One Essex Court made headlines around the world this week when it announced that it would be paying its 2011 pupils a salary of £60,000, representing a £15,000 increase on its current rates.
This is around 60% more than the £37,500 that a first seat trainee makes at a firm like Herbert Smith. And, given that most City firms have frozen or even cut junior lawyers' salaries, very few solicitors currently match this figure even when they qualify after two years' work. Clifford Chance and Freshfields have both cut their NQ rates to £59,000.
The set said that it was upping its pay in order to ensure it could continue to attract the best talent. However the other top sets are unlikely to match this - Wilberforce is offering £48,000, and 39 Essex Street and Fountain Court £40,000.
But before law students start deserting the trade end of the profession and queueing up for wigs and gowns, it's worth bearing in mind that One Essex Court only takes on four pupils. By way of contrast, a firm like Freshfields takes on around 100 trainees a year, all of whom get maintenance grants and their fees paid while at law school. Potential barristers have to cough up for the BVC out of their own pocket - a snip at £13,900 - unless they're lucky enough to get a scholarship from an Inn. And they get no help towards the cost of living.
Once all the other benefits of working for a big City firm are taken into account (bonuses, enhanced maternity pay, healthcare, dodgy sandwich bar) the deal doesn't look that outstanding. Don't expect any kneejerk pay rises at the Magic Circle any time soon...
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This is around 60% more than the £37,500 that a first seat trainee makes at a firm like Herbert Smith. And, given that most City firms have frozen or even cut junior lawyers' salaries, very few solicitors currently match this figure even when they qualify after two years' work. Clifford Chance and Freshfields have both cut their NQ rates to £59,000.
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The set said that it was upping its pay in order to ensure it could continue to attract the best talent. However the other top sets are unlikely to match this - Wilberforce is offering £48,000, and 39 Essex Street and Fountain Court £40,000.
But before law students start deserting the trade end of the profession and queueing up for wigs and gowns, it's worth bearing in mind that One Essex Court only takes on four pupils. By way of contrast, a firm like Freshfields takes on around 100 trainees a year, all of whom get maintenance grants and their fees paid while at law school. Potential barristers have to cough up for the BVC out of their own pocket - a snip at £13,900 - unless they're lucky enough to get a scholarship from an Inn. And they get no help towards the cost of living.
Once all the other benefits of working for a big City firm are taken into account (bonuses, enhanced maternity pay, healthcare, dodgy sandwich bar) the deal doesn't look that outstanding. Don't expect any kneejerk pay rises at the Magic Circle any time soon...