Alright Stannis Baratheon

And what about for 2, 5, 7 PQE? What’s the bunching impact?

Why would anyone go into insurance or stay? These firms are on the cusp of huge numbers retiring. And when that happens, who will want to stay when the reward is so much less superior to a commercial practice? The work is no less taxing, despite what those in other practice areas may say.

Insurers are about to get exactly what they pay for: monkeys being paid peanuts, a 9 – 5 service, on a ‘deal strictly in date order’ basis. Maybe firms should charge a premium if something needs dealing with urgently. Firms can use the extra £££ to pay overtime to those who can be arsed. But once the skill and energy has gone from the insurance practices, it will be lost forever and will be difficult to replace/ replicate again.

Commercial is not that different to insurance, it just has a different paymaster with more generous pockets.

wrong its 88k for the rest

The average annual salary for Londoners is £44,370 across all age groups, according to the latest data available for 2023 from the ONS.

Fewer

Where have you heard this?

Have you seen rental prices in London pal? No point comparing to “average uk salaries” lol.

Because the reality is that there will be some sub teams working less hours and bringing in less income than their insurance focused counterparts… if the goal is to reward associates based on their individual contribution to the firm (be it from a turnover / hours worked / effective billing rate basis or otherwise), then having a pay disparity between teams is a poor way of incentivising their lesser earning NQs to give more than their minimum.

Why? If one team is bringing in 1. more money AND 2. working longer hours why shouldn’t they be compensated more than other teams bringing in less work and clocking off earlier?

Happens for partners so why not for associates?

Chump change in today’s market. That’s far less than inflation since they last increased.