How does pay at the Bar compare to US firms?

[Can't Think of a Username]

How do barristers' earnings at good London civil sets (outside of the most elite sets) compare to US firms?

I see a lot of people trying very hard to get into those sets with an Oxbridge first and lots of mooting and work experience. Surely, it would not be difficult for them to land a good job at a US firm.

From my not very informed impression, barristers can earn low to mid six figures by 5 years post call (before outgoings). This seems to be rather similar to the 5PQE pay on the Cravath scale, currently $435k.

Does the Bar actually pay more or are people choosing it for other reasons like nature of the work, judicial ambitions, etc?

 

[Jessica Booker]

How do barristers' earnings at good London civil sets (outside of the most elite sets) compare to US firms?

I see a lot of people trying very hard to get into those sets with an Oxbridge first and lots of mooting and work experience. Surely, it would not be difficult for them to land a good job at a US firm.

From my not very informed impression, barristers can earn low to mid six figures by 5 years post call (before outgoings). This seems to be rather similar to the 5PQE pay on the Cravath scale, currently $435k.

Does the Bar actually pay more or are people choosing it for other reasons like nature of the work, judicial ambitions, etc?

Decisions on pursuing any barrister vs. solicitor route often come down to how you work. You couldn't get more different environments and responsibilities really, and for many people one will be attractive whilst another won't.

There will always be a few people who will consider both routes, but from experience this number is particularly small.

 

[AvniD]

How do barristers' earnings at good London civil sets (outside of the most elite sets) compare to US firms?

I see a lot of people trying very hard to get into those sets with an Oxbridge first and lots of mooting and work experience. Surely, it would not be difficult for them to land a good job at a US firm.

From my not very informed impression, barristers can earn low to mid six figures by 5 years post call (before outgoings). This seems to be rather similar to the 5PQE pay on the Cravath scale, currently $435k.

Does the Bar actually pay more or are people choosing it for other reasons like nature of the work, judicial ambitions, etc?

I think pay may be one of the last things in choosing a career at the bar over a career as a solicitor at a US firm.

Firstly, the style of working is completely different. With barristers being self employed, working in teams is not a regular feature of their work, unlike solicitors, who mostly only work in teams.

This also means that there is a greater degree of opacity and exclusivity in working as a barrister and understanding how barristers actually work is not as easy in comparison to solicitors at law firms, who will often have their deals examined and published about in firm news and industry publications.

You're also salaried when working at a firm so the degree of security may be higher than if you were a barrister because of the accompanying benefits, pension etc. But since barristers get paid for each case they work on so they many actually end up earning much more than a solicitor.

Your work as a barrister may not be as globally natured as working as a solicitor at a US firm due to jurisdictional constraints, and this could also be a factor for one choosing working as one over the other.