Lovells always used to be a funny old firm. Even those from within wondered where it was heading. As one associate puts it: “the firm’s not really sure what it wants to be - are we a transactional powerhouse, masters of litigation, or a collection of ultra-specialists in some of the niche areas like IP and financial services? The staff are happy being the third option but the senior management want more of the first.”

All was finally resolved on 1st May 2010, when it merged with US firm Hogan & Hartson to become Hogan Lovells, one of the biggest firms in the world. It's way too early to say whether this will be a success, but market sentiment is very positive and the signs are good.

In terms of profitability, the old Lovells may have had a bumpy ride in years gone by but management are aware of what has gone wrong and has fixed things. Offices that were losing money have been shut, partners that weren’t pulling their weight have been “exited” and the partnership structure was re-jigged.

Such measures paid off. The firm published cracking results for 2008/2009, with turnover up to record levels despite the credit crunch. Profits may have dipped, but it’s still been one of the partnerships best years. The firm is very well hedged, and a classic example of how to make crappy market conditions work on your favour – litigation and business restructuring are going great guns. Even its capital markets team has been busy working on structured investment vehicles. And the corporate group has also bucked the trend by posting an increase in turnover.

The work is top drawer, and prior to the merger it had 26 offices in Europe, Asia and the US. Post merger this rises to about 40... In the past the firm advised Softbank on an £8.9billion buyout of Vodafone Japan, and, more interestingly, worked for private equity house Cinven. More recently, the Icelandic Government turned to Lovells when it was thinking of taking on the British Government over the Landesbank debacle. Unusually for a firm of this size, it's not just corporate which makes the headlines: all of its litigators are put up for higher rights qualifications.

From a pure profitability point of view the firm is never going to challenge the Magic Circle – however well it pays its partners, they only make about half what they’d get at Linklaters. But it doesn’t need to. According to one associate, this “reflects a good work life balance for associates and a lower leverage that allows real prospects of partnership”. You can’t argue with that.

This firm also takes enormous pride in marketing its “friendliness”. And by and large the evidence supports this. “The vast majority of people are just really nice, normal people with families and friends both in and out of work.  Everyone works hard but no one hangs around after hours for the heck of it if the work is quiet - you don’t get brownie points for playing solitaire until 7pm,” explains one associate.

We can't even be rude about its famously shabby London offices any more, as it's moved into swanky new Atlantic House (still in the same handy Holborn Viaduct location).

Although the pay is pretty good be warned, the bonus system, or apparent lack of it, is a serious bone of contention amongst associates. “The bonus structure is a joke, it is based on hours worked over target (which is high - 1700) so is basically an overtime payment. And no-one seems to get the "discretionary" bonus,” says one. “Poor and antiquated bonus structure, which is essentially very poorly remunerated overtime,” moans another. And if you’re a trainee, forget it, you don’t even get the option of getting one. Something for Management to look into.

On the upside the firm has an alternative to partnership that actually works by way of its counsel role, and associates are put through various papers at Cass Business School which can amount to a full MBA.

The combination of good pay, good quality work, a supportive environment and a well developed international network made Lovells a serious alternative to the Magic Circle. Following the merger this should only be strengthened.

And it also offers the most amazing meltingly chocolatey cookies in the City, and that its associates are prone to getting their kit off for charidee. So it’s a clear choice.

For more information on Lovells click here