Jones Day

D.C.-based Jones Day has adopted a London strategy different from its American peers. Rather than lean support for private equity sponsors, it has found success providing a) big multinationals and b) more specialised investment funds with comprehensive service. It couples this client strategy with pay arguably above its market positioning and a truly unique approach to training. To begin, Jones Day’s London office is notable for the full-service work it provides for large multi-national clients. Those clients are often household names, with complex international business strategies, such as Bloomberg, IBM, and HanesBrands (just to name a few). What is it about Jones Day, then, that attracts such business? Well that starts with the firms’ genuinely balanced practice area split. Rather than a corporate or private equity team which takes up all the oxygen in the room, Jones Day’s London office has a fairly balanced revenue split (estimated at 35% disputes, 40% transactional, and 25% regulatory). This balance, however, goes beyond numbers on a balance sheet. In fact, some of Jones Days’ most well reputed practice-groups sit outside of a traditional corporate space. First, consider the firms’ excellent commercial litigation offering. Led by Sion Richards (who, in fact, commands the global disputes offerings) the team is among the best in the City at disputes involving international enforcement elements. Second, take a look at Jones Days’ fraud-specific disputes practice; this band-1 ranked group is probably the pre-eminent investigations team for companies seeking to address internal fraud quickly. Third, consider its lauded regulatory offering. In particular, this group excels at the boundary between legal and political, frequently advising on drafting new legislation (or amending the old). Evidence of this is found in the highest proportion of former members of government or senior civil servants in the City (see the recent hire of Alex Chalk KC, for instance). So, if you’re an established corporate giant concerned just as much about reputation and maintaining position as you are with rapid growth, Jones Day is the perfect firm. In this way, it has been able to use its disputes and regulatory offerings as client-winners, rather than mere supporting departments. As a practical example of this, consider the firm's much publicised work on the Mastercard class action defence. With an initial claim value of £14 billion, this was truly life-or-death stakes for the company. It says a lot then, that they trusted a medium size US-based outfit with the work - a testament to Jones Day’s unique and balanced approach. In addition to serving multinationals, Jones Day has also carved out a separate clientele in specialised funds. In particular, it is one of the largest players in full-service offerings aimed at real estate investment funds. Now full service in this context means something slightly different to above. Rather than a practice area mix per se, this simply means that Jones Day is well positioned to offer support in respect of the entire fund lifecycle - from fundraising, to purchasing properties, managing them, selling, and eventually paying off investors. This approach has paid off, with the firm counting major players such as Greystar, British Land, and Goodstone as long-standing clients. So, we have seen how Jones Day has (unlike many US Firms) developed a client portfolio of multi-national blue-chips and sector-specific funds. It has done so through a more balanced approach than most. That said, client-facing strategy is only one part of the Jones Day equation. It also brings some more employee-centred benefits to the table for its lawyers. To begin, its salaries (at or near Cravath-rate) are arguably above its ‘grade.’ By this I mean that they far exceed the firm's relative per-lawyer revenue and profitability numbers. While other firms that pay Cravath in the City (see, Kirkland, for instance) have per lawyer revenue approaching £2 million, Jones Day operates at around half that figure. Its insistence on a high base salary, then, can be seen as generous from an employee perspective. Moreover, focusing on the juniors at the firm, Jones Day takes a truly one-of-one approach to training. Rather than seats (as is ubiquitous in UK commercial practice) the firm operates a ‘walk the floor model.’ Simply put, trainees may find work wherever they like. They are never tied into particular practice areas. This will be hugely attractive to the entrepreneurial and enthusiastic, who are essentially given free reign to develop their own skills portfolio and brand.