Categories:UK

Law firms beat banks on graduate pay

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Readers' comments (20)

  • Trainee Salaries

    Paying someone £40k to do photocopying and proof reading? They may put a lot of hours in but they are junk hours and certainly not worth the £150/hour or so clients are charged.

    I can't think there are many clients who agree to pay that, and those that do will soon wise up. So watch out overpaid trainees!

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  • Re last post(22.01)

    While you're obviously right that that is an awful lot to pay someone if all you intend them to do is photocopy, the intention is obviously that you will be using them for greater things further down the line; and the good money early on is to make sure you retain them.

    Also, while they may not actually be DOING anything much more than photocopying, they may also be observing the process of deals etc, which is part of the learning process that will turn them into something more useful later.

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  • Trainees prove their worth

    I'm a trainee on 39K and believe me, I do a lot more than photocopying. With supervision from partners I have run my own small deals with minimal partner involvement. In my current department there are 13 trainees who billed over 1/2 a million pounds in the last 6 months, easily making their own salaries back and providing plenty of profit too. Given that trainees are an investment for the future, the fact that they make a profit too must be rather nice.

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  • Comparing apples and pears

    What a load of nonsense. The survey completely fails to compare like-for-like. Everyone knows bankers total comp is skewed heavily towards bonus, with most trainees like to get only a token bonus.

    If they compared total comp with total comp it would be a start.
    Better still if they discounted trainees comp to take some account for the additional training time. But bankers would argue some account should be taken for the risks. Still, it makes a good headline.

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  • trainee lawyers salaries

    This is simply not the case in Scotland, we are paid Law Society minimum 15k 1st yr, and 18k 2nd yr.

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  • Law firms beat banks on graduate pay

    This article is ridiculous for the reasons stated below.

    An unhelpful and misguided survey?

    'twas ever thus

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  • Maths

    To the trainee who claims that some of his colleagues billed over £500k in the last 6 months, assuming a charge out rate of £150 per hour, they're billing over 6,600 hours a year. I'm not suggesting you're exaggerating, but rather just congratulating your comrades' commitment.

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  • utter rubbish

    Median starting salary 36k!? Who writes this rubbish? Yeah, maybe in the big City firms, but outside this the median is probably around the 19k mark. I hate these sort of 'surveys - I may as read a fairy tale.

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  • Ridiculous

    I have just finished my first year and i don't no one person that I graduated with that is on £36k, even those that went to big firms.

    The vast majority are on the law society min of £15k, for first year and £18k for second year.

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  • Hmm

    I think we deserve the extra £20k for learning to spell correctly, LK.

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