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Sarah Phillips
Compliance team
London Office
London
London is one of the world’s great cities, offering both a modern lifestyle and history dating back to Roman times. The City ‘square mile’ is recognised as one of the leading global financial centres and is a European base for many multi-national corporations. Accordingly, opportunities for lawyers to be involved in cutting-edge/international matters are exceptional.
Law Firms
London’s status in the global financial markets and its historical background as the centre for common law have made it arguably the world’s leading legal city. The major international law firms – including the ‘Magic Circle’ firms Allen & Overy, Clifford Chance, Freshfields, Linklaters and Slaughter and May – are all represented in London, as are the leading US firms.
Principal Areas of Demand
The London market is dominated by the finance and corporate areas; however, there are other areas of demand as set out below. Principal areas of demand include:
- Asset Finance
- Leveraged Finance
- Project Finance
- Structured Finance
- Banking
- Capital Markets
- Derivatives
- Corporate/M&A
- Construction
- IT/Outsourcing
- Banking/Commercial Litigation
Remuneration & Benefits
Lawyers are remunerated well in London. The highest salaries are paid by the US firms paying New York rates (c£80,000+ at NQ level), followed by those paying ‘Mid-Atlantic rates’ (c£60,000+ at NQ level). The leading UK firms’ salaries typically start at c£50,000 for the NQ level. The top rate of tax in the UK is currently 40%.
The standard annual leave allowance in the UK is 25 days and this can increase with service. New York firms do tend to offer less holiday, usually c15 to 20 days.
The leading firms generally offer such benefits as health insurance, pension and subsidised gym membership.
Outside the Office
London can cater to all tastes and interests. The city is a leading centre for the arts including the West End’s world famous theatrical productions, Covent Garden’s opera and ballet and the various internationally renowned art galleries. London also offers an array of bars, restaurants and clubs.
London is a major transport hub, providing access to Europe and the rest of the world. The ‘no frills’ airlines offer cheap flights to many European destinations, making it cheap and easy to take short breaks on the Continent. Road and rail links to Europe are also good, via both the Channel Tunnel and ferry services.
For further information on the legalmarket and job opportunities in London please contact yournearest Taylor Root office:
London:
Practice - Alex Wiseman E: alexwiseman@taylorroot.com T: +44 (0)20 7415 2828
In-house - Julian Stone E: julianstone@taylorroot.com T: +44 (0)20 7415 2828
Dubai:
Shane Morton E: shanemorton@taylorroot.com T: +9714 448 7770
Hong Kong:
Mark Coates E: markcoates@taylorroot.com.hk T: +852 2973 6333
Sydney:
Karlie Connellan E: karlieconnellan@taylorroot.com.au T: +61 (0)2 9236 9000
Melbourne:
Tim Fogarty E: timfogarty@taylorroot.com.au T: +61 (0)3 8610 8400