Katten

But steady really does win the race if the firm’s financials are anything to go by, as firmwide revenues have grown by 70% in the past 10 years or so. This year alone saw turnover climb 10% from $782 million (£576 million) to $862 million (£635 million) with profit per equity partner (PEP) following suit – growing a whopping 20% to $2.7 million (£2 million). New global chair Gil Soffer has cited increased demand for financial markets and funds work — which is Katten’s bread-and-butter — as the main driver of recent growth.

The London office, which plays host to around 50 lawyers, also had its strongest year on record and NQs have felt the benefit of this in the form of a recent 9% salary hike, with rates now at a very respectable £125,000. The City office has also said to play host to some famous faces including former PM spokesperson Alastair Campbell and former Minister of State Rory Campbell. In fact, the “amazing social life” on offer in the capital is something trainees were quick to mention: “with our Thursday Album Clubs, Five-a-side football teams and even a table tennis tournament, there is an active social presence in the firm which has helped the firm develop its collegiate ways,” said one sociable junior. “There’s something for everyone. This is a very social firm and there are always opportunities to get involved or suggest activities for the firm to engage with or host,” added another. Other highlights include fortnightly office events, a netball team, an invite to the annual Christmas Carols at St Pauls which is said to have “a host of celebrities present”, and a “really fun” annual rooftop drinks event at a 5* hotel in London for existing and potential clients, which trainees can help host — more champagne anyone?

Be warned, there’s stiff competition if you want to go star-spotting as Katten only recruits around three trainees each year. Those that do make it through the doors can expect to be rewarded handsomely. First year trainee salary stands at £50,000, rising to £55,000 in year two.

The small intake size can be a blessing and a curse, as one current rookie notes, “although a smaller cohort is a positive with regard to training and work, it can induce more competitiveness between trainees.” On the flip side of this, another notes that “you are given higher levels of work because of the small intake and the collaborative way of working makes you really feel like you are part of the team where your contributions are valued. This allows us to be more involved in the matter and to think about next steps and wider considerations which is a lot more stimulating.” Rookies often find themselves working on “high quality corporate transactions” across from more senior lawyers at Magic Circle and other US firms: “You may find yourself punching above your level as a trainee during the latter half of each seat, negotiating with associates on the other side” — with appropriate supervision of course.

And this supervision isn’t just appropriate, it’s great, according to the insiders we spoke to. “There really isn’t the stereotypical hierarchy you would expect in a law firm. Everybody is always open for a chat, whether that is a professional and personal one.” Insiders praise the “immersive training experience” with everyone from “partners, associates, other trainees as well as external and internal providers” said to offer “good supervision and guidance.” As expected at a US firm, there is a lot of on-the-job training, but some teams do have a “very structured” training programme and, even when this isn’t the case, team members are always “willing to explain each task and the wider context,” according to one rookie.

One recruit offered this overview of their training contract so far: “The training has been excellent, leaner teams means you can get a high level of responsibility and partnered with the firm’s open door policy, it creates a fantastic learning environment. The training is both structured and unstructured which is the best of both worlds.”

The firm operates the standard six months across four seats structure but these can occasionally be ‘split seats’, offering rookies the chance to work across a wider variety of practice areas. The TC is designed to be more flexible to suit individual trainees’ interests, as well as the firm’s desire to create rounded lawyers with as broad an experience as possible of different industries and clientele. The London office hosts its own designated learning and development officer to help new recruits with this.

As far as the work goes, expect “a good variety of UK and international work”, particularly in transactions, asset management, finance and financial restructuring. “The work varies a lot depending on which team you are in, which makes your day-to-day quite interesting. Obviously you do have the odd lull period, but that is usually followed by new cases/factors arising which require attention” is the overview from one LC source.

Don’t worry if this all sounds a little high-end, because your fellow recruits and your higher ups are always said to lend a helping hand at Katten. The firm encourages a “team-oriented mentality” — from the trainees who are said to be “very supportive, friendly and willing to answer questions”, to the partners who “always have their doors open and are approachable.” As one rookie puts it: “The smaller size of the firm means everyone knows each other, there is a true open door policy where everyone from trainee to partner level are happy to talk to each other whether it is related to work or not. Everyone is approachable whether they are in business support or a partner, there is a real collegiate atmosphere in the firm where everyone will support each other in work or out of work.” One added that the “tight-knitted” trainee cohort is especially felt at seat handovers “where everyone does the best they can to ensure the incoming person has every bit of knowledge and know-how to start the next seat well. It’s a group where peers want each other to succeed and support each other so we can all be our best.”

Work-life balance “depends on the practice area and the market” but the reviews from current trainees are overarchingly positive. “Of course there are days where you end up working late, but most of the time you are able to log off at a reasonable time. I have repeatedly had partners tell me to not respond to emails sent when on AL/at unreasonable times/during the weekend” noted one. The firm is rated better than some of its compatriots when it comes to finding a good work-life balance, though rookies recognise that Katten entirely shed this reputation yet: “when we are busy (which is often the case in Corporate) we are still a US law firm.” That being said, the firm is said to be very encouraging around extra-curricular activities and trainees rate themselves pretty lucky in this regard: “The firm is very understanding and recognises that you are a human being with a life outside of work at the end of the day. Work will get done if it needs to but the firm is fantastic in recognising you as a well-rounded human being.” Billables are set at 1,650 annually, which includes 150 hours of pro bono or citizenship work.

Trainees also have the opportunity to WFH two days a week, although the firm is flexible about this. The WFH set-up is apparently tip-top, with one source telling us: “We are provided with the usual WFH items, such as two screens, phone, laptop, keyboard, mouse etc. I have received a tailor-made chair specifically for my height. We also have a generous allowance to purchase any specific items, such as earphones, printers, desk etc.” A special shout-out goes out to the “excellent” IT team for making remote working such a dream for newbies.

For the other three days of the week, juniors seem very happy attending Katten’s newly-refurbished office at Paternoster House, which is just a stone’s throw from St Paul’s Cathedral, The Old Bailey and the former Channel 4 First Dates restaurant. As you might imagine, rookies are more than impressed: “I have an office that looks straight out onto St Paul’s and it is stunning. There is enough green space and social space near the office. The office itself is laid out well, it may not have the modern design full of glass, but it has a traditional feel to the design which I prefer over glass. The office design feels like it has more personality to it rather than an empty corporate feel.” New recruits share an office with either a partner or one/two more senior associates and there’s even a free vending machine, which is a “nice perk,” one trainee notes.

Speaking of perks, Katten also offers a £400 gym allowance, a separate health and wellbeing stipend, private medical care, physio sessions, and taxi and food allowances when working late. Dinner at fancy restaurants such as Sexy Fish and Sushi Samba is also said to be the norm near deal closings and trainees also occasionally receive one-off benefits such as concert tickets. At NQ level, associates are also said to be flown out to the US for a training business trip, with similar jaunts continuing every two years post-qualification.

Legal tech is one area where there is said to be “room for improvement” but we’re told that the firm’s dedicated Innovation team and new sub-group Katten DataLAB in Chicago are always on the lookout for new gizmos and innovations. For now, it seems that trainees will have to make do with the £400 bi-annual tech equipment allowance the firm provides (boohoo!)