Junior lawyers flee to banks
Investment banks aren't the only ones working hard to recruit and retain junior staff. Law firms seem to have a struggle on their hands, too.
Magic circle law firms are being forced to raise pay sharply in an attempt to retain young lawyers, the Financial Times reports.
The source of discontent is said to be a combination of the legal profession's long hours culture and the growing appeal of a career as an in-house legal counsel at an investment bank.
The FT cites Sajid Hussein, associate general counsel at Bank of America, and one-time associate at Allen & Overy. Hussein says practice lawyers are disenchanted with their '100-hour weeks'.
Bank of America has doubled the size of its London legal team from 10 to 20 over the past year. Lehman Brothers and State Street are also said to be looking for lawyers specialising in everything from employment law to derivatives.
