Is a career at a City law firm for you?

Becoming a solicitor in the big business world of City law is the goal for many aspiring lawyers. But how do you know whether it’s right for you?

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If you want to work on exciting deals with high-profile clients, the City might be calling your name. City recruiters are always on the lookout for exciting, new talent who are enthusiastic about working for a City law firm. However, working out whether a career in the City is the right path for you isn’t easy. Read our insights below and find out how attending LawCareersNetLIVE London can support your decision.

The legal services sector is always undergoing plenty of change – for example, it’s currently adapting to the challenges brought about by AI, climate-related goals and the Solicitors Qualifying Exam.

As law firms weathered the impact of the pandemic, many newly qualified (NQ) lawyers faced cuts to their salaries. However, NQ pay has been on the rise more recently with magic circle law firms competing against each other and high-paying US firms in what’s been dubbed a ‘pay war’ as they vie to attract the best talent. In fact, some of the highest earning NQs are being paid as much as £180,000 – which is more than the salary of the prime minister!

Law firms are also under pressure to address the climate crisis, with City law firms Clyde & Co LLP and Taylor Wessing among six others to have launched Legal Charter 1.5 – an initiative designed to help firms’ commitment to fighting climate change. The charter outlines eight core principles, which are underpinned by corresponding projects to focus firms’ efforts and ensure targets are met.

Meanwhile, the Legal Services Board (LSB) revealed its 10-year strategy in 2021, which includes goals to reduce unmet legal needs and greater quality in outcome and experience among those using legal services. In February this year, the LSB published its draft business plan for 2024/25, announcing plans to focus on its function of protecting and promoting the public interest, supporting the rule of law and maintaining the professional principles.

Law firm mergers also continue to agitate the City waters. In May 2024 the highly publicised merger between magic circle law firm Allen & Overy LLP and US firm Shearman & Sterling was completed to create A&O Shearman. The newly merged firm (one of the largest in the world) will have an annual revenue of around £2.9 billion and begs the question: will this merger put other UK firms under pressure to break into the US?

In terms of international firms, global outposts in the City continue to pursue business across the world, adjusting their regional and client sector focus to suit the shifting economy. On the other side of this, in late 2023 magic circle law firm Linklaters LLP announced that it would be reducing staff by 15% across its China offices in response to “the prolonged downturn in the China market”. City firms evidently understand the importance of emerging opportunities around the world and this is one of their key selling points to prospective lawyers seeking internationally-oriented, dynamic careers.

High workload, high reward

The City law career path has enduring appeal, despite its reputation for long hours, late nights, and the other demands placed on its solicitors. The career is undeniably exciting: perfect for those who like to challenge themselves and want to work in a 24/7 world that bridges countries and time zones.

On occasions – and reasonably often during a busy phase of the economy or a deal – a lawyer will have to deprioritise personal and social commitments in favour of their workload. For some, this lifestyle is exciting and exactly what they’re looking for from a career in the legal profession; however, it won’t suit everyone. It’s important for to weigh up your priorities before making law firm applications – make sure you choose a career path that’s sustainable with your other commitments and hobbies, and one you can see yourself thriving in.

Take a look at our training contract directory for an idea of salaries and note that high-paying firms are likely to be among the most difficult to join. Yet many City lawyers will tell you that the biggest buzz comes from the incredible career experiences, job satisfaction, and working collaboratively with talented, motivated individuals, be they clients or other lawyers.

In recent years there’s been an increased awareness of wellness in the workplace, with mental health at the forefront of many notable City firms’ initiatives and a key factor in aspiring lawyers’ research into firms. In fact, nearly half of LawCareers.Net’s recent user survey respondents said work/life balance was one of the most important factors when looking for a future employer (when asked about their top three priorities).

When researching firms, aspiring lawyers are taking more into consideration than just the size of the firm and the opportunities it might offer. More than one-third selected culture and values as one of their priorities, while 32.43% of respondents selected diversity and inclusion.

The ‘work until you burn out’ ethos is no longer the assumed norm of City life. Plenty of firms offer flexible working policies, workshops on mindfulness and managing stress, as well as training for employees to become mental health ambassadors and first aiders.

Find out more about work/life balance in the legal profession, with insights from Elizabeth Rimmer, CEO of legal mental health charity LawCare.

That’s not to say that all City lawyers are working less and feeling more zen because there’ll always be clients to please and work to be done. However, it does mean that it might not be long before all firms are expected to be more flexible and attentive to their employees’ wellbeing.

What City firms are looking for

The process for entering the profession is highly competitive, perhaps more so now than ever before. Yet City recruiters want applicants with the right combination of talents and attitude.

All firms expect candidates to have:

• an excellent academic record;
• a commercial mindset;
• an international outlook;
• attention to detail;
• an analytical mind; and
• ambition.

Each of these traits is important, whether you lean towards transactional work or disputes. An international outlook, for example, is crucial because most of your work in a City firm will be international. English law is frequently used to govern deals that have absolutely no link to the UK, simply because companies around the world have confidence in it. Scan through the English High Court's case lists, meanwhile, and you’ll find litigants from almost everywhere in the world. The City's law firms are working hard to ensure it stays that way, even in a post-Brexit London landscape.

International placements are widely available; indeed, at some City firms they’re mandatory. Opportunities regularly crop up in Asia, Europe, the Middle East and the US. Does that mean you must be fluent in another language? Not necessarily. However, if you do speak another language, an international firm is going to find this an interesting aspect of your skill set. That said, the language of business in most overseas offices is English, and plenty of trainees are seconded overseas without speaking the language.

To find out more about assessing your skill set and improving the areas that need work, read our Feature on how to demonstrate the key skills for law in applications.

Get a taste for the City at LawCareersNetLIVE

If reading the above has solidified that the City is where you want to be, and you have the excellent grades and work experience to back it up, you should consider applying to our LawCareersNetLIVE student careers conference in London. This year the conference takes place on Friday 6 December at County Hall – applications are now open and will close on Thursday 31 October. That said, we encourage applicants to apply early because offers are made on a rolling basis. 

Read our five tips for flawless LawCareersNetLIVE applications to give yourself the best chance of success.

The event provides candidates with the opportunity to meet and network with an elite group of City firms. In 2023, we hosted two in-person and one virtual event enabling candidates to talk to representatives from firms, including Baker McKenzie, Osborne Clarke LLP and Shoosmiths, as well as the chance to take part in interactive firm-led workshops and panel discussions with partners and recruiters in an environment they felt comfortable in.

To find out more about the event and how to apply, visit the LawCareersNetLIVE site. Get an idea of what the day entails by watching what previous delegates had to say about attending LawCareersNetLIVE.