Categories:Corporate,UK

Clyde & Co partners boost profit share and reduce contributions

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  • I find it staggering at how a firm of this size can justify paying 21k to a paralegal in London. I'd hate to think what Clydes' associates get paid.

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  • Seriously? No wonder profits are through the roof.

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  • The pay at their Oxford office is poor, not even market rate for the Thames Valley as I have been advised repeatedly by agents. Still, with mostly NQs and juniors in place there, I suppose they can get away with it.

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  • £21k? How do they expect anyone else to live while they send their kids to Eton etc? Not just the bankers who are greedy city boys.

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  • "sold off £1.1m of cars". Can someone explain? Was this company cars being sold?

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  • 21k for a paralegal - i.e. a law graduate probably with a post grad qualification too, no doubt working all hours, living in one of the most expensive cities in the world - sounds like a fair wage to me.

    The stat about £1.1m of cars on the other hand - wow.

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  • Yet at the last pay review most were sold a sob story about needing to tighten belts, in an attempt to justify below inflation pay rises. As for the Oxford office the pay is a problem for retention and recruitment!

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  • I have really been impressed by Clydes: (1) taking their rival BLG out of the picture and (2) expanding exponentially abroad (which has been v. exiting just to watch). Whoever has been in charge of their strategy deserves their dues but how extremely exploitative of the current turmoil in the legal employment sector, not least of all the difficulties new graduates face getting a foot on the ladder, to pay so very little.

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  • Hard to believe they've sold off His car when His chair is still warm...

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  • Pay rises all round then?

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  • A lot of law firms could learn a lot from Clydes. My company has started to use it recently for contentious and non-contentious work. The work is always prompt, good quality and easy to digest. The most impressive aspect is the willingness of partners to get their hands dirty. None of this "let the juniors do it and I'll prentend that I've checked it and certainly bill as if I have" mentality that you get in a lot of firms. Pretty good value too we find. Bravo Clydes.

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  • They are clearly avid contributors to The Lawyer News 'comments' section...

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  • Good to hear that lots of partners get their hands dirty.....

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  • Problems with retention and recruitment at Clydes Oxford - likely to be both pay and the horror of working for Brett & Nurse-Marsh. One month there and I wanted to go.

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  • That is truly disgusting ... you cannot live on £21k in London. I mean, with university fees, low entry salaries and high living costs, you would have to be a rich kid just to try (probably with a lawyer for a Dad, who has a flat in the city where you can crash).

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  • What do you expect? BLG were tight on salaries but they were in financial difficulties making, I recall, about fifty people redundant around the time I joined. As for Clydes, I expect every penny is going on expansion abroad, and not on UK salary increases.

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  • I am sorry, but for a starter London salary £21k isn't at all bad. As a non-lawyer who moved to London a few years ago I started on £18k, yes it wasn't all partying and dining out, but I managed to make ends meet. Moving up the career ladder by hard work and sheer determination never harmed me, but I am not under the illusions that some starting out in law are.
    Post-2008 rental proces have rocketed in London, but be prepared to share and you can do it.
    As for Clydes, this is a solid set of results for a firm that has gone global over the last decade and yet sustains annual growth.
    I think some who are moaning about £21k salary should look outside London for a dose of reality.

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  • Ode to a Paralegal

    She studied hard
    She passed her tests
    Her poor old parents
    Were not blessed
    She had to pay her way through school
    But, finally, the sun shone through
    She left her small town
    Headed South
    Proud to have a city job
    But, then, reality sunk in
    Her rent was taking all her pay
    She had to live on cornflakes
    She could not go out and paint the town
    The money just was not around
    She worked all day
    She cried all night
    Then one fine day
    A letter came
    A training contract in her home town
    She gave her notice
    Packed her bags
    And headed home to Mum and Dad!

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  • "I think some who are moaning about £21k salary should look outside London for a dose of reality". - so should whoever wrote this. I started on practically double in the provinces (namely, in the Thames Valley region).

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  • £21k is just £17k in take home pay so why don't you get a dose of reality? We are all happy to share accommodation in the early days, but nobody should be reduced to unsafe areas of London. Also, don't forget that the cost of living has gone up markedly since the good old days when you oldies trained.

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  • "As a non-lawyer who moved to London a few years ago I started on £18k" - um, what relevance has a non-lawyer salary got to lawyers' pay?

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  • Paralegals are "non-lawyers" if we're going to get technical about it and where are this "unsafe" areas of London that are apparently becoming ghettos for impoverished paralegals? What an astoundingly ignorant suggestion.

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  • Anonymous at 5.24 pm (and probably around the time you knock off) - no, we're not getting technical about it. I am not that anal. I, along with plenty of others, am just saying that this is not a decent salary for London.

    What is astoundingly ignorant is to suggest that 21k for London is ok' because of your "I had it worse in my day" old baloney. If you want to sound reasonable, at least make reference to some figures for market rate pay for paralegals for firms of Clyde's' type. There, I feel you will be in some real difficulty.

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  • Anonymous @5:24pm is correct. London is safer than many cities. Kabul and Baghdad being only two. The fim's car sales would pay for slight pay rises for (relatively) poorly paid junior fee-earners many many many times over. Perhaps time to stop directing all the cash into 'planting' flags in places like Mongolia.

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  • Get over your bitching about £21k. We are talking about untrained graduates. If the salary is so low, presumably they won't get any paralegals to fill the slots? I think not goons.

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  • I saw an advert for "professional indemnity, defendant, Oxford, international firm, 0-3 years' PQE" etc. and, when I spoke to the agent, I was told it was with Clydes for £25k. You just don't expect such low salaries for qualified staff, in a specialist area of law, with a city firm which is now international.

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  • Mmn ... the good thing about these open forums is that a firm can have put out a real "aren't we doing well, slaps on the back all round" piece (like this one), and then all of a sudden the article gets turned on its head, and you see who is paying for the success.

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  • If the pay is so bad why are people working for it. It is a question of supply and demand. Someone will say they have no option but they do. Do not take the job. Clydes hire by ability.

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  • You may have been able to argue that firms (Clydes/legacy BLG or whoever) hired by ability once upon a time, but nowadays everyone is hiring according to the least they can possibly justify paying for any given role, even over relevant experience.

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  • Sorry, but £21k is just not what you expect from a London firm of Clyde's specialty, and for a paralegal who (save for qualifying) probably has the same qualifications as any of the trainee solicitors, the latter of whom I expect are paid considerably more.

    Little wonder so much spare cash for flags & poles!

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