Baker & McKenzie (London)
Our view...
Possibly unfairly, Baker & McKenzie is most famous for its size. Based in Chicago, it now has 68 offices in 39 jurisdictions and a total of around 3,750 fee earners worldwide.
Bakers has long had a policy of allowing individual offices a certain degree of independence. Some offices operated under distinct local brand-names, and the firm has always used local lawyers as much as possible.
The problem of course, as critics happily point out, is that this sort of approach does not guarantee the same quality product the world over. It seems Bakers has recognised this with its previous chairman Christine Lagarde launching a concerted effort to improve the firm's reputation through an increased focus on quality. Overseas offices were forced to drop their local names, and the firm's aggressive "eat what you kill" remuneration system for partners came under scrutiny.
London seems to have been relatively untroubled by this, probably because it is still one of the jewels in Bakers' crown. It is one of the largest London offices of any US firm in terms of number of lawyers (300 odd) and fees generated. And the firm has had a stellar year with profits per equity partner for 2009/10 shooting up 56% to £650,000 and global revenues rising 4% to £120 million (in London alone revenues jumped a whopping 64% to £39m).
Given that Bakers generates more income in Europe than in the States, US partners are quite happy to leave the UK operation to manage itself. The culture is more that of an 80 partner domestic practice than of a global mega-firm. Hours tend to be UK rather than US, it is generally seen as highly autonomous and, because it is staffed by so many Brits, is thought of as the most "English" of the American firms at which to work.
It seems to be a very convivial place. “
Partners regularly invite you out for a beer to see how you’re going and if you’re up to speed on a matter. I wouldn’t go as far as to call them my mates but it's great to know they actually care and they have the conversational skills to last 2 pints” comments one junior associate. Another says that the firm
“attracts very diverse and friendly types, and goes over and above the standard in treating its staff in a very caring and compassionate way”. Hours aren’t crippling (“
no weekends yet”, says one junior associate), and there are “
no cutbacks or talks of redundancies in light of the economic crisis”. There are a few complaints about a few long standing partners “
holding the firm back and detracting from its energetic atmosphere”, one of whom apparently has “
the worst temper in the City”. But hopes are riding high that most of them will be shown the door in the recession. Not so with trainees though, of whom a pretty decent 80% are to be retained for September 2011.
Pay is OK for the partners - profits per partner of £650,000 may not be troubling the likes of Linklaters who pull in almost double the amount, but they're a colossal improvement on the £375,000 they were a few years ago. But whilst assistant wages are at the top end of traditional London firms, they aren't a patch on what you'd make at rival US firms in the City.
And the fact that Bakers has lots of overseas offices doesn’t necessarily mean that it’s lawyers are likely to spend any time in them. It may be the most international of firms, but its "local lawyers" policy means that if you are after first class overseas experience, you'd probably be better off in the Magic Circle. But if you are looking for an alternative to mid-sized UK firms and see the possibility of overseas work as an interesting fringe benefit, then Bakers is an option well worth looking into.
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