Money, hours & work-life balance as a Corporate Lawyer - ASSUMPTIONS ANSWERED [ep.1]
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- Опубліковано 15 вер 2021
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Before I started working as a trainee corporate lawyer, I had tons of assumptions about what it would be like - money, fast-paced lifestyle, all-nighters, coffee... basically a kinda less sexy version of Suits 🕵
But just how wrong was I?... Is the money really that good, or do I blow my entire salary on rent? Are the hours actually that bad, or do I have somewhat of a work-life balance? Have I had to give up everything I loved doing in my free time (inc. binge-watching Netflix), or do I still have time to see friends and family AND watch cr** TV?
In this video, I hopefully dispel some of the false assumptions you have (that I definitely had before I started working for real) and shed light on what it is REALLY like being a trainee corporate lawyer 🙂
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About Me
I'm a trainee lawyer, part-time UA-camr, son, brother, startup founder, boyfriend, black coffee drinker and plant dad. I graduated from Cambridge University (where I studied French and Spanish), topped my law school class and now work for a corporate law firm in London as a trainee solicitor (which takes up a lot of my time)!
Around that, I'm a big fan of discovering new ways of thinking, of balancing work with life, and of performing to the very best of my ability. Ohh, and being happy. And I try to share all that on this UA-cam channel 😀
Fun fact: I believe we massively overplay the role of “natural talent” 😮 AND… I also believe that TOGETHER, WE ARE ALL CAPABLE OF POSITIVITY, PRODUCTIVITY AND SUCCESS.
📸 Instagram - / liam.porritt
🌍 My little kingdom - liamporritt.com
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Disclaimer:
Information, views and opinions depicted in this video are my own. Information visible on screens or in documents does not relate to my work as a lawyer for clients.
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Hi Liam, I don´t know if you will read this, but just in case you do.
Before March 2020 I was a bad student at university, and during quarantine I started watching your videos and applying your techniques and tips (exercising, studying techniques, tips for preparing for exams...) and my grades got much better this last year and a half. Because of that, my grades were good enough to be accepted at the Audit department of Deloitte, where I will start working next Monday.
I guess what I'm trying to say is that, in one way (future lawyers) or another (people like me who won't be lawyers), you are an inspiration to a lot of people and, somehow, you make us try to be better.
And also, thank you for the motivation back then, it has gotten me this far and I just want to keep on going!
Congrats! Could also improve my grades significantly. But for me it’s M&A Tax at PwC in Berlin, haha :D
@@marek-hb1sh Thank you!! If you follow his advice your chances will get much higher. Good luck! :)
I absolutely did read this Agustin, and having felt a bit down this week, this has absolutely, without a doubt, made my week 😊😊 So thank you for taking the time to say this, and I wish you the very best at Deloitte! Is that in London?!
Wow, that's awesome!
@@liam.porritt Thank you so much for reading it and taking the time to answer it! I will be starting in Madrid, but I´m aware that transfers from one office to another are common, so maybe I´m in London soon :)
100k soon! Proud of you Liam, this is absolutely amazing. As always, wonderful video.
Congratulations on reaching 100k Liam, I’m studying law right now, and hopefully will be a corporate lawyer in a few years, you’ve really been a motivation for me.
Your life seems so interesting to me! Love to see your work-life balance candidness!
Thanks for being so honest, it's really interesting to have some insight into a magic circle law firm. Great editing skills too!
I respect how you can check emails and not get stressed. I always feel obliged to reply ASAP. That’s anxiety I need to work on
Your channel is what's pushing me through my most recent TC rejection letters and now applying for vacation schemes 🙌🏼 hello from South Africa 😊
Hard part in your job is to keep a healthy mental attitude towards life. In my personal opinion, comparing ourselves with others is detrimental to our mental health. I always prefer to be kind and understanding to myself and to others. I also believe that it is no good to belittle people. No shouting no yelling is necessary I think. My father used to say 'whatever you do yo do onto yourself'. I also believe being close to nature, even a small walk at the park helps a lot to keep us optimistic.
I couldn’t agree more with everything you say here Aysenur! Comparison with others is, I agree, such a huge problem that we all struggle with - it’s my least popular video ever, but I talked a lot about how I feel about this here: ua-cam.com/video/RPa3oRpgW2c/v-deo.html 🤗 Also agree on being close to nature - something I also really prioritise! And, lastly, being kinder to myself - something I need to get better at. I’ve been pretty harsh on myself the last couple of weeks, so that’s something I’m definitely working on! 😊🤗
@@liam.porritt Thank you very much for your reply! :) I wish you all the best!🤗🤗
Whatever you do, you do unto yourself. I like the line.
Congrats on reaching the 100k mark Liam! Have enjoyed your content greatly over the last 8 months or so since discovering you.
Hi Liam, I will be starting as a tax lawyer in biglaw next year and I have always appreciated your videos. I love seeing somebody who is truthful about the grind but at the same time very positive and seems to enjoy the job. Thank you so much.
How’s it going
Thanks for the inspiration Liam. You are the main reason I want to study business law. Cheers from Canada!
“Don’t let yesterday take up too much of today.” You got this bestie
Another great video. As a law student I can imagine and aim few aspects of my career.
Congrats on 100 k Liam!!!!
Respect! What a good mentor and good that he has also worked for the two named organisations and continues to do de Bono work. A talented and eloquent guy
Thanks for sharing! I really enjoy watching your video!
Bro i wish you all the best. I am a lawyer too from another european country and i understand the struggle you are also going through from day to day.
Great video and insight, thanks Liam!
I am quite surprised that you don't make more coming out of law school. I'm in the US, so I don't know what it would be here. But you make a great point about how much it jumps once you become an associate. Probably the biggest wake up call I had was when one of the resident doctors at my hospital told me her salary is little more than minimum wage with horrible hours, but they know that will change.
Proud Moment !
Congratulations Liam 100K soon
#Porrittfam
Just graduated, I’ve started doing my first interviews in Milan. I think you should hold lessons in Universities, because no one is going to tell us students all of these very useful infos. Thank you very much
Congratulations on reaching 100k!
You inspired me man, I'm gonna be following your steps.
This is super helpful and candid! I’m going to be joining one of the Magic Circle (not Clifford Chance) in their New York office as a corporate summer associate this summer, so it’s nice to see what to expect. I am scared about taking on that much responsibility and putting my own neck on the line for the client though!
Hi Liam, thats very inspired, enjoying your video, great experience you have there, very cool man, thanks
Hi Liam. I found your videos very informative and inspiring. I am a Law Student at the University of South Africa (UNISA) and interested in Corporate Law. Thank you very much for sharing such brilliant insights.
I think most people don’t understand one main peace in this puzzle.. yes, numbers are nice, etc., but it takes so much time and work to get to that level. Talent and skill is not enough, you actually need to make yourself to learn, perform, grow every single day. And I can tell from my experience-it’s super hard…
Love the transparency, great video Liam
Almost at 100k Liam !!!! 😃
I earn more than you based on this video but you are going to lap me so many times over due to your talents and productivity. I love your transparency, you remind me of a good friend. You deserve everything you go to achieve
Excelent!! foir new comers to the practice congrats mate!
let's go! another video
You said that you will be making more and also added with that will come the extra pressure etc, that for me would be the hard part because i start of well with good intentions but keeping that up would be hard, Im happy on my teacher salary without the extra pressure .good on you for being able to handle it and also congrats for being able to work in an office, cant imagine doing it .
Can you make a video about the carrer opportunities of a corporate lawyer? I'm currently doing an intern at CC in Francfort, so I am really interested in getting an insight into the hierarchy
Good stuff!!
Last 3 months i worked about 60 hour a week. I got about 14k a month what is great but now working 40 hours again. It is much better for me and i earn about 9/10 k a month what is enough. I work for the goverment in The Netherlands. Balance is key, keep up the good work.
What do you do for a living?
@@deannahenry8925 i work parttime for the City of Amsterdam and parttime as a freelancer for other cities in the Netherlands. I am responsable for all the realestate registrations, housenumbers and street names. Also i provide postal codes.
I think people don't consider why firms are providing such lucrative salaries to trainees. It's not so they can treat them like crap, it's because they believe they are worth investing in and want to retain them after training.
65,000 dollars for a top corporate law firm seems bad but now that I think about it that's just starting out. Which is good
I remember people making fifty grand in the City back in the eighties when it would pay a twenty-five-year mortgage on a proper London house
Hi Liam, is that true that Magical Firms only recruit fresher from OxBridge and a few prestigiou law school? Is there any chance for a lower -tier Uni, says Queen Mary?
Hi Liam!
Loved the video - keep it up!
I was wondering if a student did not get into a Russel Group university, what is the likelihood of someone getting into a magic circle law firm?
Great video!
Statistically speaking we spend 1/3 of our lives working like that’s just crazy to me because I work 12 hours a day 60 hours a week from Monday to Friday and get an hourly rate of 81.20 Before tax my pay comes to about 254k but my actual pay is about 154k a year So I’m at a loss of 100k just on tax a year. Tax is 39% for people that get above 180k, and that’s crazy how much tax we pay but I’m so grateful we have free health care and a lot of amenities one needs to live a happy and healthy life. Cheers Liam for all your words of encouragement, You make one want to be a lawyer.
Damn 254k a year pre tax what job you got and is it in uk cuz thats mad
almost 100k lets go
I was looking at the money and when you said 50k pounds I was like sorry man then you showed that you make a lot but here in the U.S. in Manhattan 50k really only gets you a 300 square ft apartment. You need that 100-200k just to get a decent apartment not counting taxes and food. Also happy that you're having a good life best of luck to you man.
£50,000 = $62,794
Hey liam, I really like your videos. I just got admission in law school i look up to you:), i want to know how do clifford chance hire trainee lawyers?
Notification squad where y'all at?
Your videos are so informative for people looking to enter the profession. Thank you so much! I hope you keep on making videos till you (hopefully!!!) make partner at Clifford!
Thanks so much Nafiz!! Massively appreciate - and definitely plan to keep making these vids :)
Excellent video
I was a corporate lawyer on Fleet Street for many years, and I would never do it again. The money is good, but your mental health is not after ten yeras
Student loan is fun isn't it chap! I know the feeling post tax, it kills me.
Hi Liam, I asked this last time and I know a lot of people also thumbed up. But thought I would mention again but it would be super if you could create a dedicated Skillshare class on corporate law. I found your explanations in your previous video clear and useful. I would immediately buy your course if available!
Hey - so sorry if I missed when you suggested this previously! I've definitely noted this - I have a couple of other things that I am working on at the moment, and I'm not sure if I'd want to do this on Skillshare or elsewhere, but will definitely consider it. Do you mean essentially explaining what being a trainee in corporate law is really like, just in more detail? :)
@@liam.porritt Thank you for your response :). Basically yes and just maybe important things to note in corporate law, books you recommend, or what sections of the FT to read! :)
Which University did you get your degree from?
kindly make a video on which law practice is highly demand in UK and EU countries. As Tax law is different for each country and family law as well.
Kindly make video on Transactional litigation, Merger & Acquisition, & intellectual property etc.Are these included in Commercial law? In which area should i practice as my aim is to work in Europe.
Hey mate it’s so funny because as I’m writing this comment Im looking at you in the cafeteria and it’s crazy that we work in the same building . Your sitting with two black females right now one in a Polkadot dress and your wearing a white shirt. Maybe we could meet one day. I just find it so weird and cool at the same time.
have you considered time value of money ? whatever you get will reduce in value over time.
Hello Liam!! I am a big fan of yours, and I myself want to be a corporate lawyer. I was wondering if you could do an activity where you speak Spanish throughout the whole video?? Would be lots of fun! Especially for those who I know follow from México 🇲🇽 . Muchas gracias, y sigue adelante inspirando a muchas personas como a mí!! Hasta la próxima!
100k a year is absolutely appalling. I get that back home, living costs are a lot less than over here (US), but $200+ is the standard for "BigLaw", and even on that, it's not a very lavish lifestyle. Bear in mind, "BigLaw" is anything in the AM100, and Clifford Chance tops most of these firms in terms of revenue, and even by PPP or revenue per capita, magic circles are typically in the top 50%. Where does all the money go?!
do as many people get to partner as the big 4? there is a lot in those big 4 firms.
@liam you havn't mentioned your transportation expenses, healthcare expenses, retirement savings, any gym membership? etc etc etc
Hey!! May make a video about my monthly income and expenses soon :p
Sir how much loans do you have? Nice video.
Do you have any student loan debt?
Waiting for you to hit 100k subscribers.
i also want to become a lawyer but I'm right now in year 9 and soon will be picking my subjects which topics should i choose to become a soliciter or does it not matter yet?
Honestly really doesn't matter - even what you study at university doesn't really matter!! Just do the subjects you enjoy and think you are likely to do best in :)
If in-house in the ultimate goal does that means corporate finance is better than litigation?
The biggest difference is that in-house has a better work-life balance.
Hi Liam, been following for some time and you’ve inspired me to want to go into exactly what you’re doing-PGDL LPC/SQE and then into M&A. However, I don’t have such glamorous credentials as you do. I graduated in Chemical Engineering with a 2:1 from a NON-russ uni. My question is, is it better to go straight into GDL+LPC/SQE self funded and then after try to secure a TC or take a gap year first and try secure a TC then. How did you do it? Also because i came from a bottom tier uni + 2:1 (not 1st), is the likelihood of going into a magic circle firm extremely low..near impossible? Brute honest advice will be extremely appreciated, seen few posts when researching and I’ve got a lot of doubt now.
extremely low, not impossible though
@@rahim.2 can you be more specific please? If I go through with it’s life changing. I know I’m not going to just do what I’ve been told. But everyone says this and I want to know why etc. Be brutal, I need it! Also I’ve seen statics on non-russ unis getting hired, but I want to roughly know how to differ, especially when there are 100s of applicants that already have a slight ‘head start’. Bradford uni to be specific..not the most glamorous by any means.
@@af8499 realistically, it will not happen early on in your career. if you do end up in magic circle it will definitely be later on in your career. If you want to standout maybe try look for a masters course at a top university maybe? Try looking for something the relates the skills you already have with skills you will need to do your desired career. you are going to need a bunch of experience to make up for the lack the 'top' tier university and work your way up the rankings. the set of skills you have are very quantitative and that is appealing to almost any employer but you are missing that university backing. magic circle don't even really hire from most Russel groups; if you look at the stats Oxbridge, LSE, UCL take up the majority followed by Nottingham, Warwick, UoB and a few others. So, considering the majority Russel group students don't make it, I would say your chances are really low. However, if it is what you want to do and you are willing to work extremely hard, go for it. Worst case scenario you don't make it, but at least you would've tried because if you give up you won't make it at all.
@@rahim.2 thank you! I really needed to hear this, I appreciate this A LOT! Just a question, is going into a GDL+LPC better to do once securing a TC from a firm, or is self funding and THEN trying to secure a TC a just as good avenue? Or are you a little worse off that way?
I reccomend applying for paralegal roles and getting as much work experience as you can to stand out. Also take online business courses (such as Harvard business school which I think is free) to demonstrate understanding for commercial awareness. Its not impossible it can definitely happen. You just need to
- widen the amount of firms you apply too (apply to loads)
- you have a background in chemical engineering think about how you can utilise that in law , are there any law firms that have a focus in chemical engineering
- be confident. You may not be a law Russell graduate but you have an edge. Focus on. Sharpening and bringing that edge to life, being different can be a plus to your career not a minus
100 k in London is not as much as one thinks
Liam is a very very likeable fella
Interesting video. 👍
Thank you 👍
so cool.
50,000 for a big law firm is like nothing? New associates in the US at a big law firm make 250,000 the first year
He’s still a trainee. After the two years of training his salary will be closer to 120k.
You should talk about the money you make from youtube also!! I imagine you make the same amount or more from youtube so that would be interesting to see.
I think he said on an earlier video it was about £10k a year before tax (and I assume tax is about 42% of that so he should keep just over half).
@@janesmith9024 10k probably from youtube but I imagine he earns much more from sponsors. Likely a couple thousand at least from one video.
No student loan debt?
first year US associate salary at Clifford Chance is $205,000.
in the UK it's only 100,000???
New scale is $215,000 / £161,000, which only a few US firms offer to their London associates. The salary difference in the UK between UK and US firms has always been stark.
Salam cenab vekil necesiniz?
Mene Royal bank scotlandda olan kiçik bir işimle elaqedar kömek ede bilersiniz?
What is post tax income ???
Boy, its old school. Do 5 years there and step down.
Lawyer as Solicitor?
Video starts 1.08
This career as presented is a bad business plan. You betting on the off chance of becoming partner (5% medium) giving away more than half pf what you produce for 15 - 20 years to pay the shares of the partners
How is 15-20 an hour a good wage in any world, let alone a world where you went to school for so long
How would you handle corrupt Malta government staff member who posed as UK's government Head of Legal Dept in my court hearing on 9th March 2019 at City&Mayor's County Court London to steal my flat 2a york mansion 101 Barkston gardens 215 Earl's court road London SW5 9AF-Property
You will be sixty and rich, you will have lost your marriage and your relationships with your children and old friends, all for 40 years of 80 hour work weeks so you can be sixty and rich. Let that sink in, do the math solve for X=Effort. From a sixty three year old man a little unsolicited advice - no charge. You are welcome! Excellent presentation and insight into the profession, thank you Liam!
50% of marriages divorce anyway. Better to be 60 and rich than 60 and poor. That being said, ya I wouldn't do these crazy hours. Better to have a high salary and low hours obviously. Dentist or a gp is the sweet spot.
@@spungerobertcubicletrouser2181 a type pf doctor
50k is nothing.
But will have worked for one of the most prestigious law firms in London which means the world. Not to mention the fact he could quit at any time with lots of transferable skills not to mention a proven work ethic. Who knows he might genuinely like his job.
@@marvinhusbandsYou’ve got to like the job a lot to make those sacrifices. Personally, I wouldn’t like to make those sacrifices.
Those salaries are not actually that much by US standards.
❤️
Modern slaves wear suits, and Swiss watches
Everyone, please note that he’s a lawyer, not an attorney at law. This can help when asking questions :)
Not trying to sound ignorant, but what’s the difference ?
@@hashim3007 As an attorney, I’ll try to answer to you:
The word lawyer has Middle English origins, and refers to someone who is educated and trained in law. Lawyers are people who have gone to law school and often may have taken and passed the bar exam.
Attorney has French origins, and stems from a word meaning to act on the behalf of others. The term attorney is an abbreviated form of the formal title ‘attorney at law’. An attorney is someone who is not only trained and educated in law, but also practices it in court.
Though a lawyer is someone who has completed law school and passed the bar exam, you don’t have to practice law in court to be considered a lawyer. Lawyers may take on roles as consultants or advisors.
As an attorney, you practice law in court. Passing the bar exam is a requirement for an attorney, giving them the right to practice law in a specific jurisdiction. Like lawyers, attorneys are required to abide by a code of ethics and may practice in both civil and criminal courts.
@@CorpusReformatorum thank you
@@CorpusReformatorum These days there’s not much difference between a UK Solicitor and a US Attorney, he has right of audience in court but in his practice area would not appear in court. There are US transactional lawyers and they are still licensed as ‘attorneys’ the Solicitor/Barrister distinction these days is more of a difference between line of work than qualification.
@@CorpusReformatorum Also back when the term ‘attorney’ was still used in England it referred to what are now solicitors, an attorney would prepare the case and then brief a barrister for court appearances
Wow! your taxes are high
How much do you get paid a year?
He literally says at the start he gets paid £50,000 a year.
bad wages
Дұрыс айттың Лиам. Менде Қазақстанда адвокат болып жұмыс жасайм. Кейде жұмыс кобейп кетеді, таңғы 7-ден түңгі 1-дейін жасайсың, кейде азайады, бырақ азайған кездеде, алғашқы істерге уақыты келмеседе дайындалып отырасың.
50k seems quite low actually. Normal starting salary should be 100k
He’s not yet a lawyer. 50k is standard for a trainee lawyer in London
Super interesting, in the US first year associate at his firm would be about 200K. I guess a trainee is different
It is quite high for the 2 years when you train in the UK. He is not qualified until he has done those 2 years.
@@TheJackAmaral10 I think in the US you are qualified at a associate level, just after law school and bar exam .US pay is Also always higher.
@@TheJackAmaral10 That is because a US first year associate is qualified - and also it takes longer to qualify in the US than UK, as well as tuition being significantly more expensive. Some top firms actually match UK first year associate pay in London (after two years of training) to US first year associate pay (usually around £140k which is around $200k) and this trend is actually increasing as competition for top talent grows (though not yet at Liam’s firm).
What is your age bro 🥰🥰
I’ve never seen such a delusional and naive take! LOL! I’m sure law firms and clients are all clamoring for the associate who “doesn’t work weekends!” 😂
I hate law.
painful listening to you speak.
stop the fake laughing every other word please. Really ruins your videos...