Effective as of 1 May, A&O Shearman has raised NQ pay by 20%, and the newly merged firm’s trainees will also see an increase of over 10%, with first-year salaries at £56,000 and second-year at £61,000. Likewise, Clifford Chance has adjusted its NQ and trainee solicitor salaries to match those of its rivals. As of 1 May, NQs will receive £150,000, and first and second-year trainee pay has been raised by 10% to £56,000 and £61,000, respectively.
The move by Clifford Chance and A&O Shearman leaves Slaughter & May as the sole magic circle firm yet to raise NQ salaries. The firm, which reviews salaries biannually, has its next review scheduled for November.
While NQ salaries at these magic circle firms are exceptionally high, as the firms compete for top talent amongst themselves, certain US firms in the City, such as Quinn Emanuel Urquhart & Sullivan and Gibson, Dunn & Crutcher UK LLP, are paying their junior lawyers as much as £180,000. This exceeds the earnings of the UK Prime Minister Rishi Sunak (approximately £165,000), according to recent research. The London offices of 12 law firms, representing 101 newly qualified solicitors in the latest administrative round, fall into this bracket.
For further information about The Top Paying Law Firms.
Published by: www.lawyer-monthly.com - June 7th, 2024
Update:
US law giant Goodwin Procter, has joined other City of London law firms in announcing a significant pay rise for new associates.
New associates are seeing their annual salary rise from £160,000 to £175,000, an increase of just over 9%. The new salaries, which start 1st June, make Goodwin Procter one of the highest paying law firms in London.
Trainee salaries have also been adjusted. From 1 September, trainees will receive between £52,000 and £55,000 in their first year and between £57,000 and £60,000 in their second year.
The announcement follows a series of salary increase announcements from law firms in the City. Most recently, A&O announced a £150,000 salary for new and junior associates, in line with Clifford Chance, Freshfields and Linklaters.
