Salaries of newly qualified lawyers soar to £185,000

Wednesday 03rd August 2022 06:43 EDT

The average annual salary for a newly-qualified City lawyer has soared to £185,000 a year, as a war for talent in a tight labour market comes when reports of firms paying ”stupid money“ are rife.

Alan Bannatyne, chief financial officer and an industry veteran of 20-years’ standing, said the rise was “significantly up on everything” he’d seen previously, rising from £165,000 in January, in a trend that looks set to last.

Overall, Robert Walters reported what it called a “record first half” of its financial year, with profit before tax of over £26 million, up almost a quarter, from revenue of £538.6 million, up 16%. Net fee income in the UK rose 8% to £38 million. The pound’s decline is also playing a role in lifting salaries.

Bannatyne said the closest comparison to the state current jobs market was the “war for talent” of 2006. At that time, a boom in derivatives and the financialisation of mortgage-backed securities was gathering pace and ended in the financial crisis of 2007 to 2008.

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