International law firms are under increasing pressure to increase the salaries of their entry-level lawyers in order to continue to attract the country`s best talent. Companies like Herbert Smith Freehills have now surpassed the six-figure mark, with NQ earning up to £105,000 in bonuses. Although Vinson & Elkins pays the most, Kirkland & Ellis is the big winner among US companies with an impressive 100% retention rate and a whopping NQ salary of £146,000. Interns can sleep very well at night after being paid for their lunch and the company`s taxi ride if they work late. With so many law firms, it can be difficult to decide which one is right for you. Here, we break down businesses by type, highlight the UK`s top 50 companies, and provide advice on what to keep in mind when refining your options. This comfortable schedule requires a certain financial compromise: apprentices outside the capital generally earn much less than their London counterparts. A typical first-year salary at a regional business is £20,000 to £25,000, compared to around £35,000 at a city company. So it`s perhaps not surprising that over the years, interns from some regional companies have insulted us about their salaries. But once you factor in the cost of living, the difference isn`t as striking as it sounds – Gumtree`s figures show that the average rent in the UK is £665 a month, while London tenants are expected to spend around £1,516. Some cities – such as Bristol and Cambridge – have a higher cost of living than other regional centres, but pay has never been a major bone of contention for apprentices based here (note that Bristol-based Burges Salmon pays a starting salary of £35,000 at London level).
See our salary and benefits comparison chart for more details on the amount paid by companies. I appreciate the support and infrastructure outside of the US model and I don`t want to be pigeonholed for working with a terrible partner or working more hours because billable hours are higher AND more work for non-billable hours due to lack of support (which is what colleagues who have returned to my company have said about us). The table below shows public salary information for all companies participating in our research. We collect salary data for first-year articling students, second-year articling students, and newly qualified lawyers. Many regional businesses require you to show a connection to their region during the application process. Large companies come in all shapes and sizes, from long-established organizations to individual practitioners, and act primarily on behalf of individuals. A person on the street can literally come in and ask for help with a legal problem. I think you`ll have a rude awakening when you realize that even the main parasites of big American companies aren`t just hiring (or even remotely) on the basis of college degrees! Good luck in your efforts to find a CT With a total remuneration (salary + bonus) of at least £70,000 for partners, Magic Circle firms offer salaries twice as high as small law firms (companies with fewer than 50 employees that pay their employees £38,000 per year). If you`re interested in more person-centred areas of law such as family or crime, you`d better approach training contracts outside London, especially in small and large companies that tend to advise individuals on “day-to-day” legal issues such as transfer of ownership. family and wills and succession. “There may be a variety of areas of law that you can explore during your apprenticeship contract,” says Carole. “This can include areas of expertise such as media or agriculture and services to private clients such as family or estate law.” Some regional companies are large and may operate nationally, even if the company does not have offices throughout the country.
Others are small and medium-sized businesses headquartered in a small town with several offices in one region of the UK. Others may have only one office in a provincial town serving local businesses and high net worth individuals. Like their counterparts in London and the big cities, they are still commercial enterprises that differ from large corporations and public interest companies in that they do not derive any part of their income from legal aid. The Magic Circle is an informal name for the five most prestigious law firms based in the UK. These London-based firms are: Young lawyers applying to top Magic Circle firms probably expect to be offered the highest salary in the industry. However, income and salaries seem to be tied to the scenery for employees. For example, while Allen & Overy is the second largest company by turnover of the three mentioned above, it offers the most competitive total compensation (£84,000), while Clifford Chance (first in terms of revenue) offers the lowest salary of the three companies (£70,000) with no bonus to top it off. The prestigious nature of the members of the Magic Circle and other major law firms makes it an incredibly attractive proposition for graduates. However, there are several advantages to working for a small law firm. These include: For the record, almost everyone would prefer to work for an American company where you work similar hours, but are paid 50% more than the MC.
It seems that the top of the market (Oxbridge Law Degrees) will choose American firms in London. The MC finally lost this war for talent. Well, I work in human resources and a reduction in support staff, etc. would be necessary to continue to raise salaries at the level of American companies. This would mean a change in our support and infrastructure to better reflect American companies. So I`m going to say it. Magic Circle companies face serious competition both in the UK Silver Circle and in US-based companies. Latham & Watkins (USA), the world`s largest company by revenue, can afford to reward its employees with salaries 1.5 times higher than those of Magic Circle companies. Hogan Lovells, another American company, is neck and neck with Herbert Smith Freehills and Clifford Chance, Magic Circle and Silver Circle. This blurring of boundaries is another good reason (if you need to) to make your applications specific to the company you`re targeting, rather than the category of companies they may or may not belong to.