Starting Pay for UK BigLaw Attorneys Down 10% Since '09, Bonuses Rise, Says PwC Survey
The top 10 law firms in London have cut starting pay for newly qualified attorneys by about 10 percent this year. In U.S. dollars, at the current exchange rate, they are now getting about $92,000 when they start work, compared to about $100,000 in 2009.
But at the same time, according to a PricewaterhouseCoopers survey, the top 10 firms have increased bonuses, as a percentage of pay, for lawyers who have more than five years of seniority, reports the Financial Times.
Their bonuses now average a little over 20 percent of their salary, up from 15 percent in 2009.
“Lawyers have not been forced to take pay cuts, just smaller pay rises following promotions,” says partner Matthew Thorogood of PwC.
In the long run, however, as the economy improves, law firms may have to up the ante again or risk losing attorneys, he predicts.
