It has been a very good week for firms’ salary increases
Travers Smith has revealed trainee pay rises of between 2% and 3%, and a newly-qualified (NQ) pay rise of 5%.
Until recently, budding lawyers in their first year of training at the firm took home a not too shabby £42,500. Now, that’s up £1,000 to £43,500, meaning Travers’ trainees will trouser more than their Akin Gump, Freshfields, Linklaters and Slaughter and May peers (who all earn £43,000).
Second year trainees get a boost too. Their pay is up by £1,500 to £49,000, putting second years on an earning par with Baker McKenzie, Clifford Chance, Hogan Lovells and Linklaters.
But it’s not just trainees that will be counting their blessings (and their £50 notes) this weekend.
NQ salaries have increased from £71,500 to £75,000. This impressive pay rise means Travers has leapfrogged Mayer Brown (£71,500), Baker McKenzie (£72,000) and Norton Rose Fulbright (£72,000) in the NQ pay league table, drawing level with Hogan Lovells (£75,000). To find out what money is on offer at all the top City firms, check out the Legal Cheek The Firms Most List.
Aside from the dosh, what’s it like to work at Travers? In our Legal Cheek Trainee and Junior Lawyer Survey, the City outfit — which offers 25 TCs a year — scored very well indeed. Its young blood rated the firm A* for training, partner approachability, peer support, and social life, while it scored As for quality of work, office, and perks, and got Bs for work/life balance, chances of secondment abroad and canteen.
Travers’ pay hike news rounds off what’s been an excellent week for trainee and junior lawyer remuneration.
Just yesterday, Legal Cheek exclusively brought you the news that Macfarlanes and Jones Day had thrown extra cash at its newbies. The former has increased its NQ pay from £71,000 to about £81,000, a 15% rise. As for Jones Day, the US firm has now joined the ‘100 Club’, having increased its NQ pay packets from £85,000 to £100,000. Trainee pay is also up to £47,000 in first year and £54,000 in second year — news met with lively reaction in the Legal Cheek comments section.
Days before that, we also exclusively revealed that CMS has launched its regional pay far nearer London levels than was previously the case. Young lawyers in the first year of their training contract will now walk away with £37,000 (£40,000 in London) while those a year ahead will take home £39,000 (£45,000 in London). Wedge for the firm’s Bristol-based NQs is up 3% to £49,000, while their London counterparts are on £67,500.
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