Senior solicitors at Allen & Overy take home an average £1.82m in pay
Senior lawyers like ‘magic circle’ law firm Allen & Overy take a pay cut (but still take home an average salary of £1.82 million)
Senior lawyers at one of the city’s largest firms suffered a pay cut last year but still received an average salary of £1.82 million.
Part of the so-called ‘magic circle’, Allen & Overy handed out huge pay packages to its top earners with a turnover of £2.1bn.
That was despite profits falling from £900m to £892m before the end of the year in April, as it faced “challenging market conditions and a high inflation environment”.
Pay cuts: law firm ‘Magic Circle’ Allen & Overy – based in London’s Spitalfields (pictured) – has paid out huge pay packages to its top earners with a turnover of £2.1bn
This led to a 7 per cent drop in the average salary for leading lawyers, who are among Britain’s highest paid professionals.
Wages in the legal industry have increased significantly, even for the most junior lawyers of firms.
Allen & Overy raised wages for newly qualified lawyers in May, who now take home a staggering £125,000 salary.
Senior partner Wim Dejonghe said sales rose 7 percent despite “global economic slowdown, inflationary pressures and geopolitical turmoil.”
The company made headlines this year by announcing a yet-to-be-completed merger with U.S. rival Shearman & Sterling.