The Legal Cheek View
Meet the firm at Legal Cheek’s upcoming November UK Virtual Law Fair on Tuesday 19 November 2024
Autonomy, responsibility, long hours and a lucrative pay package — Vinson & Elkins (V&E) offers the quintessential American firm experience for ambitious British future lawyers hoping to snag one of its six annual London training contracts.
Financially, the firm posted a record year, crossing the $1 billion revenue threshold for the first time, up 7.4% from the previous year. Profit per equity partner rose by nearly 4% to $3.65 million (£2.89 million), even as the equity partner ranks were boosted by a host of lateral hires. In the same vein, the firm’s 9.5% profit increase and revenue boost came alongside a nearly 5% growth in its headcount, with conventional energy and energy transition work being big drivers of this growth. Arbitration was a particular strength in the London and Dubai offices. The firm’s chair, Keith Fullenweider, cited energy transition as the “game changer” because of the amount of capital being drawn by decarbonisation and the firm’s expertise in navigating this alongside traditional energy work.
The firm’s origins go back to 1917 when V&E was founded in Houston, Texas. More than half a century later, the London office was established in 1971 to service clients involved in the North Sea oil boom. Consequently, the London office has a strong focus on the energy sector. There are roughly 75 fee earners in London, around 16 of which are partners, but most of the firm’s lawyers are based in the US. As well as London, the firm also has offices in Dubai and Tokyo, but closed outposts in Beijing and Hong Kong a few years back.
In line with most American firms with small intakes, trainees are given little structured training. One rookie says: “Training is done informally, and therefore is much more targeted at the work V&E do and the cases and matters you are staffed on at any one time. Additionally, because of the informality of the system, it is easy (and expected) that you ask questions of partners and more senior lawyers as you progress through a seat.”
That said, every trainee is assigned a mentor “who you can speak with daily and learn from” as well as some formal training sessions hosted by associates, senior associates, counsel and partners in the office. Though the lack of structured training may seem daunting, trainees are well supported as they gain their “hands on experience”. One trainee tells Legal Cheek: “I have been constantly given work above my experience level which really stretches me as a lawyer, while still being entirely supported throughout. V&E is excellent for recognising potential, and then encouraging it in a nurturing way.”
Trainees highlight the non-rotational structure of the training contract, where, rather than the traditional seat rotation, trainees get experience in different departments all at once. This apparently offers newbies more flexibility and “allows a trainee to gain knowledge and experience that would not be possible within one six-month period”. As one trainee enthuses, “One of the things that becomes obvious soon after you start working at the firm is that everything the firm works on really is complex, high-value, top of the market stuff — the work is incredibly stimulating, and you get the chance to try your hand at things which are above your pay grade early on. You don’t really notice the time ticking by.” We are also told that while typical trainee tasks like document review do inevitably come their way, “there is always recognition where work may be more procedural” with efforts made to involve trainees in more substantive work, like drafting. Another rookie chimes in: “seniors will always try and get you involved with things above your pay grade, which really helps you develop. The more you can prove yourself and establish trust, the more of these opportunities come your way”.
The smaller intakes also mean closer-knit trainee ranks. “Due to the smaller trainee class size, the trainees are all very good friends and there is slightly less competitiveness than you might see at other firms,” one rookie told Legal Cheek, while another offered this heart-warming assessment: “There is almost no competitiveness at V&E (I say almost just in case someone is great at hiding it). Trainees are quick to support each other and there are no sharp elbows. Recently, a corporate trainee bailed me out when it was looking like I’d have to pull an all-nighter. I didn’t ask – he just offered.” This support extends beyond trainees right up to partner level, with one spy reflecting: “Lots of law firms talk about open door culture, but at V&E it really isn’t lip service — there’s not a single person in the office, regardless of seniority, who I wouldn’t feel comfortable approaching. As trainees, we are encouraged to speak to partners and build relationships within the firm. It’s therefore not uncommon for partners to delegate directly to trainees and offer feedback and training. Associates, senior associates and partners are all regulars at firm socials.”
Trainees also share their office with a mentor from the firm’s associate ranks, who are “always keen to help you learn so you develop and become more of an asset to the firm”. One rookie summarised their experience with members at the top of V&E: “Partners are keen to teach you and help you develop as a lawyer, and always make time for any questions or concerns you may have. Everyone is very approachable and you are encouraged to knock on doors or pick up the phone if you need something.”
Of course, high levels of responsibility and remuneration normally mean plenty of late nights in the office. “A lot of the transactional work involves working with the US, so often your day can only just get going at 5 pm,” one source tells us. But the “plus side is that you have time in the morning to go to the gym etc. where you are less likely to be interrupted.” Another junior tells us, “people are generally conscious of your personal life and time off” but weekend and evening work can sometimes be sprung on you depending on your seat and the points in a matter you are assisting on. One trainee tells us that “given the types of deals you get to work on, it’s a fair trade, and it’s always for a real reason, rather than people just wanting you to work late to get their pound of flesh”.
The social life, meanwhile, is “fairly good”. Rookies report on informal socials like weekly pub trips and in-office drinks, as well as more formal events like an end of summer social, Christmas party and ski trip, aptly named ‘V&Ski’. “We also do regular charity social events like cycling to Brighton in a team or competing in the Law Society rugby/netball/football tournament in September”, comments another insider.
While the firm’s second-year trainees have previously been seconded to Houston and Dubai, rookies responding to the Legal Cheek Trainee and Junior Lawyer Survey say that “international secondments have been paused from September while the secondment process is being reviewed”. While the programme may be resumed in the future, this step is said to have been taken to focus on building relationships across the London office.
The firm’s rookies note that its legal tech is “pretty average but nothing to complain about”, with new laptops arriving imminently to replace the old ones which are “struggling on bravely”. With the firm having put in place a ‘four days in the office’ policy, rookies are set up with a monitor, docking station, keyboard, mouse and webcam for their WFH day, although most trainees prefer coming into the office in any case.
And that’s no surprise, given that they are working from some ““very fancy digs in the Walkie Talkie with Warhol prints on the walls and lots of white marble!” V&E’s office is on the 24th floor of the building, and boasts “phenomenal” panoramic views of some of London’s most iconic sights including St Pauls, Tower Bridge and the Shard. Additionally, it is “only a few floors down from the Sky Garden” which V&E’s London lawyers have access to with a discount on food and drinks— “a plus”, as one trainee put it. “It’s got that wow factor. Easily the best office I’ve seen,” commented one insider. But there is no canteen; “just a café with a coffee machine, soft drinks, fruits and some biscuits. Most people are said to make use of the microwave to reheat food that they have brought in or buy something from a nearby shop. Another trainee amusingly reports: “We do have a snack cupboard, but the firm recently changed the time when you can take snacks from 6pm to 7pm and in a somewhat dystopian step placed a lock on its door to enforce the time change”.
Regardless, the perks should help soothe any frustrations. One trainee lists: “travel, health and dental insurance, mobile phone stipend, gym stipend… basically everything you could want.” Oh, and the salary of over £170k isn’t bad either!