News

Average UK law firm partner pay breaks £200,000

By on
19

Legal sector continuing to grow despite Brexit, according to research

The average annual earnings of partners at UK law firms exceeded £200,000 for the first time last year, new research has revealed.

Average partner pay hit £201,000 last year, an uplift of 7% on the previous year’s figure of £187,000 and 35% on £149,000 in 2012.

The boost in partner earnings is partly down to the continued growth of the UK legal sector which has been less affected by Brexit than originally feared, according to accountancy firm Hazlewoods. It also cited a hesitancy by firms to create too many new partners along with an increase in automation and outsourcing of basic legal work for the bump in partner pay.

The findings also show UK partners were unsurprisingly hit in the pocket following the financial crash, with average earnings dropping from £172,000 in 2008/9 to £149,000 in 2011/12.

The 2019 Legal Cheek Firms Most List

Andy Harris, partner at Hazlewoods, said:

“UK law firms learned a lot of lessons from the last recession. They run much tighter ships and are more efficient at converting hours worked into bills which are paid. Expensive new office overheads are taken on with more care and diversification efforts that fail aren’t allowed to run at a loss for too long.”

Legal Cheek‘s Firms Most List shows partners across the magic circle can earn well in excess of the £200,000 average.

In 2018, Freshfields posted a profit per equity partner (PEP) of £1.7 million, while Linklaters, Allen & Overy and Clifford Chance all reported figures of between £1.5 and £1.65 million. The remaining magic circle firm, Slaughter and May, does not disclose its results, but it is understood to be the most profitable of the elite fivesome.

Sign up to the Legal Cheek Newsletter

19 Comments

US Firm

I spend that on a weekend in Monte Carlo.

(49)(2)

Anonymous

Monte Carlo? He sounds cute 👀

(13)(0)

Anonymous

Monte Carlo is for the classless and the nouveau. He fits in there.

(11)(0)

Steven Seagull

I spend that in two minutes in Harrods.

(4)(2)

Azerbaijan bank chair’s wife

Why so modest?

(18)(0)

Anonymous

That is a fair few monkeys of Dave’s special!

(3)(0)

Rupert; a US Firm associate

🎶Chick… chick…. chick… chick… chicken…. FEED🎶

(1)(1)

Anonymous

£200,000…. that’s what Kirkland NQs make inc annual bonus!

(29)(3)

Anonymous

I did a spring vac scheme with Kirkland a few months ago and my supervisor was complaining that he only got 22.5% Christmas bonus! Unbelievable!

(25)(0)

Steven Seagull

Jesus Christ!

(10)(0)

Kirkland NQ

The lower level drones maybe, not those on the big balls partnership autobahn with a Lambo habit to fill.

(6)(1)

Anonymous

With the number of obese ones, you would think they could afford salad on that money

(23)(1)

Anonymous

“Despite Brexit”

LOL

Boom times baby

(7)(0)

Anonymous

I am so bored of accumulating money.

(3)(1)

Clueless

Is this for equity partners only?

(2)(1)

Anonymous

No, it’s for civil partners as well.

(21)(0)

Anonymous

Hmm some mid senior associates at us law firms I think like akin Gump would already earn this (with bonus)

(3)(1)

That dude

Brothers! Sisters!

No need to vote for any change now, equality finally happened, partners on average get what NQs are promised, and the gap is shrinking by day.

(1)(1)

Anonymous

These stats don’t prove that the legal sector is growing, merely fewer people are becoming Partners. S&M made up next to nobody in the last round.

(2)(0)

Comments are closed.

Related Stories