Corporate Law Firms
The types of law firms that you’d want to consider if looking at a career in corporate law tend to be larger firms – as already stated, smaller, local firms tend to specialise more in personal matters. Larger regional or City firms, on the other hand, derive a huge portion of their revenues from corporate work, and therefore offer great opportunities for a development in this area. Magic Circle law firms in the UK are well-known for their corporate teams, and, more recently, elite US firms (think Kirkland & Ellis or Latham & Watkins) moving into cities like London are increasingly drawing even more corporate work, too. These types of firms often come with challenging work-life balance (high levels of intensity and long working hours) – but equally high pay packets.
Corporate Law Salaries in the UK
Corporate law is one of the most, if not the most, lucrative areas of the law for aspiring lawyers to work towards entering. Corporate salaries are largely driven by the strength of the markets, but there are always large corporations willing to pay high rates for corporate advice – which is subsequently reflected in lawyer salaries. The average corporate lawyer in the UK earns over £70,000, which is almost £20,000 over the average solicitor salary, and £40,000 above the average national salary. Salaries can be much higher depending on firm and position, however. At a large City firm, like those of the Magic Circle , a corporate lawyer may be on a six-figure salary.Partners in this practice area often command the highest salaries at the top level of the industry where there is usually a larger disparity between practice area salaries the higher up the career ladder you go. Corporate law is therefore not only lucrative, but also offers excellent career progression too.
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Corporate lawyers may also choose to earn their wages in-house. They are certainly in demand in these spaces – large banks, for example, can maintain a legal team (mostly consisting of lawyers with a corporate speciality) in the hundreds. Salaries are equally very strong in these areas, while the work-life balance is arguably more favourable in-house.
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