London lawyers already have 180,000 good reasons to choose a job at a US giant in the city, provided they are willing to sacrifice their personal life, sleep 3 hours a night and wait for the inevitable burnout. However, a series of American law firms is making the deal more attractive by offering the Millennials the opportunity to engage their friends in the ‘fight’, in exchange for substantial financial rewards.
After increasing the Starting salaries of over £180,000 per annum ($236,000) for junior lawyers, US groups including Kirkland & Ellis e Paul Weissare extending so-called referral bonus programs, which will grant junior staff a sum of 38.000 pounds ($50,000) for referring a future colleague.
Incentives come as Law firms are struggling in a talent pool increasingly small. U.S. law firms had already raised starting salaries for young lawyers earlier this year, with Quinn Emmanual e Gibson Dunn which offered junior lawyers a salary of £180,000 in May. UK-based “magic circle” law firms have struggled to keep up.
Almost everyone, including Clifford Chance, They raised their starting salaries to £150,000 ($197,000) to keep pace with their US colleagues in London, creating competition for higher wages.
Bonuses offer employees the opportunity to increase their overall salary. It can also be a win for the firm, which saves on the exorbitant fees charged by major headhunting firms.
Although the Huge paychecks entice young lawyersthe latter would be wise to proceed with caution. Major law firms have notoriously grueling work schedules reserved for novices. Indeed, workers who bring their friends into this fast-paced environment may not be the best of friends.
“Most people who work in the legal field would not recommend it to their children or friends and family,” a senior lawyer who previously worked in the field told Fortune.
“What people are getting paid for is a lack of control over their lives. I think that’s why there are higher salaries and these bonuses,” he added. “You basically have no control over your life and your social life, you don’t know when you can go to the gym, when you can go out and see your friends. I would say you’d be hard-pressed to find any lawyer in any law firm in the city who hasn’t suffered from burnout.”
Lawyers at big firms tend to get tired of the routine after a couple of years.i, but the promise of seven-figure deals may keep them. But the fear is that the sky-high salaries (including bonuses) are not good for the legal ecosystem. “People are throwing away ridiculous amounts of money,” she says, which could lead to higher fees for law firms themselves.
This story was originally published on Fortune.com
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