O'Doyle Rules
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#1
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Hi all,

Given the recent salary boosts by the US firms, can you see the MC paying £100k+ to NQ lawyers?
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markova21
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I assume you are not talking about the Magic Circle; the UK organisation that looks after the rights of professional magicians? [ It's the only Magic Circle I have heard of].
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999tigger
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(Original post by markova21)
I assume you are not talking about the Magic Circle; the UK organisation that looks after the rights of professional magicians? [ It's the only Magic Circle I have heard of].
It is a group of 5 elite law firms that a lot of graduates aspire to.
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octoberrain
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(Original post by J-SP)
If you count bonuses, they are around the mark already.

From a basic salary, probably not right now. If it did happen it would be around a 60% increase in less than 5 years. There have been significant jumps in the last 12 months, meaning it's less likely to happen again anytime soon.

However if firms save a load of money not having to put trainees through the LPC in the near future, that saving could be passed on to NQ level, especially if trainee salaries stagnate/drop which might happen with the SQE proposals.


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What do you mean by they would not have to put them through the LPC in the near future?
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octoberrain
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(Original post by J-SP)
SQE proposals means the GDL and LPC won't exist after 2020.


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Really?? And therefore graduates would go straight into training contracts?

That would be great, seeing that I'm going to graduate in 2021 or 2022
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octoberrain
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(Original post by J-SP)
Not quite. The training contract itself might not even exist.


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What would be their plan?
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mah1000000
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I just went on to the SRA website and this was the first part I could find:

We propose that in order to be admitted as a solicitor, individuals would need to pass a new centralised exam, called the SQE. This would be divided into two parts. The first stage would test a candidate’s ability to use and apply legal knowledge and the second stage would test legal skills. In addition to passing the SQE, new solicitors would need to:
  • hold a degree, apprenticeship (or equivalent)
  • have undertaken a substantial period of workplace training (probably 24 months, certainly no less than 18 months
  • meet our character and suitability requirements.
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J Papi
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Why are people so obsessed with this arbitrary £100k mark for MC? It's the Magic Circle. You train there to get the **** out as soon as possible and either go into a top in-house role or a better associate position in a US law firm. They don't need to increase salaries in line with US law firms as long as they are still getting a sufficient level of interest from the right sort of candidate.
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