Are you considering becoming a lawyer in London but wondering if the salary is worth the hard work and long hours? It’s natural to have questions about the earning potential of this highly respected profession. In this article, we’ll look at how much lawyers earn in London and what factors can affect their salaries.
Factors Affecting Lawyers’ Salaries in London
The amount a lawyer can earn in London varies depending on several factors, including:
- Specialty: Lawyers specializing in niche areas such as tax or intellectual property law tend to earn more than those practicing general law.
- Experience: As with any profession, experience plays a vital role in determining a lawyer’s salary. Newly qualified lawyers can expect to earn less than their more experienced counterparts.
- The size of the firm: Lawyers working at large law firms often earn more than those working at smaller firms.
- Location: London is known for being one of the most expensive cities in the world. The cost of living and working in London means that lawyers practicing in the city can often command higher salaries compared to those practicing elsewhere.
The Average Salary for Lawyers in London
According to data from Glassdoor, the average base pay for a lawyer in London is around £72,000 per year. However, this figure varies widely depending on experience, specialty and location.
For example, newly qualified lawyers (NQs) can expect to earn around £40,000 to £70,000 per year, while senior associates with 5-7 years’ experience may be earning between £90,000 and £150,000 per year. Partners at leading law firms can expect to earn six-figure salaries.
Salaries by Specialization
As mentioned earlier, specialization plays an important role in determining a lawyer’s salary. Here’s a breakdown of the average salaries for some of the most common legal specializations in London:
- Corporate Lawyer: £110,000 to £130,000
- Intellectual Property (IP) Lawyer: £85,000 to £105,000
- Tax Lawyer: £80,000 to £110,000
- Criminal Lawyer: £35,000 to £70,000
- Family Lawyer: £35,000 to £60,000
Conclusion:
In conclusion, lawyers in London can earn a good salary. However, as with any profession, the amount you can expect to earn depends on several factors such as experience and specialization. Hopefully this article has given you an idea of what you can expect in terms of earning potential as a lawyer in London.