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A third of lawyers earn more than £100k

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Fat cat figures beat insurance, consulting and tech professions

Thirty percent of lawyers earn more than £100,000, making it the second most fat cat-dominated profession in the United Kingdom.

Law practice’s earning power is beaten only by the financial services sector, in which a whopping 60% of workers earn six-figure sums. Thirty percent of insurance workers earn £100,000 or more, matching the legal sector’s result. The data, released by salary comparison website Emolument, places consulting (26%), energy and mining (26%) and pharmaceuticals (26%) in joint third place.

The figures are, actually, surprisingly high across most sectors. For example, 19% of those working in agriculture or recruitment enjoy £100,000 salaries, while the figure for both consumer goods and transportation is 17%. Even in healthcare, retail and charity, top-earners make up 12%, 8% and 5% respectively.

The data also gives readers an estimate of when they can expect to reach £100,000 glory. While firms such as Kirkland & Ellis, Shearman & Sterling and White & Case pay six figures on qualification, the data reckons you’ll need an average of 11 years’ experience before you earn top money.

The 2018 Firms Most List

This is actually the shortest time of all professions, though agriculture, finance, recruitment, and apps, web and ecommerce aren’t far behind on 12 years. It’ll take you the longest time to earn big bucks in the charitable and the public sector (17 years).

However, aspiring lawyers assuming a job in the profession is a shoo-in for flash cars, monthly beach holidays and studio flats in Zone 1 couldn’t be more wrong. Law’s earning power is characterised by huge inequality, with some City law firms shelling out eye-popping salaries and other practice areas unable to pay living wage.

Social welfare-focused areas of law like crime, family and housing — i.e. those that do not rely on wealthy clients — bore the brunt of the government’s £350 million legal aid budget cut and are now particularly badly paid.

And we mean really badly paid. We’ve been told some junior criminal barristers make £2.40 per hour for their magistrates’ court work, while some criminal solicitors contend they’d “earn more money working in the pub”.

This inequality is plain to see even at the most junior end of the profession.

Legal Cheek reported last week that a third of trainee solicitors are being paid less than the Law Society’s minimum recommended wage (£20,913 in London and £18,547 elsewhere). Even the former president of the Law Society, Joe Egan, regretfully admitted he was unable to pay up to the recommendations because “times have been difficult” at his predominantly legal aid firm.

And yet, if you score a training contract at a big City firm you could stand to earn £40,000 to £50,000 in your first year and more than double that on qualification.

Percentage of employees earning more than £100,000

Profession Percentage Average years’ experience
Financial services 60% 12
Legal practice 30% 11
Insurance 30% 14
Consulting 26% 13
Energy and mining 26% 14
Pharmaceuticals 26% 14
Tech and telecoms 25% 15
Apps, webs and ecommerce 23% 12
Agriculture 19% 12
Recruitment 19% 12
Consumer goods 17% 15
Transportation 17% 15
Construction and real estate 14% 14
Manufacturing 13% 15
Media and communications 13% 14
Healthcare 12% 15
Retail 8% 14
Sports, culture and recreation 8% 14
Services, tourism and restaurants 7% 14
Charity and not for profit 5% 17
Public sector 5% 17

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15 Comments

Anonymous

But are they happy?

(22)(2)

Rupert; a US firm Associate

Splendid. The only annoying thing about making so much is the amount of money they steal from you via tax.

Think of it, if we taxed stupidity, Britain would have been richer than Norway and Quatar combined.

(23)(11)

Mervyn King

“Quatar” – no doubt you would be a top contributor under the stupidity tax.

(96)(3)

lel

dead 😀

(12)(2)

Anonymous

Savage. Love the singular ‘disagree’ from Rupert.

(8)(0)

Corbyn. Symphathiser

Tax isn’t theft.

(25)(20)

Anonymous

Brexit is an inadvertent stupidity tax.

(18)(5)

Quatar

This post has been removed because it breached Legal Cheek’s comments policy.

(0)(0)

Anonymous

“Charity and not for profit”

5% is pretty high for that I think…

(20)(2)

Anonymous

haha good point

(0)(0)

BPTC student

Why? Charities usually have very strong boards of trustees, often ones which a comparable-size company could only dream of. If they hire a highly-paid CEO, I’d be confident that’s because he/she brings value to the charity, usually because they can raise a lot through their business contacts.

There will always be high-profile cock-ups of course (Kids Company), but that’s true in any sector.

(5)(2)

Anonymous

True, but it didn’t say that no-one should be paid a significant amount fro bringing value to a charity, it said “5% seems high,” which I agree with. Consider the amount of charity workers there are, and that 5% of them are on over £100k.

(2)(0)

BPTC student

Fair enough.

(0)(0)

Anonymous

10% of an apple and 10% of an orange gives 45 pears.

Thanks legalcheek once again for insightful journalism on meaningful figures.

(0)(1)

Anonymous

But they have no life- unless they give all their work to a starry eyed trainee who is ‘keen to impress’.

(2)(0)

Comments are closed.

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