Richards, Layton & Finger

Laying at “the cutting edge of corporate law,” Richards Layton & Finger blends Delaware expertise with a Rich work-life balance for aspiring associates.

About the Firm

“Look at the Business Associations textbook and look at the how many of those cases involved Richards,” one insider directed us – “it’s like a third of those – you cannot escape it!” Indeed, ever since Richards, Layton Finger (RLF) hopped into the corporate world, it has been a staple in developing Delaware law – a state widely seen as one of the leading locations in the US for attracting corporate entities. Chambers USA clocks the firm as one of the best in the state for bankruptcy, chancery, corporate/M&A, intellectual property, and real estate.

“Look at the Business Associations textbook and look at the how many of those cases involved Richards, it’s like a third of those – you cannot escape it!”

For our interviewees, this was all they needed to hear. Associates were drawn to the firm’s large clients – “some of the best firms, nationally” – their position at the forefront of chancery law, and their strong bench of transactional attorneys in Delaware: “The people are incredibly smart and have written a good portion of the law in the state!” For those that buy into the firm’s ethos too, there’s an understanding of and appreciation for life outside the office: “It’s high-level transactional work, but with a firm where you can be more of a family person.”

Summer Program

Sources told us that Richards, Layton Finger hosts “a pretty attractive summer program” stacked with events – “on the social side everyone is trying to wine and dine you!” – and a taste of the work juniors get up to once officially joining. Interviewees noted that “small firm dinners at partners’ houses seemed to suggest an interest in bringing people together,” and the commonly held view was that “as a summer, you get the impression that associates work pretty closely with the partners.”

During the period, summers can work with seven or eight of the firm’s practice groups. This is formatted through two rotations where “they encourage you to do one transactional and one litigation practice.” Summers rank departments they want to work in “so you can control your own destiny,” and within the practices themselves the work “is representative from the type of research you’ll do. Obviously, you’re not filing documents like first years, but we try to make it realistic because when the summer comes we do lean on them – we just treat them as a new class, as more hands to help us do the work!”

Strategy & Future

One area where associates felt there was strong clarity in the firm’s strategy was an intention to quickly move forward with regards to AI. “We’ve been all in on AI for the last six months,” one junior told us, so “ever since that watershed moment we have been full steam ahead incorporating into our practice.” Associates use Westlaw's suite of tools, including AI Deep Research, Litigation Document Analyzer, Co-Counsel - alongside Perplexity Enterprise.

Those we spoke with generally felt that “it hasn’t gotten good at doing the things I do on a daily basis” yet, but noted that it was good that the firm does now have a firm AI policy about where they can and can’t use it.

The Work

When summer ends, summer associates provide a tentative ranking of their practice area preferences as a full-time associate. During 3L year, incoming associates provide their final rankings, which the firm looks at along with the needs of the firm when making department placements. Corporate litigation had the largest number of juniors followed by general litigation and business – alternative entities. Corporate advisory, business corporate-trust and bankruptcy make up the remainder. We heard that the firm will consider swapping associates after first or second year if they continue to show interest in a practice they were not placed in.

Career Development

“I’ve gotten every opportunity I’ve expected and wanted. It is ultimately a self-driven process, but I’m definitely becoming a good lawyer.”

The firm holds “some formal training sessions” on things like depositions to ensure juniors have solid foundations before moving onto more complex matters, “but I wouldn’t say it’s a large part of the program.” This is true of the corporate side too as “the firm has pretty good sessions about the nitty gritty of corporate law, which have been really helpful!”

We heard that the sessions are generally well-attended, but as is often the case, our sources also reported that some of the best learning is done on the job. Formal mentorship opportunities are usually there for juniors as well, but most of the mentorship is informal, and something that depends on “who you get along with and a partner’s availability on a given day.”

One junior did note that given the associates’ workload, “it’s been hard to create materials to help the next group of associates,” but RLF does also pay for CLEs outside of the firm. In addition to this, “they let us put together training materials for CLEs at other firms, updating firms on cases in Delaware, statutory changes, and occasionally federal law,” something that helps juniors develop in these areas as well. As one junior put it: “Development isn’t lacking. There are tons of examples to read and learn, and I’ve gotten every opportunity I’ve expected and wanted. It is ultimately a self-driven process, but I’m definitely becoming a good lawyer.”

Juniors generally felt that partnership is attainable and is something that is considered for associates when they reach their eighth year. “They’re good at communicating where you’re at” though, it’s generally at the fifth-year stage when associates are given more detail as to whether they are on track or not.

Hours & Compensation

All the juniors we spoke with were on track for exceeding the firm’s 2,000-hour billable target, and a number commented that “it’s been a particularly hours-heavy year this year.” Thankfully for juniors, “the partners aren’t going on vacation, they are constantly available and online at night - everyone is working that hard.” Sources we spoke with reported working BigLaw hours, so there were mixed feeling about the compensation. Several interviewees mentioned that first-years are ineligible for bonus and that salaries aren’t market, but given the firm’s Delaware location, compensation wasn’t seen as too much of a negative. “You could find a bit more, definitely,” but here, “you can afford to live ten minutes away from the office comfortably – you can’t do that in New York!” A number of associates also praised the firm’s healthcare benefits, something that acts as “a significant amount of compensation because the firm pays all our healthcare premiums!”

Culture

Like many Biglaw firms “we’re all head down focused until something comes up,” with associates not being obligated to tie their social lives in with the firm’s – ideal given attorneys at RLF are generally quite family oriented. Nevertheless, associates are expected to be in the office four days a week, with Friday being designated as a remote working day. “It feels like the culture is changing? And we’re in the middle of that…” one interviewee mused as expectations for in-office attendance varies by partner; “some people care more than others if you come in, but you won’t face any reprimands – sometimes we have a full office, sometimes we don’t.” Ultimately there was an appreciation that “time is our most finite resource!” so there’s the understanding that “people want to spend their free time with their families.”

“…people are cordial, love to chat, and I know the names of the partners’ kids.”

In the office “people are cordial, love to chat, and I know the names of the partners’ kids.” We heard that it is quite flexible and there’s “a good structure for helping working parents. Obviously, we work hard and put in a lot of hours, so if there’s big stuff going on with the kids you don’t want to miss that – if I need to leave early to pick up the kids I can, and we’ll figure out how to cover for that.” RLF also hosts a Working Parents group who meet for lunches and talk about “what’s going on in our kid’s lives, being a parent, and we have events where we bring kids and spouses, like the fall festival and an ice-skating event.”

Pro Bono

Associates can credit up to 100 pro bono hours to their billable hours target, which can also be put toward community service and other firm activities such as hiring and D&I. Although those we spoke with felt it didn’t make up too significant a portion of their overall hours – “it’s hard to fit into your schedule as a junior!” – our interviewees still felt “there are lots of opportunities.” We heard that housing matters were fairly common to work on, but “there’s no cause their especially focused on.” In fact, RLF has five separate pro bono teams covering a spectrum of issues, from global to local, which “grounds you back to where you live!” These include: the non-profit team, helping with entity formation and governance issues; Office of the Child Advocate, serving as attorneys in child welfare proceedings; Protection from Abuse, who represent victims of domestic violence; the Federal Civil Panel team who work on civil rights violations in the US District Court for Delaware; and the Wills team who provide counseling for estate planning.