How much does salary differ between practice areas at the same firm?

[ginevrafanshawe]

Hi everyone,

I've recently come across some articles, blog posts etc which suggest that areas such as pensions and employment have a much better work-life balance than areas like M&A and private equity. However, I've also seen that it's common for firms to structure their salary scale by years of experience.

So, if there are two people at the same firm with the same number of years of experience, but one is in an area with much better work-life balance and the other is frequently doing 12 hour days, do they still get paid the same salary? Is it perhaps the same base salary, but the one with longer hours gets a bigger bonus?

Thanks in advance for any replies!

 

[Jessica Booker]

Hi everyone,

I've recently come across some articles, blog posts etc which suggest that areas such as pensions and employment have a much better work-life balance than areas like M&A and private equity. However, I've also seen that it's common for firms to structure their salary scale by years of experience.

So, if there are two people at the same firm with the same number of years of experience, but one is in an area with much better work-life balance and the other is frequently doing 12 hour days, do they still get paid the same salary? Is it perhaps the same base salary, but the one with longer hours gets a bigger bonus?

Thanks in advance for any replies!

Many firms will work on a salary band rather than a fixed figure like you have as a trainee.

So certain departments might be at the higher end of that band.

Performance bonuses will also create quite a difference in total salary.

 

[Lisa Lowe]

Many firms will work on a salary band rather than a fixed figure like you have as a trainee.

So certain departments might be at the higher end of that band.

Performance bonuses will also create quite a difference in total salary.

Thanks Jessica.

Do the departments that bring in more money for the firm pay at the higher end of each band? E.g. how does a law firm determine which departments can pay at the higher end of bands?

 

[Jessica Booker]

Thanks Jessica.

Do the departments that bring in more money for the firm pay at the higher end of each band? E.g. how does a law firm determine which departments can pay at the higher end of bands?

Salary bands also depend on individual performance, (although for some firms individual performance in part will be measured/calculated by billable hours).

But you could be a exceptional performer in one department and work fewer hours than another colleague who has a lower performance rating but is working higher

Some firms may also calculate, in part, performance (and therefore bonus) by department performance too though.

There’s so many variables at play here, it’s hard to give a clear if you do this you’ll get more money.

As there is no one way remuneration is calculated, it’s always best to find out from your firm how it works (or the firm you are looking to move to).

 

[futuretraineesolicitor]

Q1. Does anyone know of any article that talks about the salary difference between the silver circle and the magic circle law firms beyond the NQ level and basically how the gap widens year on year?

Q2. How common and easy is it to do the TC with an SC firm and then move on to an MC right after your TC? Do people do it all the time or is it not that common?

I'd be really grateful if someone could answer these questions as well.

 

[Jessica Booker]

Q1. Does anyone know of any article that talks about the salary difference between the silver circle and the magic circle law firms beyond the NQ level and basically how the gap widens year on year?

Q2. How common and easy is it to do the TC with an SC firm and then move on to an MC right after your TC? Do people do it all the time or is it not that common?

I'd be really grateful if someone could answer these questions as well.

1) not entirely up to date, but gives you a rough indication of salary differences: https://www.rollonfriday.com/inside-info

2) It happens - although how common will vary between firms, practice areas and even demand in the market at the time. I wouldn’t say it happens all the time - but it does happen.

 

[Kubed]

Q1. Does anyone know of any article that talks about the salary difference between the silver circle and the magic circle law firms beyond the NQ level and basically how the gap widens year on year?

Q2. How common and easy is it to do the TC with an SC firm and then move on to an MC right after your TC? Do people do it all the time or is it not that common?

I'd be really grateful if someone could answer these questions as well.

Just to add to the above for Q2 - you can do quite detailed searches using the 'Advanced Search' function on LinkedIn if you have any two specific firms in mind. It will throw up a list of individuals who've made the moves you're interested in.