Top earner at magic circle outfit sees 33% pay boost
Elite London law firm Linklaters has revealed its top lawyer received a pay cheque worth more than £3.2 million this year, 76 times as much as a first year trainee.
According to the latest figures, the staggering sum of money is 33% more than the firm’s top earner last year, who walked away with a profit and remuneration package of £2.4 million.
Linklaters — which is the City’s top training contract provider, offering 110 places annually — has seen its turnover increase by 1.6% to £1.26 billion over the last financial year.
According to the website Legal Week (£), the global outfit saw a boost in pre-tax profits of 6% to £420 million, leaving a healthy kitty of over £402.5 million to be divvied out amongst its 2,387 lawyers and 287 partners.
The eye-watering £3.2 million pay packet taken home by the unnamed partner — equating to £8,767 a day — is more than 76 times what the magic circle firm pays its junior lawyers. Trainees at the firm currently walk away with £42,000 a year, rising to £45,000 in their second year.
Despite the bumper pay day for one of its lawyers, the firm did reveal earlier this summer that the average profit per equity partner stood at a more reasonable figure — in magic circle terms — of £1.42 million.
A spokesperson for Linklaters told Legal Cheek:
Every year there are various reasons which account for the highest paid member of the equity receiving more than our average profit per equity partner. As an example, this may be influenced by pensions contributions, retirement, or because of someone operating in a high tax jurisdiction. As a firm policy we don’t comment on the individual circumstances behind the remuneration of our partners.
Earlier this summer the Silk Street firm boosted pay — slightly more modestly — for its junior lawyers.
While first-year trainee pay saw a rise of 5% boost, newly qualified lawyers were chucked an extra 5.5%, resulting in a take home salary of £68,500.
