A modest increase of 3%
The London office of international giant Baker & McKenzie has upped the salaries of its newly qualified (NQ) lawyers to £72,000.
Chucking an extra £2,000 at its young legal talent, the increase — up from £70,000 — equates to a slightly underwhelming pay boost of just 3%.
This is the second time the firm has raised NQ pay this year. Back in March, Bakers upped junior lawyer salaries by 8% to £70,000.
According to Legal Cheek’s new and improved Most List, today’s big money move means Bakers’ newbie associates are hauling in the same levels of cash as their counterparts over at global heavyweight Norton Rose Fulbright.
The firm, which was founded by a man who worked as a boxer to fund his University of Chicago tuition, has also thrown extra money at its trainees. Those in their first year of one of the 30 training contracts offered by the firm annually will now take home £45,000, up from £42,000 (7%). Meanwhile, those a year ahead will now earn £49,000, up from £46,000, which also equates to a rise of 7%.
Late last month, Bakers — whose average profit per equity partner (PEP) stands at a cool £1 million — chalked up a 2016 autumn retention figure of 88%.