LG

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Overview

Mid-tier City firm LG - formerly Lawrence Graham - is described by one legalweek.com reader as "pretty vibrant and going somewhere," with the enthusiastic contributor adding: "Certainly the new offices suggest that, and no doubt the move will have reinvigorated the staff, especially when appreciating the fantastic views!"

The old offices weren't great, that's for sure.

In 2007-08 the firm sustained its second consecutive year of falling partner profits, with financial results showing a 3.4% drop in profits per equity partner (PEP). The drop means average PEP has fallen from £445,000 in 2006-07 to £430,000 for the latest financial year. During the same period turnover inched up by 2.3% from £66m to a new mark of £67.5m.

History

One of the more colourful chapters in the firm's history drew to a close in 2005 when former partner Michael Fielding was sentenced to eight years in jail for stealing almost £6m from client accounts.

Fielding - an asset finance specialist who had already been ejected from the firm's partnership, declared bankrupt and been struck off as a solicitor - hot-footed it to the US in 2001 but returned to the UK to plead guilty to 24 counts of theft.

As part of the saga, LG settled a £30m negligence claim brought by former Fielding client London & Regional Properties in February 2005.

In 2007, the firm made the decision to rebrand as LG, a move that managing partner Penny Francis described as "a reflection of our modern business approach and our clear, plain-speaking way of working with our clients and each other."

Culture

Key departments/leading partners

LG divides itself into four business streams - real estate; dispute resolution; tax and private capital; and an umbrella business and finance group.

Of those, real estate is unquestionably the dominant practice area, with more than 80 lawyers working on the contentious and non-cententious sides. The firm's real estate litigation team, in particular, is well thought of, with senior partner Penny Francis (pictured) a heavyweight presence - as well as one of the few female senior partners in the UK top 50.

Rabinder Chaggar, Catherine Diggle and Andrew Wade are useful names on the transactional side.

Away from property, the firm is probably best known for its expertise on the Alternative Investment Market (AIM), with LG consistently ranked among the top advisers for London's junior exchange. Rated partners in the AIM practice include corporate finance chief Hugh Maule (advising mostly nomads) and partner Nick Heather.

Hemscott figures released in 2008 placed LG fourth equal by number of AIM clients and top by market cap, with 49 listed clients worth a combined £7.6bn, ahead of other firms to have targeted the sector like Norton Rose and DLA Piper.

The firm is also fairly active in the corporate mid-market.

National/international coverage

LG made its first foray into a major overseas market in late 2007, opening an office in Dubai in a move that underlined the increasing importance of the Gulf region even to those UK firms not known for their expansionist tendencies.

LG's only other overseas base is in Monaco. That office - which is home to half a dozen lawyers, including two partners, and focuses primarily on private client work - was acquired in 2003 from national giant Eversheds, marking LG's first step beyond the UK.

Elsewhere in Europe (and further afield) the firm relies on a number of relationships with like-minded independents for its international coverage.

Key clients

Career prospects

Salaries

Newly-qualified solicitors at LG start on a respectable London rate of £62,000. Pay bands thereafter are spaced out more modestly than at many larger City firms:

• one year PQE: £67,000
• two years PQE: £70,000
• three years PQE: £72,000.

Recruitment

LG takes on around 40 trainees a year. For more information on the firm's graduate recruitment programme either call 020 7759 6694 or click here for a whistlestop tour.

Work-life balance

Pro bono/corporate social responsibility

LG doesn't have a formal pro bono programme, instead preferring to "[lending] support and encouragement to our people who choose to do it". The firm does have a designated charity, at least - the Unicorn Theatre, not far from the firm's new offices at More London.

Diversity

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