£ 100,000 for young lawyers in London

£ 100,000 for young lawyers in London

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£ 100,000 for young lawyers in London

Dhe salaries in London’s top law firms for young professionals, especially business lawyers, are now exceeding 100,000 pounds (currently 117,000 euros) in more and more cases. As reported by The Times newspaper, the first law firms outside the “Magic Circle” of the top five law firms are now paying this salary for lawyers in their first year of employment. The law firm Macfarlanes is the first city law firm to venture into these heights.

“Our expectation is that our newly qualified attorneys will make more than £ 100,000 this year if you add up all the elements of their income package,” Macfarlanes said. The Magic Circle includes Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Slaugther and May. With the exception of the latter, they have been paying young professionals salaries of £ 100,000 and more for several years.

America pays even more

Some US law firms pay even more. The global law firm Milbank, whose headquarters are in New York, increases the starting salary this year by 10,000 to 200,000 dollars. She pays just under 140,000 pounds (almost 165,000 euros) in the City of London. Partners of the top London law firms often earn seven figures.

In Germany, too, the starting salaries in some top law firms are reaching dizzying heights. Milbank also pays the highest salary for beginners in this country, as the industry magazine Juve reports: At 160,000 euros (136,000 pounds) they come close to the English standards. Even many business lawyers criticize these salaries, but point to the pressure of competition. However, the workload is also very high. Some young professionals complain that they are on the verge of burnout.

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