Categories:UK

Law firms beat banks on graduate pay

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  • Enjoy it while it lasts

    Law firms operate on a different model to investment banks. My personal feeling therefore is that law firms haven't yet felt the full impact of the credit crunch. I think we're going to be in for a period where costs will become a real issue for law firms so I doubt there will be any great uplift in lawyer salaries for at least the next six to 18 months.

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  • Bonuses

    Investment Banking grads and upwards receive bonuses which are not encompassed within the survey. Clearly, IB grads will come out with more.

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  • Law school?

    This survey - as others have done - also ignores the fact that banking graduates generally start work straight out of university - i.e. one or two years before law trainees who must do the LPC and often GDL first.

    It would be better to average the first few years' salaries/grants (including the year/s at law school) - this would reflect the experience of recent graduates much more accurately.

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  • comment

    so lawyers are the best paid graduates. However, for the reasons mentioned above, they are probably poorer than IB graduates. Does anyone else think this survey is a bit of a farce?

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  • Don't be too defeatist

    True, but law firms are generally better prepared for an economic slowdown. Whilst the lack of M&A activity might cause corporate and banking departments to be less busy, other departments dealing with insolvencies/restructuring and litigation will be gearing up. Not all City law firms are dependent on buoyant financial markets.

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  • I wish....!

    So what about us trainees who don't work in the magic circle firms, or even in london at all?! Unfortunately the grim reality for me after 4 years of hard work in uni and LPC is the minimum Law Society salary of just under £16,000. It's all a bit of a joke really when some of my non-qualified friends working in sales/recruitment roles are taking home at least twice that much! I for one do not agree with this article....

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  • It's an average

    Re the last post, the figure is an average, not incorrect (i.e. it's a statement of fact, not an opinion with which you can agree or disagree). If you're getting the bare minimum, that means that the top-paid NQs are getting even more than it might appear to still average out at such a high figure.

    Not that, er, that's much consolation to you.

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  • Trainee Salaries

    Also if you work out the hourly rate of these salaries to the number of hours actually worked by trainees, it is not such a good deal.

    Obviously that is not how the pay deal is structured but it is how the law firms are charging overall and it does at a stroke reveal the ' real ' level of pay.

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  • Trainee Salary

    Not on that sort of money and have been qualified for 8 years in a small 2 partner firm in West Yorkshire

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  • An average isn't a fact

    I think Croesos is being unnecessarily snide there. By the way, the article actually says "the median starting salary". "Median" and "average" are two entirely separate things. Fact.

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