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Big salaries vs long hours: Is the trade-off worth it for young lawyers?

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By Legal Cheek on

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One TC seeker needs advice

Man and pound signs
In the latest instalment of our Career Conundrums series, an aspiring lawyers wants to know whether the juice is worth the squeeze when it comes to the hefty NQ salaries up from grabs across the City’s elite law firms.

“Hello Team. I am in the process of applying for training contracts and saw your articles on average working hours and NQ lawyer salaries. My question to your readers is whether they believe the money is worth it? And is a career at one of these top paying firms sustainable? I have my heart set on working in the City and I believe I’ve got a good chance of securing a training contract at a top paying firm. But now I am questioning if it’s worth it, and whether I should target firms paying less for some sort of work-life balance. It will be great to hear what people think!”

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40 Comments

US lawyer

This question is a bit like “how long is a piece of string?” Whether it is worth it depends on your priorities, interest in the work, wider commitments (family, hobbies, friends) and so on.

For what it’s worth, just remember those are average hours. It is undoubtedly a long-hour job – I usually do around 60 hours a week total on a normal week (which means longish hours during week, a couple on weekends, but is manageable).

The real kicker in my view is the unpredictability – some weeks it’s completely dead and I work 35 hours on BD, and bill total 15. Others it’s crazy and I work 80-90+ hours. This obviously skews the average hours surveyed – but remember that they are an average of really crazy and really quiet periods, so take them with a pinch of salt.

I think the job is great, though – it’s interesting, I like my colleagues, and it works for me (no kids, supportive partner, pay is good and supports the things I enjoy doing outside of work etc). It obviously doesn’t suit all people, but if this sounds fine to you go for it. Remember you can always leave, and that this job opens lots of doors to do so.

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(70)(3)

Anon

Which doors open from working as an associate? I hear this a lot and would love to find out more about possible alternative routes (besides inhouse)

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(10)(2)

6PQE US

My advice would be to train at a firm which has a good reputation but also a good work life balance (think Addleshaws, Pinsents etc.). This means for your TC you’ll work good hours and get paid reasonably well but only slightly less than silver/magic circle or US, where you get marginally better pay for significantly more hours.

Then, if you do want the cash, you can always move when you’re anywhere between 1-4PQE, and at least at that point you’re coming in fresh on a big salary, whereas the people who have always been at your chosen firm may well be reaching burn-out by then.

This is exactly what I did and it worked a treat.

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(43)(1)

Barney the tree

Yeah I’ve thought about this a lot.

It’s all well and good training at a US firm but by the time you get to NQ you’ve already spent 2 years at that intensity.

At least if you train in a lower ranked city firm and lateral to a US firm when the market is good, you’ve haven’t had to grind at that pace and so can brave it for a couple years.

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(20)(0)

This is terrible advice

You can move up but not down. I’m sure there’s the odd exception but broadly the move from eg Pinsents to MC/US/SC is not available. Better to get the superior training and then have the option to go wherever, including but not limited to somewhere with better work like balance but less cool work and less pay. I don’t understand why anyone would train outside of the MC if not for laziness, or because they didn’t get in. If you work longer on better cases around better lawyers you end up a better lawyer. In your 20s you’re supposed to work really hard and anyone who doesn’t will spend their 30s whining about how their insuccesses are capitalism’s fault.

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(10)(44)

Erm

1. Think you made an error with your first sentence as you’re trying to argue you can move down not up. Pls fix.

2. There has been plenty of lateral moves to MC and US firms from people at Pinsents level firms, especially during the boom a couple of years ago. i suggest you have a gander on LinkedIn and filter by people who used to work at Pinsents level firms and where they are now.

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(32)(1)

US 2PQE

At the moment, it’s worth it for me. The hours can be long, but my weekends and holidays are mostly respected. The salary has given me a lot of freedom, including being able to buy a flat, renovate it, book some nice holidays, and plan a wedding, all without stressing about money. I don’t know that I will want to do this forever though, so I’m focusing on putting money into my pension and investing.

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(19)(1)

Non-Russell Final Year

The usual rule of thumb is to look into practice areas and the firm itself.

If it’s a place you like, the hours will fly by but if it’s somewhere you’re not keen on, it will be torture and the NQ salary will never arrive.

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(10)(18)

12 PQE-er

If you’re young and reasonably free of responsibilities outside work it’s a great place to start a career – you will earn very well in a respected field with intelligent colleagues (mostly), and the flipside of the hours being long is that you will learn a lot in a shorter time than if working steadier hours.

I would advise you go into it with eyes open though – trainees and NQs tend to get the more donkey work / time-consuming stuff that can drop v last minute and lead to cancelled plans / lost weekends etc occasionally. Also some of the work will inevitably feel a bit dull and administrative (as a trainee you won’t be flying around the world negotiating massive deals with big companies, you don’t have the experience or gravitas at that point).

as others have said there are exit options in a few years if you find the hours too much of a grind / your circs change (eg family), in-house hours are generally a lot better (albeit not 9-5) in exchange for a salary cut.

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(18)(0)

US firm assoc

I am a 2PQE at a US firm, total comp ~200k. Overall, I went in thinking I would stick it out for the long haul. I have since changed my mind. Most people change their minds. I am planning to leave at some point in the next 2 years. These are the key reasons for me. They all link together to form a type of worldview which is incongruous with working in this profession.

1. Physical/mental impact – I am expected to bill at least 1900 hours annually. On paper this does not seem too bad, but it is how these hours come. On the one hand, I have done many 60-90 billable hour weeks / 230+ hour months – it is really, really exhausting. I would liken it to exam periods where you are cramming before an exam but extend that period to 1-2 months and sprinkle in more pressure. Even when you are not busy, the key issue is that work comes at all hours. I could have a 30 hour week where I do not ‘finish’ before 10pm. For example, a day where I have few billables. Great! I leave the office at 6.30 and I head to see friend/girlfriend/gym. Whilst I am there, I receive an email from a client at 8pm. The partner/senior emails me at 8.20pm to sort it out. I leave and work until 11.30pm – 1am pm. It gets tiring extremely quickly and has a real mental and physical impact on you.

2. Family – linked to the above, I can somewhat rationalise working these long hours in my early 20s. I miss out on social occasions midweek, but I accept this because of my salary. However, I will not, and never will be able to, accept working these unpredictable and extreme hours when (if) I have a family. There are seniors in my team who regularly work 200+ hour months whilst they have young kids. They hardly ever see them. I see partners who are still pulling all nighters in their late 40s. It is a lifestyle that will never change no matter how senior you are. If you are someone who is willing to sacrifice a huge amount time with your wife/kids for work, that is fine. As a student, you might think you are OK with this. You will be rich! Who cares if you miss out on some family time when you are living in a 3mil house? I can almost guarantee your opinion on this will change. Also see below on money.

3. Money – the money is good but the realities of it will surprise you. Frankly, as a trainee it is a terrible deal. Take home pay is about 3k/month, rent can easily be 900-1.5k, bills and regular expenses another 500+, so you have about 1k a month left over. At my firm trainees can be working 200+ hour months. Obviously, the equation changes as an associate. After rent, pension contributions (I contribute about 40k to pension a year) and expenses, I have about 3/4k left over. This is way above the UK average so objectively it is good. But are the sacrifices worth it? Put it this way, even with this amount of money, I am looking at a 500-600k flat in London. That won’t get you a house anywhere close to the office. Go on Rightmove and take a look at what it gets you. It is not life changing. You might think, ‘you can borrow more?’. I can, but then I will be leveraged to the hilt and I will be literally stuck in a job like this. Even if you stick it out for 10 years you might be able to reach the standard of living you are envisaging (e.g. a house in zone 3), but you must consider the sacrifice you are making – you will be accepting a lifestyle which requires you to be ‘on’ 24/7. For a decade. Is that worth a 3 bed terraced house in the suburbs of London. For me – hell no. And sure, if you stick it out even longer, you MIGHT become partner (the chances are infinitesimally small), and then you can get a 4 bed house with a sizeable garden! Woo.

What is great is that even after a few years I will have a very healthy pension pot that will compound for the rest of my career. I can max out my ISA, which will also compound for 30+ years. I will then get out and work a job which allows me to spend time on hobbies and with my family. Do I want to continue this lifestyle, miss out on seeing my kids grow up, miss out on friend’s birthdays, damage my health and mental well being, all so I can potentially buy a pretty nice house in London and go skiing regularly? Nah.

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(147)(0)

Yes Man

Literally this ^

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(30)(1)

US associate

This is the way. 4 or so years PQE at a Cravath-scale firm will cover deposit for a home, and get your ISAs and pensions to a point that compound interest can do a lot of the heavy lifting to secure your financial future. This can be a great opportunity for many. However, committing to the BigLaw lifestyle after that has diminishing returns for many. Lots of smart people I know left BigLaw around the 4-5 PQE mark. This also coincides with marriage and, for a few, kids.

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(12)(0)

Australian barrister

No-one has a husband? Maybe men need to start pulling their weight at home, if they don’t they will have an even more expensive divorce. If you are male and intend to do these hours, warn your partner that they will effectively be a single parent, and your kids will not know who you are, before you marry them.

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(1)(0)

The Truth

The truth is as a lawyer you will work long hours at any level of firm, even unknown high street outfits. Sure, you’ll work longer hours at magic circle and US, but you are compensated for it both in terms of package and quality of work.

The work/life balance at the lower tiered / silver circle firms isn’t as ‘balanced’ as you might think, but your weekends and holidays may be safer. If you’re interested in a career in law and think you can hack it, the best advice is to look for a firm strong in your areas of interest rather than looking for a work/life balance that doesn’t really exist outside of in-house.

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(23)(2)

Australian Barrister

Become a barrister and learn the word “no”. When my kids were small, as a law firm partner I blocked out time to attend their school awards day, plays etc.. I even did canteen every term. You need to run your life as you wish to. Large law firms exploit you and will not reward your loyalty. I am female, and have many male colleagues whose kids are disinterested in them or hate them, they had little contact growing up and the fathers all regret it. I became a barrister once my kids started school. After 34 years in law, I still love my job, haven’t burnt out and have earned enough to live a decent life but not in a posh suburb, I prefer living opposite the national park.

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(3)(1)

A. Barrister

Yeah maybe, but the reality at the sharp end of the Bar knows that this work life balance is a myth.

If you want to work on the big cases, for top firms, against high achieving and super smart counsel, and even smarter High Court Judge, you don’t have a work life balance.

I take most of August off, a couple of weeks at Xmas and maybe a week at Easter. Aside from that, I work mostly flat out and most Sundays. Saturdays are always always free though.

Fees are going through the roof at commercial and chancery bar if you are decent so difficult to sit out on sidelines.

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(0)(0)

ElderMillenial

10 PQE, soon to be 11 PQE lawyer here… trained at a Silver Circle firm and have worked for several firms since, as well as in-house.

The harsh reality is that as a junior lawyer you’re not going to have much of a work life balance anywhere. You are an asset to be worked and the partners will try to get as many billable hours out of you as they can manage without you quitting.

Bonuses are paltry when you compare them to your salaried wage if you divide your salary by target hours, and with more billable hours comes more unbilliable admin.

If you are insistent upon becoming a lawyer I would recommend doing the following:

1) train at the best/most prestigious firm you can. Brand matters and whilst it’s easy to move down the tiers, it’s harder to move up.

2) be prepared to sacrifice the next 6 years of your life (2 as a trainee, 4 as a qualified lawyer)… expect a social life to be the exception rather than the rule.

3) (and this is probably the most important) put everything you earn gross over £100k into your pension to minimise your tax… you can roll over unspent pensions allowance for a few years.

With your remaining salary try to live as frugally as you can (at least for the first few years)… aim to max out your ISA allowance each year.

The aim is not to grow accustomed to a £100k a year salary lifestyle, because that’s how they get you. Once the golden handcuffs are on, they’re very hard to get off.

By 4-5 PQE you want to be in a position where if you’re still in private practice it’s because you WANT to be, not because you HAVE to be.

Be careful of recruiters, they rarely have your long term interests at heart. If you’re considering switching firm try to make friends with someone in the team your looking to join so you’re going in eyes wide open.

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(47)(4)

Archibald O'Pomposity

Very well summarised. And as for recruiters, all they ever care about is the commission they get from placing you.

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(16)(0)

Anonymous

For me it wasn’t worth it. A few people have pointed out that you can do it for a few years and leave if you don’t like it etc but in practice I found it harder to leave than expected. Most TCs will have a ‘clawback’ clause so you can’t leave without having to pay back significant law school fees (some firms extend these clauses for a few years post qualification too). Many in-house roles will expect you to have a few years’ post-qualification experience so it’s not always easy to just jump in-house on qualification, especially if the market is bad. I ended up moving to a different career entirely but even this was difficult – you will have invested a minimum of 4 years or more in law before you are finally in a position to consider leaving, and for me I had to start again more or less from scratch in my late twenties, at a time when my peers were starting to progress in their careers. There’s also the financial implications to consider – many people get used to the lifestyle then find they can’t leave and take a pay cut because they have a high mortgage to pay etc. Consider carefully – this isn’t like most jobs where you can start and then easily dip out if you don’t like it.

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(13)(1)

in-house veteran

This is the exact dilemma I had at TC application stage. I ended up getting wooed by the money and went to a City firm (outside MC). I hated it- the long hours and endless cancellations made me lonely and miserable, and the politics of which associate or partner was in favour and which wasn’t, and the way people cared more about who the client was and the size of the deal, rather than the quality of work being done, left me cold. And this was a firm with a stellar reputation for good work/life balance and collegiality.

I left at 2PQE and for me, it was the best decision ever. I now work inhouse, and although I still work 50h per week, I’m totally in control of when I work so can guarantee my weekends, evenings and nativities.

I still earn less (inflation adjusted) than I did in the City and promotion is dead man’s shoes, but critically for me is the fact that the work is 1000x more interesting (we outsource the boring) and culturally, there is no partner politics.

If you’re having your doubts, you probably already know the answer, but go in at the highest level you can (and can stomach) but be ready to come out as soon as you dare.

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(24)(1)

Anon

I’m glad you’ve found your solution.
In house is not a universal panacea. I’ve worked for a number of global corporations. In a global business you are expected to be available 24×7. It’s very difficult if not impossible to juggle priorities with competing stakeholders.
Things can and do erupt at any hour of the day or night and, unlike private practice, you cannot get away from your clients.
My experience may or may not be typical – long long hours and frequent travel, zero family life, ruined holidays weekends etc, and when you do the maths, it’s just not worth it.
So – choose carefully, police your working hours, move on when necessary.

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(0)(0)

Associate at Floatsum and Jetsam

Your non-law peers, friends, lovers, side-chicks, family etc do not understand and do not care about the difference between firms – but they will notice if you are stressed from overwork, cancel dinners at short notice and become a less attentive friend.

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(46)(0)

Australian Barrister

Side chicks? Grow up. Harvey Specter is a made up character.

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(3)(5)

MC Associate

Corporate law is the easiest way to make life-changing amounts of money. The money is slightly less good than investment banking, but the hours are MUCH better (40 hours a week on average, as compared to 70+ hours). There’s no interminable training process followed by a ten year progression to consultant, like with medicine. You don’t need to spend half your life travelling, like with management consultancy. I turn up to work, do relatively interesting stuff with tolerable colleagues, usually get my weekends to myself, and get paid enough to pay down a mortgage in Zone 2, go on a few holidays a year, eat at nice restaurants a few times a month, and not worry about putting the heating on in winter. I am – and City lawyers in general are – incredibly lucky.

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(40)(13)

Aktualeh

I would actually say asset management is the easiest way to make life changing amounts of money without the investment banking hours.

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(4)(5)

House MD

> There’s no interminable training process followed by a ten year progression to consultant, like with medicine.

Eh, what?! Progression is much more structured and clear in the medical world. As someone whose wife and a lot of friends are doctors, I can assure you that the road to becoming a consultant is much clearer and comparatively more certain than the road to partnership.

If you hang around for long enough and don’t mess up, you will become a consultant. The same explicitly isn’t true of jumping from senior associate to partner – speak to any SA waiting for partnership and they’ll tell you how opaque (and unlikely) the process is.

Also, if for whatever reason you aren’t going to make consultant, you aren’t going to be booted out of the NHS trust the way that a lot of US law firms are up or out.

This isn’t to say that medical life is a bed of roses (it isn’t!) – but one thing where it wins by a mile against commercial law is when it comes to promotion.

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(5)(4)

Archibald O'Pomposity

The fact that your wife and friends are doctors does not make you an expert on the medical profession.

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(4)(13)

Pompibald O’Archity

As someone whose wife and a lot of friends are doctors, I am personally offended by the suggestion that it is not the easiest way to accumulate wealth! How dare you! My wife and a lot of friends are doctors and have lots of money! After all, if you hang around for long enough and don’t mess up, you will become a consultant. What greater endorsement of our beloved NHS is that?

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(1)(1)

Actual doctor

A consultant also earns circa £100k (much less than many NQs) with much, much more responsibility.

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(7)(0)

Australian Barrister

And equal pay for women…

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(0)(1)

An NQ who came from nothing, wanted everything and may have got the balance in between haha

Strange one!

Everyone will have different opinions.

I always thought I wanted to go big with the thought that I can always leave but I am so glad I didn’t.

I am an NQ just outside London, I earn 45000 so take home after tax, loans and pension is 2.5k a month which isnt horrendous but isnt much either after rent.

BUT

I leave at 5:30 every day. If i work late its because i want to. Often i work late on a thursday so i can finish at 3 on a friday without anyone questioning me. As long as I get work done there is no pressure for me to stay late which I love and I could never go back to working till 7-8 at night every night. Work life balance is the winner now!

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(11)(0)

Archibald O'Pomposity

£45k for lawyering haha

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(6)(19)

Rat Watcher

You have escaped the rat race – well done.

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(17)(0)

Rat Doubter

In the nicest way possible, this sounds as unsustainable as working until 11pm every night and being paid £200k.

How are you meant to pay rent/mortgage, travel, live life/enjoy yourself and save a bit each month on £2.5k p/m? Rent/mortgage alone must eat up c.£1k.

I understand lots of people in this country do just that, but if you have the skills to move to a slightly bigger/better firm, get paid at LEAST £30k more a year and do perhaps an extra hour of work a day (which you suggest you enjoy), why wouldn’t you?

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(22)(1)

Archibald O'Pomposity

Probably not good enough. There are plenty of mediocre lawyers out in the provinces.

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(0)(4)

Anton

I’m in business development, used to work at an elite US firm but I decided it wasn’t worth it in the end. I went inhouse to a high street bank, it’s doable if you put your mind to it. I’d say start off at a mid level firm and if you have the drive to work late, move to an elite firm. Just know that the grass isn’t always greener on the other side.

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(1)(1)

Big Law 5 years and out

Yes.

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(2)(0)

Calum

A lot of people work similar hours for far far less pay.

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(1)(0)

Finished.

US law firm junior.

As mentioned above, the problem is not the number of hours you work a week/month/year, but the irregularity of those hours. You could receive nothing until 7pm and then be told to research a dozen authorities that realistically aren’t needed until midday the next day. Seniors don’t realise that by 7pm you may have engaged with your life outside work – I know, wild to think – and that their request can/should wait until tomorrow.

Supervisors/senior lawyers at these US/’elite’/Magic Circle shops have no lives themselves. They are the culmination of burnt-out associates who cared too little for their personal lives, cheat/get divorced/have no interest in relationships, and survive off the ‘prestige’ of almost being not as wealthy as their clients.

The money is not worth it. Nobody wants to be the richest person in the grave. But chances are as a mid-market lawyer you will not be the poorest, either. Prioritise relationships with friends and boyfriends/girlfriends/husbands/wives. These senior lawyers do not give a flying F about you, and neither you should them.

Mic drop.

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(6)(0)

Magic Circle Associate

The short answer is no. If you think about the effects of the career/hours/stress on most people’s health and well-being etc., there’s no amount of money that will ever be worth it. However, if you have a purpose (e.g. work there for a few years to build up some money and exit), fine. It’s then a short-term sacrifice for a long-term benefit. Does the money feel nice? Yes. Does it make life easier in some ways? Yes. Is it better than working those hours for less pay at other places? Definitely. But is it worth sacrificing your life over it? No. Sometimes you have to be in the thick of it to realise it just isn’t what it’s made out to be.

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(2)(0)

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