The trainees chose US firms Kirkland & Ellis, Latham & Watkins and Paul, Weiss—which only launched its training contract last year—as their first, third and fifth most preferred firm to work for, respectively. They ranked UK-headquartered firms HSF Kramer second and Addleshaw Goddard fourth, while Bird & Bird and Burges Salmon shared fifth place with Paul, Weiss.
Chambers surveyed more than 1,000 trainees at 86 firms for the research, published last week. Interestingly, about one in three trainees arrived at their firm with a non-law degree such as history or physics.
Newly qualified salaries at US firms have now reached an extremely respectable average of £168,000, compared to an average of £150,000 at magic circle firms. The average at City and national firms is about £109,000.
Hours clocked per week averaged 53 at magic circle firms, 49 at US firms and 39 at national law firms. Only 44% of trainees thought they had a good work-life balance, with the main grumble across the board being the unpredictability of work.
Trainees showed more loyalty to their current firm than in previous years, with only 14% planning their exit within two years, compared to 21% in 2022.
Cait Evans, global talent head of research at Chambers, said: ‘US firms are disrupting the traditional hierarchy among the most prestigious legal employers in the UK, with some household names slipping down the rankings.
‘Reasons for US firms’ relative attractiveness in the current talent market differ, but certainly pay is an important factor. While firm culture and reputation remain the key deciding factors for talented, aspiring lawyers, the old elite cannot assume that their brand will remain among the most desirable in the face of stiff competition from US counterparts.’
