Bump in salaries follows third consecutive year of “strong financial performance”
The base salary of newly qualified (NQ) lawyers joining global firm Simmons & Simmons in London has jumped by 5%, according to a report from the Legal Cheek blog.
The blog confirmed that NQs will now receive a salary of £79,000 – up £4,000 from a previous rate of £75,000. The firm, however, told Legal Cheek that “high performing” NQs in London could earn in excess of £100,000 with bonuses.
The firm, which hires around two dozen trainees annually, has also reportedly increased the salaries of its NQs in Bristol by 2%. According to Legal Cheek, trainees in London receive £44,000 in year one, rising to £48,000 in year two, while their Bristol-based counterparts receive £38,000 and £39,000 respectively.
The increase in pay follows the firm’s reported 4% increase in its profit-per-equity-partner (PEP) to £710,000 and a 6% bump in revenue to £347 million.
“This is the third consecutive year of strong financial performance for the firm and we are making good progress against our business plan,” Jeremy Hoyland, managing partner of Simmons & Simmons, told Legal Cheek. “The year has been one of continued focus on client relationships and client service and how we can deliver smarter solutions for our clients.”