Competition for the best lawyers is fierce and poaching frequent. Hence the need to keep headline PEP figures up even at the cost of getting rid of equity partners, leaving a bigger share of the bounty for the remaining ones. Freshfields is in the process of shedding around 100 of its equity partners. Other leading firms are also undertaking painful restructuring.
Newly qualified lawyers salaries have also been shooting up in the search for the best talent. Both Freshfields and Allen Overy now pay their first-year associates £65,000, rising to around £90,000 after three years.
But, as many other top-rank City employers have discovered, big earnings do not necessarily guarantee big satisfaction. According to a YouGov poll, published by the Lawyer earlier this month, a quarter of Britains lawyers would like to leave the profession. The disgruntled complained about cripplingly long hours, intense competition and the impersonality of the biggest firms . So why dont they quit? Because, say three-quarters, of the pay.
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