It has always been the common perception that lawyers and solicitors have the best paid jobs in the land, but how are legal jobs performing salary wise in this day and age. Certainly in 2005 it seemed to be the case with it being reported a select few of solicitors would be pocketing around the £1.3m mark for the year.
Just over 10 years on from 1997, it seems salaries are still in a strong position. At the beginning of the 21st Century, the downturn in the economy affected the legal profession, making the market considerably quieter. However, in 2005, it was also shown that the top 100 firms in the country netted a collective profit of almost £3bn, more than double what it was in 1997, which no doubt will be reflected in the salaries for legal jobs.
Over the last couple of years there has been a sustained period of growth and profits, with the market seeming incredibly buoyant. Legal jobs and their salaries obviously are very dependant on the areas of the UK and the various economic climates there.
For instance, despite growth in the northwest in terms of law, the area of Sheffield will typically offer Newly Qualified (NQ) solicitors around 29,000, where as in the Thames Valley, London, NQ’s will be offered around £37,000, although the top rate in the North West, for NQ’s, has risen to £38,000.
You may think this perception is stating the obvious, but many average salaries have been cut in the area of London, due to the credit crunch. Other signs the credit crunch hasn’t affected solicitor jobs is that there are plenty of legal jobs available in East Anglia and London, especially in the areas of corporate and commercial property.
The abundance of corporate law jobs is partly due to difficulties recruiting for them at the moment and due to this, they tend to be in the top end of salary bands. This isn’t just an issue in the South East and is reflected throughout the country, with firms having to pay a premium for these lawyers from rival firms.
Another noted trend, which has been happening more and more over the last 2 years is the gap between the high fliers and other solicitors. This can be attributed toward the top-tier firms fighting to acquire the best lawyers, meaning firstly these firms will have the highest paid solicitors and the smaller firms will have some of the lowest. The second reason is because these firms want the best lawyers, meaning they are willing to pay over the odds for them, creating a bigger gap between the best and the rest.
Legal jobs are currently on the up, moving from strength to strength in terms of opportunities and salaries, but with talks of a recession on the horizon, circumstance can change. However, all in all, it is fair to say if you are a talented debater, have a passion for law, want a fast car and large house; a legal job might be the profession for you.
