Modest pay increases between 3% and 8%
Global giant Ashurst has announced a not too shabby salary increase of £5,000 for its newly qualified lawyers (NQ), with Norton Rose Fulbright, Ince & Co and Withers following suit with more modest associate pay rises.
NQ lawyers at Ashurst have been treated this summer to a salary increase of £5,000 (8%), up from £65,000 to £70,000.
The City firm, which offers 45 training contracts a year, last upped its NQ-level pay back in the spring of last year from £63,000 to £65,000 (an increase of £2,000 (3%)). Though the shock Brexit result has prompted some firms to halt its pay reviews, it seems Ashurst is not one of them, lucky for its lawyers.
Things aren’t going too badly for associates over at Norton Rose either. Like Ashurst, the international giant has also increased its NQ pay, this time by £2,000 (3%) from £70,000 to £72,000.
Lak Purewal, who is head of HR at the firm, told Legal Cheek:
It is essential that we attract and retain high quality people, and ensuring our salaries are competitive is one of the ways to achieve this goal.
Elsewhere in the City, private client firm Withers has also announced a salary increase for its fresh-faced lawyers. The London-headquartered firm will now pay its NQs £60,000 a year — a step up of £4,000 (7%) on its previous salary of £56,000. Training partner Ceri Vokes issued this comment on the news:
We are delighted to introduce an increase in our NQ salaries, which creates a very competitive package in conjunction with our comprehensive training programme and other benefits.
Ashurst, Norton Rose and Withers are not the only firms to chuck more cash at their new solicitors. Juniors have enjoyed a similar pay packet increase over at international law firm Ince & Co.
NQs at the energy specialist outfit, which offers ten training contracts a year, will now pocket £62,000. This amounts to a £3,000 (5%) increase on the £59,000 salary once boasted by the firm.