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

[Molemole]

I’m a private practise solicitor in the south west. I serve my community and have worked my way up to partner in our small firm. Aged 56 I make £60k a year.

I’ve just read that lawyers at snobby london firms like Freshfields and Linklaters are now paying their trainees more than me. They are paying newly qualified lawyers £150k plus bonus.

How can anyone be worth that with 6 months experience in that area?

They wanted me because I was a junior lawyer with rare experience in a narrow field that was about to be very big in the City. Fell over themselves tripled the salary I was on - charm offensive.

MC firms pay big wages and by God they get it all back out of you and more.

If you wanted to make big money: (a) you shouldn't have gone into the Law (banks and insurance pay way better at the top) and (b) you shouldn't have stayed in the provinces.

thats the thing with some people, they are omg at the wages that are earned but then thats due to the nature of the role etc in magic circle firms

I work in a US firm paying that plus substantial bonuses if you do the hours to earn them (I certainly do not).

We pay that much because if you get the best people in as trainees and NQs you hopefully keep them until they are senior enough to be worth it. That said, when I was an NQ I billed enough hours to cover my salary five times over working on cases in the hundreds of millions or billions - the firms get their money’s worth. Intelligent, competent graduates are not going to sign away their lives (which is what the early years in city law amounts to) for less if they can get more at the firm next door.

What someone is paid as a solicitor in a smaller regional firm doing different work is totally irrelevant. The graduates we are competing for are more likely to be looking at other city jobs (banking or consulting which are often paid much better) as their alternatives, not regional or high street law. There’s nothing wrong with choosing a slower pace with a lower salary, I often wonder if I would be happier if I did, but it’s not right to resent those who choose the other way.

You were rather selective with your quote of my post weren’t you? If you look at my post again you will see I referred to specialist areas. No, I don’t expect a regional firm to do those, but the large London firms are doing much more than that.
I don’t even work at one of the regional firms. Im at a fairly small niche commercial practice and speak from experience that it can pretty awful when I get someone junior from a city firm on the other side in a transaction. They have no practical experience and often work on the basis of “it’s my way or the highway”. If I’m dealing with a regional firm I know that my opposite number and I will be working together to get the deal done.

OP I hate to tell you this but I work for a magic circle firm in London (far from snobby) and the top corporate PAs get paid £60k plus bonus, so I think you have been selling yourself very short as a partner.

Law in London is one of those careers where you aren't paid to do a job, you are paid to get the job done, whatever that entails and at whatever cost to your own life and plans. It's only right that the pay reflects the level of commitment and hard work required.

Get a decent degree and relevant work experience and voluntary work experience and experience as team captain of the school/Uni rugby or netball team, and successfully navigate the online application process, get through the online aptitude tests etc., and you'll be snapped up by a top 10 firm.

You really won't - times have changed, it's extraordinarily competitive and outstanding candidates fail even to get called to interview. Way too many applicants for available training contracts