Wednesday, 13 November 2013

Lawyers' starting salaries - the best and the rest

This is US data, but I don't think it is going to be notably different from London data, if not UK data as a whole (from Marginal Revolution here).

In 1991, reported starting salaries looked like this (I think US$000s on the x-axis):

In 2010, they looked like this:
What do we get from that? For one thing, that there is a relatively large number of over-worked junior lawyers with scary billable hours targets. For another, that the market apparently pays for these people. Tyler Cowen's thesis is that a large proportion of the gains flow to a small number of people at the top end of any given industry - these graphs suggest that a large proportion of the gains are flowing to a fairly large number of people.

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