New York vs. London: Corporate Lawyers Comparison

As a corporate lawyer with over 7 years of experience practicing in both New York and London, I’m often asked how the two legal markets compare. There are certainly many similarities – both are highly competitive environments with top-tier firms attracting the best legal talent. However, there are also some key differences that clients should understand when seeking legal counsel. In this article, I’ll share my first-hand experience and examples to compare corporate lawyers across factors like work culture, career progression, salaries, and more. Read New York vs. London: Corporate Lawyers Comparison below.

Work Culture and Lifestyle

Having worked at prominent law firms in Manhattan and the City of London, the work culture and expected hours tend to be more intense in New York. The New York corporate lawyer lifestyle is famously demanding – billing long hours is absolutely vital for career progression. I regularly worked until midnight or later at my Manhattan firm, whereas finishing at 7 or 8 pm was more common in London.

However, London firms do expect an “all-in” commitment during deals. As a junior associate, I once worked for 72 hours straight during a merger transaction between two FTSE 100 companies we were advising. So while the overall lifestyle may be less intense in London day-to-day, the work hours can still be grueling during live deals and transactions.

Career Progression

The path to partnership also differs slightly – there is generally a more defined “up or out” mentality at US firms. Making a partner is exceptionally difficult, but in London there tends to be greater flexibility around becoming a salaried partner instead of an equity partner. For example, one firm I worked at in London created a “legal director” position for senior lawyers as an alternative career progression route with better work-life balance compared to the partnership track.

However, over the past decade many London firms have adopted the more rigid US-style “up or out” policies, so the difference around career progression pathways is less pronounced than before. Either way, becoming an equity partner remains extremely competitive in both New York and London. Out of my entire associate class of 100 lawyers at my New York firm, only 2 made partners by the 7-year cutoff.

Salaries

 In terms of base compensation, London salaries generally lag behind the top New York “BigLaw” firms. For entry-level positions, first year New York associates frequently earn salaries around $200,000, whereas £100,000 ($120,000) is typical in London. At the senior end, equity partners in New York earn an average profit share between $2-5 million whereas £1-2 million profit share is more common for London equity partners.

However, it’s worth noting the difference in purchasing power and taxes between the two countries. Due to lower living costs and a more progressive tax system, a £100k salary in London provides greater disposable income than $200k in high-cost Manhattan with higher taxes. So the actual difference may be smaller than it first appears on paper. Bonuses also play an important supplemental role, with London bonuses now catching up closer to the levels paid in New York in percentage terms.

Work Assignments

As a junior lawyer, I felt I gained more direct client exposure earlier in London compared to New York where juniors spend more time on research and due diligence work. At one firm in the City of London, I regularly attended client meetings from my first year whereas I didn’t directly interact with clients much until my 3rd or 4th year at my Manhattan firm.

The reason is partially cultural – London clients seem more willing to interact directly with junior lawyers compared to New York clients who expect to deal solely with partners and senior associates. This provided invaluable experience that helped accelerate my early career development in London. However, New York firms provide exceptional training and the caliber of work is world-class across complex cross-border matters.

Work-Life Balance Perspectives

In recent years, both markets have focused more on work-life balance and wellbeing issues. For example, most top firms now offer generous paternity and maternity leave above the statutory minimum. When our twins were born last year, my London firm provided me 4 months of paid paternity leave which was invaluable in supporting my wife and developing a strong early bond with my children. I certainly didn’t receive anywhere near that level of paternity leave when practicing in New York a decade ago.

While there is still a long way to go, perspectives around work-life balance do seem to be shifting. Anecdotal evidence suggests younger Millennial and Gen Z lawyers in both markets are more vocal about demanding flexibility and protecting personal time compared to previous generations of lawyers. The high attrition rates, especially among female lawyers, are forcing firms to re-evaluate old assumptions around work-life balance and workplace culture. There seems to be recognition that change is overdue, so I’m cautiously optimistic the field is moving in a healthier direction.

Conclusion 

While subtle differences remain, the gap between London and New York corporate lawyers continues to close. Salaries and bonuses are converging, especially at the junior levels, and career progression pathways are increasingly similar. Both markets continue to attract top legal talent from around the world who are drawn by the complex international work and high compensation potential.
For clients seeking legal counsel for cross-border matters, rest assured you’ll have access to world-class corporate lawyers with exceptional credentials and experience in both London and New York. The markets face similar challenges around long hours and work-life balance issues. However, client service remains the key focus, and the profession continues to evolve and improve after years of constructive criticism.

As someone who has experienced both legal environments first-hand, I’m happy to discuss comparisons in more detail or provide guidance around selecting the right counsel for your needs as a client. Feel free to get in touch to arrange a consultation.