Trainees handed substantial rises of £7,500
Newly certified (NQ) solicitor pay at Cleary Gottlieb Steen & Hamilton has hit £140,000 as trainees are handed wage rises of as a lot as 15%.
Cleary confirmed NQ pay within the London workplace has risen 5% from £133,000 to £140,000. The final time NQ salaries had been raised at the agency was in 2019, from £122k to £133k.
US regulation corporations in London are luring junior lawyer expertise away from the UK and magic circle regulation corporations with bumper pay packets.
Authorized Cheek’s Companies Most Listing 2022 exhibits Cleary’s NQs are amongst a number of the most effectively paid within the Metropolis, making greater than their friends at Ropes & Grey, White & Case and Willkie Farr, all of who pay associates £130,000 upon qualification.
Rookie pay can also be up at the agency: first years are actually on £57,500, up 15% from £50,000, whereas these of their second 12 months, earn £62,500, up 14% from £55,000. The trainee pay rises match these applied this month by Davis Polk & Wardwell, which Authorized Cheek reported at the time had been the best of any agency within the Metropolis.
Cleary has additionally elevated upkeep grants on the GDL and LPC in London to £12,000 (beforehand £8,000). The grants can range from £1,000 to £12,850, in line with our Companies Most Listing.
Elsewhere within the Metropolis and on issues of cash, Morrison & Foerster has elevated the salaries of its junior legal professionals, with NQs now on $202,500 (£147,500).