Huge demand for corporate advice on Brexit lifts lawyers’ pay to a record high
Law firms are raking in record earnings amid huge demand for Brexit advice
Partners at Britain’s most prestigious law firms are raking in record earnings amid huge demand for Brexit advice.
Senior staff at the four so-called ‘Magic Circle’ businesses pocket far more than a million pounds a year, driven by corporate clients desperate for help with a surge in red tape and political uncertainty around the world.
Law firms have also raked in huge fees for advising on failed takeovers, including Linklaters which helped Sainsbury’s on a doomed £14billion merger with Asda.
The deal fell apart in February – but still cost Sainsbury’s £46million in fees.
Freshfields Bruckhaus Deringer is the most lucrative, oling out an average £1.8million to partners in the year to April – up 6 per cent on the previous 12 months and the highest figure ever.
Rivals Linklaters, Clifford Chance and Allen & Overy pay between £1.6million and £1.7million.
It comes as the big UK players compete with American rivals to attract the best talent.
Freshfields has hiked its starting salary for graduates to £100,000 in response to competition from the likes of New York-based Milbank, which starts its City staff on £143,000.