Sullivan & Cromwell

Despite its distinctly British name, around 60% of Sull Crom’s employees are still based at its HQ in the Big Apple. The firm does have relatively deep roots in the UK, having first set up in London in 1972, but the City office still runs on lean teams. This year, though, Sullivan & Cromwell is taking steps to expand its London base, particularly at the junior end, offering training contracts to 12 recruits, up significantly from the eight it previously took on each year. London trainees are whisked off to New York at the start of their training contracts for a week-long orientation programme, and further London training sessions are streamed online all the way from the New York office, which sits a stone’s throw from another longstanding all-American client, Goldman Sachs.

The London hub runs just three practice groups: general practice (incorporating all the standard hard-hitters of M&A, capital markets and more), competition and tax. But don’t be fooled into thinking this means you’ll be missing the spice of life at Sull Crom. As one trainee puts it: “The work is very varied and if you can prove yourself to be fine with it, you will get trusted with a lot of responsibility (and if you are struggling, people are always on-hand to step in and help).” Typical trainee tasks aren’t completely off the table, but our sources are keen to point out that “At S&C, you are trusted to take ownership of substantial tasks early on.” We’re also told that “The work is often tricky and rarely feels like ‘cookie-cutter’ or volume work, but a lot of the more repetitive tasks can now be handled by legal tech, meaning trainees spend more time on the harder legal analysis. If people trust you, they’ll often let you take a first turn at key documents.” Trainees have also been known to deal with clients and KCs directly.

Another current rookie had this to say on their TC experience: “I was regularly able to do first turns of reviewing transaction documents and drafting agreements based on precedents from my first and second seat (after team members would brief me on it and give me guidance to make sure I wasn’t just thrown into it without context). Generally, the work is also very interesting as the deals are typically quite unique and bespoke.”

A few recent examples of such work coming out of the London office include advising on some of the world’s most significant corporate transactions and financings. The firm acted on SpaceX’s acquisition of xAI, a deal reportedly valued at $250 billion and described as the largest transaction involving a private company in history. S&C has also continued its work for OpenAI, having previously advised on the extension of its landmark partnership with Microsoft through a multi-billion-dollar investment by the tech giant. Beyond this, London lawyers regularly advise on major cross-border financings and sovereign debt offerings, including the Republic of Colombia’s multi-billion-dollar bond issuance.

The smaller intake size also lets the firm be more flexible with its TC structure. It is rumoured that, while trainees complete the standard two seats during their first year, this can rise to three four-month seats in the second year to allow for a broader range of experience.

In terms of the training itself, expect the quintessential US “‘learn on the job’ approach”, interspersed with some “structured, well-planned and top-notch” formal sessions from the firm’s own team of dedicated training principals. “We have weekly training sessions aimed at trainees/junior associates where they go through anything from basic concepts to actual tips from senior associates,” one inside source told us, “but, of course, we also get a huge amount of training from our daily tasks, where the seniors would talk you through and explain everything about the task and the wider deal.” Another trainee highlighted the breadth of topics covered: “We also get specialists in from non-legal backgrounds — for example to provide training on reading balance sheets and financial statements. Combined with the firm’s extensive guidance notes and checklists, there is no shortage of support available.”

It’s a good job trainees rate their seniors so highly at Sull Crom, because our sources tell us that most deal teams involve working closely with associates and partners alike, often as the only trainee involved. As one LC mole revealed, “this style of lean staffing seems to be so effective because everyone is respectful and nice to each other. I imagine it would be a lot more stressful if you felt you couldn’t approach your superiors.” Another junior lawyer told us: “Generally, seniors are very approachable (when they aren’t busy in meetings!). All of them make a real effort to involve you in matters and take the time to speak to you.”

Rookies can expect the work from higher-ups to come in thick and fast. This is not the firm for the faint-hearted, but even in such a fast-paced environment, we’re told that people “will find the time to explain everything and give feedback where needed.” Trainees are also assigned a partner mentor, who “checks in from time to time”, for support.

As for your fellow peers, we’re told the small cohort means there’s “essentially no competition in terms of choosing next seats, secondment opportunities and qualification spots”, and since “billable targets don’t exist at S&C”, new cohorts “can truly be supportive of each other and make genuine peer relationships.” Thursday night socials are also a regular occurrence, allowing trainees to meet and mingle with the rest of the contingent. As one junior puts it: “One of the best things that stood out to me on the vac scheme was how genuinely nice everyone appeared to be. This was confirmed when I joined. There is not a large number of associates but we do a lot of work and sometimes work long hours — so I think everyone really sticks together and gets on. That doesn’t mean to say everyone is similar — I think there isn’t really any ‘one type’ of person — and I think that is the same between all the trainees, associates and partners. However, I imagine that if anyone was overly-competitive or unfriendly, it would stand out (luckily this isn’t something I’ve encountered). I feel like I can genuinely approach my peers with problems, and they will be supportive.”

There’s a strong sentiment of being in the bull-pen together at Sull Crom, and the work-life balance is said to be “as you would expect” for a US firm. “It is a busy commercial law firm — so, you know what you’re signing up for. The hours can vary and the expectation is that the billable work gets done. This can mean that you work weekends and late nights during very busy periods.” That said, partners are reportedly good at not placing you on consecutive deals, meaning “you have time to recharge your batteries”, and there are no all-nighters being pulled just for the fun of it. As one trainee told LC, “people don’t make you work unnecessarily — they do a good job to let you know: a) when something isn’t urgent (i.e. it can wait until later); b) if you are likely to have weekend work (they will also ask if you had any plans and will try to accommodate); and c) more generally, when they’d like to receive your work by. There is no billable requirement, so if you have a quiet day, you can enjoy it (as this can change pretty quickly)!”

The silver lining to all these late nights, market-leading pay aside, is the perks on offer at S&C. Think hefty meal allowances and free taxis home after 9pm, subsidised gym memberships, regular cake trolleys, and a concierge service renowned for its ability to secure places at fully booked restaurants (and to organise dry cleaning). By far the best perk at S&C, according to our sources, is the “free canteen which serves amazing breakfast and lunch” and caters for “both healthy and unhealthy diets.” As one exclamative rookie put it: “There are always so many different options and the menu rarely repeats! The food is genuinely so good too!!!!!!!!”

The firm’s tardis-like digs at 1 New Fetter Lane might seem unassuming from the outside, but inside lie some of the most spacious offices of any law firm in the City. All associates get their own office once qualified, while trainees might find themselves sharing with each other or with a partner they’re working closely with. As one uber humble and grounded trainee said, “it has a very traditional-looking, dark wood aesthetic, which we say is very representative of S&C’s character.”

The firm may be traditional in appearance, but insiders report that its approach to legal tech has improved considerably in recent years. Trainees tell us that new software has helped reduce much of the traditional “grunt work”, while lawyers now have access to AI tools including Harvey, Legora and ChatGPT. The firm has also invested heavily in AI training to help lawyers use these tools effectively. Trainees benefit from a “very responsive” 24/7 IT team, and recruits are encouraged to email in any innovative suggestions. Insiders are also pretty content with their agile-working bundle of “two big monitors, a mouse, keyboard”. It’s not reinventing the wheel, but it’s doing the job.

The cherry on top is most definitely S&C’s secondment offering. Around half of the S&C trainees LC spoke to reported enjoying an international secondment, and the firm aims to provide those interested with such an opportunity. New York and Hong Kong are popular destinations, though it’s worth noting that work demands can see placements shortened. One disappointed respondent said they were in “Hong Kong for three months, instead of the advertised six months”. In New York, trainees report being put up in a “really nice apartment”, while those on the client side have reported stints at blue chips like J.P. Morgan.