Connecting the world’s best legal talent
Connecting the world’s best legal talent
London Australian Insurance Legal Market & Salary Legal Market Guide Guide
Sonder Consultants Salary Guide
2020 Sonder Consultants Salary Guide 2019 London UK
Background Information 3
Lifestyle 3
Top Law Firms 3
Prinicipal Areas of Demand 3
Salary Guide 4
Meet the Team 5
SONDER INTERNATIONAL SEARCH CONSULTANTS 2 London
Top Law Firms Market Summary Magic Circle Silver Circle 2019 was an interesting year for the legal market in the UK. Despite Brexit, the UK legal market and UK Allen & Overy Ashurst based law firms performed quite well. According to Orchard Reports research, legal services as an industry was valued at £35.1 billion in 2018, representing a 6.3% increase on the previous year despite Clifford Chance Bryan Cave Leighton Paisner the impending threat of Brexit. With US law firms like Kirkland, Latham and White & Case recording Freshfields Herbert Smith Freehills
double digit growth and a number of magic circle law firms increasing their profit per equity partner, Linklaters Macfarlanes London law firms are in good health and remain very much in recruitment mode across the major Slaughter and May Travers Smith practice areas as we see out 2019. Mergers and Acquisitions activity in the UK, 2018/2019 was actually the second biggest since the GFC which gives some colour as to why there are so many active mid-level corporate M&A roles. On the flipside, if we look at the ECM market, this is where we can see more We have seen Magic Circle firms and US firms increase their NQ salaries quite significantly in cracks. IPO’S in the UK in 2019 was one of the worst performances since the GFC. Coming into 2020 we 2019. For instance Slaughter and May now pay their NQ's a salary of £92,000, which with a bonus expect capital markets to be a real growth area for a number of the big law firms, as even though the UK of around 8.5% would take total earnings to just over £100k. Freshfields also increased their NQ may leave Europe – there are not many other cities which can compete with London in terms of depth. salaries by 18% to £100,000 + bonus which is slightly higher than there magic circle rivals. The Taking a look at the dispute resolution market in London, we see this also moving from strength to move is a reflection of the recruiting power of the US firms in London, where NQs can earn up strength in 2020. As a practice group, it is being earmarked as a significant growth area for a number of to £143,000. With Milbank announcing last month that bonuses for their associates ranging from our key clients in London and moving into 2020, despite Brexit, it is hard to see the world’s biggest $15,000 to $100,000 to be paid on Dec. 31, the US law firm power shows no sign of slowing down. disputes not taking place or have some involvement in London anytime soon. Principal Areas of Demand How is life in London in 2020? • Corporate London is an incredible city, with an amazing character and charm despite Brexit, it remains high on the • Banking & Finance top of talented lawyers preferred destinations. Although it is a relatively expensive city, London has • Dispute Resolution learning opportunities, employment, business opportunities and investments abound. The city is vibrant • Restructuring & Insolvency and dynamic with a high level of competitiveness which makes London a trendy and fashionable • Intellectual Property business hub. Each person can find their place, with opportunities for professional growth in all • Projects industries.
Sonder Consultants launched our London office in 2019 as we see London to present a huge opportunity Did you know?..... and are optimistic about the city's future. The city has its own lively personality and the people are what make London so unique. If you are lawyer looking to develop and challenge yourself on the world's • There were 373 lateral moves by US law firms in London recorded in 2019, with 26.8% of biggest M&A deals or international disputes, London can offer you this and it has the charm to back it those moves being at the NQ level and 19% being at the partner level. up. • Sonder Consultants launched our London office in July 2019 meaning we are better placed than ever to make your dream move with the UK legal market become a reality.
SONDER INTERNATIONAL SEARCH CONSULTANTS 3 `
London US Firms
PQE Salary (USD) Salary (GBP)
2019 $190,000 £144,000 Salary Guide 2018 $190,000 £144,000 2017 $200,000 £151,000
2020 2016 $220,000 £167,000
2015 $255,000 £193,000
2014 $280,000 £212,000
2013 $305,000 £230,000 Magic Circle Silver Circle
PQE Salary (GBP) Salary (AUD) PQE Salary (GBP) Salary (AUD)
NQ £100,000 $175,000 NQ £85,000 $145,000
1 £105,000 $185,000 1 £92,000 $160,000
2 £112,000 $195,000 2 £100,000 $173,000
3 £120,000 $205,000 3 £108,000 $188,000
4 £128,000 $220,000 4 £116,000 $201,000
5 £135,000 $235,000 5 £125,000 $218,000
6 £145,000+ $255,000+ 6 £135,000+ $235,000+
* Based on average figures from the Magic Circle firms - please note that several Magic Circle firms raised their NQ salary to * All figures to be used as a guide and based off data from placements within a 12 month period. £100,000 in 2019.
SONDER INTERNATIONAL SEARCH CONSULTANTS 4 Meet the Team
Kevin Sinnott Tess Alves Lori Beattie Adam Rodda Managing Director Legal Search Consultant Principal Consultant Legal Search Consultant
[email protected] [email protected] [email protected] [email protected]
+61 2 8277 4511 +44 20 7796 8712 +44 20 7796 8713 +44 20 7796 8714
@Kevin Sinnott @Tess Alves @Lori Beattie @Adam Rodda
www.sonderconsultants.com www.sonderconsultants.com www.sonderconsultants.com www.sonderconsultants.com
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SONDER INTERNATIONAL SEARCH CONSULTANTS 5 Connecting the world’s best legal talent
INTERNATIONAL SEARCH CONSULTANTS
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