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
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllClifford Chance Under Fire for Human Rights Assessment of Saudi Arabia World Cup Bid
5 minute readThe Week in Data Nov. 7: A Look at Legal Industry Trends by the Numbers
Trump Win Ignites Global Legal Market: Lawyers Prepare for High Demand & Uncertainty
Netflix Offices Raided by Authorities in Paris and Amsterdam
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250