In the London legal market, compensation conversations often centre on firm brand, platform and progression. But there is another way to assess your earning potential.
How many hours are you actually working?
The Benchmark in the Silver Circle
At a typical Silver Circle firm, a 5PQE associate can expect to earn in the region of £148k-£170k + bonus.
Most of these firms operate at a 1,700-hour benchmark. In practice, many lawyers do not significantly exceed this. The expectation is clear, the workload is relatively contained, and the trade-off is a more predictable lifestyle.
For many, that balance works. It is how these firms retain talent.
The US Firm Comparison
Contrast that with US firms in London.
A 5PQE associate can earn £280k + bonus, often aligned to the Cravath scale. Around 65% more than the Silver Circle.
But the expectation is different.
Hours typically move between 1,800–2,000 (or over) per year. On average, that is around a 12% increase in billable hours, but it creates a more intense working environment.
Higher output. Higher reward.
The Next Step: If You’re Already There
If you are at a US firm and already working at the top end of those hours, the question changes. It is no longer just about compensation. It becomes about what that level of output is building towards.
- Are you gaining the right exposure?
- Are you working closely with partners who can support your progression?
- Are you developing a profile that positions you for partnership or a senior lateral move?
Because at that level, simply working more is not the answer. The next step is making sure those hours are translating into long-term progression.
The Middle Ground
Between the two sits a growing group of international and global firms.
They often:
- Expect hours above the Silver Circle benchmark
- But below the most intense US environments, typically 1,800–1,900 hours
- Offer compensation somewhere between the two salary bands
We do, however, still see lawyers operating at US-level hours in these environments without US-level pay.
A More Useful Way to Benchmark Yourself
Rather than comparing salaries in isolation, look at your position more critically:
- Are you working 1,700 hours but being paid at the lower end of the market?
- Are you already pushing towards 1,900–2,000 hours without the corresponding compensation?
- If you are already working at the top end of hours, are those hours actually translating into progression, exposure and long-term opportunity?
- Or are you consciously prioritising balance over maximum earnings?
Because the reality is, many lawyers are already operating at a level that would command significantly higher pay elsewhere.
The Trade-Off Is Personal
There is no “right” answer.
Some lawyers are very happy earning less in exchange for more predictable hours and greater balance.
Others are willing to push harder for a defined period to maximise earnings and exposure.
Both are valid.
If you’re unsure how your hours translate in today’s market, we can help you benchmark it properly. Get in touch for a confidential conversation.
Download our London Legal Salary Guide.
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