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    Where did you get that information from?
    A partner (very actively involved in grad/recent NQ recruitment) is a family friend. He told me.
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    (Original post by Redeyejedi)
    I'm sorry your reasoning here is terrible. Firstly your "statistics" are some way off. 250 people graduating with a 2.1 + excellent EC's from Oxford, Cambridge, LSE, UCL, Kings etc?? Do you have any idea how many people the schools you mentioned take - and give 2.1s to? Secondly you forget the fact that non-law students also apply for training contracts.

    Finally you seem to be under the impression that grades maketh the man/woman. They don't.

    Make no mistake, at the present time, obtaining a training contract at a corporate (and otherwise) law firm is exceptionally challenging. For their 2011 intake A&O had well in excess of 6000 apps for c.100 positions. On the US side, Latham was closer to 3000 apps for c.10 positions. The vast majority of applicants will have or expect a 2.1 and have good A-Levels, so would very much consider themeselves "real" candidates. Further, year-on-year good candidates fail to obtain training contracts and are added to the pool the following year. All adds up to terrific competition.
    And isn't it effectively 6000 apps for 50 positions, cus half of their positions are filled by vac schemers?
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    Well, it depends whether those applications include the ones made from vac schemes + training contracts, OR, whether they're just confined to training contract apps.
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    SO....
    technically the odds of getting into a MC, SC or other top law firm arent that ridculous?
    although competition is fierce, its still very much possible?


    that would mean about £60k on qualification. sounds good to me
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    (Original post by Rofl)
    Well, it depends whether those applications include the ones made from vac schemes + training contracts, OR, whether they're just confined to training contract apps.
    Statistics are misleading, 5% of applications leading to training contract doesn't mean you have a 5% chance of getting a training contract there, nor that they only give 5% of their applicants training contracts. Because it doesn't give any indication of quality they are fundamentally meaningless anyway.
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    Are many of these 6000 people applying for those 100 positions people with no realistic chance? I imagine the US,MC,SC firms will get a lot of applications from grads just because they are a US,MC,SC firm, not because the grads have a realistic chance. If you take the number of grads with a realistic chance of getting a TC at a US,MC,SC firm, and compare it with the total number of TCs from these firms, is the gap likely to be that big?
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    I have got Work Experience At Freshfields this december yaaay...I know someone that works there who put in a word for me..i'm so lucky
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    (Original post by lilzoldier)
    I have got Work Experience At Freshfields this december yaaay...I know someone that works there who put in a word for me..i'm so lucky
    You are. So much so that you've even put this in your signature
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    http://www.rollonfriday.co.uk/Inside...8/Default.aspx
    RoF is your new best friend
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    Table showing number of applications vs. no of places But remember a significant number of applications will be no-hopers or get thrown in the bin for a schoolboy spelling error.

    Table of salaries and benefits
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    (Original post by jacketpotato)
    A "Yale graduate"? A Yale graduate could go on and do absolutely anything. I'm not sure what you mean.

    If people are working with some of U.S. firms in London, they get up to 93k on qualification which is considerably above $140,000. After ten years PQE you'd expect to see people making partner if that is their ambition, in which case they'd be hitting over a million at the MC firms.
    hit me up with some names of these firms???
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    (Original post by Rosey2)
    hit me up with some names of these firms???
    Weil Gotshal & Manges, Cleary Gottlieb, Skadden, Latham & Watkins
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    (Original post by Rosey2)
    hit me up with some names of these firms???
    If you had read the post directly above yours then you would have some idea...

    Cleary, Skadden, Weil, Kirkland, Bingham McCutchen, Latham Watkins all have NQ salaries over 90k. That list exclude firms that pay in that sort of range but do not take trainees (Sullivan and Cromwell etc.)
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    I did a vac scheme at one of the firms in that last list, and my gosh they make you WORK for that 90k. As people have commented on the Skadden page on legalweek wiki http://www.legalweek.com/legal-week/...e-meagher-flom , you're getting paid pro rata about the same as at magic circle, because you're billing well into the 2000s in hours!
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    (Original post by The West Wing)
    I did a vac scheme at one of the firms in that last list, and my gosh they make you WORK for that 90k. As people have commented on the Skadden page on legalweek wiki http://www.legalweek.com/legal-week/...e-meagher-flom , you're getting paid pro rata about the same as at magic circle, because you're billing well into the 2000s in hours!
    I'd recommend that anyone who is getting entranced by the idea of the bucks on offer at places like Skaddens take a careful look at the comments on that page.

    Not only are the hours ridiculous (2100 billable pa is 9 billable per day - add on a couple of hours for admin, business development, training, grabbing a quick smoke and you're easily doing a 12hr day) but there's a serious risk that your legal skillsets are dangerously narrowed, making it harder to move in the future. In my view, the premium in pay offered by firms such as Skaddens doesn't outweigh the downsides that go with it.

    Just my view.
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    (Original post by chalks)
    I'd recommend that anyone who is getting entranced by the idea of the bucks on offer at places like Skaddens take a careful look at the comments on that page.

    Not only are the hours ridiculous (2100 billable pa is 9 billable per day - add on a couple of hours for admin, business development, training, grabbing a quick smoke and you're easily doing a 12hr day) but there's a serious risk that your legal skillsets are dangerously narrowed, making it harder to move in the future. In my view, the premium in pay offered by firms such as Skaddens doesn't outweigh the downsides that go with it.

    Just my view.
    I met a 1pqe associate at the firm I was at (I am not going to say which because there were so few of us on the vac scheme that it will be obvious who I am), who had billed 1800 hours by the end of July, and he says that's not even particularly special at that firm. Admittedly he was on 100k and getting a chunky bonus on top of that, but you have to be a certain personality type to do well in that environment.
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    (Original post by The West Wing)
    I met a 1pqe associate at the firm I was at (I am not going to say which because there were so few of us on the vac scheme that it will be obvious who I am), who had billed 1800 hours by the end of July, and he says that's not even particularly special at that firm. Admittedly he was on 100k and getting a chunky bonus on top of that, but you have to be a certain personality type to do well in that environment.
    Unfortunately, too many potential lawyers simply look at the hours/pay equation and think "That's fine - I'll work 15 hours a day for 2 years, cos I'll be getting 100K".

    Unfortunately, what they don't take into account is the fact that the experience they're getting, in those formative first years of practice, isn't necessarily of the best calibre or breadth.
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    I'm very glad to not be heading to a US firm of this type, it all sounds rather grim!
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    (Original post by chalks)
    Unfortunately, too many potential lawyers simply look at the hours/pay equation and think "That's fine - I'll work 15 hours a day for 2 years, cos I'll be getting 100K".

    Unfortunately, what they don't take into account is the fact that the experience they're getting, in those formative first years of practice, isn't necessarily of the best calibre or breadth.
    Chalks, do you maybe feel different about other US firms, such as Dewey & LeBoeuf, Jones Day, Cleary, White & Case? They seem to have a much broader practice and do not pigeon-hole their trainess straight into the M&A/PE/restructuring and finance work. Or that's at least the impression I got after reading through the available info.

    Re Skadden, if earning a £100K on qualification is something that drives people the most, then Bingham McCutchen should be the the no1 choice Although I imagine that, being one of the two trainees and the firm practising in a few narrow practice areas, won't necessarily provide one with the best range of experience as a trainee!
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    (Original post by eve_22)
    Chalks, do you maybe feel different about other US firms, such as Dewey & LeBoeuf, Jones Day, Cleary, White & Case? They seem to have a much broader practice and do not pigeon-hole their trainess straight into the M&A/PE/restructuring and finance work. Or that's at least the impression I got after reading through the available info.

    Re Skadden, if earning a £100K on qualification is something that drives people the most, then Bingham McCutchen should be the the no1 choice Although I imagine that, being one of the two trainees and the firm practising in a few narrow practice areas, won't necessarily provide one with the best range of experience as a trainee!
    I am not sure about the specifics of those firms, but the reason they are not a diverse trainee experience in general is because the model is to take trainees to qualify for specific corporate/finance practice areas where they need higher quantities of cheap talent who can then develop relationships through the systems.

    They can then bring people for tax, competition, IP and even litigation/restructuring from other firms where these practices are more established and they can just bring them at 4-5+ pqe when they are at their most useful, without having to pay for their development.

    NB: I think the Jones Day experience is a bit more holistic because the London office was originally the well respected English firm 'Gouldens'
 
 
 
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