Inside City Law Firms: 2019 Salary Guide and Market Report

Lucinda Troostwyk Salary Guide, Market Insight, Law Firms...

Overview of the market

In contrast to predictions, 2018 was an active year for law firms and has seen practices increase remuneration across the board to attract the best lawyers. An increased number of instructions within transactional areas including Corporate, Banking and Real Estate has led to firms hiring a greater number of lawyers in comparison to 2017. Most importantly, there is still a healthy appetite for hiring at the top-tier US firms which, invariably, is the catalyst for sparking lateral moves amongst Magic Circle and mid-tier UK firms.

The City remains a popular destination

The City still remains a strong pull for international lawyers from jurisdictions such as Australia, South Africa, New Zealand, Singapore, Hong Kong, Canada and Ireland. Whilst there is a standard PQE discount to compensate for the adjustment to a new jurisdiction, or for the absence of a formal training scheme, we have seen many of these international lawyers successfully moving to US firms, Magic Circle and top-tier UK firms. Recognising this trend, several Magic Circle and international firms ran campaigns abroad during 2018 to attract the top global talent to the City.

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