It was revealed this week that the gap between associate salaries in top US and UK firms is wide - and growing.
A survey by legal recruiters First Counsel (taking time out from writing strange and xenophobic job ads) shows that whilst there's not that much to pick between the top firms at trainee level, the differences emerge immediately on qualification. Although Magic Circle firms are by no means ungenerous (stumping up about £61,000 to their NQs), associates at White Shoe US firms can expect to receive a massive premium. White & Case pays its NQs a bonanza £70,000, Shearman & Sterling £73,000, Paul Hastings £80,000 and Latham & Watkins £97,500. And Bingham McCutcheon takes thepiss prize with an astonishing £100,000.
And the disparities don't end there. At 6PQE, the average Magic Circle associate will take home between £95,000 and £105,000, salary milestones which their peers at US shops can expect to have sailed past years before. At a mere 3PQE, a lawyer at Kirkland & Ellis can expect a mind-boggling £110,000 (plus bonus). Not half bad.
With salary freezes and infinitesimal rises amongst the top UK shops, First Counsel said "it's the case that junior lawyers at most top-tier UK firms are, in real terms, in a slightly worse position than they were two to three years ago". So that's not just the tiny violin, but a whole string quartet.
Tip Off ROF
A survey by legal recruiters First Counsel (taking time out from writing strange and xenophobic job ads) shows that whilst there's not that much to pick between the top firms at trainee level, the differences emerge immediately on qualification. Although Magic Circle firms are by no means ungenerous (stumping up about £61,000 to their NQs), associates at White Shoe US firms can expect to receive a massive premium. White & Case pays its NQs a bonanza £70,000, Shearman & Sterling £73,000, Paul Hastings £80,000 and Latham & Watkins £97,500. And Bingham McCutcheon takes the
And the disparities don't end there. At 6PQE, the average Magic Circle associate will take home between £95,000 and £105,000, salary milestones which their peers at US shops can expect to have sailed past years before. At a mere 3PQE, a lawyer at Kirkland & Ellis can expect a mind-boggling £110,000 (plus bonus). Not half bad.
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"And those Limeys only get paid THIS much" |
With salary freezes and infinitesimal rises amongst the top UK shops, First Counsel said "it's the case that junior lawyers at most top-tier UK firms are, in real terms, in a slightly worse position than they were two to three years ago". So that's not just the tiny violin, but a whole string quartet.