Banking Lawyers – Bonuses Out, Pay-rises In
With many NQs and associates seeing salaries cut, private practice lawyers may feel a tinge of envy at the thought of their contemporaries in banks getting an increase in pay. Research by recruitment consultants Sheffield Haworth found that a number of banks have increased wages for their internal legal personnel, in some cases by as much as 20%. UBS, Goldman Sachs and Morgan Stanley have all increased wages for in-house lawyers in a bit to offset some of the falls …
With many NQs and associates seeing salaries cut, private practice lawyers may feel a tinge of envy at the thought of their contemporaries in banks getting an increase in pay. Research by recruitment consultants Sheffield Haworth found that a number of banks have increased wages for their internal legal personnel, in some cases by as much as 20%.
UBS, Goldman Sachs and Morgan Stanley have all increased wages for in-house lawyers in a bit to offset some of the falls in bonus payments. On the down-side, bonuses have shrunk by as much as 50%. Wages at investment banks range from £60,000 to £90,000 for entry level lawyers. Nice work if you can get it.
More on salary freezes:
Tightening Up – A&O NQ Salaries and Hammonds Profit Payouts
Redundancy Watch: US Firms. Clifford Chance Salary Freeze.
June 10, 2009
Even though the pay is still good, I’d rather have the broader opportunities available in private practice right now than be stuck in a bank. Banks are not going to be as exciting as they have been for some time.
June 10, 2009
Banking will always be more glamourous than law. I though most City lawyers are the sorts that would have been bankers if they could but opted for 2nd best.