Slaughter and May

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Overview

The definitive City blueblood, Slaughter and May has long prided itself on its (self-appointed) status as the firm all other magic circle partners secretly want to join. As famous for its conservative outlook as for its supreme profitability and seemingly pre-ordained right to a seat on the biggest deals in domestic M&A, Slaughters has nevertheles faced some tricky questions as the decade has progressed - most notably over its tight domestic focus.

As such, the announcement in January 2008 that corporate chief Chris Saul would replace Tim Clark as senior partner as part of a management shake-up was always likely to alert rivals, who will be watching closely for signs of a shift in that UK-centric policy. (For an analysis of Saul's appointment, click here; and for an American view, click here).

One early contributor to Slaughters' entry on the Legal Week Wiki hails the firm's recruitment process as a joy to behold, with the subsequent promise of a highly-paid gig on the top M&A deals presumably just an added bonus. However, another poster says the process was far from rapid, comparing the interview itself to a grilling from the police.

History

"[Slaughters] was founded on January 1, 1889, by William (later Sir William) Capel Slaughter and William May - two associates who had moved from Ashursts," recounts one biographer of Bunhill Row - presumably not from personal memory. "The firm has always had a strong collection of clients and in the 1930s acted on some of the largest UK deals around." How times change. Or, er, not.

"During the 1980s, the firm acted on a number of the privatisations instigated by the Conservative Government, including British Aerospace, Amersham International, Associated British Ports, British Airways, Enterprise Oil, Sealink, Jaguar, British Telecom, Britoil, BP, British Gas, British Steel and the electricity industry. It has retained most of these companies as clients post-privatisation."

Culture

Key departments

Slaughters is not exactly known for the sort of unseemly departmental squabbles that break out in various other City leaders - corporate is king and everybody knows it. The City thoroughbred is not just a one-trick pony, however, with its tax and competition team "some of the most respected and highly ranked in the City", according to the uncontroversial view of one contributor.

In 2008, the firm went through its latest round of elections for departmental heads, with Frances Murphy confirmed as the new head of that all-important corporate team. You can read further details of the appointments here.

National/international coverage

Slaughters famously gets its international coverage through its network of overseas 'best friends', which include top-rated independents such as Hengeler Mueller in Germany, Italian leader Bonelli Erede Pappalardo and Spanish giant Uria Menendez. In France, the firm is paired with Parisian firm Bredin Prat, which took over Slaughters' own eight-partner French outpost in December 2005.

For an analysis of that strategy by Legal Week editor Alex Novarese, click here.

The elite City firm currently operates overseas branches in Hong Kong, through which it remains eager to develop its China connections, and Brussels.

Key clients

"The firm has more FTSE100 clients than any other firm," raves one admirer, including "British Airways, Diageo, Deutchse Bank, Abbey, Shell and Boots."

Leading partners

Nigel Boardman (pictured) remains probably the best-known M&A lawyer at the firm, if not the City. Indeed, in 2008 he was the sole UK lawyer named in The American Lawyer's influential 'Dealmakers of the Year' list.

Slaughters' star-studded corporate ranks also include former department head Chris Saul - confirmed in January 2008 as the firm's new senior partner, taking over from fellow corporate heavyweight Tim Clark. Frances Murphy replaced Saul as corporate chief.

Veteran partner Anthony Newhouse is nominated out by one contributor as a noteworthy name in finance, while outgoing practice partner David Frank - a finance and capital markets specialist - was for a long time the public face of an intensely private firm before moving towards retirement in 2008. Tom Kinnersley is another singled out in finance, alongside Glen James. Former real estate chief Graham White - stepping up to executive partner in 2008 - is well thought of, while tax partner Steve Edge is widely recognised as among the best in the business.

Career prospects

Its ultra-compact, old-school structure means lawyers reach partnership at Slaughters faster than at any of its City rivals, with the firm topping Legal Week's partnership track survey with an average wait of just seven years - hardly overnight stuff, but still almost two years quicker than an average of 8.7 years among comparable rivals. (You can read all about that here and here.)

However, the firm made up only four partners in 2008 - a drop from the modest five it promoted in 2007, despite the sustained boom in its core M&A market. Clearly you need to do more than turn up on time each day to get into that equity.

Of course, the fast-track to partnership glory means there are no easy years dawdling in the junior ranks for the select few. "The jump up to associate was a startling process," says one contributor, "[and was] described as 'absolutely terrifying' by the partner who interviewed me!"

Salaries

In November 2006 salaries were hiked to £35,000 for first-year trainees and £38,000 the next year. In May 2007, those bands were lifted again, with second-year trainees on £40,000.

Newly-qualifieds now start at £65,000, while a discretionary bonus worth 15% of salary is also available to junior lawyers.

Recruitment

One future Slaughters trainee lauds the City giant's recruitment process - perhaps unsurprisingly, seeing as this contributor already has his foot in the door. He says: "The trainee recruitment system is fantastic because it avoids the 2000-word online application forms as well as the tests, case studies and 90-minute grillings of other firms. The interview is an excellent way to be yourself, relax and (hopefully) shine!"

That probably depends on whether you find interviews with the most conservative characters in City law a relaxing experience. Which not everyone does. "The interview itself consisted slightly of a 'good cop, bad cop' routine," counters another contributor. "This is fair enough practice, but I think interview experience will depend largely on the character of the partners who interview you. Arguably, an exercise might have been better, as then everyone is put through the same process."

(Any more experiences to share on the interview process? - Wiki Ed.)

Work-life balance

"Work-life balance is similar to anywhere in the magic circle," says one lamb to the Slaughter. "Do expect occassional all-nighters and periods of ridiculously long hours. But there is no 'face time' here - if you have nothing to do there is no ned to hang around."

Diversity

"In terms of diversity, the firm does not live up to its conservative reputation," says one contributor. "Seventy percent of the lawyers are female [and the firm has] one of the larger ratios of female partners in the magic circle."

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