If you`re considering a career as a contracts lawyer in the UK, one of the first things you`ll likely want to know is how much you can expect to earn. Here`s a breakdown of average salaries for contracts lawyers in the UK, along with factors that can affect your earning potential.
According to data from the Office for National Statistics (ONS), the average salary for solicitors, which includes contracts lawyers, was £53,100 in 2020. However, this figure can vary widely depending on factors such as your level of experience, the size and location of the law firm you work for, and the specific sector you work in.
For example, according to a survey by recruitment firm Hays, newly qualified solicitors can expect to earn between £25,000 and £40,000 per year depending on the area of law they work in. Those with one to three years of experience can expect to earn between £35,000 and £55,000, while those with over five years of experience can earn upwards of £70,000 per year.
In terms of sectors, contracts lawyers working in corporate law can generally expect to earn more than those in other areas of law. According to the Legal Cheek Salary Survey 2021, the average salary for newly qualified solicitors in corporate law was £75,000, compared to £38,000 for those in criminal law.
The location of the law firm you work for can also have an impact on your salary. Salaries in London tend to be higher than in other parts of the UK, due to the higher cost of living. According to Hays, newly qualified solicitors in London can expect to earn between £38,000 and £60,000 per year, while those in the North West can expect to earn between £25,000 and £35,000.
It`s important to note that these figures are just averages and that there can be significant variation depending on individual circumstances. For example, if you work in a smaller law firm, you may have more opportunities to take on varied and challenging work, but your salary may be lower than at a larger firm.
In summary, contracts lawyers in the UK can expect to earn a range of salaries depending on factors such as their level of experience, the sector they work in, and the location of the law firm they work for. While salaries can vary widely, the average salary for solicitors, including contracts lawyers, was £53,100 in 2020.