The starting salaries at global law firms seem to increase yearly – but besides money, what other unique experiences do you get when working at an international outfit?
to find out what else is on offer at international law firms.
The starting salaries that global law firms are prepared to pay for newly qualified and junior lawyers are jaw-dropping to some. Clifford Chance recently hiked annual pay for junior lawyers in the UK to £125,000. This figure matched magic circle peer, Freshfields Bruckhaus Derringer, who also bumped up the salaries of newly qualified lawyers.
US firms are known to pay junior lawyers in the UK even more. Davis Polk & Wardwell, for instance, now pays its new junior lawyers £160,000.
However, pay is just one reason why lawyers decide to leave their jobs. In the UK, only 35% gave better pay as a reason to leave their job.
Robert Shooter, managing partner of European law firm, Fieldfisher, says," The large US firms are very sophisticated outfits and offer rewarding careers for their people. However, US firms, in particular, largely run their offices from the US and have US expectations of their people."
According to Shooter, as a generalisation, this means if you're working for a US law firm, but work from the UK, the focus is likely to be almost entirely on your financial metrics (such as chargeable hours) rather than any wider contribution.
The billable hour expectations at US firms are typically higher than UK-headquartered outfits. The average at the top 10 UK firms sits at 1,373 per year, according to . Yet at US firms, targets often sit between 1,700 and 2,300 hours per year.
No one gives money away for free - often, higher salaries come with higher expectations.
This is evident when we look at the average working day hours. measured the average start and finish times for lawyers across a wide range of law firms and found junior lawyers at UK firms work just over 10 hours daily. This number jumps to around 14 hours per day for those working at US firms.
Download: The pros and cons of the global law firm
Besides higher salaries, Mike Francies, managing partner of Weil, Gotshal & Manges' London office, argues that the experience you can get at an international law firm can be far broader than a local outfit. "The clients and deals are much more international, in my experience. It is very rare to work on matters which are solely UK-based."
However, Francies also pointed out that lawyers working at US-based firms are exposed to greater responsibility earlier in their careers.
"In addition, because the teams tend to be smaller at US firms in London, there is much more opportunity to work on a greater variety of transactions, whereas, in a big, UK-based firm, you often don't get the opportunity to do so."
Shooter says all good firms, wherever they are headquartered, can offer good quality work, access to technology, innovation, etc.
The pressure to meet strict hourly targets can be detrimental to mental health and well-being. 12% of UK legal workers gave reducing stress as a reason for changing jobs.
According to Law Care's report, more than two-thirds of lawyers in the UK and Ireland have recently suffered some form of mental ill health, with only 56% of those saying they had talked about it at work.
"No matter how much amazing work you're doing, if you're not putting in those long hours, you're not seen as being committed, and you're not going to progress in the law firm," says a senior lawyer from a well-known firm.
However, some don't believe the billable hour is responsible for lawyer stress.
"While it's certainly true that months and years on end billing tonnes and tonnes of hours is typically a recipe for burnout and other well-being challenges, it's not accurate to put all of the blame on the billable hour," says Krista Larson, director of well-being at US-based firm Stinson. "It's often more of a quality than a quantity issue and not being able to have more autonomy and flexibility over one's time."
To address mental health awareness, many law firms hire wellness professionals to oversee well-being programmes and create an environment where people recognise the need to look after their mental health.
Besides mental-health pressures, high billable hours targets and longer workdays mean less family time or time for other activities. According to the Law Care report, 28% of law professionals feel they must be available for their clients 24/7, while 65% check emails outside work hours to keep up with their workload.
So, whilst higher salaries are among the top reasons lawyers leave their jobs, 24% of UK legal workers say they would change jobs for a better work-life balance.
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As much as higher salaries and work-life balance are important factors when joining a new firm, many young lawyers are conscious about joining a firm that aligns with their beliefs.
To attract and retain top legal talent, many international law firms are moving towards increasing diversity among their legal talent, introducing sustainability initiatives, or promoting more pro bono opportunities.
Morgan Lewis, for example, has its Mobilising for Equality (MFE) global task force, which consists of hundreds of lawyers and non-lawyers who develop meaningful projects on racism, power, and privilege through various platforms, such as discussions with clients and a robust internal training programme.
Corporate social responsibility to positively impact society and sustainability are aspects that junior talent value when joining a new firm.
Clients are also making more complex reporting requests, especially regarding diversity and inclusion, says Penelope Warne, senior partner at the UK office of the international law firm CMS, which has 78 offices across 40 countries. CMS's Social Impact Programme aims to make a positive difference in local and global communities.
"We have seen a shift in clients wishing to ensure there is cultural alignment between them and their law firms," she says. "Many clients are deeply engaged in tackling the inequality of diversity and inclusion that might exist within their businesses."
See the full report on the pros and cons of working at an international law firm.
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