Would-be lawyers are facing lighter pay packets after a survey by the Association of Graduate Recruiters (AGR) has revealed that law firms have fallen behind investment banks in terms of graduate salaries.
The AGR’s winter survey, published today, has revealed that the median starting salary for law firms has dropped from first to second place behind investment banks from £37,000 in 2008 to £35,000 in 2009.
Carl Gilleard, Chief Executive of the AGR said: “This couldn’t have come at a worse time for the current crop of graduates who are the first to enter the workplace with the daunting task of paying off three year’s of tuition fees ahead of them.”
Investment bank or fund managers topped the salary chart in 2009 with a median starting salary of £38,250 – an increase of £3,250 when compared to 2008.
The average graduate salary in 2009 remained at £25,000 and that trend looks set to continue in 2010.
Meanwhile, the survey predicts that trainee vacancies will rise by 7.4 per cent this year. This compares favourably to last year when the AGR only predicted at 2 per cent rise.
Check out the Spring 2010 issue of Lawyer 2B magazine, which is out later this month, for further analysis.