Lawyers' salaries catch up with investment bankers'

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  • Yes but...

    I read this article with interest as a first year trainee on £38,000 who has a number of friends working at Investment Banks due to the fact that we all studied maths. Although my starting salary was slightly above my friends (who started two years ago) they did all manage to take home bonuses of over 100% of salary. I believe that while we trainee solicitors are arguably overpaid given our capabilities, we are still a long way behind many banks.
    Still, I suppose we shall have to see the results next year given current bonus prospects...

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  • catch up with the US

    The salary for a first-year associate at a Big Law firm in NY including the year-end bonus is at around 100 000 pounds. The duties do not differ much from those performed by the trainee-solicitors in the UK. The billing rates across the Atlantic are quite similar. What is the conclusion?

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  • Catch up with the US . . .

    While part of the pay disparity is the result of US lawyers graduating from law school with debts upward of USD 100,000, this is only part of the story.
    Having worked in both the US and the UK, there is a tremendous gap between the abilities of a first-year US lawyer, who will have had at least four years' more university education and usually five or six years' more life experience than a UK trainee. Any US firm that is using its resources properly will be giving its first and second year lawyers significantly more responsibility than a UK trainee.

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