Salaries Rise for London Lawyers
For newly qualified lawyers in London, the best pay in town is at a U.S. firm. In the London office of Bingham McCutchen, NQs earn a starting salary of £87,900, equivalent to about $165,000 in the U.S. (according to The Universal Currency Converter). At venerable Magic Circle firms Freshfields and Clifford Chance, the starting salary for NQs is £55,000, or about $104,000.
These are the figures reported this week by RollOnFriday, based on information collected directly from associates at the firms. Following Bingham in NQ pay are two other U.S. firms, Cleary Gottlieb at £84,000 ($158,000) and Dewey Ballantine at £77,000 ($145,000).
RollOnFriday also compiled pay figures for new salaried partners and found huge disparities. It explains:
"No one's going to be complaining at Linklaters on £250k ($470,000), but newly promoted partners at Field Fisher Waterhouse will find themselves earning about the same as a 25-year-old NQ at Bingham McCutchen. But at least they'll have time to spend it."
Linklaters leads in new-partner salaries, followed by Baker & McKenzie, where salary plus profit share is £210,000 ($395,000), and Clifford Chance, where compensation is £207,000 ($390,000). The report cautions readers to "bear in mind that this is not the sort of thing firms are generally happy to disclose," so not all figures are confirmed.
Posted by Robert J. Ambrogi on May 23, 2006 at 01:23 PM | Permalink
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On a recent Legal Blog Watch, Bob Ambrogi noted a report on the pay to some newly qualified London lawyers, who are earning higher wages at American firms' British offices than their brethren at Magic Circle firms. In the London [Read More]
Tracked on May 31, 2006 9:55:25 AM