Richards, Layton & Finger PA - The Inside View

If you’ve ever got lost in an airport, you’ll know that following the crowd is generally a reliable way of getting yourself back on the right track. For a lot of corporate companies, the same is true of Delaware, which has become something of a corporate haven since the turn of the 20th Century. In fact, more than 60% of Fortune 500 companies call the state home. Richards, Layton & Finger (dubbed “the pre-eminent Delaware law firm” by one interviewee), holds the title of the biggest law firm in the state, having built its name in the hub of business law. It’s a name that carries plenty of credibility too, with top rankings from Chambers USA in bankruptcy, chancery, corporate M&A and intellectual property in the firm’s home state.

“Anyone in who’s in law or Delaware knows RLF!”

As one associate put it: “Anyone in who’s in law or Delaware knows RLF!” The firm’s sole base in Wilmington has a mighty reputation in the city, but it was as much the work environment as it was RLF’s status that attracted juniors to the firm: “I got the sense that people are respected. They aren’t a cog in the law machine.” Interviewees highlighted the interview process and summer experience as evidence of the fact, “The people I interviewed with were just warmer and friendlier,” one explained, “the caliber of the work, even as a summer, was substantive.”

Strategy & Future

The big news from the firm in recent months is that “expansion is probably the biggest thing right now.” The “big office remodel” was the main talking point, with construction underway at the time of writing. The expanded space will see a total of 250 attorney offices, four conference rooms and trial preparation centers. Alongside, an informal co-working space with a café to gather at. This, associates pointed out, will leave plenty of room to “expand and bring on more associates.”

The Work

As summers, associates typically split their time between transactions and disputes, exploring RLF’s different practices, before going onto submit their preferences. The majority of junior associates were in the business department, which is divided into five subgroups, and corporate litigation. The rest could be found in bankruptcy, with a few between general litigation and corporate advisory. For associates in business, the work is assigned by the director who leads the relevant sub team, which usually consists of a director, one or two seniors, and one or two juniors. Depending on workflow, juniors can pick up work from other sub teams, but they also rotate each year “to get more experience across the different deals. It builds on your capabilities and what you need to be successful” an insider added. Those who we spoke with were satisfied with the system, as “it keeps us busy and ensures that everyone is involved.”

“…it might be a small piece, but the headlines and scenarios are exciting to me!”

The five subgroups that make up the firm’s business department are alternative entities, corporate trusts and agencies, general transactions, tax, trusts and estates and real estate. The alternative entities practice is focused on private equity, financing, fund formation and opinions work for limited liability companies and partnership agreements, typically acting as counsel for law firms. In fact, “our clients are other BigLaw firms. When X firm is doing a deal and let’s say a lender wants to lend money to a Delaware company, we provide advice and reporting on corporate governance matters and make sure there are no issues.” Being a business-friendly state, “we deal with lots of major American corporations and lots of private equity funds” one associate told us, and as such, day-to-day tasks for first and second years include legal research and marking up opinions right up to drafting LLC agreements and resolutions. A highlight for one insider was having a role “on some of the biggest deals in the country, it might be a small piece, but the headlines and scenarios are exciting to me!”

Alternative entities clients: Blackstone, Apollo Global Management, Chase Issuance Trust. Acted as counsel for Mercedes Benz and others in a $12 billion securitization of auto loans and receivables.

In bankruptcy and restructuring, handling chapter 11 bankruptcies is the associates’ bread and butter, alongside tackling all types of bankruptcy-related litigation from preference actions, fraudulent conveyance claims and challenges to acquisitions and all other litigation arising in bankruptcy. Similarly to the business practice, the team often acts as Delaware co-counsel and also as lead counsel in the local Delaware bankruptcy court. Clients come from a diverse range of industries, from manufacturing and energy to finance, consumer and entertainment. Newbies get involved early on with discrete tasks and legal research, “finding the answers or a precedent for a motion. The question is always ‘Has this been done in Delaware before?’” This eventually progresses to taking a cut at drafting key documents such as motions: “There’s always an opportunity to work on those!” There are also opportunities to attend mediations and even court in some cases. As for the responsibility, one source told us that “I’ve been given a lot of responsibility for being in a relatively junior position. I’m increasingly getting involved in more sophisticated things.”

Bankruptcy & restructuring clients: Western Global Airlines, American International Group, SunPower Corporation. Acting as co-counsel to Cano Health, a primary care group, in its chapter 11 cases filed in in the District of Delaware, with $1.3 billion of debt.

Over in corporate litigation, the work is primarily chancery related. Following the theme, the team acts both as co-counsel and lead counsel on cases, typically representing Delaware based companies in high-stakes corporate disputes. A sampling of which includes fiduciary duty claims, mergers and acquisition disputes, corporate governance, control disputes and much more. Newbies start out with the standard suite of tasks such as document review and discovery, which gives them a handle on the facts and case details, and then gradually build up to taking a first stab at briefs and motions, assisting with hearing prep and second-chairing depositions. When cases reach a big hearing or trial, juniors also have the opportunity to attend.

Corporate litigation clients: Skyline Renewables, ARC Global Investments II, Oracle Corporation. Represented Telsa following the Delaware Court of Chancery’s decision to rescind Elon Musk’s historic pay package.

Career Development

On the topic of professional development, one insider shared that “it’s the type of firm where you take responsibility for yourself, and they will support you.” While juniors are assigned a first-year buddy and mentor, it was the informal mentorship that received the highest praise: “Partners are looking out for your development,” one told us, “there’s not a secret path that you’re trying to discover, you can speak openly about your goals and how to achieve them.” Each group has training sessions presented by directors for first and second years (but these are open to anyone who would like a refresher too): “It’s mostly bigger picture discussions about the law,” one associate explained, “but you learn best by doing, seeing how the work develops.” In addition, associates are encouraged to complete CLEs.

Junior associates flagged that there had been some attrition related to compensation, but the timeline of the course for partnership is clear: “During the summer program and orientation, they inform you that you’re eligible for partnership after eight years” one detailed. Adding, “there’s an annual review process around fifth year, which involves discussing the path and what they see for you.” Although the ‘ins and outs’ to becoming a counsel or partner “isn’t totally clear," juniors reassured us that, "there is room for advancement.”

Culture

The general consensus was that the culture at RLF is “supportive and family-oriented.” While it varies from informal to more formal depending on the department, “we’ve an open-door policy. You can knock on anyone’s door to talk or ask, ‘Hey, can you help?’” Juniors expressed feeling at ease discussing work and life, noting that lots of attorneys have kids: “it’s pretty flexible and if you need to take care of something, you can do that.”

“You can knock on anyone’s door to talk or ask, ‘Hey can you help?’”

As for the social life, interviewees highlighted that “the associates are relatively close. Our associate committee has put on happy hours and lots of lunches that are focused on informal relationships.” The summer is the most social period, with various events dotting the calendar. These ranged from a trip to the beach and candle-making with the Women’s Initiative to a Tiki boat cruise and games at the local Blue Rocks. “There’s something once a month, if not twice!” sources agreed. Every now and then, a firm-wide event is held like a breakfast or celebratory happy hour, but as “there’s almost 180 attorneys, it’s difficult to get everyone in one room! The holiday party is always something people look forward to.”

Hours & Compensation

Billable hours: 2,000 target

To be bonus eligible, associates are now required to hit 2,000 billable hours. This recent change was implemented alongside a new bucket of 100 billable hours for participating in pro bono, business development, recruitment and DEI. Whilst it’s not a formal requirement, juniors noted, “it’s a general expectation.” One felt that the additional 200 hours was “a big jump.” Some pointed out that achievability is related to the market: “if it’s a down year for the group, I’d probably miss it.” That said, most agreed that it was "achievable." As for the bonus, “it goes up every hundred to 2,400 so those who go above and beyond are rewarded!"

Sources felt well compensated in the realm of the Delaware market. Last year the incoming junior salary received a hefty 20k boost topping it to $210,000! There was a slight contention about the increased billable target and salary, although juniors appreciated the lower cost of living and “the work/life balance. It’s very good.” As for the average day, associates averaged 9am – 5/6pm, occasionally logging on after dinner to get ahead or complete a deadline: “They are pretty good at respecting nights and weekends.” Everybody is required to be in the office Monday to Thursday, with Friday as an optional work from home day. We heard it’s not a hard and fast rule, with understanding when it comes to family matters and appointments.

Pro Bono

With up to 100 creditable hours at their fingertips, juniors described a ‘getting involved’ culture around pro bono and community projects at the firm. Associates receive emails from a pro bono coordinator who keeps everybody in the loop about opportunities. With a steadfast dedication to the local Delaware community, associates appreciated being able to get credit for their volunteering efforts at local schools, animal shelters and community kitchens. In fact, RLF encourages all attorneys to get out in the community on Martin Luther King Jr Day.

“It’s been really rewarding to be able to help seniors get their end-of-life documents in order so they can rest easy and not worry about their family.”

The pro bono projects on offer range from helping out at local legal aid clinics and expunging criminal records to assisting seniors with wills and family court matters. Insiders highlighted that there’s a particular emphasis on acting as child advocates in protection and guardianship cases in the Delaware family court: “It’s been really rewarding to be able to help seniors get their end-of-life documents in order so they can rest easy and not worry about their family.”

Pro bono hours

• For all US attorneys: 4,457.30
• Average per US attorney: undisclosed

Get Hired 

The first stage: recruitment on and off campus  

Richards, Layton and Finger has traditionally visited approximately 20 law schools each year for its OCI interviews, alongside various job fairs.  Each year, the firm evaluates its hiring needs and the need to conduct traditional OCI interviews.  In addition, Richards, Layton and Finger visits several law schools and participates in a variety of networking events throughout the year. The firm encourages law students to apply to the firm directly, via their online portal. Interviews are conducted by attorneys who are members of the firm’s Hiring Committee.. The firm emphasises the need for applicants to demonstrate enthusiasm for the firm’s practice and a strong work ethic; to do this, students should share stories illustrating their work ethic in class, on a journal, or in another challenging situation. 

Top tips for this stage:  

"Spend time researching our firm and our practice areas. Be prepared to answer questions about your practice area interests and your interest in Delaware." — Director and Chair of Hiring, Kevin M. Gallagher.  

Callbacks  

During the callback process candidates meet with four or five attorneys from the Hiring Committee. Members from the department the candidate is interested in will be included. The interview schedules usually include lunch with two associates and candidates are encouraged to ask questions to each of their interviewers throughout the process. For the questions the interviewers will ask of the candidate, focus is typically given to the candidate’s seriousness about developing their career in Delaware. 

Top tips for this stage:  

"Tailor your research to the attorneys with whom you will be meeting; we will have given their names to you in advance. Asking questions demonstrates your intelligence and your curiosity; this helps convey to your interviewer that you are genuinely enthusiastic about our firm." — Director and Chair of Hiring, Kevin M. Gallagher.  

Summer program  

Prior to their arrival in May, summers rank their practice area preferences which they will rotate through across the period. Summers are paired with a director and an associate in each department they work in who are responsible for coordinating and assigning work for them. This work is usually of the same level work and responsibility of a full-time associate, but summers will also partake in informal seminars, lunches, and weekly social events. These events introduce summer associates to Wilmington and the surrounding areas and have included dinners at the directors’ homes and a community service event benefitting the local Ronald McDonald House. 

Top tips for this stage:  

"Take advantage of every opportunity presented to you during the summer. Our attorneys and staff are excited to get to know you, and we want you to get to know us too. Give each assignment your best effort and demonstrate to the attorneys that you put thoroughness and care into your work." — Director and Chair of Hiring, Kevin M. Gallagher.  

And finally:  

“Wilmington is a small city with a lot to offer for a fulfilling personal and professional life. Ask questions of everyone you encounter about their journey to the firm and the practice they built here. We work hard and hold ourselves to a standard of excellence; at the same time, we have close relationships with each other outside of the office. I would encourage anyone interested in RLF to research our firm, research our practices, and get to know our attorneys. Be yourself throughout the interview process and demonstrate your enthusiasm.”  - Director and Chair of Hiring, Kevin M. Gallagher