Macfarlanes has hiked pay for its newly qualified lawyers by £10,000, becoming the first major UK firm to increase salaries in 2026.
NQs at the firm will now receive £150,000 per year – up from the £140,000 rate it set in 2024, and in line with the salaries paid in London by top UK firms including Freshfields, Clifford Chance, Linklaters, A&O Shearman, and Slaughter and May.
The pay increase is effective from 1 July.
The firm has also increased trainee solicitor salaries, effective from September. First-year trainees will see base pay rise from £56,000 to £60,000, while second-year trainees will receive £65,000, up from £61,000.
These rates are above those paid by the magic circle firms, which currently each pay their first and second-year trainees £56,000 and £61,000 respectively.
Commenting on the changes, managing partner Luke Powell said: ‘We want to recruit highly talented and committed people to our firm and have them become exceptional lawyers with us over the long term.’
‘Our salaries support that and reflect our strong position in the market,’ he added.
Revenue at the City firm increased by 10% to hit £371.4m last year, while PEP broke through the £3m mark for the first time, hitting £3.1m.
The move comes after Milbank became the first major firm to increase its associate pay last month, increasing firmwide pay for its class of 2025-26 associates to $235,000.
The salary scale has since been matched by firms including McDermott Will & Schulte, Quinn Emanuel, and US firms including Susman Godfrey and trial boutique Hueston Hennigan.
