Looking at London for a law job – here are some of the biggest paying law jobs in London right now. But before you look, be aware that the Magic Circle firms are not necessarily the ones who will pay the most.
According to research by salary benchmarking site Emolument, London’s highest-earning lawyers work at Latham & Watkins, which is a US-based firm that is not regarded as Magic Circle. LawFuel has previously reported on some of the US firms and their pay rates.
But what of the London-based firms?
Clifford Chance is trumped by Silver Circle firm Herbert Smith Freehills, whose median £2,700 bonus adds to its £69,000 salary to push it above Clifford Chance’s £70,000 median salary.
The research also found only half of London’s best-paying law firms pay bonuses, which account for a maximum of 12 per cent of an associate’s total annual pay.
“While Allen & Overy is the second largest firm by revenue…[it] offers the most competitive total compensation, while Clifford Chance, first in terms of revenue, offers the lowest salary,” Emolument said.
“Choosing to work for a law firm rather than internal legal counsel at a bank may have its drawbacks in terms of total earnings throughout a career,” said Alice Leguay, chief operating officer and co-founder at Emolument.
“But being paid in line with billed hours and level of seniority is a pragmatic practice which saves lawyers from the intense stress and paranoia endured by bankers obsessing about the opacity and volatility of bonus amounts.”