The firm is also increasing salaries for first and second-year trainees in London
Kennedys has raised newly-qualified pay by 60% in London to keep pace with fellow international firms Clyde & Co and Charles Russell Speechlys, reported the Law Society Gazette.
The firm, which recently reported an 8% increase in global revenue to post a record £286 million last year, is increasing newly-qualified salaries in the capital from 50,000 pounds sterling to 80,000 pounds, and outside of London by 32% to 50,000 pounds from September, as first reported by The Lawyer.
Kennedys is also increasing salaries for first and second-year trainees in London – to 41,000 pounds and 44,000 pounds respectively – and in its regional offices, up to 29,000 pounds and 32,000 pounds, the Gazette reported.
The announcement sees the firm match Clyde & Co and Charles Russell Speechlys in paying newly-qualified lawyers 80,000 pounds, in the ongoing salary war. This is still well below the current record of 179,000 pounds a year offered by US firm Akin Gump Strauss Hauer & Feld, according to the Gazette.
Meanwhile, Fieldfisher – which also posted record firm-wide revenues for the previous year, with income jumping by 15% to 330 million pounds – has increased its newly qualified pay in London for the second time this year.
The international firm increased salaries by 10% from 77,000 pounds to 85,000 pounds in January and has now announced an 8% increase to bring newly qualified pay to 92,000 pounds – putting it level with Dentons, Gowling WLG and Pinsent Masons, the Gazette reported.