An In-Depth Look at Training at US Firm Weil

Jan 08, 2015

Written By Billy Sexton, Editor, AllAboutLaw.co.uk

Luke O’Leary is a third seat trainee at Weil, currently undertaking a seat in Banking in Weil’s New York office. In an in-depth interview with AllAboutLaw.co.uk, Luke details unique aspects of training at Weil, what the firm looks for in an applicant and the typical deal and clients at Weil.

Unique Aspects

The level of responsibility, the smaller size of the London office and the excellent reputation for Private Equity work were the qualities which set Weil apart for me when applying. There are very few other firms in London who can offer the same combination.

How many trainees do you take on a year at Weil? Do you take groups on yearly or every six months? What is the retention rate?

Weil takes 10-14 trainees per year, the majority of these starting in September with a few in the March intake. Retention rate for the last qualification round was 100% and the retention rate is usually very high.

Do you offer international and/or client secondments at Weil? If so, which other countries can applicants head to for a seat?

The firm offers the opportunity to go on secondment to either New York or Paris to build upon the skills gained in similar seats in the London office. The New York secondment has been long-standing and several of the junior to mid-level associates in both teams have previously undertaken the seat.

Client secondments are not currently offered at trainee level and are more common post-qualification.

What does Weil do to support and guide trainees?

Weil has numerous programmes and structures in place to support its trainees. Each trainee is allocated a Trainee Responsible Partner at the outset of their training contract. The Trainee Responsible Partner (TRP) is available to give feedback and direction to the trainee, to act as a sounding board and to offer an opportunity for the trainee to discuss their career progression with a Partner. There is also a mentoring programme in place where trainees have the opportunity to receive confidential, impartial advice from a partner, associate or member of support staff. Trainees are supervised and share an office with either a senior associate or partner who gives ongoing feedback on the job. Finally trainees attend regular departmental training as well as having a supportive network in their peers.

What kind of social programmes and facilities are in place with Weil?

There are a variety of events that bring the firm together from the trainee socials and departmental drinks, to the charity karaoke & quiz night and the summer and Christmas parties. The benefit of a smaller office is that you really get to know everyone both in a professional and social setting. The office has a very modern architectural design, showers for those who cycle/run into work, sleep pods for those late nights (!), a subsidised canteen, and a beautiful client floor with views over the City of London and Royals Courts of Justice.

How is Weil’s work unique compared to other firms?

It goes without saying that the work we do at Weil is top of the market and our clients are leaders in their field. Within my first six months I had worked for private equity houses Advent, Providence, General Atlantic and Hg Capital, worked on eBay’s acquisition of Shutl, the UK online courier company, Facebook’s acquisition of WhatsApp, and for The Gores Group on the joint venture with Premier Foods to grow the Hovis bread business. The work has continued in that vein – Weil acted on the acquisition of Pizza Express during the summer and recently advised the lenders in the financing of the sale of RAC Ltd by The Carlyle Group.

To say that the work we do is ‘unique’ to Weil wouldn’t be entirely true. The work done by all of the top law firms is of a very similar calibre and anyone who tells you differently is being disingenuous. What does make Weil unique is the attitude with which we go about the work. There is an energy and enthusiasm as well as a dedication to detail that starts at partner level and filters down. This kind of attitude is crucial when it comes to late nights – they’re just made that much easier by the people you’re working with.

What the Firm Looks for in an Applicant

Strong academics are a pre-requisite. An interest in law and a desire to learn more about it is also crucial. Curiosity and an eagerness to take responsibility will also be impressive.

How important is a legal background?

Absolutely do not be put off if you come from a non-law background. There is a lot to be said for doing something completely different before deciding to go into law. It’s all about showing why you want to do law now, not why you did or didn’t want to study it when you were 18. The academic study of law is very different from the actual practice – Weil is looking for a particular skillset, not a particular discipline. Weil also wants interesting people who will bring enthusiasm to the table and who will get a lot out of the training contract. What discipline you studied at university is not a criterion in this decision.

What kind of academic record and qualifications does Weil expect from applicants?

A minimum requirement is a 2:1 from your undergraduate studies. Also, a minimum of 340 UCAS points across 3 A-Levels. Weil is typically looking for candidates with AAB at A-Level or equivalent.

Can you state the importance of commercial awareness, and recommend ways to develop it and show it off in an application/interview?

First of all, commercial awareness is nothing to be afraid of. The term is often used without any specific explanation of its meaning but broadly, it means being aware of what is going on in the business world and thinking about how this affects a law firm. This means on both a macro-economic (e.g. US Federal Reserve reduces monetary easing) and a micro-economic level (e.g. Apple purchases Beats headphones).

The best way to do this is to read the financial press and start doing this early. It is amazing what you can pick up from a few months of reading the Financial Times and The Economist. But it should be a gradual accumulation of information rather than a last minute cram in the few days before interview. The earlier you start reading, the more natural you will sound at interview. The business world likes to use jargon - sites like Investopedia are useful for deciphering it, as are books like All You Need to Know About the City.

During the application process, pick a story you find interesting and follow it for a couple of weeks/months so you know as much as possible. Think about how the story fits into the global economic picture, whether it say anything about developing trends or changes in the market. More specifically, think about what it says about the sector or how private equity firms are operating.

What qualities do you look for when you were applying for training contracts?

One of the qualities that attracted me to Weil was the down-to-earth nature of everyone I met in the application and interview process. Self-confidence and a willingness to accept responsibility and take the initiative are definitely valued. Other than that, good humour is important (and is especially handy when under pressure or during late nights!).

Is extracurricular activity worth mentioning, for instance non-legal work experience?

Yes, if you think it has a bearing on why you would be suited to law or will make you stand out from other applicants (for example, if you worked in a shop and it taught you good people skills or worked in a different industry which gives you a more informed perspective on the legal industry and why you want to enter it). Also, your interviewer won’t just want to hear about law, they’ll want to see you have interests outside the office too.

Is there anything else an applicant can do to stand out from the crowd?

While self-confidence and initiative is valued, so is knowing when not to talk. Listening is a crucial skill in the legal profession and therefore showing it in interviews or at recruitment events will reflect well.

Typical Deal

Could you take us through a typical or representative deal which Weil would oversee with a client? For instance, detailing what the process involves, who gets involved, and what has to be considered?

Weil’s particular strength in London is the ability to provide a client with a full range of skills needed to complete a Private Equity acquisition. When a private equity house like Advent or Providence is looking to buy a company, they need advice on the equity (Corporate), the debt (Banking & Finance), the employment and incentive schemes (Employment, Pensions & Tax), the real estate (Real Estate) and before that, the formation of the funds carrying out the acquisition (Funds). If something should go wrong, then you need capability in other departments (Litigation and Business Finance & Restructuring) to solve these problems. Weil’s goal is to provide this full range of advice to the client, so they don’t need to go to any other law firm - you’ll hear this referred to as a ‘one-stop shop’ model.

The deal typically starts with the Corporate team getting a mandate from a Private Equity client. They’ll discuss the corporate structure of the acquisition and start the due diligence process, an area junior lawyers and trainees are closely involved in. At this stage, all the other teams at Weil will review documents relating to the target business to see if there are any issues that will affect the purchase price or even the Private Equity firm’s willingness to go through with the acquisition. Any issues are put into a due diligence report for the client. The Corporate team will then draft and negotiate the purchase agreement and the other equity documentation.

Once the equity is in place and the purchase agreement signed, the Banking & Finance team begins its real work. The loan agreement and the security package will be drafted and negotiated; if there are foreign jurisdictions, local counsel will be engaged – the trainee will typically be responsible for communicating with and coordinating local counsel, which can be a big challenge, especially when time zone and language barriers are involved. Under the debt documents, there are lots of other ancillary documents and conditions to be met before the banks will advance any money on the closing date – corporate resolutions, certificates making representations about the state of the companies granting security, ‘know your customer’ anti-money laundering provisions. All of these will be managed by a trainee and/or a junior associate and are a good opportunity to display a wide range of skills and take on responsibility at an early stage.

Types of Client

What calibre and kind of clients does Weil tend to work with? Do you have a diverse portfolio of clients, or any consistent/returning clients that you support?

Weil represents a wide variety of clients from private equity firms like Advent and Providence to major financial institutions such as Goldman Sachs & JP Morgan to corporates like eBay & Facebook.

A snapshot of some of Weil’s major clients include Barclays, Deutsche Bank and the Littlewoods Group.

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