Six-figure pay packets ‘unsustainable’, agrees Pinsents senior associate

A pair of high Metropolis regulation agency companions have gone public with their issues over the eye-watering sums of money being earned by some junior legal professionals.

Michael Chissick, managing associate of Fieldfisher, described to the FT (£) how his “coronary heart drops after I see newly certified legal professionals in US corporations incomes greater than a few of our companions”.

Authorized Cheek‘s Firms Most List reveals how US outfits paved the way within the Metropolis wage stakes, with corporations together with Vinson & Elkins, Akin Gump, Kirkland & Ellis and Latham & Watkins, all meting out £145,000 plus.

“They don’t must pay that”, Chissick continued, “It’s not a market fee. They’re creating a brand new market.”

Richard Foley, senior associate at Pinsent Masons, appears to agree. “The degrees of pay in main personal observe regulation corporations are fully unsustainable,” he reportedly informed the Progressive Legal professionals Summit on Thursday.

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Foley continued:

“You see stuff within the press about £125ok as a beginning wage for an NQ… If I used to be on the opposite aspect of the desk, I’d be considering how far more worth am I going to get from that individual?”

Whereas these beginning lawyer life at Fieldfisher and Pinsents earn significantly lower than their US counterparts — NQ pay packets at the moment sit at £67,500 and £72,500, respectively — it’s broadly acknowledged that these plugging away at US regulation corporations might be anticipated to work longer hours, and subsequently, earn extra. Our Corporations Most Record reveals one US outfit has a median go away the workplace time of 21:46pm.

The pair’s feedback come simply weeks after US regulation agency White & Case upped NQ salaries in London by a whopping 24% to £130,000. This comes at a time when many UK outfits, together with a number of members of the magic circle, have been slicing rookie pay in response to the pandemic.