Juniors billing 2,000+ hours will earn £132.5k
Reed Smith has turn into the most recent legislation agency to up the salaries of its junior legal professionals, with a brand new and improved base price of £107,500.
Up from £90,000, the six-figure sum equates to an additional £17,500 or 19%.
The agency says the brand new salary band is accessible to associates who hit a goal of 1,700 hours of billable work, though earnings can stretch even additional, with a salary of £132,500 out there to those that full 2,000 hours or extra.
But when NQs fall wanting the 1,700 hours goal, they are going to obtain a salary of £100,000 — an uplift of 11% on the the previous £90,000 price. The adjustments take impact from subsequent 12 months.
The Authorized Cheek 2022 Corporations Most Checklist exhibits the £107,500 base price matches that introduced final week by Clifford Likelihood. Allen & Overy and Linklaters additionally dish out the identical determine, whereas Herbert Smith Freehills sits simply behind on £107,000.
Trainee salaries at Reed Smith stay unchanged at £45,000 in 12 months one and £47,000 in 12 months two.
Underneath the brand new and improved salary scheme, associates will proceed to be eligible for a non-discretionary bonus, topic to hitting hours targets, in addition to a discretionary bonus.
Reed Smith confirmed its present coverage of permitting 140 hours of non-billable work to rely in direction of affiliate targets will stay in place. This will embody professional bono authorized work, innovation tasks and equality, variety and inclusion initiatives.
Tamara Field, Reed Smith’s EME managing companion mentioned: “We are pleased to confirm the significant increase to NQs’ salaries in London. It is a reflection of our strong desire to retain and attract the very best legal talent in a hugely competitive market.”
“The new salary level is an investment in our lawyers and is consistent with several of the firm’s key objectives, including driving performance and teamwork, delivering impactful results for our clients, and rewarding excellence.”