Editors weekly: Dont bank on it

For those of you who are still trying to choose between law and investment banking may I suggest you take a look at the latest salary survey from the Association of Graduate Recruiters (AGR).

For as long as I can remember investment banks have been streets ahead of law firms when it came to starting salaries for graduates. But as we reported earlier this week the AGRs summer review reveals that trainee solicitors are now the highest paid graduates in the UK with a median starting salary of 36,500 (See story).

But better pay isnt the only benefit of training as a commercial lawyer. As CMS Cameron McKennas graduate recruitment partner Simon Pilcher argues: Forget the credit crunch theres never been a better time to enter the legal profession. UK headquartered firms have had another record year thanks to the growing importance of London as a legal and economic hub.

Simon adds: There are also fantastic opportunities available for trainees in terms of international and client secondments. Whats more theyll gain an internationally recognised and respected qualification.

Another advantage of training as a lawyer is that the career path from trainee to partner is arguably more transparent, even though these days it does take a little longer to get from one to the other.

Life is also a little more precarious as a banker. For those of you who read the business pages regularly (shame on you if you dont) you shouldve noticed all the stories about banks taking the axe to their work force thanks to the credit crunch.

Granted, that a job in law isnt for life either. But law firms are arguably less aggressive when forced with difficult economic conditions.

There is no right or wrong answer as to whether law is a more rewarding profession than investment banking. But during my time working as a lawyer and in my current role as a legal and business journalist Ive had to deal with both professions. I can safely say that I definitely prefer working with lawyers. And if you want to find out why, look up the Cockney rhyming slang for investment banker.

husnara.begum@lawyer2b.com

PS: Don’t forget to check out what our mole Chris Snell has been up to on his latest summer vacation scheme