'Fly' like BLP
Things are looking rosy down at Berwin Leighton Paisner's Thames-side HQ. It was singled out as 'Law Firm of the Year' twice in the last round of industry prize-givings and revenue flew up 20% in 2010/11 to £229m. A number of partners from other City firms have been drawn to BLP like bees to honey over the last few years and this momentum shows no signs of slowing.
It is no wonder, therefore, that the firm pushed the boat out in June 2011 to celebrate how far it has come since its merger ten years ago. Tales abound of the anniversary party (more on this later). As for the future, far from keeping its cards close to its chest, the firm provided us with a clear picture of where it wants to be. “We want to be an alternative to the magic circle, and a top-ten law firm,” graduate recruitment partner Tim Smith explained. “We're a full-service commercial firm with a very well-established reputation in a number of areas. [Looking forward] there will be an increasing focus on international work.” The firm is expanding internationally, opening offices in Abu Dhabi, Singapore and Moscow over the last few years. One in Hong Kong will arrive soon. Alongside its lateral hires, BLP has also increased its trainee intake to 45.
Domestically and internationally BLP has a strong focus on the retail sector and represents clients such as Prada, John Lewis, Krispy Kreme, Sports Direct, Toyota GB and Westfield. This work permeates many of the firm's practice areas – from real estate to corporate, planning, banking, competition, employment and tax.
Firm foundations
“A core strength will continue to be real estate, as it has been traditionally,” explained Tim Smith. Although a stint here is not technically compulsory, it’s very likely. “We have a premier real estate department, with the best lawyers in the City, and it seems a waste to not take advantage of that,” commented one trainee. Indeed, whether you're into property litigation, sky-scrapingly high-value transactions, PFI projects, commercial construction or real estate finance, you'll find something to tickle your interest. The main real estate group is split into three teams. “Work groups one and three are similar: you do commercial and residential real estate work for a wide variety of clients,” while the majority of work group two is devoted to advising super-supermarket Tesco: “How could you pass that up?” enthused one interviewee. Work for the retail giant ranges from general property management to complex financial jiggery-pokery. BLP recently advised the company on a joint venture, equity sale and £685m CMBS issue involving 21 UK Tesco stores. Well, every little helps.
Trainees run about 40 files on their own from “start to finish.” These predominantly cover a variety of landlord and tenant issues in the retail sector and residential work for banks. Fresh-faced first-seaters and hardened fourth-seaters alike typically draft leases for shopping centres and licences for alterations right up to when documents are agreed upon and signed by the parties. “The autonomy and independence is brilliant for your confidence,” a trainee said. “You get so much client contact from day one. I was in constant contact with Tesco executives every single day, so you build up a real rapport.” Trainees will also pitch in on the larger transactions run by the group, which have recently included advising Canary Wharf on a 50:50 joint venture with Land Securities to construct the 'Walkie Talkie' building in the City of London.
Team game
From the solid foundations of a property expertise, the firm has gradually been building its corporate offering to bring it in line with the silver and magic circles. It already houses fantastic AIM capital markets and corporate mid-market teams, which attract instructions from clients such as Aviva, Balfour Beatty, Schroder and Partygaming. Senior sources within the firm cite corporate tax and corporate finance as key areas for growth in the coming year where the stated intention is to “invest in significant lateral hires.” Several teams fall under the corporate umbrella in addition to tax and finance, so trainees are also able to take seats with the M&A, private equity, funds and financial services, and investment banks/intermediaries groups.
There's apparently “never a dull moment” in corporate, which has handled some stellar work in recent times, including the £772.5m acquisition of Eight Canada Square in Canary Wharf (the HSBC Tower) by South Korea's National Pension Service. Trainee tasks in these transactions include drawing up first drafts of agreements, company house forms, board minutes and a fair amount of document management. Unsurprisingly, trainees pull some of the longest hours of their training contract in this seat. “It's really unpredictable: you could be here [late in the afternoon] thinking you'll go home at 6pm and then needing to stay until the early hours. It's just the nature of the deals and deadlines.” We were told by one trainee that 9 or 10pm finishes are “reasonably typical” when the team is busy and that, when working late, the atmosphere is “pretty collegiate,” as “everyone is driven and motivated to reach a common goal.” We were also told that evening plans are respected where possible (“One guy went to a football match then came back at 10pm”). Hard work has its own rewards: “Working on a deal from start to finish gives you a real buzz and feeling like part of team is excellent.”
By contrast, corporate tax is a more “bookish seat” where trainees while away the hours drafting research notes. “You are always have your nose in a book researching,” say our sources, “but the work is really interesting and quite technical.” As this is essentially a corporate support seat, hours can be long (albeit infrequently) when there is a taxing conundrum to be answered on a major deal.
Equally, BLP has several very strong finance teams advising lenders and borrowers in asset acquistition, capital market transactions and projects. The firm's real estate finance group is unsurprisingly one of the best in the country.
City slickers
Interviewees only had positive things to say about the seat allocation process. “The HR team is good at accommodating people’s needs: you rarely speak to a trainee who hasn't got their first choice at some point.” One ever-popular seat is with BLP's commercial department, which incorporates a three-month secondment to one of the firm's clients. “It was scary but such a good opportunity because people don't think of you as a trainee, you're just thrown into the deep end,” said one trainee of their experience, while a second valued “the perspective you get on what an in-house lawyer really wants from outside counsel.” In the past, trainees have been seconded to clients in the retail, banking, finance and utilities sectors.
Commercial dispute resolution (CDR) holds “an interesting and wide variety of work.” Said one source: “I worked on some banking litigation and on some high-profile super-injunction privacy cases that were in the press every day.” Others worked on major energy arbitrations, defamation claims and financial regulation. As for the hours worked in this team, a 9.30am start to 7pm is about average. A common gripe among trainees in any firm is the endless bundling and photocopying associated with litigation and it's true to say that BLP recruits do not escape this entirely. “By its nature, that sort of work filters down from a big case. But from my experience," said one, “if you approach it with enthusiasm, they reward you with good work at a later stage.” Beyond bundling, trainees draft witness statements, conduct research and attend hearings. Indeed, our sources were really happy with the level of responsibility and diversity of work in this seat: “I was drafting straight away,” said one. “If you prove yourself capable, they will give you more.”
There are also a host of niche seats on offer. EU competition and trade is another “academic, research-based seat” that concentrates on “big cartel investigations,” while the insolvency and restructuring seat offers trainees a “really varied workload, including commercial matters, property, corporate and lots of finance.” Trusts and personal tax is more suited to bibliophiles as it involves “a lot of intense legal research. You learn a lot of law very quickly,” trainees tell us. Another possible choice is employment, pensions and incentives. Finally, overseas seats are available in the firm's Brussels and Moscow offices.
Trainees sit with either partners or senior associates as supervisors during the seats and are never short of support. “There will be times when I misunderstand things or get things wrong, but I've never found anyone not willing to sit down and explain the legal or commercial issues.” In addition to a really “open and supportive” HR team, new recruits are allocated both a mentor and a trainee buddy when they start. Future trainees study the LPC+ together at law school, “so when you start you're quite comfortable with the people around you and knowing everyone socially is huge plus!” The common thread connecting trainees, if they do say so themselves, is “a real lack of arrogance. People are very driven but there's no 'dog-eat-dog' attitude.”
Once regarded as a solid, sensible mid-sized firm, BLP now resembles a much slicker outfit and is still evolving fast in terms of head-count, work and prestige: “It has become a larger brand name, more corporate-focused and nearer the silver circle firms.” Happily, trainees haven't noticed a knock-on effect in the culture: “It’s an exciting firm to be a part of,” said one, “very ambitious and forward-looking, but it doesn’t seem to have lost that slightly smaller-firm feel.” Although the increase in high-profile clients and work means some departments are finding themselves busier than ever, when there’s a lull you’re “not expected to stay and put in face time.”
Many happy returns
For many, life outside work begins at The Monument pub “a skanky, dank, dark hole directly opposite the post-room entrance” to BLP’s offices on London Bridge. “Every trainee will be lured into its dark depths, especially on summer days.” Other haunts include The Fine Line and The Walrus: “More than a few of your colleagues will be out for a quick pint there to wind down after the week.” Some teams order weekly or monthly drinks trolleys in the office and there are always client socials organised where trainees practise their business development skills. BLP throws a Christmas party and in June 2011 celebrated its tenth anniversary with a big bash at Old Billingsgate for the whole firm. Trainees told us of a grand “champagne reception and sit-down dinner, and free drinks all night.” The entertainment included a roulette table and passport-photo booths that whole teams attempted to cram into. “There were heads everywhere!” Attendees were also treated to a special performance by BLP rock gods (and Law Rocks champions) ‘Real State’. “It’s a cringeworthy name,” admit trainees, “but we overlook that – they’re really good!” When they’re not partying, trainees can take to the sports field with one of the firm’s many teams (hockey, cricket, football, rugby, tennis, cross-country and softball). “If you want to, it’s not difficult to get a team together.” Most trainees take time out of their day to work on one of the firm’s many social responsibility projects. BLP “is super-keen on pro bono and there are plenty of opportunities. It’s extremely rewarding.” Trainees and fee earners assist at a legal advice centre in Shadwell and mentor GCSE students, and trainees also spoke of an advocacy project for parents of disabled children reviewing allocation of school places.
And finally...
BLP is “a place that has a lot of vision and ambition and it does its best to exceed itself.” In 2011, 40 out of 41 qualifying trainees remained with the firm.