Jamie Tredgold’s Post

Why stay in a model that doesn't even match cost of living increases? Decide your own salary as a Consultant Solicitor and work with me to develop a business plan to achieve it in any area of law you love! DM me to arrange a chat today about the Taylor Rose Business Partnership model.

Clifford Chance have just matched Freshfields Bruckhaus Deringer's and Linklaters' GBP£150,000 for NQ lawyers. Paul Hodkinson of Law.com International asks "Is there a maximum number in this salary race?": "The gap between the leading U.S. firms and everyone else has been growing for some time. When law firm leaders talk about the emergence of a global elite—a breakaway group of the top international law firms—they almost always include themselves in the group, regardless of who they are. They talk about the quality of their lawyers and their geographical reach. But it seems to me that the law firms paying the highest junior lawyer salaries would be the most logical group to consider as global elite contenders given they can already afford to pay so much and they will no doubt be attracting the best young lawyers. ... It is apt then that the salary differentials between firms are widening, suggesting some will struggle to keep up. Freshfields Bruckhaus Deringer wants to be on a higher level than its U.K. peers so upped its rates to a quasi-mid-Atlantic rate. Quinn Emanuel Urquhart & Sullivan didn’t like being on the same level as Freshfields so bumped its own salaries to Cravath levels. When the time comes for the likes of Milbank to announce their own rates towards the end of the year, you can be sure they will try to out-do their rivals. And then we will no doubt see the likes of Cravath and Davis Polk & Wardwell announce an even higher level, which everyone rushes to match. #SalaryWars #BigLaw #JamesonLegal https://lnkd.in/eqrj9_2X

JMC's London Director, Charlie Simpkin, recently spoke to the financial website, "This is Money" about City NQ pay. The war for talent at leading law firms shows no sign of slowing as experts predict junior pay could soon top £200,000 a year. An elite group of US firms has increased pay for newly qualified staff in London to as much as £180,000 as salaries soar on both sides of the Atlantic. And UK rivals in the so-called Magic Circle – five of the most prestigious London-based firms that historically dominated the legal scene – are offering junior lawyers up to £150,000 a year as competition intensifies. It means many newly qualified lawyers – who are in their 20s and only a few years out of university – are earning four or five times the average London salary of £35,000. Our Director of London, Charlie Simpkin commented "‘The financial power of US law firms is formidable.’ He added that fear among UK firms about American rivals was warranted as ‘many lawyers opt to move to US law firms where they may face only a slight increase in pressure but can achieve a substantial increase in earnings’. https://lnkd.in/eJrHNxqq

"The biggest U.S. law firms typically adjust their salaries and annual bonuses within days or weeks of one another to remain competitive. Associates at top firms now make between $225,000 and $435,000 in base salary before bonuses, based on class year." (Reuters) https://lnkd.in/e4z-U7aP #biglaw #legalpay #legalindustry #legalmarket

Interesting article below detailing the working habits and expectations placed on junior lawyers from US and City firms. Do you think the salaries make up for 70-80+ hour weeks? It would be interesting to get some thoughts from the solicitors who work at these firms! Whilst I cant promise any firms offering £180k as an NQ, I do have the following standout junior-to-mid-level roles that will give you excellent work without demanding your every waking hour: ➡ Private Client Solicitor - NQ-2 PQE - Oxfordshire ➡ Contentious Private Client Solicitor - NQ-3 PQE - Tunbridge Wells ➡ Corporate Solicitor - 1-4 PQE - Reading ➡ Residential Property Solicitor - 3+ PQE - Kingston Get in touch to learn more about these roles or the market in general: ☎: 0117 945 1634 📱: 0773 370 0509 💻: [email protected] #lawyersoflinkedin #legalcareer #legaljobs #lawjobs #lawcareers

CLIENTS/FIRMS: Why Are Lawyers Leaving? Discover the key reasons behind the exodus of junior lawyers from their firms and what employers can do to retain them. https://lnkd.in/ea6hr7yJ #LegalInsights #CareerChange #OnwardRecruiting

Law Firms Boost Associate Salaries Amid COVID-19: What It Means for Careers #associatecompensation #associatesalaries #careergrowthanddevelopment #COVID19impactonlegalindustry #lawfirmcompetition

Law Firms Boost Associate Salaries Amid COVID-19: What It Means for Careers #associatecompensation #associatesalaries #careergrowthanddevelopment #COVID19impactonlegalindustry #lawfirmcompetition

The War for Talent in the Legal Sector: A Competitive Landscape The "war for talent" in the legal sector is intensifying, especially in major markets like London. A recent hiring spree by Paul Weiss has brought this issue into sharp focus, with firms competing fiercely for top legal talent. This battle has driven salaries for newly qualified lawyers to unprecedented levels, with some now earning over £180,000 annually. The competition for top lawyers is primarily fuelled by booming private equity deals and high-value litigation work, with US firms often offering higher compensation than their UK counterparts. However, this rapid increase in salaries has created challenges. While newly qualified lawyers benefit from higher pay, more experienced associates feel the strain of "compression," where pay rises for juniors are not matched for mid-level lawyers. Some firms are exploring alternative ways to attract and retain talent beyond just financial incentives. Innovative strategies like compressed workweeks, flexible working arrangements, and new measures to prevent burnout are becoming more common, reflecting a broader focus on well-being and work-life balance. As competition heats up, firms are also introducing substantial referral and retention bonuses, creating additional incentives to secure and keep the best talent. With shifting priorities, including the desire for better work-life balance and flexibility, the landscape of legal talent acquisition is evolving rapidly. To stay ahead, firms must adapt to these new realities and find the right balance between financial and non-financial benefits to attract and retain top talent. Read the full article on our website to learn more about these trends and their impact on the legal market: https://lnkd.in/enDWshdr

UK law firms are experiencing a salary war that may impact their ability to expand and compete. This article delves into the potential consequences and challenges faced by these firms. Read more about this ongoing issue. #LawFirms #LegalIndustry #Salaries #BusinessStrategy #UKLaw https://lnkd.in/eHgR8DCy