Slaughter and May joins magic circle rivals in upping NQ pay to £107.5k

Third rise this 12 months

Slaughter and May right this moment introduced it has raised the salaries of its newly certified (NQ) solicitors to £107,500, following related strikes made by a few of its magic circle rivals.

The agency confirmed in a press release that following a overview of remuneration utilizing “professional market data”, NQ salaries will improve from £100k to £107.5k backdated from November.

This marks the third time this 12 months that the agency has elevated NQ salaries. Slaughter and May nudged NQ lawyer pay from £87k to £90.5k in February and to £100k in July 2021.

The newest cash transfer matches latest pay rises made by Clifford Likelihood, Allen & Overy and Linklaters, which means Freshfields, which was the primary of the bunch to elevate NQ wage ranges to six figures again in May 2019, is the one magic circle member nonetheless paying its NQs £100k.

Magic circle wage standings:

Agency Trainee pay (12 months 1) Trainee pay (12 months 2) NQ base charges
Allen & Overy £50,000 £55,000 £107,500
Clifford Likelihood £50,000 £55,500 £107,500
Freshfields £50,000 £55,000 £100,000
Linklaters £50,000 £55,000 £107,500
Slaughter and May £50,000 £55,000 £107,500

In separate information, Slaughter and May confirmed that every one employees will obtain a discretionary bonus in December. This might be in addition to the particular 5% bonus the agency paid out to employees in June this 12 months.

Elsewhere, Gowling WLG is rising its junior lawyer salaries in London and Birmingham from subsequent month.

The agency confirmed it’s upping NQ solicitor charges to £85,000 in London and £52,000 in Birmingham — representing will increase of 12% and 8% respectively. The rises are efficient from 1 January 2022.

NQs in London at the moment incomes £75,750 will quickly be on the identical stage of money as these at Squire Patton Boggs, our 2022 Companies Most Listing exhibits, and incomes greater than their friends at Addleshaw Goddard, CMS and Eversheds Sutherland, all who pay associates £82k upon qualification.

A spokesperson for Gowling WLG mentioned that wage ranges for associates, senior associates and authorized administrators on the agency are additionally being raised for 2022.

“We keep pay under regular review to ensure we remain competitive and to continue to reward and motivate high performance,” the spokesperson mentioned in a press release. “We invested in one our largest salary rounds in recent years over the summer, and we are pleased to be in a position to increase lawyer salaries further from January 1.”

A pay conflict has been waging throughout the Metropolis as UK regulation corporations compete with the mega-paying US ‘MoneyLaw’ corporations in London to retain junior lawyer expertise. Discover out which different corporations have raised London NQ lawyer pay in latest weeks right here.

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