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Moving to London

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Moving to London

Introduction

London – the mother of common law, is one of the world’s financial, business and legal hubs. For lawyers who want to take their career to the next level London offers unparalleled opportunities in both transactional and litigation practice areas. Antipodeans are no stranger to London law firms and the Aussie and Kiwi work ethic is highly regarded.

The onset of the Global Financial Crisis has certainly reduced the number of opportunities available to foreign qualified lawyers over the short term, but there are now signs of recovery and the market is strengthening. Over the longer term, London will continue to dominate the international legal market and Australian and New Zealand lawyers will once again be in high demand.

Firms and salaries in London

London is home to some of the most prestigious UK law firms in the world as well as premiere New York firms. The Magic Circle and Silver Circle firms are based in London as are numerous highly respected mid-tier firms, some of whom have international networks of offices throughout the world. In addition to the UK firms, London is increasingly becoming home to premiere New York firms with sizeable offices. Top-tier US firms tend to pay at the top of the pay scale, followed by Magic Circle firms, Silver Circle firms and Mid-tier firms. Compensation in the form of salary and bonus are factors that are part of the process of thinking about offers, as is a work/life balance. The following tables may be used as a guide:

Magic Circle rates in London

NQ 1 PQE 2 PQE 3 PQE
£61,000 £68,000 £78,000 £88,000

New York rates in London

NQ 1 PQE 2 PQE 3 PQE
£94,000 £100,000 £109,000 £120,000

Taxes

Tax rates for foreign qualified professionals in the United Kingdom operate according to a progressive scale as they do in Australia and New Zealand. The tax rates are 10%, 22% and 40%, depending on your income.

Admission to Practice

The Qualified Lawyers Transfer Test (QLTT) is what Aussie and Kiwi lawyers need to pass to requalify as solicitors. It is not as onerous as other admission exams and does not need to be taken prior to starting work in a UK firm. In order to take the test two years practical experience is required. The QLTT can be taken either before you leave or after you have arrived in the UK.