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.

“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

Holding Redlich confirms role in $3bn super merger

Government announces counter-terrorism legislation

Lateral partner hires boost Ashurst's Asia offerings

Cornwalls adds migration offering after merger

NSW man faces charges after extremist online posts

Clifford Chance bolsters US securities law and debt offering with new partner in Hong Kong

Most Read Articles

Six make partner as Moray & Agnew looks ahead to 2022

Australian Unity Trustees' legal services head on making a difference as an elder law specialist

White & Case elevates six to counsel in Australia

JWS lures Clifford Chance white-collar crime head in Australia