Senior solicitors at one of the City’s largest firms suffered a fall in pay last year but still received an average salary of £1.82million.
Allen & Overy, part of the so-called ‘magic circle’, shelled out bumper pay packets to its top earners from revenues of £2.1billion.
That was despite profits falling from £900million to £892million for the year-end in April, as it faced ‘challenging market conditions and a high inflationary environment’.
Pay cuts: ‘Magic circle’ law firm Allen & Overy – based in London’s Spitalfields (pictured) – shelled out bumper pay packets to its top earners from revenues of £2.1bn
This led to a 7 per cent drop in average pay for the leading lawyers, who are among Britain’s highest-paid professionals.
Pay has swelled significantly in the legal sector –even for firms’ most junior solicitors.
Allen & Overy increased its pay for newly qualified solicitors in May, who now take home a staggering salary of £125,000.
Senior partner Wim Dejonghe said turnover rose 7 per cent despite ‘global economic slowdown, inflationary pressure and geopolitical turmoil’.
The firm hit the headlines this year by announcing a merger – yet to complete – with US rival Shearman & Sterling.
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