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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Starting salaries for legal graduates have failed to increase this year despite wages for all UK graduates increasing by an average of 4.8 per cent.
Figures from the latest AGR Graduate Recruitment Survey reveal that there has been no change in the average graduate salary for the legal industry, which remains at £28,000. This compares to the 10 per cent rise in starting salaries within the accountancy and professional services sector, and 7.3 per cent rise in the public sector.
However, legal graduates remain one of the best paid, beating the average graduate salary by £6,000. The sector was topped only by those entering the investment banking sector on an average wage of £35,000 and consulting firms with salaries of £28,500, both of which also remained stagnant on 2004. Graduates in the insurance sector are the worst paid of all sectors surveyed, with an average starting salary of just £14,000.
The number of positions available to legal graduates has also failed to increase this year, despite an overall uplift of 11.3 per cent in graduate vacancies across the board.
The telecommunications industry was the only other sector to remain stable, while the IT sector has enjoyed a massive upswing, seeing graduate places increase 46.5 per cent on last year.
The stability of the legal market, however, means that law firms have remained one of the most active recruiters, offering 8 per cent of the total number of vacancies for graduates.