BarCap retains 100% of trainees after first-ever in-house TCs
Barclays Capital's (BarCap) first-ever legal graduate trainees have successfully completed their training contracts, with all five being retained by the investment bank. The trainees undertook four six-month rotations among teams within BarCap's London finance and business departments. Although they benefited from some training from BarCap's panel of regular legal advisers - which includes several magic circle outfits - they did not undertake any private practice seats.
October 02, 2009 at 07:05 AM
2 minute read
Barclays Capital's (BarCap) first-ever legal graduate trainees have successfully completed their training contracts, with all five being retained by the investment bank.
The trainees undertook four six-month rotations among teams within BarCap's London finance and business departments.
Although they benefited from some training from BarCap's panel of regular legal advisers – which includes several magic circle outfits – they did not undertake any private practice seats.
BarCap legal department director Francis Dickinson commented: "Legal training within an investment bank offers unparalleled experience and access to the business. It has required a major input in terms of time and effort in order for us to match the quality of training students receive in private practice."
He added that the scheme has had "a strong take-up" since it began two years ago, with law graduates with previous experience in accounting and insurance among those winning places.
Another six trainees are set to qualify from the programme in 2010, although this year's intake has been reduced from five to four trainees in London. However, two graduates have recently started the programme in Singapore for the first time, bringing the total number of BarCap trainees up to six.
BarCap refused to comment on the remuneration received by its trainees or whether they sponsored them through the Graduate Diploma in Law (GDL) and Legal Practice Course (LPC).
Most leading law firms pay all GDL and LPC fees, alongside providing maintenance grants of up to £7,000 for each year, while trainee salaries at such firms range from £35,000 to £40,000 per year.
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