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?

Thanks, this summary tells me that at least 42% came from Indies/ selective states, if I don’t include the 5% who didn’t disclose and the 20% from abroad who likely did too in some shape and form, plus only 20% are first generation to attend uni, what a shocker!

A partner in a firm of solicitors who uses the term "snobby London firms"... OK then

As others have noted it’s very competitive and intellectually demanding work; it’s unsurprising a large proportion attended selective schools.

You sound very bitter. I imagine they are worked very hard for that £150k

If you perhaps define “normal”, we can agree, but based on that demographics summary I have just read, at least 42% come from independent schools or state selective, and I am willing to bet my salary that the independents would be the top 10 elitist schools in the country, not your average around the corner indie. I come from a “normal” background and I don’t know anyone who has a starting salary of £150k, it’s just another way for the privileged to pat themselves on the back how privileged they are, chucking into the mix some students from state (20% apparently) for diversity no doubt!

Unfortunately it’s necessary for us to have these firms with their crazy hours and crazy salaries to support London as a major financial centre. Without it this country would suffer immeasurably.

I think the City would function fine and London too without the 'crazy hours' and 'crazy salaries'.

Reminds me (in reverse) of the arguments that the UK's economy would be irrevocably damaged if a minimum wage were brought in or that civil liberties permanently eroded if compulsory seatbelt wearing brought in

Yes, it does (and I think it is fairly on topic!)

It certainly makes you think, doesn't it!

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.

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.

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.

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.

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.

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.

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.

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?

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.

@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.

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.

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.

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

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.

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.

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.

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.