DLA Piper (London)

Our view...

When Dibb Lupton Broomhead and Alsops merged in the nineties most City firms barely raised an eyebrow. How times have changed. DLA Piper has expanded relentlessly - in 2003 its stated aim was to be a top five full-service European law firm. Then in 2005 it pulled off two mergers with the US's Piper Rudnick and Gray Cary creating the third biggest law firm in the world, now employing over 4,200 lawyers, in 76 offices, across 30 countries. Its CEO even bagged a knighthood in the 2009 New Year’s Honours List. Whether you like it or not, DLA Piper is now as ubiquitous as McDonalds. And as tasty as Marmite.
 
The ubiquity isn't necessarily a good thing. The firm suffers from the same problem as arch competitor Eversheds: it may be everywhere, but it’s not at the top of its tree anywhere. One associate said last year, "one word sums up DLA Piper – average". Possibly unsurprising given the firm’s treatment of its associates – last year it effectively cut salaries whilst bumping up target hours. That and a raft of morale-sapping redundancies suggested that this wasn't the happiest of hapy ships.
 
On the upside it’s making plenty of money, the firm has enticed a number of lateral hires and new offices have been launched in the Middle East and Eastern Europe. The firm represents more than 140 of the top 250 Fortune 500 clients and nearly half of the FTSE 350 or their subsidiaries. That's pretty solid going by any measure.

Its London office (despite its "horrid curtains") has long been considered the best of any national firm, although it still doesn’t compare to traditional City firms like Ashurst or Macfarlanes. Insiders also like being part of such an ambitious firm, and praise its "speed of change and forward thinking approach". It also wins points for a "relaxed atmosphere", with staff who are "very laid back and friendly". We're also told that there's a "lot of empathy amongst fee earners", although this revelation was somwhat tempered by the conclusion that this was because they all "feel they lost out in life's lottery and most of whom spend at least half an hour every day in the toilets sobbing quietly."
 
And the downsides? Well, only a third of the ("out of touch") partnership holds full equity. Remuneration at the top may be staggering, but unless your name begins with Sir Nigel and ends in Knowles you won't get a sniff of the uber bucks. As one associate explains, "there is pretty much zero chance of getting equity partnership, partly because they’ve tightened it to increase PEP in order to attract top people, but mainly because most of the partners are very young and have been rewarded during the expansion years". Ho hum - at least the Mars Bar cake is "the best".
 
Also, bear in mind that the figures on the right apply only to London - you'll be on an awful lot less outside the capital. Many regional associates grumble that a London NQ gets more than a 5PQE solicitor in Leeds. Following a review in 2008, banding has been jettisoned in favour of pay increases based on individual performance of up to 8%. This has led to huge uncertainty, compounded by confusion over bonuses. One junior associate "the bonus scheme is regarded as a bit of a joke" and another described it as "ridiculous. It's totally unachievable, and not worth sacrificing your life for."
 
The firm may not be for everyone, but overall there’s no denying its meteoric rise in profitability. Once upon a time DLA Piper said that it would look to float - we'd certainly be tempted to buy a few shares. And beyond the cash alone, there are plenty of reports of good friendships, great social activities and - for a massive firm - a decent work-life balance.