Bonus on top
Slaughter and May today announced it has raised the salaries of its newly qualified (NQ) solicitors to £100k, following similar moves made by its magic circle rivals.
The firm’s new associates now earn £100,000, plus a discretionary bonus, up from a previous salary of £90,500.
Slaughters last nudged NQ lawyer pay in February of this year from £87,000 to £90,500.
The money move matches those recently made by Linklaters, Allen & Overy and Clifford Chance — though A&O’s six-figure sum includes a sign-on bonus. Taking an early lead, Freshfields boosted junior lawyer pay to £100k in the summer of 2019.
Beyond NQs, a Slaughters spokesperson said all other associates at the firm will receive raises.
A number of elite UK-headquartered firms have upped their cash offerings in recent weeks, including Travers Smith, Osborne Clarke and Hogan Lovells, which also joined the six-figure salary club by upping base pay to £100k.