Bank of England GC paid more than government legal team's top lawyers
Former Clifford Chance corporate partner Sonya Branch leads the banks 153-strong legal team
August 17, 2018 at 07:28 AM
3 minute read
The original version of this story was published on Law.com
The Bank of England's general counsel took home at least 20% more than the four highest earners in the Government Legal Service (GLS), with data from Freedom of Information Act requests continuing to highlight the disparity in pay between top earners in the public and private sector.
Sonya Branch (pictured below right), who leads a team of 153 legal staff at the Bank of England, netted £209,887 in the year to February 2018, with an additional £15,790 in benefits.
Her total earnings of £225,677 are up to 28% higher those of the head of the GLS, Jonathan Jones, who earned between £160,000 and £165,000 during 2017-18, as well as an additional performance bonus of £15,000-£20,000.
Former Clifford Chance (CC) partner Branch joined the Bank as GC in May 2015 from the Competition and Markets Authority, where she was executive director of enforcement and a board member.
Her role gives her responsibility for both the Bank and Prudential Regulation Authority, leading a team of 143 lawyers and paralegals and 10 administrative staff, the overwhelming majority of whom (127) are permanent staff members.
Before moving in-house, competition lawyer Branch became the youngest person in CC's history to make partner in 2000, working with clients including Citigroup, Shell and Barclays.
Last month, Legal Week reported that the combined salaries of the four most senior lawyers at the GLD is lower than the equivalent figure for four newly qualified (NQ) London associates at top US law firms.
Between them the four were paid £545,000 in 2017-18 – about £35,000 less than four times the market rate of £145,000 for City NQs at leading US firms.
GLS head Jones, GLD director generals Stephen Braviner Roman and Claire Johnston, and Home Office legal adviser Peter Fish, received £545,000 between them in 2017-18.
The salaries of Branch and the GLD's top lawyers are also lower than that paid to the former director of the Serious Fraud Office (SFO), according to the regulator's latest accounts. Sir David Green QC, who stepped down from the SFO in April this year after six years as director, was paid between £240,000 and £245,000 in his final year.
The Bank accounts show that it spent £50m on consultancy, legal and professional fees in the year to February 2018, up from £29m in 2017.
The Bank of England declined to comment.
Photo credits: George Rex / Bank of England
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