Rises for rookies too
Macfarlanes has elevated the salaries of its newly certified (NQ) legal professionals to £100,000, Authorized Cheek can reveal.
The silver circle participant confirmed base salaries had moved from £90,000 to £100,000, an uptick of 11%, with NQs eligible to obtain particular person and firmwide bonuses on prime of the brand new charge. The rises take impact from 1 January 2022.
Macfarlanes additionally confirmed will increase have taken place throughout all different affiliate wage bands.
The Authorized Cheek 2022 Companies Most Checklist reveals the revised NQ wage matches that already on supply at Freshfields, Hogan Lovells and Slaughter and Could, and is £5,000 above NQ pay at Mayer Brown and Norton Rose Fulbright (each £95,000).
Macs — which gives round 33 coaching contracts annually — has additionally elevated trainee salaries to £50,000 in 12 months one and £55,000 in 12 months two. These have been beforehand pegged at £48,000 and £52,500, respectively.
Senior accomplice, Sebastian Prichard Jones, commented:
“We have taken the unusual step of advancing our salary review for our legal staff which normally takes place in July to 1 January. The past 18 months have been a sustained period of high activity levels across our practices and it is right that we recognise the significant contribution made by our fee earners during that period.”
The extra money comes somewhat over a 12 months for the reason that agency, like lots of its rivals, opted to minimize junior lawyer charges by 6% from £85,000 to £80,000 in response to the pandemic. The agency reinstated salaries some six months later, earlier than upping them to £90,000 earlier this summer time.
Information of the rises come simply weeks after Clifford Probability elevated NQ charges to £107,500, following comparable strikes by Allen & Overy and Linklaters.
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