All Magic Circle firms now pay NQs six figures

All five have matched each other’s pay packages for new lawyers

All Magic Circle firms now pay NQs six figures

All five Magic Circle firms have matched each other’s pay packages for new lawyers, which now stand at £100,000.

Allen & Overy (A&O) boosted its NQ pay to a minimum of £100,000 last week, while Linklaters followed with a similar increase this week.

A&O’s package consists of a base salary and a sign-on bonus. The Law Society Gazette said that associates, who were previously paid £83,000, have also been made eligible for a discretionary bonus.

Most Read

“We have always been committed to rewarding our people fairly and competitively,” a spokesperson said.

Linklaters has also increased its package to £100,000 from £83,000. It said that its best-performing NQs will receive even more, The Law Society Gazette said.

The pay competition for junior lawyers in the UK has become heated. Freshfields was the first of the group to raise their pay for new lawyers to £100,000. The firm has also increased its maintenance grant to £10,000.

Not to be outdone, Clifford Chance, as well as Slaughter and May, matched not long after.

Recently, Shearman & Sterling hiked its NQ pay to £120,000. Hogan Lovells also made a move this month, introducing a scheme that lets NQs earn as much as £117,000. Macfarlanes has also announced six-figure NQ pay packages.

Related stories

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

Cooper Grace Ward partner: There are 'never enough junior lawyers'

Lander & Rogers drives consortium's Supercars Championship purchase

FCFCOA introduces 'world-first' project addressing family violence and risks

Baker McKenzie joins domestic violence fight with new legal tool

Hall & Wilcox launches in Adelaide

LegalVision guides government fund on $15m inaugural investment

Most Read Articles

White & Case elevates six to counsel in Australia

Holding Redlich confirms role in $3bn super merger

Hall & Wilcox launches in Adelaide

Recognising the personal injury experts of 2021