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Newly qualified solicitor pay at Dechert hits £116,000

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68

A rise of 5%

US law firm Dechert has boosted the already impressive salaries of its London-based newly qualified (NQ) lawyers.

The 26-office-outfit confirmed salaries for its NQs are up 5% from £110,000 to £116,000. London rookie pay remains unchanged, with first years receiving £45,000 and second years £50,000. Dechert recruits around ten trainees each year and provides a £10,000 grant for both the Graduate Diploma in Law (GDL) and Legal Practice Course (LPC), too.

The Philadelphia-headquartered firm covers a broad range of specialisms including finance, private equity and litigation. It was, until late last year, home to Miriam González Durántez, the wife of former deputy prime minister Sir Nick Clegg.

The 2019 Legal Cheek Firms Most List

The Spanish-born lawyer, who previously headed up the firm’s UK international and EU trade team, relocated to California after her husband landed a role as the vice-president of global affairs and communications at Facebook. She is now a partner at international law firm Cohen & Gresser.

Dechert hit headlines earlier this year after it tweaked its dress code policy to allow its lawyers to wear jeans to work. Speaking at the time, Caroline Bowes, Dechert’s director of human resources, told us the move was about “inclusivity, empowering our people, and attracting the best talent.”

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68 Comments

Anonymous

Heftie

(4)(0)

Anonymous

DLA raised to 78k lol….

(1)(0)

Anonymous

PHAT

(0)(0)

Anonymous

Any news on raises at SPB? Can’t believe it pays less than Dechert

(9)(0)

Anonymous

What about CMS? Are management really going to settle on £73k for NQs? If you assume city law work and hours it’s all relative and this is a shtiffing. Can’t afford to buy in London and won’t ever be

(1)(2)

Random passer-by

The last sentence of your post lets me know how immature and entitled you are. I’m certain you are no older than 25 years old muppet.

(4)(4)

Anonymous

It is disappointing for the quality of work it does – it’s a king for the mid-market in finance, PE and corporate… better than DLA, even! It’s probably post-merger instability. Might improve in time.

(0)(5)

Anonymous

Sweaty firm, decent whack

(3)(0)

Anonymous

In honesty, just how “sweaty”?

(0)(0)

Anonymous

That’s what she said.

(1)(0)

Anonymous

Lol at students’ mob mentality. Whenever they see a US firm, they cry the obligatory buzzwords: “HEFTEH” and “SWEATY”. Relax, killaz, you’ll get your Shoosmiths TCs.

(46)(1)

Anonymous

Does a small trainee intake make securing a TC harder with a firm?

(0)(8)

Anonymous

Well logically I guess so

(9)(1)

Anonymous

Not necessarily. What matters is the ratio of applications to TCS and the general quality of applicants. A firm with less TCs is likely to attract less applicants.

(6)(0)

Anonymous

Fewer

(46)(1)

Anonymous

Good points. I’m applying to 4-5 firms and most of then have 20-ish TCs on offer each year, so I was concerned about the chances.

(1)(0)

Anonymous

Pleb, Links has 100 TCs and it’s probably the hardest to get into.

Anonymous

Desultory raise for a mediocre firm. If they wanted to be taken seriously, they’d up to £120-130k minimum.

(7)(8)

Anonymous

Reckon £145k is market now tbh

(1)(3)

Anonymous

Lmao what u smoking blud ?

(5)(1)

Anonymous

How is it mediocre …. it has an extremely successful partnership and is well regarded.

(1)(1)

Anonymous

Hi HR.

(18)(0)

Phat

Wedge

(0)(1)

Big digs Higgs

My cleaner makes more than this lol.

(12)(0)

A.Mags makes all the gags

Yes boi

(1)(1)

S.LuLu

Slay

(0)(1)

Sacherz

Queen!

(0)(1)

Anonymous

This is such utterly shyte banter. F*ck off mate

K&E NQ

Shut up dweeb you aren’t fit to clean their boots.

Simon

Decent amount of money for someone who could potentially only be 24. What time would you get out of the office at a shop like this?

(1)(1)

Anon

They never leave! Which means they also save on rent.

(13)(1)

Anonymous

Lol let’s wait for the retention rate.

Cause I’m praying that half are not kept on

(1)(0)

Anonymous

They won’t be kept on. Dechert is utterly sh*t when it comes to retention rates. Add the psychotic colleagues and toxic trainees and it’s a great place to join…!

(21)(0)

Clive

No one needs to be paid that much when so many people in our country can barely make ends meet. When Corbyn gets in they’ll only be taking home half of that. I was at the demo yesterday and it’s very clear that big change is on the horizon. The people won’t take much more.

(2)(26)

Barrister lad

Yeah yeah. They have been saying the working class would rise up in revolution in Britain for 100s of years.

I’m not saying they shouldn’t but as long as they have cheap Wetherspoons beer on a Friday evening and free to air match of the day on Saturday evening, the disenfranchised will be satisfied with their lot for a little while longer

(22)(1)

Anonymous

Throw em all out. London is for the rich.

(4)(1)

Anonymous

They’re only poor because of refugees stealing social support.

(2)(7)

Literally everyone

Who gives a rats ass about what people can and cant make ends meet? If my salary doubled at the cost of national unemployment quadrupling hell id take it 10 times over. I can count the people I care for on the fingers of one hand, the rest are NPCs. Give me the dough and piss off back to the regions.

(2)(5)

Anon

Why are you so worried about the pay of hard working lawyers at top firms?! How can you possibly expect people to spend their whole life in the office and not be compensated for it? If you pay less you don’t attract the best and end up with substandard lawyers.

The tax suggested by Corbyn for such salaries is ludicrous – we shouldn’t be punishing those who have worked so hard and he’ll never get in that way as anyone earning over £50k will be affected massively and won’t vote for him. Concentrate on the TRUE elite who aren’t working and are tax dodging. Unless of course you’re hoping that the best lawyers, bankers, etc. will be driven out of London by ridiculous tax rates and move to other countries, resulting in our economy completely crashing – that sure will make the lives of the less fortunate easier!

(18)(1)

Clive

Just LOL if you think there’s any difference in ability between a lawyer on 50k in the regions and a city lawyer on 250k. The city lawyer works for longer and at a faster pace, but they’re no more intelligent and certainly offer no added value to the client other than getting work done quickly.

(3)(33)

barrister lad

Clive (is anyone called clive these days?), you are talking out your backside. Some of the filth that comes across my desk that some muppet from the regions has tried to pass off as a brief has to be seen to be believed. There is a difference and the market reflects that fact. Its like saying all barristers in the regions and london are the same, they aint.

(11)(4)

Anon

Clive, the work at small high street firms and large City firms is not comparable. Personal injury work at a high street firm is substantially different in complexity to a derivatives lawyer at a top UK or US firm. What are you saying?! Deluded.

(1)(1)

Anonymous

Clive, you appear to have completely misread what the poster said. He never said that there was a difference between City and regional lawyers, simply that if you do not adequately remunerate then the best lawyers will go elsewhere. This argument could be applied to any city in the UK although the difference between top and bottom of market will be much smaller.

Also, you are a twat.

(1)(1)

Anonymous

“who have worked so hard” – lol.

(0)(1)

First year trainee

For what it’s worth it’s a great place to work at. My colleagues are mostly decent people, with the occasional ‘difficult’ one mixed in between (like everywhere in the City). Pay is excellent and working hours as a trainee can get long, but never as bad as some commenters would make you believe. The six seat system is great for the variety it gives us, and our secondments to Airbus and Singapore, Dublin and Brussels are excellent.

Hate it all you want, it’s really not as bad as people make it to be.

(29)(8)

Anonymous

Because it reads like something grad recruitment or PR would have written.

(5)(5)

Anonymous

Yeah but it’s a comment, not a post you cretin

(0)(0)

Anonymous

Just because you were ill regarded and disliked doesn’t mean the firm as a whole is bad mate. HTH

(2)(0)

Anonymous

I agree with the commenter above – it really is ok. I joined as a junior and the hours are reasonable (compared to MC in particular) – 1850 is the target and you get a decent bonus if you hit it. It also some heft in terms of breadth of practice etc. There are indeed a few difficult individuals but no more than any other city firm…

(14)(3)

Anonymous

In all seriousness what do you mean by ‘difficult’? Nasty or just super competitive?

(0)(0)

Anon

Not worth it when the silver circle pay a few thousand pounds less per year after tax and the quality of training is similar (if not better at the SC). Same goes for the Magic Circle – most of the trainees at Dechert will get replaced by MC/SC/Top US associates as they move towards partnership anyway.

(9)(1)

Anonymous

That is actually incredibly accurate.

(5)(0)

Anonymous

Why on earth is this firm paying more than SPB. Come on SPB management!!

(1)(1)

Anonymous

Don’t diss dechert yo. Hours are reasonable considering the pay and opportunity to do 6 seats and overseas seat.

On a side note is one more likely to get a TC at magic circle firm than at a US firm from a ration/quality perspective?

(3)(1)

Anonymous

Both are equally tough.

In my experience (second year trainee, offers from US and MC firms following vac schemes), the variation comes when on the vacation scheme. At a US firm, you will often find only 50% of those on the vac scheme (or at some firms this is far less, nearer 25%) will get the TC. Whereas at a MC firm, once on the vac scheme, this is usually far higher, nearer 65 – 75% from what I have seen.

Getting onto the vac schemes at either is equally tough in my view, but once on the vac scheme you generally have a lower chance of getting the TC at a US firm than at a MC firm in the same circumstances.

May well not be the case across all the firms, but it is certainly what I have found at the top US firms (taking fewer than 12 trainees) – e.g., K&E, Davis Polk, Skadden, Weil, Cleary.

(4)(0)

Anonymous

Nice info. I was right to avoid US firm vac schemes hahahaha. Good luck with qualification!

(0)(1)

Anonymous

Thanks for the info. What about direct TC applications? Is the ratio better at US or at MC firms you think?

(0)(0)

Anonymous

Why would you want to go overseas when this great nation has so much to offer? I’d take a holiday in Whitby over the Amalfi coast any day. Nice warm pint of bitter. Hook up with Brenda from the local pie shop.

(9)(0)

Winpy

So they pay more tax than DWF associates earn hehe!!!

(6)(0)

Anonymous

Any news on raises at Fieldfisher? Good firm that’s totally lagging behind in NQ pay.

(2)(0)

Anonymous

What are the most difficult firms to get a TC at?

(0)(1)

Anonymous

What kind of retarded question is that gimp boi ?

(6)(0)

Anonymous

Legal Cheek comments have always been generally shite. But there are so many greedy, stupid and shite commenters now it’s really depressing.

(5)(0)

Anonymous

Agreed. The comments have gone from bad to worse. Now they’re just flaming shyte

(0)(0)

Comments are closed.

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