Overview
Still the world’s largest law firm by revenue, the can-do attitude and gumption of Clifford Chance (CC) has made the firm both the poster-boy for the modern law firm and reviled by those who decry the commercialisation of the profession.
Indeed, it is hard to overstate the influence that CC had on the European legal market from the point of the ground-breaking union of London firms Coward Chance and Clifford Turner in 1987 to the equally high profile, if somewhat more problematic, three-way merger with Rogers & Wells in the US and Germany’s Puender Volhard Weber & Axster in 2000.
Like traditional arch rival Allen & Overy, the backbone of the 600-partner firm remains its top-tier finance practice, which acts for most of the world’s largest banks and maintains across-the-board strength in all the major institutional product lines. But CC is far more than finance, boasting one of Europe’s leading cross-border practices in M&A (including what is widely seen as
A very sticky patch in the early Noughties at one stage looked like it might do CC some serious mischief - particularly in the
The firm has in recent years, under the robust leadership of managing partner David Childs, been uncharacteristically focused on rigorous management rather than strategic dash. One question will be the extent to which CC’s vision thing will reassert itself after a period of fiscal conservatism.
History
Where to start? CC has clocked up more history since the merger that created it in the 1980s than most law firms manage in a century. Forged by the 20-year-old marriage between Coward Chance and Clifford Turner - the merger that did more than any other to revolutionise the City legal market - this finance-driven firm relishes its status as a first-mover innovator.
The union was also to propel the firm into the emerging band of five top
The means to achieve this was largely about ditching the moderate international growth that had defined law firm strategy at the time in favour of aggressive expansion that actively targeted foreign mergers. Then-senior partner Keith Clark set up a working party to make the strategy reality, a venture dubbed Project Sky, and within two years half the City was openly borrowing from CC’s playbook.
CC’s boldness of course saw the firm lead the way in 1999 with its profession-defining tripartite tie-up with
Partnership discontent at the time contributed to the election of joint European managing partner Peter Cornell as the firm’s managing partner in a closely-fought contest against
Still, consensus did not quickly bring with it stability. A troubled 2002 launch into
The situation appeared to reach its low point in May 2004 when the London arm of US law firm Weil Gotshal & Manges came within a whisker of recruiting private equity partners Matthew Layton and James Baird, two of CC’s top M&A lawyers. It came as a massive shock to the system for CC. However, the firm managed to turn the pair around at the last minute and, in retrospect, 2004 proved to be the turning point as leaders like Cornell and successor David Childs were able to push through a programme of cost-cutting and go some way towards rebuilding unity.
As such, 2006 and 2007 saw dramatic increases in profitability and solid revenue growth, with CC in 2007 seeing average profits per equity partner rising 25% to hit £1.015m [link to top 50 table]. At the same time, revenue rose 16% to £1.194bn. A more confident mood has seen CC again expanding internationally, including even in the
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Culture
Regarded as more enterprising and entrepreneurial than its big City peers - a reputation CC still likes to cultivate, but one that the more snobbish of its rivals still snipe about. From assistants’ point of the view, the firm currently gets good reviews for quality of work, but less so for work/life issues and flexibility.
Key departments
"Absolutely great for banking," enthuses one CC stalwart. "Great quality work, amazing clients and superb reputation. I love working in the banking department and have no regrets choosing the firm post-qualification."
As mentioned above, the firm has one of the top finance practices, both in
Despite the traditional claims that top City firms neglect property, CC has built a substantial and highly profitable real estate practice. As a full-service corporate firm, CC also boasts solid coverage across most commercial disciplines. More unusually for its market profile, the firm also has a respected public law team that has handled some genuinely ground-breaking work in recent years.
National/international coverage
As you’d imagine, very broad. CC currently has a network of 27 offices across 20 countries comprising nearly 4,000 lawyers. CC is generally regarded as the most internationally expansive of the
The firm also maintains a solid presence in
(Click here for an in-depth analysis of the firm's US practice.)
"No firm (US or UK) can match CC's strength across the board or its global turnover," says one admirer, "and its profit margin is beginning to really improve again, which is key to attracting and keeping the best lawyers. A further pay rise is also advisable."
Key clients
Built very much around its banking clients. The firm acts for pretty much every major bank of any repute. Its other key constituency is private equity, where the firm has probably the top practice in
Leading partners
Given the size of the firm, it depends on the office and practice area. In
Private equity boasts 'Mr Buy-out' Matthew Layton, as well as other serious names like James Baird, Adam Signy and David Pearson. In straight M&A, you’re looking at Guy Norman and Daniel Kossoff. Jason Glover has helped build up CC’s funds team to the point where most would regard it the equal of the once-unchallenged SJ Berwin. Key names in the firm’s much touted real estate team are Iain Morpeth and Jonathan Solomon, with Mark Rees-Jones and Damian Perry leading names in property finance.
The firm’s public law team includes distinctive lawyers like Michael Smyth and Jeremy Carver.
Career prospects
CC followed up a bumper crop of 38 partner appointments in 2007 with a similar-sized batch in 2008, when 35 new partners got the nod despite widespread jitters over the looming economic downturn. However, it's probably fair to say - in common with many top City firms - that a degree of cynicism remains internally regarding the chances of making partner.
Salaries
In common with all other comparable City firms, CC substantially raised its pay bands for junior lawyers in 2008. Its current pay bands in the
- Trainee year 1 £35,700
- Trainee year 2 £40,300
- NQ £66,600
- PQE1 £68,700
- PQE2 £82,000
- PQE3 £89,500
The firm also operates a bonus scheme that is seen as averagely generous for a firm of CC's standing.
Recruitment
The firm currently takes on around 130 trainees annually in
In April 2008 the firm bagged an award from The Times as the employer of choice for 15,000 students targeting careers in the law, ahead of magic circle rivals A&O and Linklaters.
(How gruelling is the interview process? Is it light-in-your-eyes, good cop, bad cop stuff or a friendly chat over a Pimm's with the graduate partner? Did it give you a taste of life at the firm or were you too busy counting the zeros on the pay scale to ask your own questions? - Wiki Ed.)
Latest Clifford Chance vacancies
Work-life balance
In truth the firm does not have a reputation as the most helpful for work/life balance or flexibility, even by the standards of major City law firms. However, in an attempt to convince staff it is serious in its efforts to improve the career prospects of female fee earners, CC has signed up to a Government-backed kitemark scheme. But if the reaction of two former CC lawyers is anything to go by, the firm will rub up against a good deal of cynicism.
“It's hard to see how the measures outlined in the Legal Week article will increase the number of women in the partnership,” says one ex-CC lawyer, given that it is now “easier to quit after maternity leave”. The contributor adds: “Career-minded lawyers don't care two hoots about a kitemark or calling in consultants, but it gives the partners something to point to and say ‘look how hard we're trying'.”
Another ex-fee earners says: “Only a few years ago they offered their
Diversity
The firm’s reputation for diversity was called into question in 2007 when it emerged that CC had settled a sexual orientation discrimination claim with a former partner, who was gay. However, the firm moved quickly to meet with campaign group Stonewall and in late 2007 launched a lesbian, gay, bisexual and transgender network to improve its reputation.
Pro bono/corporate social responsibility
As one poster confirms below, CC is definitely regarded as one of the more committed pro bono firms among City’s top league of M&A firms, a propensity underlined by its unusual commitment to public law. The firm calculates that the value of pro bono work handled by its staff in 2006-07 was nearly £10m, while 54% of its staff recorded time during a pro bono file. The firm’s pro bono activities currently include:
- Providing a voluntary pro bono legal advice service for over six years in
- Supporting the National Autistic Society (NAS) Advocacy Scheme. The firm runs an advocacy scheme with the NAS, assisting families with autistic children in appeals to Special Educational Needs Claims Tribunals.
- Newham Women's Asian Project: female lawyers provide lunchtime advice surgeries predominantly for Asian women seeking help mainly on domestic violence matters.
- Primary School,
- The firm runs five mentoring programmes, including a partnership with African Caribbean Diversity Mentoring: volunteers mentor bright local African-Caribbean children providing a role-model for the students, broadening their horizons and experiences.
The firm’s corporate social responsibility credentials were bolstered by its work alongside key banking client Citi on the development of a legal template that assists Microfinance institutions (MFIs) gain access to large-scale commercial funding.