Is law a well paying profession?
Discussion
Yes. I instructed a QC today. £500 per hour!
One of my friends worked for a city law firm. He did well if he left by 10 pm inthe evening often worked into the small hours, then back in at 8 the next morning. He was paid well, got good experience and now has more normal hours at a less coroporate solicitor firm in london Think he still gets £50k plus
One of my friends worked for a city law firm. He did well if he left by 10 pm inthe evening often worked into the small hours, then back in at 8 the next morning. He was paid well, got good experience and now has more normal hours at a less coroporate solicitor firm in london Think he still gets £50k plus
Edited by covmutley on Thursday 3rd November 22:25
At the bottom of the pyramid, well paid, but you are worked very,very hard for long hours.
In the middle of the pyramid, very well paid, work very hard, for long hours.
At the top, in a good field (not family or criminal), minted to stratospheric, still working very hard for long hours.
At all levels the stress level is high to hideously high. At the bottom, you screw up and you're out. In the middle, you screw up and you don't make it to the top. At the top, you screw up, you try to blame someone else, but you run the risk of the client blaming you and the golden goose gets put to the sword.
It's also a profession in which there are no shortage of people trying to get ahead by proving to someone (their boss, their client, your boss, your client, a judge) that they are cleverer than you. You need a lot of self belief, and ideally the ability to match.
In the middle of the pyramid, very well paid, work very hard, for long hours.
At the top, in a good field (not family or criminal), minted to stratospheric, still working very hard for long hours.
At all levels the stress level is high to hideously high. At the bottom, you screw up and you're out. In the middle, you screw up and you don't make it to the top. At the top, you screw up, you try to blame someone else, but you run the risk of the client blaming you and the golden goose gets put to the sword.
It's also a profession in which there are no shortage of people trying to get ahead by proving to someone (their boss, their client, your boss, your client, a judge) that they are cleverer than you. You need a lot of self belief, and ideally the ability to match.
covmutley said:
Yes. I instructed a QC today. £500 per hour!
One of my friends worked for a city law firm. He did well if he left by 10 pm inthe evening often worked into the small hours, then back in at 8 the next morning. He was paid well, got good experience and now has more normal hours at a less coroporate solicitor firm in london Think he still gets £50k plus
correct me if i'm wrong but 15 hr days for 50k - 40% tax = waste of life .... or is there something I'm missing?One of my friends worked for a city law firm. He did well if he left by 10 pm inthe evening often worked into the small hours, then back in at 8 the next morning. He was paid well, got good experience and now has more normal hours at a less coroporate solicitor firm in london Think he still gets £50k plus
Edited by covmutley on Thursday 3rd November 22:25
Z064life said:
I was recently speaking to someone who is 26 and works in law, and earns 50k+.
Is law really such a good paying profession? And if so, how much stress is involved?
Thanks
My mate is 23 he moves onto £64k in feb with his magic circle firm. I'd say it was decent money. Is law really such a good paying profession? And if so, how much stress is involved?
Thanks
He does work hard for it though, poor lad.
I know a 25 yr old trainee in a city solicitors on 35k ish, in two years will be on over 60k apparently. When they arrive in the morning they don't know if they will be there till 8pm or 2am though. Also known to be called in on saturday nights etc. Outside of the city it must vary enormously, it's a huge field.
crackthatoff said:
correct me if i'm wrong but 15 hr days for 50k - 40% tax = waste of life .... or is there something I'm missing?
The opportunity to add a zero on the end when you've done the hard hours through your twenties and thirties, and retire comfortably. Is pushing life as the rest of us know it to post-retirement. Which is not hugely likely in such a stressy job.crackthatoff said:
covmutley said:
Yes. I instructed a QC today. £500 per hour!
One of my friends worked for a city law firm. He did well if he left by 10 pm inthe evening often worked into the small hours, then back in at 8 the next morning. He was paid well, got good experience and now has more normal hours at a less coroporate solicitor firm in london Think he still gets £50k plus
correct me if i'm wrong but 15 hr days for 50k - 40% tax = waste of life .... or is there something I'm missing?One of my friends worked for a city law firm. He did well if he left by 10 pm inthe evening often worked into the small hours, then back in at 8 the next morning. He was paid well, got good experience and now has more normal hours at a less coroporate solicitor firm in london Think he still gets £50k plus
Edited by covmutley on Thursday 3rd November 22:25
randlemarcus said:
The opportunity to add a zero on the end when you've done the hard hours through your twenties and thirties, and retire comfortably. Is pushing life as the rest of us know it to post-retirement. Which is not hugely likely in such a stressy job.
The successful ones rarely retire though, because they love it. The unsuccessful ones can't afford to.
That said, one of my mates in a magic circle firm retired in his early 40s. Mainly because three of his mates dies in quick succession. One was found stone dead on the kitchen floor by his kids one week day morning. Pre 6 am start, massive heart attack whilst making breakfast.
Sub-optimal, IMO.
covmutley said:
He was on more than £50k for those hours, I think about 65, but no it wasn't worth it.
still not really impressive, (brain guesswork) 1250 per week for 75 hours is around £17 per hour - £6.80 tax means £10.20 per hour take home - N.I?My maths must be wrong somewhere, I earn less but work considerably less !
t I knew I should have studied at school thats amazing/ridiculous !All very City centric most of this though.
Like everything it is a pyramid from the lowest rung which makes you wonder why you didn't consider a career in retail for the financial return, to the big City Firm's highest earning partners on figures that would make Tony Blair feel poor.
You can enjoy a nice living with hard work and good brains.
The smarter you are and the more money orientated you are the more money you can earn. That is not to say that all the smartest chase the money nor that all those that are at the top are the best brains in the business.
Throughout the whole thing though, as a total generalisation, yes it is, but what figure do you put on well paid and how much value do you place on work/home life balance?
Like everything it is a pyramid from the lowest rung which makes you wonder why you didn't consider a career in retail for the financial return, to the big City Firm's highest earning partners on figures that would make Tony Blair feel poor.
You can enjoy a nice living with hard work and good brains.
The smarter you are and the more money orientated you are the more money you can earn. That is not to say that all the smartest chase the money nor that all those that are at the top are the best brains in the business.
Throughout the whole thing though, as a total generalisation, yes it is, but what figure do you put on well paid and how much value do you place on work/home life balance?
Rude-boy said:
All very City centric most of this though.
Like everything it is a pyramid from the lowest rung which makes you wonder why you didn't consider a career in retail for the financial return, to the big City Firm's highest earning partners on figures that would make Tony Blair feel poor.
You can enjoy a nice living with hard work and good brains.
The smarter you are and the more money orientated you are the more money you can earn. That is not to say that all the smartest chase the money nor that all those that are at the top are the best brains in the business.
Throughout the whole thing though, as a total generalisation, yes it is, but what figure do you put on well paid and how much value do you place on work/home life balance?
This is the crux of it. City Firm = You will be the best paid trainee but you will put in the hours. Some American firms pay around the £90k mark for NQ solicitors but they will get their money's worth from you.Like everything it is a pyramid from the lowest rung which makes you wonder why you didn't consider a career in retail for the financial return, to the big City Firm's highest earning partners on figures that would make Tony Blair feel poor.
You can enjoy a nice living with hard work and good brains.
The smarter you are and the more money orientated you are the more money you can earn. That is not to say that all the smartest chase the money nor that all those that are at the top are the best brains in the business.
Throughout the whole thing though, as a total generalisation, yes it is, but what figure do you put on well paid and how much value do you place on work/home life balance?
Work outside the City and then yes your pay goes down but you shouldn't be, easier said than done (!), working massively long hours. A good sized regional firm in the top 50 firms will likely pay £25k to a 1st year trainee, £27k to a second year and then £34/5k to an NQ. That's good money in my opinion in your mid 20s. Also, you should get a good work life balance.
I work in house so the pay is good, the hours are good and the work is pretty varied. No time recording and lawyers offering to take me out for lunch! It's the way forward!!
Also, for the chap who instructed the QC for £500 per hour, he may get the money but some will be for clerk's fees, chambers rent etc. Still as a QC he will be top of the tree, like a partner in the big City firms, and will have worked his socks off to get there.
I left school at 16 and was a junior clerk (or gofer/tea boy!) in a large barrister chambers in Manchester (around 20 years ago)
Senior Clerks were on over £100k (these are basically the admin managers who negotiate rates with solicitors and have a small admin team to organise the barristers diaries. Each barrister pays the chambers a percentage of their ernings and also the Senior Clerk get basic wage plus percentage of each bar's earnings (Senior clerk/Office Manager at another chambers nearby drove a ferrari)
So thats just the admin people!
Some QC's earned over £1m (and some refused offer to become Judges due to large salary drop. Most take it due to the prestige)
I recall the Senior clerk telling me the highest a pupil (trainee barrister, spend a year in chambers as work experience) ever earnt was £90k but he worked into the early hours and could easily have gone mental - £90k was a hell of a lot 20 years ago particulary for a trainee barrister!
Senior Clerks were on over £100k (these are basically the admin managers who negotiate rates with solicitors and have a small admin team to organise the barristers diaries. Each barrister pays the chambers a percentage of their ernings and also the Senior Clerk get basic wage plus percentage of each bar's earnings (Senior clerk/Office Manager at another chambers nearby drove a ferrari)
So thats just the admin people!
Some QC's earned over £1m (and some refused offer to become Judges due to large salary drop. Most take it due to the prestige)
I recall the Senior clerk telling me the highest a pupil (trainee barrister, spend a year in chambers as work experience) ever earnt was £90k but he worked into the early hours and could easily have gone mental - £90k was a hell of a lot 20 years ago particulary for a trainee barrister!
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