Does anyone mind telling me what a new fixed-share partner in a City law firm earns?

[AmongTheNarcissi]

Not really AIBU (although maybe a bit unreasonable to ask friends and relations...)

I am a senior associate in a mid-tier City firm. 7 years PQE, IP specialism. Currently earn £102 000. Pay for associates in my firm is generally thought to be on the low side. I am going through the partner selection process at the moment and am hopeful of being offered fixed-share partnership soon. At which point I will have to negotiate my renumeration package from what I feel is a position of weakness as I have no idea of the norm. I have no good friends who are partners yet and can't ask colleagues (or at least they can't tell me). Online salary surveys are hopelessly vague.


If anyone is able to share their experiences of salary negotiation and what a reasonable sum might be, I would be very grateful!

[itwillgetbettersoon]

Well done OP.

Although this is a parenting site there are lots if areas that have nothing to do with being a parent! Also if a woman cannot ask other woman about a salary then who does she ask???

By the way £100k sounds a lot but when you are looking at £300k for a tiny flat in London it isn't huge.

Let's all try and support other women .

[EasterHoliday]

and that's the sort of response you'll get on RollonFriday as well... "you NEED to be earning"... yup... "good golly" indeed. Obviously I'd like to hope Woebegone is one of the people I drop really crappy instructions on at 6pm on a Friday, rush job for LA waking up Saturday... but I tend to instruct people with a realistic sense of commercial evaluation.

[scantilymad]

Woebegone is that meant to be insulting to accountants? I find it quite offensive on behalf of the OP (and any other professional woman actually) that your post was so snotty about salaries.

[Woebegone]

But I am realistic, Easter. I do not understand how someone with (salaried) partner aspirations can be billing only £600k. That is PRETTY unusual, as I am sure you will agree. Not interested in your crappy instructions mate. My charge-out rate makes even me feel queasy so someone who thinks I don't have a realistic sense of commercial evaluation will be gasping. Like a fish out of water. Oh wait ...

[EasterHoliday]

yup. And my dad's bigger than your dad. How come you're arsing around on here all afternoon if you need to pull in £2.4m on your four digit charge out rate, out of interest?

[MrsDe]

I don't think that is unusual at all Woebegone. Also think that 150k for entry as salaried partner in mid tier city firm is about right having seen the replies on this thread.

[AmongTheNarcissi]

Woebegone thanks for your thoughts on my disaster of a career, but if you would mind not turning this thread into the female version of willy-wanging, it would be greatly appreciated. :)

I know what top accountants earn, and you are quite right, it's way more than I do.

Thanks again everyone for the input, it really is greatly appreciated and generally much a more positive and enjoyable experience than RoF!

[Everysilverlining]

I go back to it depends on which firm. What do we mean by mic tier city firm? Do we mean BLP, Olswang, Taylor Wessing, or do we mean Eversheds, Withers, Farrers etc. both sorts firms would probably call themselves mid tier but they all have very different cultures and expectations.

also OP aim high, but bear in mind that if you are paid £150-£175k the firm will expect more than if you are paid £120k. You may prefer that, and the pressure and thrill which comes with it. Or you may not, some people thrive on partnership. Many hate it. You only have to read the threads on here from lawyers who left the city or the law to understand that. If you get £175k you'll earn it....

[Caitlin17]

Lord knows where Woebegone is but outside London billing of £600,000 per partner in the provinces,and by that I include Scotland, would be unheard of, let alone 3 times that amount.

I've no idea what the going rates are in London top tier firms but they bear no relation to rates outside of London.

[Apatite1]

Good on you for asking OP, the more transparency about wages we can have in every industry, the stronger our position. Good luck with your negotiations!

[Everysilverlining]

Oh and woebegone I would just say that I do not want to work in those kind of firms with those kinds of targets. I left one of them post qualification as it wasn't for me. I accept it is for others but that doesn't fundamentally change the "value" of what we do. If you believe otherwise you are naive. I am happy as I do I job I love and earning 100k plus makes me wealthy compared to 95 % of the population, and objectively speaking I do not believe I am worth squillions. I am just lucky to do a job which pays well.

[thesaurusgirl]

As a headhunter I'm vehemently in support of transparency over remumeration and it pisses me off that women are not paid as much as men for the same roles, 9 times out of 10 because they're too ignorant about the going rate and simply do not ask.

Ignore the haters on Mumsnet, very few of them are net contributors to the economy, just remind them who's paying for their childcare vouchers and tax credits.

If you are MC or premier, PM me and I'll be able to give you a very accurate idea, but the range will be between £125k and £175k.

[thesaurusgirl]

How come you're arsing around on here all afternoon if you need to pull in £2.4m

Because if you're senior enough to have your own office there's an awful lot of dead time you can devote to MN and Angry Birds .

[littleolewinedrinkerme]

Top 30 city practice here - 150-170k as a fixed share plus performance related bonus. Target is around 4-500k billings initially (for woebegone). I am a few years ahead of you but at about the same stage - 3 lots of maternity leave haven't helped (depsite only taking 6mths and 4.5mths the last time sigh). I would recommend a good chst with your sponsoring partner - they should be willing to give you a steer. Equity about 350k starting. Obviously MC and SC firms a lot more - I was at an MC firm and salaried partners were starting around 250k but with billings near 1m and I am guessing US firms are in a different league again.

[littleolewinedrinkerme]

Sorry - typos - phones and trains. Not a good mix

[thesaurusgirl]

Bonuses even in the MC are nothing like you'd expect in the City for FS. Top bonuses last year were 10% of basic.

[HeartsTrumpDiamonds]

OP there is an interesting thread in (I think) Employment Issues for high earning mums / women that you might be interested in.

I don't quite qualify any more

Oh and I'm one of those pesky accountants

[AmongTheNarcissi]

Thanks thesaurusgirl, I'll send you a message.

Not MC or Premier firm- top 30.

littleolewinedrinkerme that's exactly what I was looking for- thanks. I am hoping to go for a performance related bonus, as I envisage (because of various departmental/client issues) billing more than my target billings. Did you negotiate the conditions of the bonus element separately or was that part of the package on offer?

[thesaurusgirl]

Yes, accountants do earn more.

I'm earning more than either the accountants or the lawyers my firm places, but it goes nowhere in London. I live in a shitty second floor flat in Zone 3.

[littleredsquirrel]

I would again agree that it really depends on the firm. My last firm was a very large well known national with a London office. 25 percent earning potential (bonus) on top of base salary. FS Partnership in the regions was 90-125k, in London generally 120-160.

One of my friends became a partner at said firm and was significantly worse off than as a senior associate due to the fact that she became self employed and didn't get pension etc.

I agree though that 600k is very low for partnership and so I would expect it to be towards the lower end until you can increase your billing. At my firm for partnership you needed to show billing of £1m minimum.

[littleredsquirrel]

That is that you need to show responsibility for £1m not that you need to bill that on your own.

[Alisvolatpropiis]

As others have said, it means salaried rather than equity partner.

Good luck!

[littleredsquirrel]

I thought she said Fixed Share. I was a fixed share partner. I was equity with a fixed equity stake. Wouldn't she have said salaried otherwise?

[wandymum]

Mid-tier city firm. £180k plus bonus first year as salaried partner in debt finance. Target billings £1.1 mil and that target is the same for new partners regardless of department.

All firms are different but there was no negotiation about salary in partnership process. You get what they offer and you are grateful as it keeps you in the running for the big prize of equity (£4-600k to start with) in a couple of years' time.

Are you city or west end? Makes a big difference. Friend in west end started on £90k.

[AmongTheNarcissi]

littleredsquirrel 600k is my projection for personal billings. Responsible for about 950k.

I did say fixed share partnership. I have heard it is possible to be worse off, that quite worries me.