How the other half lives: Pay for London “magic circle” lawyers at a record high
Part of working in-house at a company involves a tradeoff: You might earn less than a partner in a global megafirm, but you have one client, closer relationships and perhaps even a saner life. And those stock grants aren’t bad, either. But those pay packets for top London lawyers might inspire envy, with The Financial Times reporting (subscription/registration required) that they’ve hit new records.
The report says that partners at Freshfields Bruckhaus Deringer led the way, with their average compensation rising 6 per cent to £1.8million, or $2.25 million in the 12 months that ended in April. Average draw for equity partners at rival big “magic circle” law firms Linklaters, Clifford Chance and Allen & Overy also rose to between £1.6 million and £1.7 million ($2 million-$2.12 million). The managing partner at Allen & Overy, Andrew Ballheimer, credited an increasingly stringent global regulatory climate for the pay rise. Oh, and Brexit.
Some other tidbits: Allen & Overy’s profit per equity partner rose 1 percent to £1.7 million while overall pre-tax profits for the firm climbed to £708 million. Rival Freshfields said regulatory work had helped drive revenues 5 percent higher to £1.5 billion, or $1.87 billion, a decent take for a private company. You’ll have to read the whole report; the link appears above.