Law Practice Management
Despite Downturn, Top UK Lawyers Make Mega-Money
Posted Nov 11, 2009, 05:53 pm CST
By Martha Neil
Although the economic downturn has lightened the wallets of even the highest-paid lawyers, many are still bringing home seven-figure paychecks.
Among the top London-based BigLaw firms, partners made about 20 percent less in 2008-2009 than the previous fiscal year, reports the London Times. But they still earned an average profit of 872,000 pounds—or $1.457 million in U.S. dollars, at the current exchange rate—according to a PricewaterhouseCoopers survey.
At lower-ranked London-based firms, partners saw profits plummet about 28 percent.
Starting salaries for associates, which had hit a high of $165,000 or so in U.S. dollars, in recent years were cut an average of 8 percent, a legal recruiter told the newspaper.