£360k v £180k 😲
Junior barristers at leading commercial sets can earn up to £360,000 in their first year, new figures have revealed — double the earnings of their high-flying City solicitor counterparts.
Whilst those who secure associate positions at the top US law firm offices in London can expect to secure a pay packet of up as much as £180,000 in their first year after qualification, pay for top junior commercial barristers can reach up to double this.
The Legal Cheek Chambers Most List shows that high flyers at South Square, a commercial set with a focus on insolvency, can expect to earn an average of £150,000 in their first year, on par with associates at Magic Circle law firms, before rising to £250,000 in their second year, and in excess of £300,000 by year three.
Over at Brick Court the figures are much the same, with average earnings starting at £150,000 and bumping up beyond £250,000 in year two.
Another exceptional example is One Essex Court, where baby barristers can net £360,000 in their first year, rising to a whopping £475,000 in their second year of practice, according to its website. These figures are caveated by the set with the statement that “earnings depend to a great extent on how hard members wish to work”.
By comparison, The Legal Cheek Firms Most List shows highest paying law firms in the UK, Gibson Dunn & Crutcher and Paul Weiss, offer £180,000 to newly qualified solicitors, with the potential for bonuses on top. Yearly increases in pay are often up to £10,000 per year, nowhere near the £100k bumps in pay that some barristers can expect.
It is not quite a like for like comparison, however, with the bar figures being total earnings, from which rookies will be expected to pay a proportion as chambers rent and other overheads. As the barristers at the sets identified above are self-employed they are also generally not privy to the perks that come with being employed by a law firm, including private healthcare, amenities, and paid holiday.
