The average salary for newly qualified London-based lawyers who work in commercial practice increased from £53,000 a year in 2013 to £65,000 in 2016, according to research by BCL Legal Recruitment.
Its research, which is based on internal data, also found that newly qualified London lawyers can expect year on year pay rises of approximately £5,000, with lawyers who have been practising for four years earning an average of £85,000 a year, and £95,000 after six years.
The average salary for London-based lawyers with five years of experience increased from £65,000 in 2013 to £90,000 in 2016.
Average earnings for junior partners in London increased by £30,000 between 2013 and 2016 to reach £120,000. In comparison, commercial junior partners working in the north east of the UK can expect to earn £80,000.
Pay for newly qualified commercial lawyers working in the north west increased from £35,000 in 2013 to £39,000 in 2016.
A spokesperson at BCL Legal Recruitment said: “There is certainly a large difference between most of the London top 50 and commercial firms in the regions due to charge out rates and billable hours expectations being a lot higher combined with London weighting.
“High salaries certainly help attract the best talent to London but not all lawyers can live and work in London no matter what the salary.”