Graduate lawyers catch up with bankers' pay

Graduates of law are now earning equivalent amounts to their counterparts beginning a career in investment banking, it has been suggested.

Both sets of young professionals can now expect to start on an average salary of £35,500, according to 2007 figures from the Association of Graduate Recruiters, while the average starting wage for all graduates is £23,500.

However, solicitors could see this figure rise considerably in 2008, with the legal profession expecting a wage boost of 2.8% over the next year, although IDS figures revealed that an in-house lawyer saw a 6.8% increase in 2007 - taking average salaries to £114,658.

Investment bankers are not likely to see any rise in salary, while all other sectors should receive a 2.1% boost.

Graduates joining one of the top legal firms in the country, Freshfields Bruckhaus Deringer, can expect to start on £38,000, Lawyer2B.com noted, while other magic circle firm Allen & Overy pays its new entrants £36,200 a year.