Clifford Chance LLP - The Inside View

Pitbull’s nickname being ‘Mr Worldwide’ reflects his global appeal and countless international hits. Fans have been known to don bald caps in appreciation of the singer at his concerts, a following many can only dream of attaining – and one that international superstar Clifford Chance has built its own version of.

“A lot of opportunities for international business travel… and a huge and diverse global client base.”

Sources raved about the firm’s “differentiator being its true global aspect,” which offers associates “a lot of opportunities for international business travel, international secondments, and a huge and diverse global client base,” (bald caps not necessary). Behind that reputation is its workforce of “friendly and approachable” people – sources only had positive things to say about their colleagues, with one noting that “people are phenomenal,” with a willingness to “take time out of their days to chatand give advice.”

“They want you to succeed,” shared another. “It’s definitely a place for attorneys to stay and learn and grow.” And with secondment opportunities readily available, and colleagues across the world able to assist at the other end of a call, the international reach translates directly into the work. Chambers USA recognizes the firm’s work in international trade, aviation finance, corporate crime & investigations, sanctions, and projects-related agencyfinancing.

Strategy & Future

AI is the buzzword of the season, making waves across industries worldwide, and CC has been swimming with the tide. Having just “represented PIMCO in an enormous data center deal for Meta in Louisiana,” regional managing partner Sharis Pozen explains that the firm is keen to support “hyper scalers and AI” as it perfectly “brings together the firm’s regulatory, finance, infrastructure, asset management and private equity practices.” And that enthusiasm isn’t reserved for clients alone, with 75% of partners proudly using AI for daily tasks, “even if it’s just AI helping me manage my inbox or helping me with my emails by checking clarity and tone,” explained Pozen.

CC’s ambitions don’t stop there, as the firm clearly prides itself on having “global corridors” including a “robust APAC practice, which includes China,” extending a reach beyond its transatlantic roots. The firm is also mindful of adapting to the new generation, understanding that Gen Z want to know where they stand in relation to “atmosphere, training and transparency,” and are making efforts to ensure “they have a place to go, to feel included and like they belong.” More broadly, we heard that the firm has eyes on particular growth in real estate, the energy transition, restructuring and insolvency, M&A, and tech/digital. There’s also something of a lateral recruitment drive in Houston.

Read more from Sharis Pozen under the 'Get Hired' tab.

Summer Program

Ever wanted to see Queen Bey perform? Well, not to brag, but CC summers have! “I don’t think anyone can top that,” laughed one associate. “I always give props to our HR team because they come up with the best events.” The summer program throws a whole host of events, from star-studded concerts to baseball games, to dinner after dinner with the reassurance that “your pants will fit again in a couple of months” and to just “embrace it.”

Each office organizes a retreat which takes place every year and is open to any of the billable staff including summers, paralegals, associates, counsel, and partners. Interviewees advised that this is “a great event to get to know partners and associates,” and features a range of activities such as golf, tennis, swimming and even ziplining, horse-riding, and archery (depending on the venue). Even pandemic-era summers spoke highly of the firm’s ability to host “engaging remote events” including a magician over zoom, and a wine and cheese event where summers had crates of food and drink delivered to them. Work given to summer associates is equally substantive too, keeping summers busy with document review, memo writing, note taking, legal research, and writing up case summaries.

The Work

It’s no big secret that CC shares its cultural heritage with the most famous wizard to grace most millennial’s childhoods (Harry Potter, not Gandalf, just to be clear). And much like its fictional neighbor, the firm’s, appeal has crossed borders with ease, with US offices in New York, Washington DC, and Houston benefiting from a UK HQ which means “cross-border collaboration is second to none.” All interviewees praised the firm’s “seamless” working relationships across multiple jurisdictions - “it’s just a matter of picking up the phone as opposed to engaging local counsel which feels fluid for clients and the deal team itself,” explained one insider. In terms of staffing, the exact structure varies by practice group, some are immediately free market, but other juniors start out in a pool system, with matters assigned by a coordinator. In these cases, as time progresses, partners provide work more directly to associates as they settle in.

Within the litigation and dispute resolution group, associates are given the opportunity to work on both investigations work, and regulatory advisory work. One associate explained that work in investigations involves “a company who has a problem internally will hire a firm like Clifford Chance to help them dig into it and do a big document review, interview folks and try to get to the bottom of what the issue is.” Where applicable, associates will make “recommendations for the company going forward.”

On the regulatory side, there’s “a lot of export controls” requiring associates to assess “export administration regulations and international trade regulations which are administered by the US government and state respectively,” and help clients to understand and navigate those regulations to ensure that they are in compliance. A lot of the junior work involves client memos, status reports, attending client calls, research and citation of regulations, document review, and penning first drafts of interview outlines.

Litigation and dispute resolution clients: Government of Sri Lanka, Mike Lynch, Goldman Sachs, Pinterest. Represented BMO Capital Markets Corp. to resolve the largest investigation in the history of the Bank of Montreal.

The global financial markets team oversees a lot of different matters including capital markets, project financing, and debt finance. Debt financing involves work with sovereigns wanting to refinance or restructure their debt. “They go to market and issue that debt” explained one junior. “A lot of my clients are big banking institutions in the US, so they’ll structure the deal, market the deal and purchase the debt to pass it on to other big institutions.”

Work in capital markets depends on “whether you are advising the issuer issuing the securities, or the banks who are the underwriters or initial purchasers, or the banks who are leading the sale and resale of the securities.” Due to the smaller teams on matters juniors reported receiving more substantive work. “I was drafting documents and doing a lot of transaction management” reported one source. Project financing work often takes the form of “infrastructure projects.” Their complexity varies, though a source did clarify that projects were “very long” and differed greatly from corporate financing as they could “take more than 20 years to be paid.”

Typical junior tasks consist of “initial drafts following a precedent, a lot of ancillary document drafting, and assisting with CPs or closing.” There is also “a lot of project managing” shared one insider. “I always thought if you’re not a lawyer you’re a project manager because you’re coordinating a hundred different teams.”

Global financial markets clients: Citibank, N.A., New York Branch, BlackRock, Goldman Sachs & Co. Advised the Ministry of Finance of the Republic of Trinidad and Tobago on the issuance and sale of $750 million notes.

The corporate practice area forms an umbrella over different departments at CC, with our interviewees hailing from the antitrust team. Over in antitrust, juniors can expect to work on private equity files which involves “a lot of market analysis in addition to legal analysis” on the different subsidiaries owned by various companies. “We help review documents for responsiveness, for review by the government,” explained one insider. This means that should the US government request a company’s documents relating to a specific transaction, associates would work with their client to “go through all documents and make determinations on whether or not certain emails, documents, PowerPoint presentations etc are responsive to that request.”

Work is never dull, as reported by one junior: “even though the concept and laws are the same, every time we’re with a different client everything is new and fascinating because you learn so much about the products and services that the client provides.” Junior tasks may consist of document review, privilege review, preparing and delivery depositions or investigational hearings, and delivering presentations to client’s in-house teams to assist in “narrowing down the documents as much as possible.” Additionally, one junior reported working “closely with M&A to help with antitrust clearance filings.”

Corporate clients: Legal & General, Pfizer, Airbus, Exxon Mobil. Advised Unilever on all antitrust aspects of its sale of its water purification business to an international water technology corporation.

Career Development

Training at CC tends to follow the people rather than the program - “Trainings have been quite organic,” shared one insider, “we have a formal mentorship program but what I’ve found really helpful is gaining mentorship from the senior associates I work with.” This seemed to be the consensus from most sources, praising colleagues who were always willing to “take time out of their days to chat and give advice,” creating an environment where “junior attorneys are given the opportunity to grow.” Unsurprisingly, most insiders confirmed that CC is a place they would like to remain at for the foreseeable future.

The path to partnership received more mixed responses - juniors broadly agreed it wasn’t entirely transparent, though few seemed deterred, with most viewing it as something that crystallizes naturally further into their careers. “It’s something they discuss in our reviews if they think it is potentially attainable for us,” explained one insider.

“Teams stays consistent.”

Where associates do move on, the pattern tends to be “people leaving to go in-house” or lateralling to work in “different positions, or roles or practice areas.” Sources were keen to note that lateral hires coming in reflect the firm’s growth ambition rather than gaps in existing talent, as one neatly reassured us: “Teams stays consistent.”

Hours & Compensation

Billable hours: no fixed target

Hours naturally fluctuate with business needs, with juniors reporting there being “times when it gets slow and times when it’s all hands-on deck.” Praise was given for the environment of support during those busier stretches, with one source explaining that juniors “feel comfortable to speak up if we’re stressed or if we have too much work and we need assistance,” and that “having that camaraderie with colleagues when we’re all struggling helps a lot.” When it comes to bonuses, the firm looks at a variety of factors and the going market rate, but it’s not expressly connected to the hours an associate has worked.

Culture

The D.C. office boasts a ‘fun committee,’ New York flaunts its ‘vibes committee’; both with the goal to improve social life for associates at the firm. “They tease each other back and forth on the different names,” Pozen laughs, explaining it’s “a unique way we’re doing community-oriented events.” Events are varied and mindful of the needs of all colleagues, from Halloween pumpkin painting open to associates' kids through to Diwali celebrations, Thanksgiving, and regular rooftop happy hours at the D.C. office complete with games and food.

“...a super social firm, where it is really easy to make friends.”

That intentionality seems to be working as overall CC was said to be “a super social firm, where it is really easy to make friends.” “I’ve hung out with my colleagues on weekends,” shared another source, with another forming bonds deep enough to attend “the weddings of some coworkers.” When asked who would thrive at CC, sources pointed to someone “intellectually curious,” “enthusiastic about the work,” and confident enough to “speak up and not be afraid of being wrong,” as the firm’s collaborative culture empowers juniors to learn from their mistakes.

Pro Bono

For those drawn to work that is “super meaningful”, CC offers an unlimited number of pro bono hours, with the added bonus that should “you have a huge pro bono matter that goes to trial, all those hours will go towards your target.” Pro bono matters serve as a development opportunity for associates to take a more active role with greater responsibility. The firm has a pro bono portal for volunteering opportunities, which even non-lawyers at the firm can take part in.

It was clear too that juniors are “encouraged in all annual reviews to take part in pro bono work.” Matters themselves are very varied, covering matters across immigration, veteran’s rights, and domestic violence as causes which the firm has a special focus on. “We have specific partnerships with organizations in the city” explained a junior from the New York office. This includes a partnership with ‘My Sister’s Place’ which aims to end domestic violence and human trafficking affecting women.

Pro bono hours

• For all US attorneys: undisclosed
• Average per US attorney: undisclosed

Get Hired

The first stage: recruitment on and off campus

OCI applicants interviewed: 61

Interviewees outside OCI: 72

Clifford Chance currently recruits from 28 law schools.

The interviews are largely conducted by partners and senior associates on the hiring committee, which also include a group of active partners who are extremely committed to recruiting at their alma maters year after year.

Callbacks

Applicants invited to second stage interview: undisclosed

Second round interviews consist of four 30-minute interviews with two partners and two associates. At this stage, the questions are “more substantive," says Posner. There are also some specific questions that interviewers ask each interviewee to standardize the process. “In addition to that, questions that let us know what has brought a candidate to Clifford Chance over another firm are very telling,” says Posner.

Top tips for this stage:

"Don't get caught up in researching every aspect of your interviewer's career. It is much more important to have a basic understanding of the work we do (not specific to that attorney) and be able to show a genuine interest in why you want to join us,” says Posner.

Summer program

Offers: 119

Acceptances: 53

Clifford Chance's summer programs are held in all three of their US offices, with 1L summer law clerk positions in the Frankfurt and London offices.  During the ten weeks summer associates will work on a wide variety of assignments, gaining exposure to a full range of practice areas and getting to know the partners, associates, and business professionals across the region. To provide summer interns with exposure to Clifford Chance's global network, all 2L law clerks are provided with the opportunity to spend time working in the firm's London office; an experience that many describe as the 'highlight of their summer.'

Top tips for this stage:

“Use the summer program as an opportunity to try areas of the law you may not have been exposed to and find the best fit. Our assignment system also provides flexibility to tailor each project based on your interest and availability,” says Posner.

Lateral Hiring

Many new hires at the firm are laterals, typically hired from peer firms at a mid-level position or above. The markets or sectors targeted by Clifford Chance often depend on the needs of the business but most recently, the firm has had a had focus on private capital.

The firm's lateral hiring strategy includes building out their US capabilities to support their needs in the region.  Some of their recent hires include lateral partners in the financial services, energy & infrastructure, healthcare & life sciences, and technology media and communications sectors.

Interview with regional managing partner, Sharis Pozen

Commercial strategy, market position and trends

Chambers Associate: How would you define your firm’s current position and identity in the legal market? What differentiates your firm from your peer firms in the market?

Sharis Pozen: We consider ourselves to be within the global elite of firms because we are a premier global firm, and I think that is what sets us apart. Our US practice is integrated into a firm with a seamless offering for clients across the globe. I have worked at other firms in the past and have been a client for some of those firms which have claimed to be global, but I don’t know of any firm that has the same global footprint and high-quality lawyers (working across the globe) as us. We operate as a single profit pool delivering the best quality work for our clients. Of equal importance is our collaborative culture. We have a particularly pronounced culture, and that’s something unique about Clifford Chance and the way we operate and approach a problem. We are constantly trying to look around corners for our clients and anticipate whatever their needs are. So, it’s our global footprint and global elite offering for clients, done so seamlessly and in a highly collaborative manner.

While there's a perception that we’re still headquartered in the UK, we’re really moving to being a more global firm with our growth in the US. For example, our Global Managing Partner is from Milan, our global head of HR sits in New York, we have five global heads of practice based in the US and our Global Chief Operating Officer sits in Dubai. So, while we have a significant presence in the UK that I don’t want to diminish, I want to emphasize the global presence we are proud of.

CA: Have there been any developments at the firm over the past year that you’d like law students to know about?

Pozen: There are several things I’d point to: number one is our tremendous growth in the US. That sets Clifford Chance apart from most other firms expanding in the US. Our numbers and profitability stand on their own – we had a 28% increase in revenue in the US last year, with an 18% increase this year. That equates to a 50% increase in revenue over two years which is impressive and is in large part due to the talent we have. We have grown to almost 500 lawyers in the US now, and that’s startling for some folks. We’ve grown from 89 partners to 122 in the US at this point. We’ve grown our counsel and associates around that too. We are looking at expanding within the US, particularly looking at California, which is exciting.

We also just represented PIMCO in an enormous data center deal for Meta in Louisiana. There’s a press release on that, and it’s been a really exciting and cutting-edge matter. We’re supporting hyper scalers and AI and things happening around that, as it brings together the firm’s regulatory, finance, infrastructure, asset management and private equity practices.

In terms of career development, we also continue to give associates early responsibility and training. Our associates are doing substantive work early on: we have mentoring and secondments available to them – whether with clients or our other international offices. Folks can move around globally within the firm, and it’s exciting to work in another part of the world and see how that team operates. That’s what makes us stand apart from our peers: the work we’re doing in the US and globally and our training and career development. We have an interdisciplinary group, and we work together to talk to clients about it.

CA: Are there any domestic or international events/trends that are affecting any of the firm’s practices at the moment? Are there any trends that you think are affecting the business of law firms more generally, and how is that playing out with your firm?

Pozen: There’s a geopolitical aspect we have felt over several years which has paved way for a lot of uncertainty. We are a naturally global firm and have operated in so many jurisdictions, and within that geopolitical realm, which I think continues to be in development, we’ve made certain choices different from other firms. One is with China. We have a robust APAC practice, which includes China, and a lot of competitors have pulled out of China. I noticed that people I interact with can’t speak to the Chinese presence in deals due to the geopolitical developments, and holding steady is something that we pride ourselves on.

We are a convener and a port in the storm for our clients, and that trend most obviously is within AI and its evolution. Our clients are being asked about AI policies and infrastructure and data centers for AI, and we’re thinking about it for our own firm. We’ve also had a two-year partnership with Microsoft, and within Clifford Chance, 75% of our partners use AI. I really think we’re on the forefront of this, even if it’s just AI helping me manage my inbox or helping me with my emails by checking for clarity and tone. It is also helping us, where a client permits, with legal work.

We’ve held true to promoting inclusion in our firm; we’ve always had inclusion as part of our code of conduct, and we all treat each other fairly. There’s a consciousness at Clifford Chance, even if it’s simply consideration of time zones for associates. If I’m in the US or in Asia, I don’t want to do a 5am call, and it’s having that level of inclusion. There is also inclusion in accelerating the difference in terms of the workforce, maintaining our affinity groups, and publicly advocating for inclusion. We’re a global citizen; we’re probably one of the most inclusive firms that you can imagine, just by our practices and the business professionals supporting that, and we’ve always prided ourselves on treating people equally.

CA: What is your firm’s commercial strategy focusing on, and how do you expect the next year to unfold?

Pozen: We really are focused on private capital and encompassed in that are all the different aspects of private capital, whether it’s private equity or fund formation. In the US, we have a special regulatory aspect that we cover as well, and then you get to some finance practices that are geared towards private capital with subcategories in private equity, hedge funds, and private credit, which also comes under that heading. An area that expands, and that we continue to work on, is private credit and debt management which also encompasses M&A: there’s a lot of private equity M&A that goes on. So, I’d say that we are very focused on private capital and the subcategories within that.

In terms of practice area focus, we are really trying to make sure that our clients see our global corridors, so they know that even if they call someone in the US that does fund formation, they are actually getting help across the globe. The same goes for cross-border M&A; you can call someone in the US or London or Dusseldorf, and you’re getting the highest quality work. A lot of practices that support those main private capital practices include our fabulous tax, pension, executive compensation, and employment teams. Those private capital ecosystems are a big emphasis for us at this point.

Inside the Firm

CA: How is the firm evolving to accommodate the needs/expectations of the next generation of lawyers?

Pozen: We must be mindful of the fact that we are a work community making strides, particularly in the US, to focus on making sure that this next generation feels like they have a community; that they have a place to go, to feel included and like they belong. We have tried to make it a place where you get to know other people, share information, and have that trust in your relationships. For example, in the New York office, we have established a ‘vibe committee,’ which is really focused on office vibes in terms of activities we have, as well as places people can take a break and get to know their coworkers. In Washington, they have the ‘fun committee.’ They tease each other back and forth on the different names in different locations, and that’s a unique way we’re doing community-oriented events. One event we’re doing is going to the nonprofit social enterprise DC Central Kitchen and working there together. We are also doing something in the office for general food bank collections for one of our affinity groups. So, to me, when I look at Gen Z, atmosphere, training, and transparency are important, so they know where they stand and are getting the training and mentorship they want and need.

In addition to that are the affinity groups that we have, which is a place where you have a common element. Whether it’s our working parent affinity group, Jewish affinity group, Middle East and South Asian affinity group, disability confidence affinity group (called Enable), or the veterans affinity group (CliffVets), we have a range of communities where our folks feel like they have a community where they feel safe and can ask questions. These safe spaces enable more effective work as studies show if people don’t feel comfortable in their workplace, they can be less efficient.

The Legal Profession

CA: How do you predict the legal profession will change in the next five years? Are there any particular challenges the industry is facing?

Pozen: We’ve seen a movement in the legal profession to more alternative legal structures. Typically, the billable hour arrangement has always been the used business model, but more and more clients want to have alternative fee arrangements – whether it’s caps or blended rates – and I think AI is going to push us even more into that realm. That is something that can be quite freeing for younger lawyers who are training and learning by writing and reviewing, to the extent that you have AI to serve some of those functions and free you up to do more of the strategic thinking that’s needed. So, that’s going to be significant change. Some people have already predicted that we’ll go from a pyramid shape in business to a diamond, but I don’t know if that will be true… I don’t know if I see that yet.

The Fun Bit

CA: Throwing it back to law school: it's been a long day of classes and studying. What's your go-to easy meal to have before you crash?

Pozen: It was usually some sort of ramen noodles or pasta; they were popular even in my era! So, ramen with a little soy sauce was really easy to do, or pasta with pesto. Honestly, just some sort of carb. And it’s generational, because my kids are in their 20’s now doing the same thing!

CA: What was the first concert you attended?

Pozen: It would have been the Eagles in the 1970s, and Linda Ronstadt was their opener. I had two older brothers who I got to go with, and it was in Kansas City in Missouri. I’d never been to a rock concert before, and I was pre-teen, so it was a really big deal.

CA: Thinking about the ways in which the legal profession is developing, what is the one skill you have learnt in your career that you think is key for young attorneys to learn?

Pozen: Trust is really important. Trusting yourself and other people because sometimes, we internalize things or take them personally without understanding the full aspect of something. So, I think trusting yourself and other people to ensure you have a trusting workplace environment is important.