Baker McKenzie steps up to associate pay war with 20% NQ salary uplift

Baker McKenzie steps up to associate pay war with 20% NQ salary uplift

Baker McKenzie has become the latest law firm to put its newly-qualified (NQ) solicitors in line for a six-digit pay package with an eye-catching 23% increase to its starting rates.

The firm announced today (17 July) it is raising its basic NQ package from £77,000 to a minimum of £95,000, with performance-related bonuses bringing earnings to over £100,000. Continue reading “Baker McKenzie steps up to associate pay war with 20% NQ salary uplift”

Associate pay war, anyone? Freshfields sets new Magic Circle standard by raising NQ pay to £100k

Associate pay war, anyone? Freshfields sets new Magic Circle standard by raising NQ pay to £100k

Marco Cillario assesses the City-wide implications of Freshfields’ decision to dramatically hike associate salaries

A decade after leading the way in resetting downwards the going rate for City associates, Freshfields Bruckhaus Deringer in May set a new standard for Magic Circle firms, raising its newly-qualified (NQ) salaries from £85,000 including bonuses to a symbolic £100,000, with bonuses on top. Continue reading “Associate pay war, anyone? Freshfields sets new Magic Circle standard by raising NQ pay to £100k”

Slaughters lifts associate salaries alongside performance-related bonuses

Slaughters lifts associate salaries alongside performance-related bonuses

Slaughter and May has increased its salary rates for newly qualified (NQ) associates by £3,000, with junior associates also seeing an increase alongside performance-related end-of-year bonuses.

All associates from NQ to 18 months post-qualification (PQE) will enjoy salary increases, with NQs seeing their pay increase to £83,000 from £80,000. Pay for associates 6 months after qualification will see their pay go up £2,000 to £86,000, while associates one year and 18 months post-qualification will see their pay go up by £1,000 to £89,000 and £93,750 respectively. Continue reading “Slaughters lifts associate salaries alongside performance-related bonuses”

The talent debate: The war rages on

The talent debate: The war rages on

James Tsolakis, NatWest: One of the great challenges setting this up with Alex is in the long period I have been a banker to the legal profession, the rate of change is faster than I have seen for a long time. The challenge was defining the discussion. It could have been IPOs, artificial intelligence, international expansion – any number of things. I am pleased we chose a subject that will ultimately touch all these other subjects driving change in the sector.

Alex Novarese, Legal Business: Kicking off, Sharon, what worries you about talent? Continue reading “The talent debate: The war rages on”

Comment: The associate pay smoke screen is fooling no-one

Comment: The associate pay smoke screen is fooling no-one

Associate pay used to be simple. Lockstepped and transparent to the nth degree on both sides of the Atlantic, you knew exactly where you stood and exactly when the legal market was overheating.

There were obvious downsides to such transparency. Back in the late 1990s/2000s boom, a salary war triggered by Palo Alto law firms within weeks translated into huge hikes in New York. Soon enough London followed when SJ Berwin announced 25% pay hikes that spread through the market like wildfire. This was the first age of the online message boards, which further stoked the inflationary pay cycle. Continue reading “Comment: The associate pay smoke screen is fooling no-one”

Associate pay smoke screen: it’s fooling no-one

Associate pay smoke screen: it’s fooling no-one

Associate pay used to be simple. Lockstepped and transparent to the nth degree on both sides of the Atlantic, you knew exactly where you stood and exactly when the legal market was overheating.

There were obvious downsides to such transparency. Back in the late 1990s/2000s boom, a salary war triggered by Palo Alto law firms within weeks translated into huge hikes in New York. Soon enough London followed when SJ Berwin announced 25% pay hikes that spread through the market like wildfire. This was the first age of the online message boards, which further stoked the inflationary pay cycle. Continue reading “Associate pay smoke screen: it’s fooling no-one”

Akin Gump reveals trainee salary increases, as NQ pay remains static yet competitive

Akin Gump reveals trainee salary increases, as NQ pay remains static yet competitive

Akin Gump has increased trainee salaries by 12% and 8% for first and second years respectively, with the group representing the first trainees the US firm has taken on, while its newly qualified (NQ) pay remained static this financial year.

Continue reading “Akin Gump reveals trainee salary increases, as NQ pay remains static yet competitive”

Travers, Macfarlanes and Jones Day boost junior lawyers pay while HSF and CMS freeze associate salaries

Travers, Macfarlanes and Jones Day boost junior lawyers pay while HSF and CMS freeze associate salaries

Travers Smith, Macfarlanes and Jones Day have all boosted their junior lawyers pay in this year’s review, in contrast to Herbert Smith Freehills and CMS McKenna Nabarro Olswang which have held pay for London associates, with some regional pay rises. 

Continue reading “Travers, Macfarlanes and Jones Day boost junior lawyers pay while HSF and CMS freeze associate salaries”

Magic Circle pay watch: Links edges up associate salaries, Slaughters holds and CC gets coy

Magic Circle pay watch: Links edges up associate salaries, Slaughters holds and CC gets coy

Pay rises continue to ripple through the top-end legal services market despite the uncertain outlook for the City. The latest to go is London giant Linklaters, which has nudged up its base rate for junior lawyers by £1,000, handing newly-qualified (NQ) solicitors £82,000.

Continue reading “Magic Circle pay watch: Links edges up associate salaries, Slaughters holds and CC gets coy”