To think that no newly qualified lawyer can be worth a salary of £150k?

I think that's a given; degrees in any subject area are different from their practical applications.

They probably did find law much more difficult, as you say, due to the condensed aspect of it. Friends of mine who have done shortened courses such as the one year PGCE (as it was previously known), 2 year nursing conversion etc said how they found it harder than their previous degree, however this was more than likely due to the condensed aspect of it.

@ArchaeoSpy has it on the nose - and IMO it's mainly competition. My MC NQ salary some years ago was supposed to be around £30k but then the US firms started arriving in London and salaries quickly went up to £50k. Even then we worked all the hours on huge deals, but for much less (though obviously house prices and cost of living were less of an isuse).
US firms often don't run training contracts in the UK so don't have the associated costs but do need to recruit from elsewhere at NQ level so high salaries help them with that.
And when times are hard the numbers will be unsustainable, so I expect US and City law firms will make quicker and deeper job cuts than they have in previous recessions.

@LittleBearPad you might be surprised. Lots of ex-MC lawyers just choose a different path, we don't forget how to do or resource complex multi-national transactions. Many lawyers at regional firms are excellent, ambitious and driven, and may not mind working long hours from time to time, they may just not want to do it all the time - or for people who don't appreciate it or treat them like adults.

As PPs have said, when you look at the hours others work for much less money and with much more that matters at stake, it puts it in perspective. Even when I moved to a SC firm, my salary was more than double that of my neighbour who was an NHS Consultant. I would have been bonkers to believe my "worth" or her "worth" was reflected in our salaries.

Honestly, I don't think you should be spening time wondering why their salaries are so high but instead why your salary is so low for a partner .....

And can’t spell practice. Very odd.

You're being very naive OP

London has always had top earners and the recruit the cream of the crop

Some are worth and others not do the latter won't last but will still manage very well elsewhere

then I’m very surprised you don’t understand quite how different legal practice is from a law degree.
but to your point about the latter, most of the people I know who did academic law during the conversion course after another degree say they found law far more difficult. Trying to squeeze all the compulsory subjects into a year doesn’t help, of course.

Speaking to a friend who is a prof at a university - he said they held a coffee morning for the students who had completed a Phd and joined industry rather than academia - he said the surprising thing they all found was how well they were all treated in industry - they hadn't experienced the corporate cut-throat culture and were very happy they'd moved away from academia.

You have virtually no idea of what is involved in practising as you have zero personal and direct experience and your comment shows it perfectly. I'm sure your dad, uncle and every Tom, Dick and Harry told you all you need to know, but you still have no clue.

I don’t, I earn fine, thanks, but maybe the junior doctors would point out that they work equally long hours (if not more) in a much more high stake, stressful environment in what is arguably a much more intellectually challenging job.

No offence, but I'm surprised you make £60k in the SW considering your age, seniority and experience. That's less than SW NQ salaries.

You sound bitter and resentful. You must realise young people sell their souls to certain corporates, especially the US ones in London. They were paying in excess of £100k a decade ago, so I'm not sure why you're surprised with what they currently offer.

As a partner in SW you could match that and more in many firms. It's how you steer your career and your chosen field that determines the money you're on, not only how hard you work - most of us work hard or very hard as lawyers.

No, it doesn't. But it's certainly not the most demanding area of study one can undertake. I'm far from one of the smartest folk out there, and I did extremely well in my first two years of study. My father and uncle are also both experienced solicitors of many years, so I'm not entirely unaware of the requirements of the profession.

i think that pritty much explains part of the high ££

In the nicest possible way, if you’ve never practiced, I’m not sure you’re in a position to opine. Two years of a law degree does not an experienced lawyer make.

Several years ago I worked as the Nanny to a lawyer at Freshfields. You basically sell your soul to the devil. She worked insane hours, never saw her baby son, essentially I had him from 30 minutes after he work up and then I put him to bed each night. His mum only saw him for 30 minutes each weekday. I was basically his primary caregiver. She often had to work weekends at short notice - I would get a phone call on a Friday afternoon asking if I could have the baby for the weekend….. and if so she would sent a courier on a motorbike and could I please pack her an overnight bag of everything she would need for a whole weekend not leaving the office.

If you want to lead a life like that for £150k per year then there is nothing stopping you applying.

@Molemole
The high salaries offered by firms like Freshfields and Linklaters are often justified by the intense competition for top talent, the high cost of living in London, and the demanding nature of the work at these firms. These firms often work on multi-billion pound international deals and their clients expect top-tier service.

The disparity in pay is a complex issue tied to many factors including the size of the firm, the nature of the work, the location, and the market dynamics. It’s a discussion that continues within the legal profession.

That’s why it’s so silly to compare City corporate work and provincial private client. Having done both I can attest they are entirely different worlds.

rather than going to regional firm where, for the same charge out rate as an NQ, they’ll get someone with far more expertise and experience.

On a cross-border transaction involving 4 jurisdictions, 2 stock exchanges and three competition authorities?

You think that regional firm can support that transaction?

You mentioned the high charge out rates as one factor in the high salaries and that’s what always gets me. Clients are definitely not getting that value of work from a newly qualified solicitor. Yes, they’ll be supervised, but the end result for the client of someone doing the level of work an NQ can do is not worth it. The thing is, the clients are willing to pay the fees for the size and name of the firm and some of the more specialist areas it has, rather than going to regional firm where, for the same charge out rate as an NQ, they’ll get someone with far more expertise and experience.

It’s not a starting salary, it’s a NQ salary after 2 years as a trainee.

OP clearly isn’t the only one with a chip on their shoulder.

DD is a Law student and did schemes with a couple of magic circle law firms during her A levels.

Out of uni into corporate law on a two year training contract - £55k

Newly Qualified £125k

She visited their office in the City and Canary Wharf, basically they are high rise mini towns with everything you need to never leave!

DD tried to force herself to like corporate law for the sake of the money but has withdrawn from the scheme that could have got her into this kind of role to follow her passion of working in women’s rights.

Law? I wouldn't really class it as very intellectually demanding. I did the first two years of a law degree, had to drop out at the start of 3rd year due to a health diagnosis and two years of hospital treatment, so I can talk from experience, but it certainly isn't one of the most intellectually challenging degrees out there.

No one is paid their worth in society. If people were paid their worth, then the big money would be going to teachers, nurses, junior doctors, social workers etc.

My solicitor relative was on 103k 13 years ago when she was in her late 20’s and now earns over half a million each year.

I think law is a brilliant career if you have that particular skill set. Found it very flexible but I have worked in every type of firm in wildly different practice areas ! Agree there are easier ways to make big money though.

It certainly makes you think, doesn't it!