Clifford Chance has announced that 67% of its spring qualifiers will stay on at the firm.
31 out of the 46 trainees in the spring intake have been offered newly qualified positions at the Magic Circle firm.
Clifford Chance is the fifth firm to announce its spring retention rate, following earlier announcements from Mayer Brown, White & Case, Slaughter and May and Trowers & Hamlins.
See our table of spring 2017 retention rates here.
What if you could put your legal knowledge to good use in a job which boasts variety, responsibility and a competitive salary to boot? The Lex 100 editor Hawys Boobier finds out more about the unique and exciting role of a company secretary and why there aren’t many jobs like it.
If somebody asked you what a company secretary does, would your mind automatically jump to managing diaries and booking meeting rooms? If so, you would be entirely misled. The role of a company secretary is completely different to that of a traditional secretary. But what exactly is it?
To use the official language, company secretaries are governance professionals. They are valued strategic advisers with in-depth knowledge of law, taxation, finance and management who give independent, impartial advice and support to directors, trustees and other key decision makers across the private, public and not-for-profit sectors. They support and advise the boards of organisations and ensure that the organisation they work for is complying with regulatory standards. In an increasingly regulated world, it goes without saying that this is no mean feat.
To say that the role of a company secretary is broad would be an understatement. Typical responsibilities can range from managing the shareholder register to drafting parts of a company’s annual report. “In the morning I could be liaising with our print manager about the printing of our Annual Report and Accounts and later that afternoon I could be researching and drafting a paper for submission to the Board of Directors for review/approval”, says Jillian Elliot, assistant company secretary at Centrica plc’s Secretariat. Company secretaries ensure that crucial information flows securely to the correct people, that board meetings are effective and that proper records are kept. In short, they help companies avoid risk.
The conscience of an organisation
Working in such close proximity to the board of directors inevitably means being privy to some of the most important decisions made within a company. “It’s very rare to be in a profession where your work is directly exposed to the board”, says Adaeze Okike, senior chartered secretary at Aviva plc. Far from being confined to one department, company secretaries gain an insight into the many different areas within a business, making them all-seeing, all-knowing and consequently extremely valued. They become an integral cog, to such an extent that company secretaries are often referred to as ‘the conscience of an organisation’.
The breadth of the role means that knowledge is acquired quickly. It follows that rising up the ranks can happen more swiftly than you might think. “You get very high exposure to the management of the company, but with that comes added responsibility”, says Adaeze. As the responsibility grows, so too can the salary, meaning that the move up the remuneration ladder can also be a rapid one.
The career progression path is clear, although it is by no means narrow or rigid. The skills acquired by a company secretary are transferrable, so you can apply them to a field which interests you – be that charity, sport, finance or fashion.
Since the financial crisis and more recently Brexit, the spotlight on regulation has brought governance to the top of the corporate agenda. Recent news stories to make the headlines, such as the pension deficit at former national retailer BHS and the controversial employment conditions at sports retailer Sports Direct, are emblematic of the potential consequences of inadequate governance. With governance currently such a hot topic, it comes as no surprise that there is a pressing need for high-quality company secretaries.
Case Study
Ceri James
What is your role?
I am a company secretarial assistant at National Grid plc. I support the company’s Audit Committee, Nominations Committee and Remuneration Committee. I undertake a wide range of governance activities related to compliance and risk. I manage the company insider list and ensure that the company is in line with legislation and with Financial Conduct Authority (FCA) requirements. I also look after a range of operational subsidiary companies. This involves attending and producing minutes of board meetings, dealing with appointments/resignations, filing with Companies House and advising the board on any governance issues. As a team we co-ordinate the Annual General Meeting of shareholders and draft the corporate governance section of the annual report and accounts.
What is your background?
I graduated from Reading University in 2011 with a LLB in law. I worked at Mills & Reeve in Birmingham for a year and then I moved to National Grid to work in the insurance team where I met someone who was a company secretary. I had no idea what this was but it sounded interesting and relevant to my experience so I made contact with the team. I was lucky enough that a position opened within the Company Secretarial team a short while later, which I applied for and was offered the job.
What are your qualifications?
Upon starting in the company secretariat team at National Grid, I began studying for the Chartered Secretary Qualifying Scheme (CSQS). I qualified in January 2017 and achieved Associate Chartered status in April after meeting the appropriate work experience criteria.
Tell us about an interesting case or matter you’ve worked on
With the enforcement of the EU Market Abuse Regulations legislation in July 2016, I was part of the project group responsible for ensuring that National Grid’s processes were updated in order to comply with the new requirements. This meant that a thorough review was undertaken of the previous share dealing rules, disclosure rules and insider list management. With another member of my team, I carried out training across key teams in the company to ensure that the new regulations were understood by those who might be affected, such as our investor relations team. This was an interesting area as it is a huge piece of legislation which affects every listed company and providing training throughout the company provided insight into how far-reaching this was. The implications of non-compliance are also very significant and so it was a lot of responsibility.
What are the biggest challenges in your job?
Competing priorities, managing very senior stakeholders and keeping abreast of changes in the governance landscape, this is especially relevant with the current Corporate Governance review being undertaken by the Government which is proposing some potentially huge changes in corporate governance.
What is the best thing about your job?
It is so varied and provides an amazing view of a company from the very top level. Working as a company secretary also gives you the chance to work in any FTSE company or any unlisted company which requires a company secretary.
What advice would you give to somebody who is interested in your career?
Write to some FTSE companies, big and small, and ask to do some work experience because it really is invaluable. The role of the company secretary varies so much that the best way to get a real feel for it is to see it in action. If you are interested in a career which is related to law but perhaps aren’t sure if being a lawyer is for you then it is a perfect alternative – it has so many elements of law but provides the opportunity to apply them in a different, more commercial way. Having an overview of the business from the top level is also such a privileged position to be in, which you wouldn’t get to see unless you’re on the board. There aren’t many jobs like it!
How do I get in?
Because of the nature of the role, a degree or background in law or finance is highly advantageous. If you’re studying law, the chances are that you’re on your way to being partially qualified.
“I thought I wanted to be a solicitor and after completing my A-Levels I accepted a place at Durham University to study law. Although I thoroughly enjoyed my degree, I realised that I did not want to specialise in one area of law only. Having reviewed ICSA’s website, I quickly realised that being a chartered secretary would make use of my degree, enable me to be involved in a number of legal practice areas and utilise my skill set” says Jillian.
A legal background could mean that you are exempt from taking the total number of required exams and the best news is that many companies will often pay for your training, so you can ‘earn while you learn’.
See the grid below for the required academic and professional qualifications for the Chartered Secretaries Qualifying Scheme (CSQS).
Visit the ICSA website for more details.
How do I know if it’s for me?
As with any role, the best way to find out if a company secretarial position is for you is to see it in action. Work experience is an invaluable way to get a real feel for the role and to meet people who can give you advice gained from first-hand experience.
“If you’re interested in a career as a chartered secretary, go for it. Look for work experience at public limited companies, housing associations, charities, the NHS and universities, as all of these institutions have secretariats. Another great way to get experience is to volunteer for a committee, for example a sports association or a university committee” says Jillian.
But don’t worry if you don’t have a couple of weeks to spare. Every year, ICSA/DMJ Legal hosts a series of Insight Days, which are held in conjunction with companies such as Aviva, Sky plc and Rolls Royce. Insight Days allow you to go into a company for the day and take a look behind the scenes at the various responsibilities of a company secretary. Insight Days are open to students, post graduates, or anyone considering an entry to company secretarial practice. ICSA also offer one day shadowing opportunities. For details of 2017 Insight Days, one day shadowing, work experience & trainee roles – click here.
Case Study
Fabia Welch-Richards 
What is your role?
I am assistant company secretary at PA Consulting Group, which is a global consultancy firm.
What is your background?
I studied Law at Kings College London and then went on to study the Accelerated LPC at BPP University. I then joined the Ingenious Group, which is a group of FCA regulated businesses/investment services including asset management, corporate finance and individual investments. From there I moved to PA Consulting Group.
Tell us about an interesting case or matter you’ve worked on
When I was at Ingenious working in their clean energy function, we founded and developed a joint venture between the Ingenious Group and another company which became the largest privately owned energy asset in the UK. My role involved transactional due diligence, setting up the company, setting up articles and setting up the governance structure. The joy of working as a company secretary is that you get given work from the directors, shareholders and everyone involved.
What skills do you need to succeed in your job?
You need a broad legal understanding – you can be asked anything legal from day one and so I do fall back on what I learnt on the LPC.
You also need to be able to retain your objectivity. You have to be ready to challenge senior people within a company and you need to do this in the appropriate way and have the legal and financial knowledge to back it up.
What are the biggest challenges in your job?
Having to adapt to changing business needs whilst ensuring proper continuity of service. Also, the constantly evolving legislative landscape.
What is the best thing about your job?
The variety is definitely my favourite part – being involved in a completely unexpected subject and diving into a topic you’ve never encountered before. I also enjoy working alongside absolute experts and senior members of an organisation. You get unprecedented access to senior people and to why they make certain decisions. This is such a privilege and helps you develop a certain level of understanding.
What advice would you give to somebody who is interested in your career?
Write to the companies you are interested in – the worst thing they can do is say no. I mentored a girl outside of work who loved fashion so I encouraged her to write to relevant companies to get work experience. She wrote to Aspinal (a luxury leather goods manufacturer and retailer) and ended up working for them for a couple of months. Listen and watch those with whom you work and immerse yourself in the company’s culture and learn from that. Enjoy – you are constantly learning and developing.
A few things they don’t teach you in law school about being a trainee solicitor……
1. Flexibility is key
One day you’re stuck in a dark room photocopying your way through 10 boxes of lever arch files from a court case in 1999. The next day your supervisor is on holiday and counsel is on the phone asking questions about next week’s hearing and expecting you to know the answers. Suddenly you’ve gone from dogsbody to the leading authority on a case. Just remember to take the rough with the smooth – some work may seem menial to you but it is probably very important in the grand scheme of a matter. Be sure to complete all tasks to the best of your ability and without complaining. You will eventually be rewarded with high quality work and more responsibility.
2. Know your colleagues
You might only be in your first seat but make sure you get to know colleagues in other departments. Cross-departmental working is of paramount importance in law firms. For example, you might be working on a corporate deal where you need advice from the employment department, a banking deal where you need a tax specialist’s perspective or a private client matter where you need to work closely with the property department. If you’ve already met your colleagues, it will be much easier to pick up the phone and ask them for help. And more likely they will respond to you quickly so you can get your work done on time!
3. Support staff are your best friend
The chances are your team secretary has been working at the firm longer than you and actually knows a lot more about the area of law than you do. Befriend your personal assistant and they’ll be more likely to fill in that expenses form without a hiccup. Get the accounts department on your side and that money to the Land Registry will have been transferred in the blink of an eye. Treat all colleagues, regardless of their job title, with respect and you will go far.
Are you a trainee keen to share your tips with others? Get in touch at [email protected].
As part of its reform programme, the governing coalition of Austria has agreed to ban the full-face veil in public spaces such as schools and courts.
The ban was agreed by the coalition (formed of the Social Democratic Party of Austria and the Austrian People’s party) and will prohibit the wearing of veils which cover most of the face, such as the Muslim burka or niqab, in public spaces. It will be implemented in the next 18 months.
Police officers, judges, magistrates and public prosecutors will also be prohibited from wearing headscarves, in the interest of appearing ‘ideologically and religiously neutral’.
Austria joins France and Belgium, who imposed a ban on wearing burkas in 2011. Last month, German chancellor Angela Merkel also said that the burka should be prohibited in public spaces ‘wherever legally possible’.
The UK does not ban burkas or niqabs.
The Austrian Coalition stated:
“We are committed to an open society, which also presupposes open communication. A full-face veil in public places stands in its way and will therefore be banned” .
A temporary worker was sent home from work in December 2015 for failing to adhere to a dress code stipulated by her employer. Nicola Thorp, who was employed by employment agency Portico, was sent home without pay from her temporary job at accountancy firm PwC for failing to wear ‘2in to 4in heels’.
Ms Thorp’s reasoning for not wearing heels was that it would be bad for her feet to wear heels all day. She also argued that her male colleagues were not subject to the same rules relating to dress code.
Ms Thorp said: “The company expected me to do a nine-hour shift on my feet escorting clients to meeting rooms. I told them that I just wouldn’t be able to do that in heels.”
Her story sparked a public outcry. So much so that Ms Thorp started a petition calling for a law to ensure that no employer could compel a woman wear heels to work again. The petition gathered over 150,000 signatures and led to an inquiry which would be overseen by two parliamentary committees.
The joint report, named ‘High Heels and Workplace Dress Code’ and commissioned by the Petitions Committee and the Women and Equalities Committee, was released on 25 January 2017.
During the inquiry, the committees were inundated with dress code-related stories which made it clear that the problem was far more wide-ranging than just shoes. Accounts received from women included being told which shade of nail varnish to wear, how often to reapply their make-up and being subject to rules concerning the degree of unbuttoning of their blouse.
The report states: “The Equality Act is clear in principle in setting out what constitutes discrimination in law,” it said. “Nevertheless, discriminatory dress codes remain commonplace in some sectors of the economy.
It therefore makes 3 key recommendations:
1. For the government to review this area of law and ask Parliament to amend it, if necessary, to make it more effective;
2. That detailed guidance as to how this area law should be implemented be issued targeted at employers, workers and students; and
3. That Employment Tribunals be allowed to impose harsher financial penalties on employers which continue to apply discriminatory dress code rules.
A government spokesperson said: “No employer should discriminate against workers on grounds of gender – it is unacceptable and is against the law. Dress codes must be reasonable and include equivalent requirements for both men and women.”
The report will be considered by the Government Equalities Office.
Click here to read the full report.
National firm Weightmans is in merger talks with Newcastle-based Ward Hadaway, Legal Business can reveal, with both firms understood to have been in talks for the past year.
Were the two firms to combine, it would create a £130.8m national firm with offices in Newcastle, Birmingham, Dartford, Glasgow, Knutsford, Leeds, Leicester, Liverpool, London and Manchester. Both firms have a presence in Leeds and Manchester but any merger would provide Weightmans with a strong foothold in the North East.
Although Weightmans is substantially larger than Ward Hadaway with turnover of £95m for 2015/16 compared to Ward Hadaway’s £35.8m, profit per equity partner (PEP) at the Newcastle firm soared 49% in the last financial year to £336,000, while in contrast PEP at Weightmans fell 19% to £231,000.
In a statement, John Schorah, manging partner of Weightmans said: ‘The legal market is changing and it is always sensible to look at opportunities that might benefit a business, its clients and its staff so Weightmans and Ward Hadaway are currently talking to each other to see if there are benefits of working closer together. We have shared strategic objectives and a significant number of shared clients. Whether or not these discussions will lead to anything permanent is, at the moment, unknown but we are enjoying getting to know each other better, sharing ideas and the discussions will be a benefit to our businesses, our clients and our staff even if nothing permanent comes of the discussion.’
Weightmans is no stranger to mergers, combining with local Leeds firm Ford & Warren in 2015 to create a firm with revenues of around £100m and headcount of over 1,400. The merger provided Weightmans with a new base in Leeds, giving the firm a presence in nine UK locations, with two offices apiece in London and Manchester. Management at Weightmans, whose practice centres on defending medical and clinical negligence claims, are aiming to consolidate these into cost-efficient single offices with the London office consolidated into one office this year, and Manchester in 2018.
Meanwhile Ward Hadaway employs more than 450 staff, with 80 partners across three offices.
By Legal Business.
This article first appeared on the website of Legal Business, Lex 100’s sister publication.
With an abundance of (sometimes conflicting) information about Brexit and the legal industry, nobody can blame us for feeling a little confused. What will change for the legal profession when Britain leaves the European Union? Will anything change at all?
One thing is certain: the legal profession has nothing to fear, according to Lord Chancellor Elizabeth Truss. At a roundtable meeting held at the offices of Freshfields Bruckhaus Deringer last week, Ms Truss was keen to emphasise that legal services will be at the forefront of the UK’s negotiations with Europe and that a bold and bright future awaits.
Ms Truss said:
“English law is rightly renowned across the globe, making this country a great place to invest, do business, litigate and seek justice. It is in the interests of all European countries who want to do business here that we maintain civil justice cooperation when we leave the EU, so we are already working to make sure we get the best possible deal for the profession. As we enter this exciting new era, I am pleased to be working with judges and the industry to ensure we tap into all talents and continue to lead the world in the increasingly competitive legal services sector.”
Four of the world’s top ten global law firms have their headquarters in London and the legal industry boosts the UK economy by some £25 billion a year. The Lord Chancellor emphasised that the legal profession should stand ready to take advantage of the opportunities that Brexit would present it with.
Also discussed was social mobility within the legal profession and plans to ensure that individuals from all backgrounds can thrive in law.
Edward Sparrow, The Chairman of the City of London Law Society said:
“We look forward to making further significant contributions alongside the government, the Judiciary and other branches of the legal profession to improve access to justice and access to, and diversity and social mobility within, the legal profession.”
London Bridge-based Howard Kennedy has become the latest law firm to turn to The University of Law to provide the Legal Practice Course (LPC) to its future trainees. The University will provide legal training for the firm’s trainee solicitors starting in September 2017.
Howard Kennedy will recruit and provide sponsorship for eight trainees a year to undertake the LPC and joins the likes of Linklaters, Berwin Leighton Paisner and Ashurst.
Professor Andrea Nollent, Vice-Chancellor at the University of Law, said:
“Our partnership with Howard Kennedy provides the firm’s trainees with a valuable competitive edge in the highly demanding legal market. The University of Law’s recognised training followed by practical experience gained at the highly respected law firm, will deliver a solid foundation for the trainees’ future, ensuring they are prepared to succeed as legal professionals.”
Vernon Dennis, Training Principal at Howard Kennedy, added:
“Our decision to partner with The University of Law was based on our shared ambition to nurture the lawyers of tomorrow. We are confident that our trainees will gain an edge from their training, offering them the best stepping stone to a fruitful and fulfilling legal career.”
In 2015 the first paralegal qualified as a solicitor through ‘equivalent means’. But what exactly does this mean and is there a possibility of this alternative route to qualification becoming more widespread?
There is no doubt that the legal market is saturated with graduates and a growing number of aspiring solicitors are turning to paralegal work in their quest to secure that elusive training contract. Depending on the type of firm and department in which they work, paralegals are often completing trainee-level work and beyond and it is not surprising that some are wishing to use this experience to their advantage.
The SRA says that to be admitted as a solicitor, you must have completed:
However, Regulation 2.2 of the Training Regulations 2014 states that the SRA can recognise that ‘the knowledge and skills outcomes (and the standard at which they must be acquired) may have been achieved by an individual through other assessed learning and work-based learning’. In simple terms, this means that a LPC graduate who has been working as a paralegal can apply to the SRA for an exemption which allows them to bypass the traditional training contract and qualify as a solicitor.
To be eligible, candidates must have gained experience in three distinct areas of English and Welsh law. There is no prescribed length of time for which an individual needs to have been gaining relevant experience but the SRA suggests that around 2 years is reasonable.
The requirements are rigorous. Candidates have to submit a lengthy application form complete with detailed descriptions of work carried out, together with supporting evidence and a fee of £600. What constitutes supporting evidence varies but personal references from supervisors are usually required. Other supporting evidence can include contracts of employment, job descriptions, appraisals or reviews and any records of work undertaken.
The equivalent means route is much-welcomed by paralegals who have long been doing the same work as their fellow trainees but without enjoying the same job title. Success stories are currently few and far between but perhaps this could be a viable alternative route to qualification in the future.
For more information on equivalent means click here.
Mayer Brown has posted a 100% retention rate for its March 2017 qualifiers, with all four trainees deciding to take up a newly qualified (NQ) position with the firm.
The four NQs will be joining the Banking & Finance, Litigation & Dispute Resolution and Insurance departments.
Mayer Brown Training Principal Will Glassey said: “Congratulations to our trainees on their successful qualification. We are delighted that they will all be staying on at the Firm in permanent positions in their chosen practices. This builds on our solid retention results from 2016 and reflects our commitment to provide excellent training and long-term career opportunities at the Firm.”