Banking lawyers provide legal advice to banks, financial institutions and borrowers on a wide range of lending and financing transactions.
They ensure that deals are legally sound, comply with regulations and protect their clients' interests.
Banking law is largely transactional in nature. Lawyers will work on several transactions at a time, from start to completion (or ‘closing’).
Typical tasks for a busy banking lawyer include drafting and negotiating the key transaction documents (e.g. facility agreements, security agreements and intercreditor agreements), carrying out due diligence on the borrower, and preparing legal opinions (which are often a condition precedent to signing).
Banking lawyers often specialise in a particular area. These include:
Banking lawyers at the leading London law firms can expect to earn between £120,000 - £150,000 at the junior end of the associate scale (up to 2/3 years’ PQE).
Mid and senior-level associates can expect to earn north of £200,000.
We have a list of salaries paid by all of the UK’s top law firms here.
The Magic Circle firms, the leading US firms in London, and a handful of other leading international firms are generally considered to have the best banking law practices in London.
Magic Circle: A&O Shearman, Clifford Chance, Freshfields, Linklaters, and Slaughter and May.
US firms: Latham & Watkins, Kirkland & Ellis, Skadden.
International firms: Herbert Smith Freehills, Ashurst, Macfarlanes.
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