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Hogan Lovells matches Linklaters' NQ pay

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  • Any signs of firms giving a pay rise to their regional trainees, or are we getting overlooked again?

    Workload in the regions (well, my region anyway) is rising fast and I'm personally taking on more responsibility than I know my friends at London law firms are.

    First year trainee salary has been same the same at my firm since 2009/10.

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  • So, some ambitious firms are starting to realise the importance of keeping pace with MC salaries - at least at a junior level. This doesn’t surprise me.

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  • Anonymous @ 3:45

    Do you know what else has been the same since 2009/10? House prices in most "regions".

    Do you know what has increased by more than 10% and in some parts close to 20% since 2009/10? House prices in London.

    I'd suggest you stop moaning and get on with your rising work load.

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  • M @ 6.16pm

    I don't know where you have plucked the idea that house prices outside of London haven't risen in 5 years (thin air I presume)

    For actual, recent evidence please look at this: http://www.lloydsbankinggroup.com/media/economic-insight/regional-house-prices/

    London annual increase: 15%
    Manchester (my region) annual increase: 12%

    Yes London is more expensive and I'm not saying London pay increases are unjustified. But relatively speaking, as you can see Manchester has had an almost similar increase (percentage wise) to London in house prices.
    Coupled with the fact that Manchester is the fastest-growing city in the UK and the overall cost of living is rising. Yes, I do think there should be an increase in pay for regional trainees.

    Rather than being insulting, actually respond with something constructive to my comment.

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  • Oh dear, I seem to have hit a nerve.

    Seeing as you were making generalised statements about salaries in the regions, I made equally generalised statements regarding house prices based on personal knowledge and anecdotal evidence from people who own property in the regions.

    Whilst you may have a point which you may wish to make to your employer (albeit not all websites agree that the annual increase of property prices in Manchester has been 12%), your original post sounds like a bit of a moan.

    Moreover, if we are getting into a detailed analysis of the situation there is also another factor to consider, namely the ratio of property price vs salary. If we start looking at those figures, you will see that despite salary increases in London, the price/salary ratio is significantly higher in London than in Manchester.

    There are obviously numerous other factors to consider as well, but I certainly do not think there are any grounds for regional lawyers to feel hard done by. Just because we get an extra couple of thousand a year doesn't mean it's all champagne and limos for London lawyers.

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  • Definitely not hit a nerve, just calling my original post a moan added nothing.

    You seemed to have missed the crux of my point. I have not once disputed London pay increases. In fact I think it is necessary given the exponential house prices.

    My point was why isn't there an overall pay increase for all lawyers. Give Londoners a 10% increase if you want, but give the regions something too. Maybe it's because salary levels for the whole firm are decided by the London HQ office and therefore regional pay is not a big enough interest to them? Who knows.

    Either way, whether there are dozens of grounds for a pay rise or not, by continuously increasing just the London salaries, regional lawyers will consistently feel undervalued, demotivated and support the notion that the gap between London and the rest of the UK is ever-increasing. Come take a trip to a regional office one time and you'll see my opinion is one of many.

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  • It's worth remembering that the house price difference prevents most mid-level and above lawyers (especially those with families) from moving down to London as the level of savings/ house equity would be so much lower than is required to put down even a small deposit on a London property. Accordingly, there is no pressure for regional firms/offices to raise salaries as their lawyers are tied into the regions and excluded, by and large, from the City labour marketplace.

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  • I guess me calling your original post a moan added as much to my comment as your calling my comment an insult. Perhaps if you had tried to make your original point more eloquently and in a less generalised manner it would have attracted more reasoned comments.

    As for my other points, you seemed to have missed them. If house prices in London are approximately 8 to 10 times higher than a lawyer's salary (which is the case) and living costs generally are through the roof, and house prices in Manchester are 3 to 4 times a lawyer's salary and living costs generally slightly lower than in London then that suggests that, relatively speaking, London salaries are only just catching up with regional salaries in real terms.

    I sacrificed what would have been a pretty comfortable life in the regions for being broke in London. I have no regrets, but I also have no sympathy for the perceived inequality between London lawyers and regional lawyers. Trust me, you have the better deal financially.

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  • @ Anonymous | 28-May-2014 2:45 pm

    I would argue these salaries are set by market forces more than anything else. I am not advocating who deserves what salary but to wish to shed some light on how/why they are set, in my opinion. In London, Hogan Lovells is making itself as competitive as Magic Circle law firms with regards to salaries. That is why a lot of the top firms in London pay in the same region, give or take 5k. In contrast, the "American origin" firms in London (They don't like being called American when they are that global) pay an equally significant gap in pay, with some of the firms offering 100k! Why you ask? Because almost every law firm in the US pays one salary, and that is $160k dollars, the UK offices are simply keeping in line with expectation. As follows, Hogan Lovells keeps in line with the MC's and as follows the regional law firms keep in lines with other regional law firms.

    Those in the regions that want a better salary (regardless of personal living expenses and how much you make after "cost of living") will move to London and work for a larger firm. Those in London that want a better salary move to the "American Origin firms". Those that still do not think its enough? NY PE.

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  • Why do firms such as HL not brag about what they offer their senior associates or counsels? Is it because there's not much to boast about? Maybe legal magazines should focus a bit more on the salaries of those who do the hard labour. Just a suggestion.

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