Newly-qualifieds remain at top of pay scale despite wage freezes

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  • The above comparison of law firm and banking starting salaries isn't really fair. Bankers and fund managers can start earning straight after graduation, whilst non-law graduates have to do 2 years' tedious study on a maintenance grant, which doesn't go far if you're forced to study in London.

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  • In addition to 'Bored of Chancery Lane's' comment - comparing banking salaries and lawyer salaries is additionally frustrated by the reality that a banker's bonus is much larger than a lawyer's. That is true with every bank and every law firm

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  • Read an interesting article recently - the average graduate salary in Northern Ireland is thirteen thousand and in law it's ten thousand if you're paid at all.

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  • If you managed to secure a sought after NQ position at a City law firm then that's a huge achievement. Enjoy the fact you have a job and have a very good salary. Any salary demands will have to be shelved as this is an employer's market right now.

    Lawyers are well paid with ok bonuses. Bankers are well paid with huge bonuses

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  • Is this about graduates or newly qualified lawyers? As graduates, the trainee salary is set at about the right level to reflect the investment made by them in taking the post grad qualifications needed to start a TC. Its right that the rewards should be reasonably good at the top end.
    As for NQ's - people talk about whether someone is worth the money. For as long as clients are prepared to pay big bills and that law firms are owned by the partners then juniors / middles / seniors will be well paid.

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  • Metallica - just wait until you get into practice and see how "ok" that bonus is afrter you work your backside off for ten months of the year and then see it all slip away in the two quiet months.
    I for one am just about getting tired of you pontificating on this site about things you have no actual knowledge of.

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  • And what am I exactly pontificating about?
    I am private practice and have been for a while. I have seen first hand how awful the scrambling for a NQ job is. Also, you assume I do not know any qualified lawyers and bankers. I do and I hear first hand about their wages and bonuses. That gives me a little insight on the wage structure.
    Did I comment on the Prince William story? No. I do not have knowledge of the bar and its traditions.
    So to quote a line from the Football Factory - "jog on"

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  • Handbags.

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  • I agree with Metallica (political realist is clearly an emo into My Chemical Romance whilst working his butt off for his ok bonus)!
    I have friends who were bankers and became lawyers who are still living off their Banking Bonuses, and one friend who wanted to quit his job as a Banker but is now being held to Banking because of the bonuses! The same cannot be said of anyone in the Law- bonuses are practically extinct in this climate, and I agree that with the amount of time and money invested pre Training Contract, of course NQs should be in the bracket of higest graduate earners. They have had further years of study and paid for the displeasure...my NQ wage bearly covers my LPC loan!!!

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