Bad news if you’re a trainee. By the time you qualify you might not be trousering quite as many sponds as you’d hoped.
Today’s call for a cut in newly qualifieds’ salaries will send a chill through an already all-but-frozen market. Job offers continue to fall and, as we reported last week, even those that are offered a job sometimes get short shrift.
Now the continuing pressure on top City firms from mushrooming in-house teams and rampaging regional giants could result in a dose of economic reality at the most junior end of the market.
One brave soul questioned why those at the top end couldn’t take a pay cut to subsidise the young ‘uns. Rest assured, those of you on £1.2m a year, the recruitment consultants who have made the call to cut NQ salaries know better than anyone what impact that would have on the hiring market for star partners.
Your wonga is safe. Your kids’ might not be.
Also on TheLawyer.com:
- Schillings sports and international head John Kelly, who has acted for a host of celebrity clients including scandal-hit cyclist Lance Armstrong and former England manager Steve McClaren, has quit the firm for Harbottle & Lewis
- The High Court has handed another victory to Hogan Lovells in its ongoing legal battle for Kazakhstan’s BTA Bank against its former chairman Mukhtar Ablyazov
- Ashurst has received regulatory approval for its Beijing representative office, a year after the hire of partner Patrick Phua from King & Wood Mallesons