Wall Street leader to bring in first set of City trainees in 2013

Sullivan & Cromwell is set to launch its first graduate training programme in the City as the US firm aims to boost its profile among UK job-seekers.

The law firm will take on its first trainee intake in autumn 2013 and is intending to run annual intakes after that. Students will also be encouraged to apply for summer vacation placements, which will start in 2011.

Sullivan is hoping to attract between four and six trainees each year, with a similar number of vacation scheme places to be offered in the short term. The US firm will be targeting both law and non-law graduates.

In an attempt to recruit the best students, Sullivan is aiming to boost its image with UK students through a presence at forthcoming graduate recruitment fairs.

Europe, Middle East & Africa projects head Jamie Logie and corporate partner Benjamin Perry will oversee the London graduate recruitment scheme.

The firm stated that as of 2013, first-year trainees will be paid at least £50,000, rising to £55,000 in the second year. The firm currently pays its newly-qualified (NQ) associates a salary of £97,500.

Sullivan associates also receive a discretionary bonus at the end of each calendar year, and trainees will also be eligible to receive a portion of any discretionary bonus handed out to NQ associates.

The introduction of the graduate scheme is part of an effort by the leading New York firm to replicate its US strategy of growing organically and hiring directly from law schools. The firm said the policy change comes as it consolidates its presence in the UK and Europe.

Perry (pictured) said: "Offering an English law training programme is something we have been working towards for some time and we are confident that it will be one of the best of its kind. It is a real demonstration of our commitment to London and we are looking for graduates seeking a long-term career with the firm."

The news comes two months after Ropes & Gray announced its plans to launch a graduate recruitment programme in its growing London office. Joint office heads Maurice Allen and Mike Goetz are working alongside client director Catherine McGonagle to launch the programme, which is expected to take off in 2011. The team is currently in talks with the Law Society and some of the major universities.