NQs at Freshfields receiving £17.5k extra
Newly-qualified (NQ) solicitors at Freshfields Bruckhaus Deringer have received the largest bump in pay of the Magic Circle so far this year, taking home around 25% more than last year.
At Freshfields, NQ pay packets have been boosted by an extra £17,500 after the firm announced it would be folding in its discretionary bonuses, with pay set to rise 26% to £85,000 on last year’s figure of £67,500. The move follows a freeze last year.
The firm has also unveiled pay increases for junior associates. Those with one year’s post-qualified experience (PQE) sit within the same pay band as NQs – its ‘career milestone foundation’ (CMF) level – and will also not receive a separate bonus, while those with two and three years’ PQE, who fall within its career milestone (CM1) band, will see pay rising to between £105,000 and £115,000, up from £87,500 and £100,000.
Freshfields London managing partner Julian Long said the firm’s ability to attract and retain talented lawyers is critical to its success.
‘Obviously we should not underestimate the need to be competitive with regards to pay in our market; we believe that making changes across the board for our trainees and associates maintains our strong position as one of the most attractive firms.’
‘We should not underestimate the need to be competitive with regards to pay in our market.’
Julian Long, Freshfields
Meanwhile, NQ lawyers at Linklaters can expect to take home slightly less, with the firm posting salaries of £81,000 next year including bonus. High performers will on average earn £91,000 including bonus, up on last year’s basic £68,500 salary. One-year PQE associates will on average receive £90,000, with two-year PQE and three-year PQE associates receiving £100,000 and £111,000. However, high-performing lawyers will receive substantially more than their Freshfields counterparts, with one-year PQEs set to earn £101,000. High-performing two-year PQEs will earn £119,000 and high-performing three-year PQEs will earn £130,000. That is up on the £98,500 basic salary three-year PQEs would have received last year.
Meanwhile, Slaughter and May released more subdued salary increases, with salaries for NQs up 2% from £70,000 to £71,500, while lawyers with one year’s PQE will see their salaries go up to £79,000 from £75,500.
Lawyers at the firm with two and three years’ PQE will each get a £3,250 pay boost to take annual pay up to £90,250 and £99,750 respectively. For those with two years’ PQE, this represents a 4% salary increase on the £87,000 on offer last year. For those with three years’ PQE, it is a slightly lower lift of 3% on the £96,500 paid out in 2015.
madeleine.farman@legalease.co.uk