet West as
collide with it in a maelstrom of
noise, colour and activity. So, it’s
perhaps not without reason that a
popular souvenir T-shirt brought
back by visitors to the territory bears
the slogan ‘I survived Hong Kong’.
“It’s a very competitive environment,” says Alan,
whose relationship with the territory goes back to
1990 when he first went out there on a two-year
secondment, working at the time for Simmons &
Simmons. “More and more players are in the legal
market, including the U.S., Australian and, on the
horizon, Chinese firms. It’s not like London where
your reputation carries you along – you have to fight
for every piece of work.”
“But,” he quickly adds, “that’s the fun, that’s the
challenge.”
For Alan, those initial two years turned into five and
then he joined A&O to set up the firm’s Regulatory
practice in 1995, before becoming a partner in 1998.
“In Hong Kong you have a lot of freedom to imprint
yourself on the market; there are fewer day-to-day
constraints on how you operate and, particularly now
that I’m at a senior level, I can do what I feel is
appropriate.”
Proving that making partner isn’t the end of the
journey, Alan left Hong Kong in 2000, returning to
the UK for eight years as a consultant in the
Regulatory, Funds and Financial Products Group in
the London Banking practice. However, Hong Kong
exerts a fascination that is hard to resist and in 2008
he returned to the East again, this time as a partner.
Peter’s career, although much shorter, has also seen
him making the most of the firm’s international
network – or, to put it another way, bouncing around
between locations. He joined the firm as a trainee in
2006, and after two seats in London, spent three
months in Prague and then accepted a fourth-seat
secondment in Hong Kong, before qualifying into the
International Capital Markets practice. After six
months in London he was off again, this time to
Amsterdam for a year, and after another spell in
London, he returned to Hong Kong in 2010.
“It was always in the back of my mind to come back
here,” he says. “It’s just such a vibrant and exciting
place to live. The work is interesting and the lifestyle is
great fun.”
“At first it seems like a totally alien environment,” he
continues. “The language, the food, the culture and
the temperature – I’d forgotten how hot it gets here –
but you quickly adapt. It’s not long before you are
planning your first weekend away to one of the many
exotic locations nearby.” It’s true, Hong Kong is not a
bad place to go exploring from, with easy connections
to mainland China, the Philippines, Bali, Thailand,
Singapore and even Australia.
32 Staying away
“I often work with different colleagues within the Hong Kong office and also from across our Asia Pacific network.”Peter Crossan
Alan Ewins, Partner
Alan Ewins
“You have to embrace the culture. There are lots of familiar things – Marks & Spencer for example, or the fact that the roads work the same way, but it’s the differences that make it interesting...”
www.allenovery.com/careeruk Staying away 33
Peter lives in the centre of the city
just outside the main financial
district and only a 15-minute walk
to work. “I love living in the heart of
such an exciting and dynamic city,”
he says, “but when the weekend
comes, it’s easy to escape the hustle
and head out to the countryside or
one of the many beaches. The firm
also retains a junk [a boat] that staff can charter for the
day or the evening and have a party in the harbour or
head up to the outlying islands for a spot of
waterskiing or wakeboarding.”
Alan, on the other hand, with a family to share his
love of Hong Kong, has opted for a more tranquil
setting. “Where I live now,” he says, “it’s very green
with views of the islands and the water, the beach is
nearby and there are lovely walks – as long as you steer
clear of the snakes. Even in such a small place it’s easy
to find tremendous contrasts to the concrete, glass
and neon of the city.”
Allen & Overy’s office in Hong Kong, established in
1988 and home to 129 lawyers, is the hub of the firm’s
Asian network. Lawyers working there can expect to
take on transactions that span the region with a
particular focus on the booming Chinese economy.
“There’s certainly a lot of money flowing around here
at the moment,” says Peter, “and the economy is not
in the doldrums like it is in the West. I work in the
International Capital Markets department, focusing
mostly on derivatives and structured finance, and
there’s a lot of optimism in the market with the
opportunities presented by the opening of the
Chinese market and the positive economic growth
from the region’s emerging markets.”
The trick to making the move a success – particularly
with regard to work – they both say, is to go into it
with enthusiasm and to leave your assumptions at the
airport. “The legal framework is based on common
law, like the UK,” says Alan, “so it seems familiar but
there are subtle differences which means that a lot of
your UK knowledge doesn’t apply. ‘Regulated
activities’ or ‘asset management’ for example are
familiar phrases, but they have completely different
meanings here.”
“Coming to Hong Kong,” he continues, “is about
grabbing opportunities, and not just the legal stuff.
There are also fantastic social activities and an
extremely active pro bono side to the office that will
expose you to yet another aspect of Hong Kong that
you might not encounter otherwise.”
Peter agrees. “We are involved in many innovative
transactions which are often cross-jurisdictional and
across product groups. This makes the work very
interesting and means I am often working with many
different colleagues within the Hong Kong office and
also from across our Asia Pacific network,” he says.
“But, above all, it’s the lifestyle and the people. You
can combine an international, city-type role with a
passion for sports, the outdoor life and travel.”
His advice to would-be trainees is to think not just
about the location but also the practice areas and
where you might want to qualify. “Talk to current
trainees,” he says, “and try to get a feel for the work
and the life they’re experiencing.”
“You have to embrace the culture,” advises Alan.
“There are lots of familiar things – Marks & Spencer
for example, or the fact that the roads work the same
way, but it’s the differences that make it interesting and
the fact that you can access travel and other
experiences that are just not available in the UK.”
But there’s one piece of cultural assimilation that is
beyond even this seasoned traveller. “You have to draw
the line somewhere,” he says, “and for me it’s chicken’s
feet for lunch (or, indeed, any time).”
Peter Crossan, Associate
The good lawyer 35
Launched in 2010, the SIB represents the first successful effort to craft and launch an investment product that combines philanthropic purpose with potential return. It has drawn widespread praise particularly from U.S. President Barack Obama whose 2012 budget proposal includes provision for ‘pay for success bonds’, modelled on the SIB. New South Wales in Australia has also announced its intention to launch a A$25 million social impact bond.
Humanitarian collaboration
Allen & Overy works closely with the International Federation of Red Cross and Red Crescent Societies (Red Cross) and in the past three years has helped to bring two important initiatives to fruition:
humanitarian law (IHL) – Allen & Overy has helped to create a resource for use by GCSE age students in over 6,000 schools in the UK as part of their compulsory Citizenship training. The resource is now being adapted and made available to other countries including France and Hungary.
100 lawyers from Allen & Overy has collated relevant legislation in 24 Asian jurisdictions and helped draft a Model Law to expedite access to humanitarian aid in the event of a major disaster.
“This is a great example of using our expertise to support humanitarian projects,” says Susan. “The Model Law that we’re helping the Red Cross to develop will help them tackle practical issues such as how do you get money, vehicles or people into a stricken area
quickly without falling foul of local laws.”
“And it was collaborative – we looked at Asia and other firms looked at other parts of the world,” she continues. “On a subject like this there’s no room for competitive instincts – if you have a good solution to a problem then why not share it?”
Mark Astarita, Director of Fundraising at the British Red Cross, has been impressed by the level of involvement of Allen & Overy staff, taking the relationship beyond traditional fundraising activity: “A&O volunteers have directly contributed their knowledge and expertise. Above all, we have been impressed by the genuine interest shown in the work of the Red Cross and the desire to make a difference to people’s lives.”
Access to finance for the world’s poorest
The UN has identified microfinance as “one of the key driving mechanisms towards meeting the Millennium Development Goals” – providing financial services such as credit, savings and insurance to the world’s poorest helps them to develop businesses, shield themselves from risk and, ultimately, lift themselves out of poverty.
A&O has been a pioneer in microfinance and in 2008 it set up the Microfinance Working Group to coordinate the firm’s work globally. Over 300 lawyers from a wide variety of practice areas in more than 20 locations are engaged in the firm’s microfinance activities and the firm is currently:
the development of the infrastructure for its latest facility, the Homeless
International Africa Bond – a finance facility for housing and related infrastructure loans to Africa.
Shari’a compliant microfinance initiatives in the Middle East.
MFX Solutions, an industry-conceived initiative providing specialist currency-hedging solutions and training for microfinance institutions worldwide.
In addition to this programme Allen & Overy is also expanding its programmes on financial inclusion, supporting the delivery of financial education and assisting young people and their parents in getting access to fair finance.
Tackling environmental impact
It’s not easy being green but alongside its pro bono and community activities, and an intensifying focus on diversity and inclusion, A&O is also addressing environmental issues, along the way achieving ISO 14001 – a recognition of its developed environmental strategy.
“Like anything to do with what’s broadly described as CSR, changing our environmental impact has to be integrated into our daily lives,” says Susan, whose Social Investment role extends to the firm’s environmental activities. “It can’t simply be a bolt on issue or a diktat from on high.”
Already the firm has cut its carbon footprint by 15%. Photovoltaic cells on the roof of the firm’s Bishops Square offices contribute to cutting the firm’s energy consumption, and recycling has been increased from 50% to 72%.
“The philanthrophy comes from our people – what
we do as a firm enables people to target their
energies and to combine to have greater impact.”
Susan Hazledine, Allen & Overy’s Head of Social Investment
tradition. From Rockefeller to Gates, Titus Salt to Richard Branson, wealth and success are inextricably linked to giving and charitable causes. Law firms are well-placed and often well-resourced to provide a very specific set of skills that charities and other less affluent groups and individuals need. But why do they do it?
34 The good lawyer
Sceptics say that corporate philanthropy just makes for great PR. Philosopher Immanuel Kant would probably have agreed, if PR had existed during the 18th century enlightenment. All actions, he argued, have an inherently selfish root: you do good either because you want to feel good about yourself, or because you want someone else to feel good about you. Either way it’s about what you want.
So why do law firms do pro bonowork? Is their motivation just to make themselves look good? For Susan Hazledine, Allen & Overy’s Head of Social Investment and a partner withthe firm, the answer is disarmingly straightforward: “We do pro bonowork because we can and becausewe should.”
“There’s a very strong link between the practice of law and justice,” she says. “People come into law wanting to use their skills to help others; and as their careers develop that urge doesn’t just go away. So the pro bono ‘gene’, if you like, is there in most firms.”
“We already have very talented people keen to make a difference so it’s a question of directing their brains and their training at key social issues and towards people who might otherwise struggle to access justice,” she adds. But she’s also the first to admit that there is a halo effect – a benefit to the firm from its philanthropy. Susan says that lawyers, and especially trainees, gain valuable experience and training when they undertake these roles; experience that is valuable to the firmin its fee-paying work.
“If you take the work we do with clients at the law centres where we volunteer,” explains Susan, “our trainees volunteering there are seeing people under stress, people who are facing eviction for example. That’s the same kind of stress you’ll be seeing when you’re talking to the CEO of a company that is facing insolvency. Learning how to behave, how to handle yourself in those situations, and best meet the needs of your client, is vital.”
But perhaps more important is the fact that regular internal surveys indicate that A&O’s people want to be involved in pro bono work. “To some extent we bring it on ourselves,” says Susan. “We seek out people who are well rounded and who have wider interests beyond their own lives, and then they want to exercise those interests.”
“As an employer that wants to retain great people, we have to find ways of supporting them, so yes, that is alsoa consideration for us,” she admits.“The philanthropy comes from our people – what we can do as a firm is enable people to target their energies and to combine to have greater impact.”
And that impact, whether on an individual or local scale or through regional or global projects, can be very powerful indeed, profoundly changing or saving the lives of people who might otherwise be overlooked. Does itmatter in the end whether people and companies also feel some benefit from the good they do? Kant doesn’t makea judgement about that – and he’d say that it is inevitable anyway.
Allen & Overy and its people engage with a wide range of pro bono initiatives, from large multiagency projects to local interventions. Here are just a few examples of how legal expertise and resources can make an important difference.
Social Finance
Around 60% of those jailed for less than 12 months reoffend within a year and return to prison, creating enormous cost to the State and the victims of repeat offenders. To address this imbalance, the ground-breaking Social Impact Bond (SIB) aims to provide funding for projects that address some of society’s most pressing social issues. The SIB saves money for the government, paying for itself, and has the potentialto generate return for investors.
In crafting the first SIB (which was formed to facilitate prisoner rehabilitation), Social Finance called upon A&O to advise. At its heart the SIB has a straightforward premise: investors contribute to a fund that invests in projects to rehabilitate ex-offenders.If, over a fixed time period, the treated prisoners do not then reoffend, the government pays the fund a portion of the savings. A&O played a key role in getting the project off the ground by advising on the contract with the Ministry of Justice – articulating roles, responsibilities and thresholds for measuring success – and pioneering a unique fund structure that enables corporates, institutions and, critically, charities to invest.
www.allenovery.com/careeruk
Kate Hartley, an Abu Dhabi-based secondee, yy
studied English at Cambridge before joining the
firm in September 2009. She is qualifying into
A&O’s Employment department.
I had originally planned to spend my secondment in London before the chance to go to Abu Dhabi came up. It felt too good an opportunity to turn down, so I just went for it and haven’t looked back.
I had never been to the Middle East before and didn’t know quite what to expect other than that I was likely to be kept pretty busy. The first two weeks were something of a culture shock and it took me a bit of time to feel settled, but since then it’s been great.
The work I’ve been doing has been really varied and quite demanding; I’ve been involved in a lot of M&A transactions, though the highlight has probably been getting the chance to work on a series of IPOs onto the UAE stock exchange. I was pretty much in the dark about the regional business environment before I came out here, but I fully expect to be an expert in Emirati law by the time I leave.
There are far fewer cultural differences with the UK than I had expected but some aspects, such as the role of women in the workplace, do take some getting usedto. For example, whenever I meet a client or anyoneelse in a business capacity, I have to think twice about offering to shake their hand as it’s not the custom for women to do so. I normally wait for the client to make the first move and take my cue from them.
On the plus side, there is so much to do here outsidework hours that it’s impossible to get bored. Abu Dhabi has a real outdoor lifestyle, so there is plenty of opportunity for water sports and boat trips, or for just relaxing on the beach. The city has some great restaurants, and Dubai is only a short hop away if wewant to go clubbing at the weekend.
Overall, the experience has certainly been challengingbut it has also encouraged me to push myself and do things I wouldn’t normally do back in London. My advice to anyone coming out here would be to say “yes” to everything. You’ve only got six months, so you may as well make the most of it.
36 Out of the comfort zone
OUT OF THECOMFORT ZONE
ABUDHABI
www.allenovery.com/careeruk This lawyer’s life 37
This
Law
yer’s L
ife
Favourites Tel Aviv
Kenwood HouseBrompton folding bicycle
Holkham in NorfolkThe Kite Runner
Lord DenningBasketball
Ortygia at Syracuse in Sicily
1 2
3
8
77
This lawyer’s life 39
1. CityThere are a number of contenders including Barcelona and Naples but I have to be honest with myself and say Tel Aviv. It’s a wonderful demonstration of how a place can be so cosmopolitan and combine energising experiences with history and heritage. The atmosphere is amazing – there’s such a desire to live in the moment. It’s very intense. And of course, it benefits from great weather. I think both the other cities I’ve named share someof that feeling too – they are places that celebrate the past as well as fostering the future. I also like the fact that Naples is a bit rough around the edges, a bit grotty in places – it hasn’t been messed around with.
2. PlaceKenwood House, London is a magical place. For me it’s not so much the building or architecture itself, although it’s beautiful, but the fact that a place like this exists at all so close to the centre of such a massive city.I love the gardens and the vantage point it gives you across London, but it’s really the liberation you feel of being so quiet and calm in a busy city that makes it such a special place. Everyone’s enjoying it in their own way, picnicking, reading, sleeping – it’s perfect.And I often go to the concerts they hold there, either with my family or just my wife – we recently saw Rufus Wainwright and it wasjust brilliant.
3. Iconic objectI think the Brompton folding bicycle is a true marvel, a phenomenon even. I love cycling and the Brompton is a great way to bring cycling and exercise into my daily life to keep me fit and sane. I live in New Barnet and cycle five or six miles before hopping on the train into the City. You can’t take a full size bike on a train in rush hour so the Brompton is ideal. And for that it’s remarkable. The engineering is elaborate and intelligent and the design is functional – it’s quick for a small-wheeled bike and, while admittedly it’s not so comfy going over bumps, it manages the compromise of size and function perfectly.
4. BeachThe sea and being near to it is important to me, perhaps because I was raised in a coastal city. The beach that I think of most fondly is Holkham in Norfolk. It’s an incredible place, a horseshoe-shaped, sandy beach that fills to a beautiful lagoon at high tide. You come to it through a forest and so it has a sort of surprise quality when you get there and find this great arc of sand and water. It’s beautiful. I always swim when I’m at the beach, regardless of the temperature – you just have to get wet when you go the beach, otherwise it doesn’t count.
5. ReadI know many people think he’s pompous and egotistical but I think Michael Winner’s column in the Sunday Times is very funny. He’s honest about himself and has introduced me to some great – and not so great – restaurants. In a similar vein, I also enjoy reading Jeremy Clarkson. He courts controversy I know but I like the fact that he is honest with himself too – and he’s very funny. If you forced me to be a little more highbrow, I’d say I like the novelist Khaled Hosseini who wrote The Kite Runner. It’s a very emotional book but also wonderfully evocative of the cultural life of Afghanistan – I think it serves as a great ambassador for the culture of the country and is a wonderful counterpoint to all the negative things we hear about that part of the world.
6. Inspirational figureThere are any number of inspirational figures to choose from but I want to focus on someone who had an impact in the field of law and that is Lord Denning. I think he was in equal measure controversial and creative, and one of the most gifted judges we have seen. I chose him not so much for any particular judgments but for his approach, his willingness to be bold, to challenge the past and still stand for the values he was there to protect. I think he was also remarkable for being able to deliver judgments that were entertaining and to voice opinions that others would have run from.
7. SportI’ve already said I’m a keen cyclist but myreal passion is basketball. I played to agood standard during my teens and nearlymade the national squad at 16. My brotherrepresented Israel and played professionallyso I think it’s in our blood. I still play here atAllen & Overy with a number of committedcolleagues. What I like about basketballis that it is an intelligent game. Physicalattributes are important, sure, but they arenot the be-all and end-all. It’s about teamplay – it’s amazing how smart players canoutplay taller, fitter players. And I like the factthat there’s always so much happening – it’snot just about scoring one goal but scoringconsistently.
8. WalkA walk through Ortygia at Syracuse in Sicilyfeels like a walk through time. You are passingthrough so much history in such a smallspace and yet it’s still so alive. It dates back to ancient Greece but people are still there,living modern lives. I think being there is veryhumbling – you are reminded that your ownlife is only a very tiny part of history. I think we could all do with being reminded of thatsometimes.
ETA
Y K
ATZ Etay Katz is
a partner in the Banking practicewhere he focuses
on bank regulation. He was born in
Israel and moved to the UK in 1994
to study Law at Sheffield. After
training with a small City practice he
joined Allen & Overy in 2006. We asked
Etay to name and explain some
of his favouriteexperiences.
Lawyers are people – whatever you may hear to the contrary from comedians and the press. In fact, for many lawyers, it is precisely the combination of interesting people and diverse opportunities that attracts them to the profession in the first place. In the spirit of proving that lawyers are human, we asked one – Etay Katz – to stick his neck out and reveal a little of what makes him tick outside work.
38 This lawyer’s life www.allenovery.com/careeruk
Gettingout
19:07
Work is important – but it’s not everything. We recruitpeople who lead busy lives. When you join us, weencourage you to maintain your interests – ordevelop new ones.
Take a look at our ‘Myth Buster’ films on wwwwwwwwwwwwwwwwwwwwwww...aaaalllllllleeeennnnoooovvvveeeeeeerrrrrrrrrrrrrryyyyyyyyyyyyyyyyy....ccccccccccccccccccccccooooooooooommmmmmmmm////////ccccccccccaaaaaaaaarrrrrrrreeeeeeeeeeeeeeeeeeerrrrruuuuukkkkkkkkkkk
Life beyond the firm 43Life beyond the firm 43
“...to say you’ve trained at A&O opens doors in a way that few other firms can match.”
“It’s a great to time to be working in Asia. China and India are driving huge development across the region and there’s a great sense of optimism.”
of M&A transactions at Deutsche Bank. Enthused by the experience, he left Allen & Overy in 2005 after seven years to take up an in-house role with UBS. “I’d like to think I’d have made it to partner”, he says. “My career was progressing well, but it was a two-to-three year journey from where I was to reach partnership, and I had to ask myself if that was what I really wanted.”
Life on the other side of the table
The three former A&O associates have carved out very different niches for themselves in the legal profession. The different career paths perhaps says something for the breadth of training and experience a spell with the firm provides its trainees and associates.
Ashley’s role sees him manage Virgin Active’s legal risk across the UK, South Africa, Italy, Spain and Portugal. “This covers all aspects of the business,” he explains, “from members of staff to suppliers. A primary focus is on corporate finance – financing arrangements and looking at M&A and other opportunities to expand the business. We’re an ambitious company so part of my role is looking at other health and fitness groups that might be suitable for acquisition.” In his very first year with the business, he advised on Virgin Active’s acquisition of the Holmes Place health club business in the UK – a complex transaction that involved private equity owners and a simultaneous refinancing.
Like Ashley, Hugh has a similarly demanding remit. After five years at UBS, Hugh joined Lloyds Banking
Group in the summer of 2010 and is now Head of Corporate and M&A, Group Legal. Not one to shy away from a challenge, Hugh came on board at a time when the bank was making the first steps towards its EC-mandated disposal programme. “As well as dealing with the everyday company law, listing rules and disclosure issues encountered by the bank, a lot of my day-to-day role is spent helping to manage the disposal programme”, he explains. “It’s a strategic role, which involves for instance overseeing the legal advice and input regarding the sale of retail branches and advising on the legal aspects arising out of the reduction of the bank’s balance sheet.”
In Ana’s case, her change of tack has seen her take her skills much further afield. Having left A&O to work for RBS in 2004, her proficiency in Mandarin led to a transfer to Hong Kong to head up the bank’s Policy and Employment practice in Asia. In January 2010, she was approached by Bank of America Merrill Lynch where she now provides legal counsel and advice across 12 jurisdictions. She has few regrets about leaving London: “It’s a great time to be working in Asia. China and India are driving huge development across the region and there’s a great sense of optimism.”
A word to the wise
While these alumni express little regret about moving to the other side of the table, they can still remember why they joined A&O and offer some advice to budding lawyers about how to make
what can seem like a decision of monumental proportions. “Focus on the quality of the training”, says Ashley. “Without a doubt the larger law firms have the edge here. I had a fantastic career at Allen & Overy. I tackled some really interesting work and received training that was second to none. I think the firm takes its responsibilities when training lawyers very seriously,” he says. “Certainly, if I had my time again I’d make the same choice.”
It is a sentiment echoed closely by both Ana and Hugh, who likewise have nothing but praise for the platform Allen & Overy has provided for their careers. Ana’s six years at A&O left her well-placed to pursue the kind of opportunities she always dreamed of. “As an employment lawyer, to say you’ve trained at A&O implies a certain quality. The Allen & Overy Employment team was, and still is, ranked number one. I was part of a group of peers who have gone on to do amazing things in their careers.” Hugh received training contract offers from several different firms. In addition to A&O, there was another firm he had his eye on – a friendly, much smaller practice with a good reputation. “I ran this by a family friend who was working in the legal sector and he said I would have to be mad to turn down A&O. Looking back now, I know he was right – to say you’ve trained at A&O opens doors in a way that few other firms can match.”
Ana Baillie, Associate General Counsel, Global Labour and Employment, Asia, at Bank of America Merrill Lynch
Hugh Pugsley, Head of Corporate and M&A, Group Legal at Lloyds Banking Group plc
42 Life beyond the firm
Life beyond the firm
“We’re an ambitious company so part of my role is looking at other health and fitness groups that might be suitable for acquisition.”
For many people approaching a law career, and for most of those actually working at law firms, there is only one true goal in career terms – partnership. But, of course, not everyone who starts a law career can become a partner; the numbers just don’t add up. And beyond this there’s a secret but universally accepted truth; not everyone even wants to become a partner.
There, it’s out in the open. Not everyone wants to make partner – or could anyway. But that’s OK, and for two good reasons. One, law is a passport to other careers, and two, because at every level below partnership, lawyers and trainees take major responsibility, deliver value to their clients and enjoy rewarding roles and careers. Life and work aren’t solely about where you get to but about what you do along the way – and, critically, whether it makes you happy and fulfilled. That’s not to say that Allen & Overy, along with every other major law firm, isn’t on the lookout for ‘partnership material’. Of course they are. But when lawyers – usually associates with some experience – decide it’s time to move on, they take with them a raft of skills and insights that will make them a highly valued asset in a wide range of other organisations.
Reaching the crossroads
Ashley Aylmer made that move. He was a senior associate with Allen & Overy, having joined as a trainee in 1996 and qualified into the Corporate practice. After a nine-year career with the firm, during which he undertook a three-year secondment to the New York office,
Ashley surprised everyone, including himself, by deciding to leave the firm. He’s now Group Legal Director and Company Secretary at Virgin Active. “I was starting to gear up for that push towards partnership,” he says, “and I realised that, although I liked the work, I didn’t like it as much as I felt I should do if I was going to keep doing it for the next 20 years.”
Ashley’s decision is by no means unique. As is the case for many professionals, there comes a time when they feel the need to ask themselves what they really want from their career. Often partnership isn’t it. “I adored my time at A&O”, says Ana Baillie, who now heads up Bank of America Merrill Lynch’s Employment practice for the Asia region. “But I knew quite early on that I didn’t want to be a partner in a law firm. Having seen the kind of lifestyle the senior partners were living, I felt that wasn’t the right path for me.”
For Hugh Pugsley, meanwhile, it was the experience of a 12-month secondment at Deutsche Bank that prompted his switch to in-house legal services. “As an A&O associate, I had already worked on four or five deals for a team at Deutsche Bank, and had built up a strong relationship with them”, he explains. “One day they rang up Richard Hough, one of the partners in A&O’s Corporate practice where I was working, to say that they had lots of German MBA graduates working in London but they knew very little about the UK market and would I be able to lend a hand.” So Hugh spent a year working as an investment banker, advising on a series
If law is the journey, partnership is the destination – that’s the
rule isn’t it? The sunlit uplands of partnership are the dream
for every dynamic, thrusting lawyer and anything else is almost
inconceivable. But the truth is that partnership is not for
everyone. What happens to lawyers who take a different path?
Ashley Aylmer, Group Legal Director and Company Secretary at Virgin Active
www.allenovery.com/careeruk
44 Open door policy
Ope
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oor P
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www.allenovery.com/careeruk Open door policy 45
The legal profession is seen by many as something of a closed shop,
accessible only to those from the right school and university and
with the right accent and connections. That may sound like a cliché
and it certainly runs counter to the recruiting line presented by most
law firms. But, sadly, it’s not without foundation. In fact, there’s a
lot of evidence to suggest that access to the UK’s leading professions
such as banking, law, journalism and medicine has lately become
more, not less, restricted. If you think that sounds unfair, then you’re
in good company.
“When I discovered that it had actually become harder for people from average or below-average income families to get into the professions than it was when I entered the law 30 years ago,” says David Morley, Allen & Overy’s senior partner, “I was just horrified.”
“It’s shocking for our society and, as a profession, we are storing up problems by recruiting from a decreasing proportion of our population,” he continues. “On a macro level, do we really want professions recruiting from a tiny elite which has little appreciation of how the rest of society lives? Surely that can only serve to make our profession disconnected and less relevant.”
Closer to home, David, himself the product of a state education, says that the narrower your recruiting horizons become, the more likely you are to recruit ‘clones’ who are unable to adapt and innovate.
Jane Masey, Allen & Overy’s HR Policy and Diversity Manager, agrees. “With the globalisation of our profession, the challenges we are being asked to address are changing and we need to find people who are flexible and multi-faceted,” she says.
Thirty or so years ago there was what David describes as a ‘great opening up of the professions’, particularly in the fields of law and accountancy. The massive growth in income of the magic circle law firms in the late 90s was, he suggests, closely linked to that earlier intake, as a new generation of ambitious lawyers came to the fore at the top firms. But now he believes the swing towards privilege could threaten this pre-eminence.
“Nobody has set out to block people from the professions,” says David. “But those professions have been colonised by the professional classes to such an extent that it’s now much harder for people like me from my kind of background to get in. That’s not good for the profession and it’s also just not right.”
Social mobility is at the top of the political agenda with some heavy-hitting champions, including former Health Secretary Alan Milburn and the Deputy Prime Minister Nick Clegg.
Clegg has spoken passionately about the distorting role that family contacts and connections can have in accessing
internships and other forms of work experience – themselves an increasingly significant means of access to high-flying jobs. He has pioneered an initiative calling on businesses to play a part in reversing this trend. The Social Mobility Business Compact, to which Allen & Overy is a signatory, asks businesses to commit to providing more work experience opportunities and mentoring schemes, and to recruit in an open, fair and non-discriminatory way.
David shares Clegg’s well-publicised concern that work experience is more easily available to young people from backgrounds that give them connections and, perhaps more importantly, an exposure to influential and high-reward careers. Simply put, if you come from a background where going into law, journalism or medicine is normal then you are more likely to consider such routes as being open to you, and to have access to someone on the inside who may be able to help push open the door.
It is precisely the unfairness – and inefficiency – of this situation that provide the inspiration for Allen & Overy’s commitment to broadening access to the legal profession. Since 2006, the firm has been a high-profile supporter of Pathways to Law, an initiative that supports and encourages young people from state schools to pursue their interest in law. “Pathways to Law has proved,” says Jane, “that it’s not that difficult to level the playing field. It’s about providing opportunities to people who haven’t had them and wouldn’t otherwise get them.”
The firm’s gruelling recruitment season, visiting around 40 universities each year, is also testament to its commitment to broadening access. “We could easily recruit all the people we need from Oxbridge and the Russell Group universities,” says David. “There are plenty of flawless candidates there and it would be very easy not to make any further effort, but we took the decision a few years ago to widen our search.”
But, says Jane, university is too far downstream to be influencing the choices of many teenagers, which is why the firm launched the Smart Start Experience.
Now in its third year, Smart Start has been designed to provide broad-ranging exposure
to careers in the City and is intended, says Susan Hazledine, Allen & Overy’s Head of Social Investment, to raise young people’s aspirations rather than direct their future career choices towards law.
“Putting it simply,” she says, “if you haven’t got yourself on track by the time you’re doing A levels, then you’re probably not going to be considering law, or a lot of other careers. So this is really about helping young people to see what is possible, what they need to do to achieve their goals and giving them some of the soft skills to get them on the road to success.”
The programme provides workshops on organisation, networking, communication and team working to students who have been selected on the basis of their potential but whose backgrounds might otherwise exclude them from such opportunities. “Many of these students aren’t going to be able to tap into networks to get work experience,” explains Susan.
And, as well as being valuable experience, the Smart Start Experience is fun – both for the participants and the staff who help out. Exercises include a business game marketing new phone technology – something that’s close to all teenagers hearts – and a mock trial based on a 19th century case of cannibalism following a shipwreck. Over 300 volunteers from all areas of the firm – around 15% of Allen & Overy’s London staff – contribute to the programme. “There’s a very high level of enthusiasm for this initiative,” explains Susan. “Broadening access is, and should be, a concern for everyone. The vast majority of people in the UK go to state schools. We need to ensure that they have the same opportunities to succeed as young people from more privileged backgrounds – that’s a moral imperative for all of us.”
“We’re trying to create a more level playing field so that young people from all backgrounds have a chance to get a foot into the business world,” concludes David. “And, as a profession, we don’t want to have a single gene pool of people from only one particular background. If every major firm had a structured work experience scheme then I think that could have a really dramatic, and positive, impact on the problem.”
A career in law
Choosing which law fifirms to apply to is a big decision. Here’s your essential guide to the entry routes to AAllen & Overy, the application aanndd sseelleecctioonn pprroocess and what we aaarree llloooookkkiinnnggg fffooorrr..
46 Out of the comfort zone
Revathi Raghavan, a London-based secondee, completed her undergraduate degree in Lawin India before studying for an LL.M at George Washington University in the U.S. She is currently seconded to Standard CharteredBank and will qualify into the Banking practicein September 2011.
The working style of an in-house legal department is very different from that of a law firm, so there was a lot for me to get my head around. One of the maindifferences in working client-side is that thereare fewer of the support services you’d expect tofind at a large firm like A&O – things like document management and production. Because of this, you are expected to be more independent and self-sufficient in the work you do.
As this is my final seat, I’m expected to be able to make a real contribution to the team at Standard Chartered, so I needed to hit the ground running from day one. It’s been a great experience because I’m getting the chance to see and do different things, for example microfinance and development finance.
Inevitably, there are moments when I feel a little out of my depth and those are the times I need to ask for help from people around me. I’ve learned that it’s best to be up-front about what you do and don’t know, rather than trying to save face. It’s tricky because you want to make a good impression of yourself and of the firm, but my colleagues here understand that there are some issues I’m not familiar with and they are always happy to talk me through things.
While the secondment experience has been challenging, I definitely think it has made me a better all-round lawyer. It’s really useful to be able to put into context the way in which we work with clients; you get to understand exactly how clients work and why they want things done in a certain way. My legal acumen has certainly improved but, most importantly, I think it’s the experience I’ve gained of working under pressure that will really set me up for the rest of my career. Being able to handle responsibility and to juggle a million different things at the same time is what being agood lawyer is really all about.
OUT OF THECOMFORT ZONE
LONDON
www.allenovery.com/careeruk
To hear more about our practice areas, visit www.allenovery.com/careeruk.
Allen & Overy is structured as seven global practices. We asked partners from each practice area to give their personal perspective on the work they handle, their clients and the tasks trainees can expect to undertake.
Our practice areas
CorporateAlan Paul, PartnerThe Corporate practice advises clients on acquisitions of other businesses, disposals of their own business and raising finance in the equity markets, and provides a wide range of general corporate advice that every board of directors needs.
Lawyers in the Corporate practice are both generalists and specialists. They work in extensive teams but each lawyer also has an area of specialism, for example public takeovers, or in a sector such as telecoms, financial services or energy. So, on the acquisition of a company in the energy field, a general corporate lawyer may run the file but he or she will call on the expertise of the energy specialist as well as other specialists around the firm.
Corporate clients include publicly quoted or private companies, companies owned by financial institutions and private equity sponsors – organisations whose interest is investing in companies and perhaps buying whole businesses. Corporate also advises companies which are themselves advisers, such as investment banks.
Joining the Corporate practice as a trainee you will play an important role in the team, tackling tasks such as drafting agreements – a large part of our work – communicating directly with clients on the phone and attending meetings. The key attractions of Corporate are the variety of transactions you can expect to get involved in and working with a truly international client base.
BankingCathy Bell-Walker, PartnerThe Banking practice works at the heart of the world’s financial markets, supporting global corporate and financial institutions on a full range of domestic and cross-border banking transactions. Typical assignments include transactions for clients requiring debt funding – typically those that need loans in order to fund their general corporate activities or to make purchases of other companies or assets. For example, a client may identify a company that it wants to buy, either on the stock market or privately and, in order to finance that purchase, it needs to access cash, either by raising it in the capital markets (by making a placing and attracting money from bond investors) or by borrowing from a bank (this is called ‘debt finance’).
A substantial part of the work in the Banking practice is drafting loan documentation and general transaction management. That means making sure that all the paperwork that the bank needs before lending is on the table on the right day, at the right time and that it is accurate – for example, ensuring that the borrower is authorised to borrow, that the loan can only be used for the agreed purpose and that the loan agreement is enforceable. Banks either don’t have the resources to do this in-house for larger transactions, or it’s not practical to run the process in-house if a club of banks – or ‘syndicate’– are lending together.
Trainees in Banking will be responsible for these critical documents – known as ‘conditions precedent’ – and for other tasks such as preparing board minutes for a company wanting to borrow, coordinating documents, possibly from other jurisdictions, and liaising with lawyers in those jurisdictions.
48 The essentials www.allenovery.com/careeruk
International Capital Markets Angela Clist, PartnerThe International Capital Markets practice has been instrumental in nearly all the major developments in the modern financial markets, starting with the first ever Eurobond issue in the 1960s. It comprises five groups:
that are generally based on the cashflows from a pool of assets, such as mortgages or intellectual property rights (e.g. music royalties).
international capital markets.
market programmes.
solutions for clients where there is a hedge or a swap involved.
Lawyers in these areas have two main roles. The first is structuring – looking at how a financial instrument can be constructed to suit both the client’s goals and the legal and regulatory requirements of the jurisdiction. The second role is documentation. Trainees might be responsible for drafting documents, attending conference calls and meetings, and helping to arrange closings of transactions, often liaising directly with clients by email or by phone.
The International Capital Markets practice advises issuers – organisations that are issuing debt and which are promising to repay it or, in the case of securitisation, the organisations whose assets are backing the debt. It also acts for parties arranging or underwriting debt, or those that are arranging the distribution of the product. Its clients include some of the largest financial institutions such as JP Morgan, Citi, Bank of America Merrill Lynch, Royal Bank of Scotland and Lloyds TSB.
Litigation and Dispute ResolutionMona Vaswani, PartnerThe Litigation and Dispute Resolution practice provides specialist advice and representation to clients around the world on litigation, arbitration and regulatory matters, as well as risk management.
Allen & Overy deals with a variety of disputes but mostly ones with a commercial aspect, for example banking disputes, where a bank may have a dispute with a counterparty over a contract, a loan agreement or some other financial product. On the corporate side, disputes may include those with service providers or relating to projects, for example the construction of an energy plant. And the firm tackles fraud cases, acting, for example, for a company where the management, current or former, has been accused of embezzlement.
With any dispute, and especially where the parties have an ongoing commercial relationship, the aim is to see if it can be resolved by negotiation, without going to court – both to save costs and avoid the risks involved in litigation.
Trainees in the Litigation department help to draft pleadings or requests for arbitration, and prepare evidence to be filed and served on the other side. Trainees can also expect to attend court for applications, for example for freezing orders, to attend meetings with clients and to interview witnesses – potentially in other jurisdictions.
The essentials 49
We hold presentations, attend law and career fairs across the
organised through university careers services, faculties and student societies throughout the academic year. Together, these offer a great opportunity to get a feel for the type of firm we are, the work we do and the people who have already joined. They are also a good way of getting your questions answered and gaining further insights into our culture and values.
Visit our website at www.allenovery.com/careeruk to keep up-to-date with our campus events and to gain further insights and valuable tips ahead of making your application or attending an interview. You can also take a closer look at our London office, Bishops Square, and find out more about what life as an Allen & Overy lawyer actually entails.
Open daysOpen days are available for undergraduates and graduates and are designed to provide a more detailed insight into our firm, our environment and the qualities and skills that we look for in our trainee solicitors. Running regularly throughout the year, these valuable all day events feature interactive and practical workshops, informative presentations and the opportunity to work shadow a trainee solicitor. You’ll also pick up lots of advice on how to apply for vacation programmes and training contract positions. Two of our open days cater specifically for first year undergraduates and have a special focus on our vacation programme opportunities. All other open days are open to penultimate year undergraduates, finalists and graduates. Dates are published on our website and you can apply online to attend one of these events.
Vacation programmesA vacation programme is a great way to get to know us better and experience first-hand our work and culture. We offer two programmes – winter and summer – and have 60 vacancies available each year. In each of our programmes you will gain experience in one or two of our practice areas, where you will work alongside Allen & Overy lawyers on real deals and cases. Before you join us, we will ask you to choose the areas that most interest
you – this is a great opportunity to get hands-on experience in an area of law that really appeals to you. Alongside your legal work you will attend workshops and presentations aimed at informing you about key elements of our work and helping you to develop the skills you need to be a successful commercial lawyer, such as negotiation and presentation skills. You will work with fellow vacation students on a client pitch project designed to sharpen your research skills and to expose you to major clients of the firm, as well as our broad range of practice areas.
There will be plenty of time to socialise with other Allen & Overy people during your placement, which will further broaden your knowledge and extend your contacts around the firm. Just as vacation programmes are a good way to get to know us, they are also a good way for us to get to know you. We gather feedback on all our students from their trainers and you can choose to have a training contract interview at the end of your placement. Many vacation students go on to secure a training contract offer and subsequently join the firm.
You will be paid £250 per week and enjoy full access to all our in-house facilities during your placement. You can apply for our winter vacation programme from 1 October to 31 October 2011 or our summer vacation programme from 1 November 2011 to 15 January 2012. Please check our website or page 57 of this magazine for closing dates and interview timetables.
Winter vacation programmeOur winter vacation programme is for finalists and graduates from all degree disciplines. This programme runs for eight days in December and you will sit in one of our core practice areas for the duration of the placement.
Summer vacation programmeOur three-week summer vacation programme is for penultimate year undergraduates (and second year undergraduates on a four-year course including a third year abroad) from any degree discipline. There are three placement periods to choose from, commencing in mid-June. You will sit in two departments, at least one of which will be a core practice area of the firm.
International vacation programmeAs part of our summer vacation programme, approximately 12 vacation students will have the opportunity to spend an additional week in one of our key international offices. The international vacation programme takes place following completion of a three-week summer placement in London.
Individuals interested in the international opportunities can only apply if they accept a place on one of our London summer vacation placements. The selection process includes a short application form and an interview (via video conference) with a partner from the relevant international office, which typically takes place in March.
Meet us
Open days and vacation programmes
The essentials 5150 The essentials
Real EstateImogen Moss, PartnerReal Estate is the biggest asset class in the world, and the structures and vehicles used to buy and own real estate, and the financing techniques used in real estate transactions, are increasingly sophisticated. The Real Estate practice handles anything and everything that relates to real estate – combining technical expertise with a practical approach and the capacity to build teams across jurisdictions. For example, Real Estate lawyers advise on buying and selling real estate for investors, developing land, constructing new buildings, leasing real estate, financing real estate (with both debt and equity), establishing vehicles (such as companies, partnerships and trusts) for investing in real estate, and then buying and selling these vehicles.
Real estate clients include institutions such as pension funds and charities that want to spread their risk by investing in real estate, developers, property companies and banks. On the face of things, Real Estate transactions may sound straightforward but the structures for ownership and financing mean that the transaction is not just about buying the property asset, but a company, so there are property, tax, regulatory, commercial and corporate issues to be considered. And in
holding the property and the purchasing vehicle may be offshore, requiring the teams to liaise with lawyers in other jurisdictions.
Trainees in Real Estate are given a wide variety of tasks, so you might draft a lease, negotiate a contract, write a note of advice on rights or matters affecting a property, and research sustainability and green issues, which are very topical at present. Typically trainees will be working on multiple transactions simultaneously. As well as being heavily transactional, work in Real Estate also features a lot of research and technical expertise covering real estate statutes and case law.
TaxChris Harrison, PartnerAlmost every assignment that Allen & Overy undertakes has a tax aspect. Corporates, institutions, investors and individuals alike want to maximise the tax efficiency of their affairs, and understand their liabilities and the tax implications of their strategies. Even a straightforward loan agreement will have specific clauses dealing with the tax aspects of the lending; corporate deals feature tax implications for the seller who might be selling shares in a company or the buyer buying shares in a company; and in capital market deals there are tax aspects to the issuing of Notes in the capital markets. In other cases, clients may come together specifically to exploit a tax break – the purpose of their deal is to achieve a tax benefit rather than to sell or buy an asset.
The Tax practice acts predominantly for banks, as well as corporates, and much of the work is multi-jurisdictional. Clients may be looking at acquiring shares in a number of companies around the world or looking at securitising loans held by different branches of the same bank around the globe, so Tax lawyers work closely with colleagues around the Allen & Overy international network. Tax law is one of the fastest changing areas of law and this ongoing evolution is one of its principal appeals.
The work of a trainee in Tax will typically be research driven and towards the academic side of legal work. In this area trainees might be involved in negotiating tax indemnities, tax clauses in loan agreements and tax sections in offering circulars.
Employment & BenefitsMark Mansell, PartnerThe Employment & Benefits practice works in partnership with clients to develop individual, practical and creative solutions for all aspects of modern workplace challenges, pensions issues and employee reward and compensation assignments. It comprises three distinct practice departments: Employment, Pensions and Equity Incentives.
Employment advises on a wide range of employment issues including boardroom disputes, union relations, employee discrimination and unfair dismissal cases. It also conducts litigation, both in the employment tribunal and in the High Court. The Pensions department works for companies as well as pension scheme trustees, advising them on rights, rule changes and a range of other issues. Equity Incentives helps to design compensation strategies and put in place equity incentive plans.
In addition to this stand-alone work, all three departments support the Corporate and Finance departments on transactions – looking at the transfer of employment contracts and benefit entitlements from one entity to another. Employees and their benefits are very often the most important part of a corporate transaction – when transactions go wrong, it’s very often because the employment issues have not been properly dealt with.
Employment & Benefits clients include financial institutions, banks, insurance companies, hedge funds and multinational employers around the world – and the issues it handles are usually multi-jurisdictional. This means that lawyers in the field have to deal with different laws, different ways of representing employees and be able to develop solutions that work in each jurisdiction. Issues such as unfair dismissal or discrimination are easily understandable as principles, but the law behind them is incredibly complex for trainees in this practice, so the work is intellectually challenging. It also involves a very high degree of client exposure for the outset – trainees are, in effect, working as lawyers from day one.
www.allenovery.com/careeruk
52 The essentials
The training contact
Law school and grants
Your trainingYour training contract will be based on three- and six-month rotations through a number of departments or practice areas – known in the legal profession as “seats”. You will sit with a partner or an associate and actively contribute to the day-to-day work of that department – working on transactions and cases, taking real responsibility and gaining plenty of client exposure.
Shortly after you start your training contract you will attend an information evening where all departments are represented, so that you get the chance to meet A&O lawyers from different practice areas. Following this, we will sit down with you on a one-to-one basis to decide which seats you will do and for how long. You can identify a guaranteed ‘priority seat’ in which you have a particular interest and discuss the possibility of an international or client secondment, should you want one. We currently have around 45 international and client trainee secondments. This means that at least 80% of our trainees can take advantage of these fantastic opportunities.
In addition to your seat-based learning, you will also undertake our Professional Skills Course, which aims to build on the foundations you have established during your Allen & Overy Legal Practice Course, develop your commercial skill set and enhance your ability to contribute to the teams you work with during your training contract.
Before each seat you will undertake department-specific training to ensure that you are able to make the most of your time in each department. You will spend at least 12 months of your training contract in at least two of our core practice areas (Corporate, Banking and International Capital Markets) and you can express your preference for your first seat (generally, in one of these areas) prior to joining. Typically, international and client secondments take place in the final seat. As you go through your training contract and gain experience, it is anticipated that your level of responsibility will increase. Your development is key. Training and support is delivered in a variety of ways, whether this is achieved through mentoring by your trainer or attending department-specific courses. People in every part of the firm will help you and there is a good balance between support and supervision and being allowed to work independently. We want you to succeed and to develop a long-term career with Allen & Overy and our retention rates on qualification – on average 83% – reflect this.
Associate developmentQualifying as a solicitor, while an important milestone, is not the end of your professional development at Allen & Overy. Qualifying into one of our practice areas, you will be able to access a suite of Associate Development programmes designed to build the core non-technical skills that you will need to progress your career further and meet the demands of your evolving associate role.
The main elements, which have been designed to enhance the core competencies we value in our professionals, cover client skills, self-management, how to manage other people and how to manage deals with maximum effectiveness.
Law school We provide the accelerated Allen & Overy Legal Practice Course (LPC) at The College of Law in Moorgate, London and all successful candidates will study this. Our fee earners and training team work closely with The College of Law to deliver a bespoke LPC that reflects the particular requirements of a City law career with Allen & Overy. It features materials based on real examples of the work we do and talks by A&O lawyers about recent deals to put the work into context. It also features soft skills training and technical elements that will relate directly to the electives you study. And, of course, attending a firm-specific LPC means that you can get to know your fellow trainees and future colleagues, build your networks and attend the numerous social events organised by our recruitment and training team ahead of joining the firm.
We require all non-law candidates who have accepted a training contract prior to starting law school to study the Graduate Diploma in Law (GDL) at The College of Law (Birmingham, Bristol, Chester, Guildford, London Bloomsbury, London Moorgate, Manchester or York). If you have any extenuating circumstances which may affect where you can study the GDL, we would discuss this with you. If you have already completed the GDL or LPC with a different provider, we will recognise it.
Financial support during law schoolWhen you accept our offer of a training contract, we will provide financial support for your law school studies in addition to paying your fees. For candidates studying for the GDL, we will give you an annual maintenance grant of £6,000 in London (or £5,000 elsewhere
while you take the Allen & Overy LPC. In addition, we award a £500 prize to future trainees who achieve a first class degree and/or a distinction in the LPC. You can also apply for an interest free loan of up to £1,000 to be repaid by the end of your training contract. This can be used for something worthwhile, for example completing a language study course or undertaking a pro bono or community initiative.
www.allenovery.com/careeruk
BenefitsWhat we look for
Your interview
Rewards and benefitsOur package of rewards and benefits will provide you with a range of financial benefits, facilities and services to help you to get the most out of your time, both here and outside work.
Cash rewards and savingsThe current salary for first year trainees is £38,000, rising to £43,200 in the second year of training. On qualification, the current salary is £61,000 Interest-free season ticket and bike loansChildcare voucher scheme
Health & wellbeingPrivate medical insuranceEmergency childcare – free emergency childcare for children aged between three months and eight yearsOn-site fitness centre, gym, sports hall and a wide range of exercise classesFully integrated health & wellbeing centre services including: in-house GP and nurse; physiotherapy; health assessments; dentist and dental planBeauty therapies in-house including reflexology, massage, manicure and pedicureEmployee Assistance Programme – 24/7 helpline providing free access to specialist support, information and telephone counselling covering a wide range of issues including consumer rights and childcare Support for cyclists – Allen & Overy provides cycle racks, changing rooms and showers for cyclists
Financial security Pension scheme – an occupational pension scheme, available to join on either a contributory or a non-contributory basis Life insurancePermanent health insurance Personal accident insuranceBusiness travel insurance
Time out 25 days’ annual leaveHoliday trading schemeOpportunity to apply for flexible working once qualified
There’s no such thing as a typical Allen & Overy candidate. Quite the opposite in fact. We’re open-minded and are interested in people who share that quality. Naturally we are looking for individuals who can demonstrate strong academic performance – we hope you’ll be heading for a 2.1 (or equivalent), in any degree discipline, and have
we want to see evidence of teamwork, motivation and drive, communication skills, planning and organisation, critical thinking, commercial awareness and commitment – both to a career in law and to a career with Allen & Overy. We mean it when we say your university and degree subject don’t matter – at least 45% of our trainees are from non-law backgrounds and we do not have a shortlist of preferred universities.
If your application is successful – whether for a training contract or a vacation programme – the next stage will be an assessment day comprising two one-on-one interviews with partners or senior associates. The first interview is based on your application form and will assess your skills and knowledge, your motivation for a legal career at Allen & Overy and your commercial awareness. The second interview is based on a case study and you will have 30 minutes to work through the brief and prepare a short presentation to deliver to your interviewer. The presentation will be followed by a discussion with your interviewer on the key points from the case study. After this, one of our current trainees will take you for a well-deserved coffee and give you a tour of our office.
Visit page 54 of The essentials for valuable advice on preparing for interviews.
The essentials 53
November – January
Apply for open days and/or summer vacation programmes
December
Attend open days or winter vacation programme
January – February
Attend summer vacation programme interviews
June – August
Attend open days and/or summer vacation programmes
Apply for training contracts (once penultimate year or final year results confirmed)
September
Attend training contract interviews
Commence final year of university (if applicable)
After graduation
Allen & Overy Legal Practice Course (LPC)
6.5 months
Training contract
Start date of March or September
Qualify as an associate after 2 years
October – November
Attend employer presentations and skills workshops on campus
Apply for winter vacation programme (finalists and graduates only)
Attend winter vacation programme interviews
Training timeline– undergraduate law degreeFinal year or graduate
The essentials 5554 The essentials
Hints and tips
Completing your application form
Academic achievement is essential to make it into the world of law, but don’t forget to make the most of your extra-curricular activities and work experience to show that you are an ambitious and a well-rounded candidate.
Know your goalsCreating an application form that stands out from the rest of the crowd and sells your skills can be a challenge. In the first instance, make sure that you know exactly what’s required by familiarising yourself with the selection criteria. Communication, teamwork, interpersonal skills and commercial awareness are just some of the skills we look for at Allen & Overy, so prepare some examples to demonstrate your experience of each.
Show a rounded personalityWe expect successful candidates to be on track for a 2.1, but your application will also stand out if you show that you have experienced life outside the library. Volunteering, or joining a society or team, is valuable, especially if you take responsibility for a task, such as managing a budget or project. Try to demonstrate your appetite for responsibility and your capacity to shape events and outcomes. We want to find out what type of person you are, so try to showcase yourself in your application.
Leverage your work experienceIf you have completed legal, commercial or any other kind of work experience, think about what you have learned and observed. You may, for example, have made a recommendation for improving
application form and during interviews shows that you have learned from your experience and that you are willing to be asked about it.
Focus on the firmAt Allen & Overy we recognise that you will be applying to a number of law firms and that can mean a lot of forms. However, it’s worth taking the time to focus on each individual application form – it may take longer but the effort will be worth it if you secure an interview. The questions asked by different firms may look similar, but it is unlikely you will be able to use the same answer each time.
Be accurateEnsure your form is free from spelling and grammatical errors – attention to detail is a fundamental skill for a lawyer – so we expect you to exhibit this skill in your application. We’re not looking for poetry but we are looking for accuracy. It’s a good idea to draft, edit and get someone else to read over your form before clicking ‘Submit’.
How to shine at interview
Your interview is an opportunity to substantiate what you have said about yourself in your application and for us to get to know you better, and vice versa. Naturally, if you’ve come this far you want to impress, so make sure you get the following basics right and remember to be yourself throughout.
Revise and practiceRemember to revisit your application form before your interview and try to anticipate the questions you will be asked. These are likely to include details about school and university studies, your interests and achievements, work experience, why you have chosen this
services may offer mock interviews, so book one if you can. Getting feedback on how you come across in an interview scenario from someone you don’t know can be really helpful before the event.
Stay up-to-dateYou should expect to be asked questions about topical, commercial or business issues so start reading up on stories in the papers or online, and be prepared to discuss your opinions at interview. We want to find out what you think and why you think that way.
Get the logistics rightBefore your interview, ensure you know the dress code, directions and the selection process. If you have any questions or concerns, feel free to contact our Graduate Recruitment team.
Make an impressionFirst impressions count so dress appropriately, smile, maintain eye contact and offer a confident handshake. It’s not simply a case of impressing your interviewer – getting the first bits right will make you feel better and more confident, which will help you in the interview itself. Be confident and self-assured – if you have been invited to an interview, we already think you have potential, so remember this.
Ask pertinent questionsAn interview is a two-way process, so while you will be expected to do most of the talking in an interview (around 80%), this is also your opportunity to see whether the firm is right for you. Prepare a couple of questions to ask at the end of the interview covering issues you genuinely want to learn more about – for example, training or the future direction of the firm.
Getting feedbackIf you are unsuccessful at interview, ask for feedback so you know what to work on in future interviews.
www.allenovery.com/careeruk
56 The essentials
November – January
Apply for training contracts
December
Attend open days and/or winter vacation programme
January – February
Attend training contract interviews
After graduation
Graduate Diploma in Law (GDL)
1 year
Legal Practice Course
Allen & Overy Legal Practice Course (LPC)
6.5 months
Training contract
Start date of March or September
Qualify as an associate after 2 years
October – November
Attend employer presentations and skills workshops on campus
Apply for open days and/or winter vacation programme
Attend winter vacation programme interviews
Training timeline– undergraduate non-law degreeFinal year or graduate
www.allenovery.com/careeruk
Key dates Contact usAllen & Overy LLPOne Bishops SquareLondonE1 6AD
Tel: +44 (0)20 3088 0000 Fax: +44 (0)20 3088 0088Email: [email protected]: www.allenovery.com/careeruk
Open daysApply: 1 November 2011 – 29 February 2012
Open days take place throughout the year(see website for further details)
Winter vacation programme (final year undergraduates and graduates, all degree disciplines)
Apply: 1 October – 31 October 2011Interviews take place in November 2011
The programme will take place from 12 – 21 December 2011
Summer vacation programme (penultimate year undergraduates and second year undergraduates on a four-year course featuring a third year abroad; all degree disciplines)
Apply: 1 November 2011 – 15 January 2012Interviews take place in January and February 2012
The summer programmes will take place on the following dates: 18 June – 6 July 20129 July – 27 July 201230 July – 17 August 2012
Training contracts (March and September 2014 start dates)
Non-law degree (final year undergraduates and graduates)Apply: 1 November 2011 – 15 January 2012Interviews take place in January and February 2012
Law degree (final year undergraduates and graduates)
Apply: 1 June – 31 July 2012Interviews take place in September 2012
Apply for all vacancies via our websitewww.allenovery.com/careeruk
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The essentials 57
A career in lawwww.allenovery.com/careeruk
The essentialsYour guide to applications and interviews
Big deal What happens on a major transaction and what do the lawyers do?
39 and counting
Graduate Recruitment Partner Richard Hough discusses the importance of our global network
Broadening access Why being a lawyer should be about brains, not background
In the City An insider’s guide to what’s happening outside the office
Trainee tales Reports from the front line
Allen & Overy continues expanding into new territories
Allen & Overy is an international legal practice with approximately 4,750 staff, including some 480
partners, working in 39 major centres worldwide. Allen & Overy LLP or an affiliated undertaking
has an office in each of:
Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is
used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent
standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s
affiliated undertakings.
© Allen & Overy LLP 2011
Abu Dhabi
Amsterdam
Antwerp
Athens
Bangkok
Beijing
Belfast
Bratislava
Brussels
Bucharest (associated office)
Budapest
Casablanca
Doha
Dubai
Düsseldorf
Frankfurt
Hamburg
Hong Kong
Jakarta (associated office)
London
Luxembourg
Madrid
Mannheim
Milan
Moscow
Munich
New York
Paris
Perth
Prague
Riyadh (associated office)
Rome
São Paulo
Shanghai
Singapore
Sydney
Tokyo
Warsaw
Washington, D.C.
Allen & Overy LLP
One Bishops Square
London
E1 6AD
United Kingdom
Tel: +44 (0)20 3088 0000
Fax: +44 (0)20 3088 0088
Email: [email protected]
Web: www.allenovery.com/careeruk
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