And trainees get a big fat zilch as London firm takes restrained view to remuneration at bottom of the pile
London-based Nabarro has jumped on the junior lawyer pay-rise bandwagon, announcing yesterday a relatively restrained and modest 3% increase.
And in a demonstration of management caution, the firm confirmed that starting salaries for trainee solicitors would not rise at all.
The move comes on the back of figures released the day before showing the firm’s revenue for 2014/15 grew by 8% to £126 million. It was, said a firm statement, Nabarro’s largest year-on-year increase since 2008 and the pre-global financial crisis glory days.
The profit per partner at the firm is up by a healthy 21%, meaning average full-equity drawings were more than £575,000.
But increases at the junior level were much thinner. Trainees qualifying this year will see salaries increase by £2,000 to £61,000. Those with one to two years’ post-qualification experience will also be handed an extra £2,000, take them to £66,500.
Those at the top end of the junior lawyer bracket — nine-plus years’ PQE, will bag an extra grand — with the £3,000 rise taking them to £95,000.
Speaking after the release of the firm’s annual results, senior partner Graham Stedman commented:
I am pleased with our best set of results since 2008 and the positive progress Nabarro is making on many fronts. Teams right across the firm have worked hard and we have recognised their efforts by rewarding associates with over £1m in bonuses this year. In addition, our work on the profitability of the firm has delivered another strong PEP performance, which this year is combined with significant turnover growth.