Eye-watering sums put MoneyLaw junior lawyer pay war in the shade
By way of context, that’s roughly 12 TIMES what a newly qualified (NQ) associate earning the market-leading £143,000 MoneyLaw salary is being paid by top US law firms in London.
The lesson to rookie corporate lawyers from this differential: don’t waste time squabbling about NQ pay — which our Firms Most List shows to stand at between £78,500-£87,300 in the magic circle — just get your head down and concentrate on making partner.
The PEP rises at the magic circle duo come up the back of overall revenue rises of 4% at A&O to £1.57 billion and 5% at Freshfields to £1.4 billion. Net income is also up at both firms — by 3% at A&O to £690 million and by 12% at Freshfields to £683 million.
A&O’s slower growth comes on back of its magic circle-leading performance last year, while Freshfields’ chunky increases show that the firm is back on track following a slightly disappointing previous 12 months.
Commenting on the results, A&O global managing partner Andrew Ballheimer said:
“We have had a busy year across our network and it’s gratifying to see another strong increase in revenue after outstanding figures last year. These results speak to a powerful client proposition, underpinned by the calibre and hard work of our people and a compelling international platform.”
Meanwhile, Freshfields chief Stephan Eilers commented:
“We have positioned ourselves effectively to take advantage of growth areas and we have a very strong team of professionals delivering exceptional outcomes for our clients.”