Top UK law firms are keenly aware of the disparity in pay hampering their efforts to compete with Wall Street rivals for top talent and are putting measures into place to lessen it.
None of the five prestigious law operations based in London, known as Magic Circle firms, matches the so-called Cravath scale that elite US law firms adhere to for compensating associates. Pay at the UK firms is 35% to 40% below the Cravath scale for junior lawyers, said Ria Karnik, a London-based legal recruiter for Major, Lindsey & Africa.
UK firms have struggled to match US firms’ profits ...
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