Magic Circle set Fountain Court boosts pupillage award to £80,000
War for talent continues
Magic Circle chambers Fountain Court has boosted its pupillage award by £5,000.
From October 2024, pupils will receive £80,000 over the course of their training — £50,000 during the first six months, followed by £30,000 in the second six. The awards will be payable monthly in advance.
The set recruits up to four pupils each year and provides an advanced drawdown option of £25,000 to cover bar course fees.
Fountain Court is a heavyweight commercial set made up of nearly 100 barristers, of which 42 are KCs. Their practice covers banking and finance, commercial dispute resolution, competition, insolvency and restructuring, and professional discipline.
The move sees the set draw level with fellow Magic Circle member One Essex Court, which recently upped its award from £75,000 to £80,000 for those starting their training in October 2024 or 2025.
The Legal Cheek Chambers Most List 2023 shows only a handful of chambers dish out bigger awards. XXIV Old Buildings and 2TG provide financial support of £85,000 and £82,500, respectively, while Gray’s Inn Tax offers a whopping £100,000. It’s worth noting however Grays Inn Tax pupils do not have the option to top up their award with additional earnings during their second six.
The Pupillage Gateway is now open for another round of applications so there’s no better time to check out the 2023 edition of Legal Cheek’s ever-popular Chambers Most List.
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19 Comments
Anonymous
I’m sure that’s great news for the 4 pupils each year at the ‘Court.
Anonymous
Well done! As a retired Snr Clerk I am so pleased that,at long last, some Chambers are actually realising that decent Pupils require financial assistance. Far too many have left because of hardship.#RESPECT TOFOUNTAINCOURT
Rupert; famous in the US
Chicken feed, dear boy/girl/miscellaneous.
rupert
Who the flamingo is Rupert? Why is he famous in the US?
Rupert; famous in the US
If you need to ask, then it’s you that’s the ignoramous.
Bar graduate
Well, good for you if you’re lucky enough to have a glittering first from Oxbridge, a short novel of scholarships and make one of the four spots. Otherwise, don’t bother.
Elephants in the room
Wonder how much these people bill in the first three or so years of tenancy? Can’t imagine it gets past £180k. Much more important than the pupillage award.
Pupil
Very important point. I am a pupil at a so-called ‘magic circle’ set and the junior barristers are very coy about how much they bill. It is quite frustrating for someone who wants to plan ahead and potentially buy a house.
Of course, earnings will be different depending on the type of case a junior works on. Working on a team in big cases will be more lucrative than doing smaller cases alone. But someone should be able to give an expected maximum, or at the very least, the amount a junior would typically bill per hour in the first few years.
so-called magic circle junior
Bit surprised that this is bothering a pupil… it shouldn’t. The maths isn’t that hard for a rule of thumb.
If you are only interested in commercial, you will be on say £100-£150 p.h. Multiply that by hours billed which is – or at least should be – more or less a matter for you within bounds of reason as any so-called ‘magic circle’ set (or more specifically OEC, FC, Brick, Essex & 3VB) will have available more or less ‘all you can eat’ commercial for the five years (Blackstones is rather different with its non-commercial streams at lower rates).
Comes out around £200k-£30k but deduct rent (c.8-15%) and taxes. As such, and like literally everyone else at these sets, you will obviously be able to buy a flat/house at some point – (but generally will need 3 years of accounts to get a mortgage).
My clear advice would be not to think too far ahead but spend the next c.6 months concentrating on getting kept on and nothing else – you can’t really plan ahead until you know your trajectory anyway.
so-called magic circle junior
Typo – £300k – sorry!
Anonymous
Thank you for clarifying. In light of these rates, I am slightly surprised by OEC’s claim that first year average income exceeds £250,000. After rents, that would only be possible if most tenants are doing 2000 billable hours at £150. Their figures might not include rent, but it would be disingenuous to label that ‘income’.
Anonymous
£180k is peanuts for commercial barristers-these dons will clear that within 2 or 3 years
BackBenchGremlin
“As a guide, over the last three years, average first year income exceeded £250,000 and average second year earnings exceeded £300,000.”
Zebra outside the window
That may be true for the first year, but by year 2 in these sets you will easily exceed equivalent US associates.
Barrister
As a first year tenant at a good civil set in London, I billed £150k.
Equivalent counsel at Fountain Court and the like will easily clear £180k in their first year.
Rupert; famous in the US
If you need to ask, then it’s you that’s the ignoramous.
BackBenchGremlin
“As a guide, over the last three years, average first year income exceeded £250,000 and average second year earnings exceeded £300,000.”
Akchually
This quote comes from the One Essex website!
Anonymous
I married a FC barrister.
It really upsets me when people say the townhouse in SW6, nannies and business class flights are the reason why I married him.
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