Best paid regions of law?

Hey,

I'm thinking of doing law at uni and then progressing to become a solicitor....and was wondering what the best paid areas of law are?
One of the things that draws me to law is the wages involved, so I don't want to get into an area which I will never earn more than 30k a year in.....I would dearly love to be earning c. 100k within a few years....or more lol, what areas could this wage be achieved in? I've been on totaljobs.com, and a few jobs come up with that sort of wage and more.....but is 100k + really a realistic figure for a solicitor/lawyer to be earning?
would this wage only be achievable in london or would somewhere like southampton/exeter also be an option?
thanks, kita xxx

Reply 1

Bagration

18

I think only London (or overseas... Singapore or Hong Kong or New York!) would get that much.

Reply 2

River85

17

You will not just walk into a firm and start earning a six figure salary within a handful of years.

The average salary for a trainee is 18-20k. With a few years experience you're looking at 40-70k (ish). To earn the bi bucks you would usually need to become a partner in a large (non-provincial) firm.

For the Law Society's recent report of salary in private practice see this

http://www.lawsociety.org.uk/secure/file/171103/171103.pdf

It also breaks it down according to area of law and region of the country (for starting salary, anyway). Generally speaking you're looking at being a partner of a medium to large firm in you're looking to earn around 100k. To become a partner in such a firm will take far longer than just a handful of years, in most cases.

I would also strongly advise against choosing a career based on financial rewards alone. There are better paid careers anyway.

Haveing said that, haven't you thought about becoming a barrister?

Reply 3

jacketpotato

20

It simply depends what type of firm you go to, and much more importantly how good you are.

Obviously, what you earn as a barrister is utterly dependent on how good you are (and how lucky you get).

As a solicitor, salaries for those on their two-year training contract range from 12k to 46k, and newly qualified salaries go up to 92k with some of the US firms in London, but you need to have a first from a top ten uni or a 2:i from Oxbridge to realistically have a chance with such firms.

You also need to be aware that the big bucks come with big hours, you need to be prepared to do all-nighters.

Reply 4

Lewisy-boy

11

Jacketpotato: you say that you need a first from a top 10 uni or a 2:1 from oxbridge to get into a US firm, but that is quite frankly wrong. I'm going to a top US firm paying 90k+ NQ and there are many people in my intake who you would not consider to be from 'top 10' unis. Those firms are not quite as elitist as many people make them out to be.

Also I'm unimpressed that you said a barrister's earnings are dependent on how good you are, which implies that solicitors it is not when obviously it is. If you aren't so good the best firms won't have you. Further, there are 'pay bands' for associates and if you aren't as good as your peers you will earn less and will get a significantly lower bonus. Also, the top US firms who you go on to talk about do not suffer low billing. IN the MC you get lots of people who never meet targets yet get kept on at the lower end of the pay band because of the way they gear their teams (1000s of associates who only ever do due diligence etc). In US firms this does not happen: you must hit target (and in many cases beat it) in order to be kept on as they work in much smaller teams who get much more involved in deals yet everyone pitches in on the DD.

You are, however, correct about the hours.

I'm impressed that no-one has come into this thread and said "omg no way you can't be a solicitor all you care about is money lol" YET. I'm glad the OP admits that they like the financial aspect ofthe job, rather than lying about wanting to 'grease the wheels of commerce' or some other vomit inducing comment.

Reply 5

Makaveli_The_Don

14

London.

Reply 6

River85

17

Makaveli_The_Don

London.

London what?

Reply 7

Lewisy-boy

11

He's basically saying London is where themoney is, which in England is definitely true.

Reply 8

Phil.Murray

2

If you go to a Magic Circle firm in London, you should be earning more than £100k after your first five years.

Reply 9

jacketpotato

20

Lewisy-boy

Jacketpotato: you say that you need a first from a top 10 uni or a 2:1 from oxbridge to get into a US firm, but that is quite frankly wrong. I'm going to a top US firm paying 90k+ NQ and there are many people in my intake who you would not consider to be from 'top 10' unis. Those firms are not quite as elitist as many people make them out to be.
I don't claim it to be true for all US firms, but certainly interviews with graduate recruitment partners and a cursory glance at the intake to firms like Latham Watkins and Cleary seem to show to me that the top US firms are really looking for a first from a top ten uni or 2:i from Oxbridge, this is certainly what Cleary's graduate recruitment partner said in an interview with lawyer2b. Its not 'elitism', but simply because they want the best people. I'm not claiming that its impossible for someone who didn't go to a very good uni to get in with these firms, it is just very unlikely.
I think the op just needs to be aware of the very high standard that is required to get a job at a top firm.

Also I'm unimpressed that you said a barrister's earnings are dependent on how good you are, which implies that solicitors it is not when obviously it is. If you aren't so good the best firms won't have you. Further, there are 'pay bands' for associates and if you aren't as good as your peers you will earn less and will get a significantly lower bonus. Also, the top US firms who you go on to talk about do not suffer low billing. IN the MC you get lots of people who never meet targets yet get kept on at the lower end of the pay band because of the way they gear their teams (1000s of associates who only ever do due diligence etc). In US firms this does not happen: you must hit target (and in many cases beat it) in order to be kept on as they work in much smaller teams who get much more involved in deals yet everyone pitches in on the DD.

Of course solicitor's earnings depend on how good you are, but there is less risk and thus less immediate reward for talent in solicitors firms. Many London firms give the same bonus to everyone. You say that US firms fire people who don't hit targets; but realistically US firms in London are making really great efforts to retain everybody they can, not meeting targets and getting fired is not a common occurence. The fact is that due to the salaried nature of solicitor's work, and the fact that solicitors work in teams, there is a great deal more job security. As a barrister, if your work sucks, you don't get paid: if its brilliant, you get shed-loads. Similarly, during times of rescession, as a solicitor you have a set salary and still get to go home early, as a barrister it simply depends on how much work you can get. OFC commercial firms are very meritocratic, but people are not earning their own money and are not subject to the same risks that barristers are.

Reply 10

Mithra

2

Lewisy-boy

Also I'm unimpressed that you said a barrister's earnings are dependent on how good you are, which implies that solicitors it is not when obviously it is.

Well obviously, every job the salary is basically dependent on how good you are (very vaguely in some) but since barristers are basically self-employed theirs is much more dependent on this.

Lewisy-boy

I'm impressed that no-one has come into this thread and said "omg no way you can't be a solicitor all you care about is money lol" YET. I'm glad the OP admits that they like the financial aspect ofthe job, rather than lying about wanting to 'grease the wheels of commerce' or some other vomit inducing comment.

Well then let me be the first :smile:

. I personally think its disgusting that ANYONE would choose ANY job solely because they want to earn lots of money. I can fully understand why people do choose a job because of this though. But hey, if you want to waste your life in a job you don't really enjoy just in the hope of making a lot of money have fun :p:

.

Reply 11

Lewisy-boy

11

Well he said "one of the things" was the money implying that other things interest him. Hell, if only money did he could become an investment banker or similar.

I knew the comment was about barristers being self-employed, but I felt the issue needed some clarification because it seemed to suggest that once you got a job as a solicitor you could rest on your laurels and effectively just get free money.

Reply 12

Bmoody

12

Along the same lines:

Here in the U.S., lawyers charge per hour rates based on their experience. When courts award lawyers their unpayed dues, it is the lawyers experience that determines the hourly rate.

What is the hourly rate for barristers in England based on experience? Or, rather, would an experienced lawyer charge much more for the same job?

Reply 13

kasey3000

OP

If I got a 1st class degree from southampton.....would I ever be able to work in one of the magic circle firms? Or would I absolutely HAVE to get a degree from oxbridge or London?

Reply 14

chalks

14

kasey3000

If I got a 1st class degree from southampton.....would I ever be able to work in one of the magic circle firms?

Yes

Or would I absolutely HAVE to get a degree from oxbridge or London?

No

...

Reply 15

chalks

14

Bmoody

Along the same lines:

Here in the U.S., lawyers charge per hour rates based on their experience. When courts award lawyers their unpayed dues, it is the lawyers experience that determines the hourly rate.

What is the hourly rate for barristers in England based on experience? Or, rather, would an experienced lawyer charge much more for the same job?

Hourly rates for both solicitors and barristers increase with the individual's experience, area of expertise and ability.

Rates at the Bar can go from extremely low for Legal Aid related work through to 1000 pounds an hour for the top handful of silks. City law firms' rates vary from 150 or so for a trainee/paralegal to 500 for partners in standard areas to 750 for partners in the niche practices such as tax or competition.

Reply 16

2026

15

kasey3000

If I got a 1st class degree from southampton.....would I ever be able to work in one of the magic circle firms? Or would I absolutely HAVE to get a degree from oxbridge or London?

Southampton's got a solid law department, so I don't think you'll face much prejudice if you achieve a 1st class degree from that institution.

Reply 17

The Sherminator

16

Maybe don't worry about what the top wage you can earn is, work hard at uni get the 1st/2:1 and then move up the working ladder?
Do a job you love, not something that pays a lot :rolleyes:

However if you love something and it pays a lot, you have the perfect match :biggrin:

Top lawyers for the big firms can earn alot but they will be Corporate Lawyers for firms doing extremely well.
Criminal lawyers get paid a lot to, easy to see why...

Reply 18

kasey3000

OP

If when I'm at uni, I didn't cover an area of law such as family law, would I be able to pick it up in my training contract etc and then practice in it when I'm qualified or can you only practice areas of law you covered at uni?

Reply 19

chalks

14

You can practice in areas which you did not cover in your law degree.

Best paid regions of law?

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