Maximum of £168,000 with bonus
Norton Rose Fulbright (NRF) has bumped up the salaries of its newly qualified (NQ) lawyers in London to £120,000.
The raise, which is a 14% increase on the previous salary of £105,000, comes in tandem with uplifts across the London associate pay scale, “maintaining the differential between steps”. The rises take effect from 1 April.
NQs will also have the chance to increase their salary by up to 40% with performance bonuses based on hours clocked or fees-billed. This leaves the maximum available for an NRF NQ at a bumper £168,000.
These bonuses are calculated on a biannual basis where “fee-earners can enjoy more immediate pay back for hard work”. This, the firm says, means more fee-earners are eligible for a bonus.
Besides traditional billed hours, the firm allows associates to include 125 hours of “values-based activities” towards their bonus check. These include pro bono, diversity & inclusion, and CSR activities, along with time invested in innovation initiatives that improve client experience and service delivery.
Lawyers can also claim uncapped billable hours credit for “work on the development of standalone products and services”.
The Legal Cheek Firms Most List 2024 shows the rise brings the firm’s NQs level with their opposite numbers at Hogan Lovells, Herbert Smith Freehills, and Mayer Brown.