The Law Society recently concluded that partnership is becoming an increasingly less attractive prospect for today’s associates. A recent survey of associates’ salaries showed UK firm, Trowers & Hamlins, pays its new partners a pathetic £50,000.
Jesus! What the hell’s the point of the stress & workload if that insult is the best that you can do? OK maybe it would be topped up by bonuses - and one imagines this figure is just for salaried partners, with equity partners doing better. But would a firm paying that salary have the profits to pay a decent bonus?
Even if you did take the position just for the bigger office and new business cards how long would it be before the pitying looks of the trainees became sneers of contempt from your colleagues and spouses?
And as a partner there is also the issue of personal liability. An issue many young lawyers forget or ignore in their enthusiasm for the “P” word.
That’s bull, 50,000 pounds is a newly qualified solicitor’s salary, not a partner’s. On average partners at T and H make 470,000 a year.
I’d certainly hope so. Any partner in a decent firm should be on several hundred - but I imagine there are plenty of struggling weeny high street firms paying this sort of dosh.