Is there another pay war on the horizon?
Freshfields has jumped to the top of Magic Circle pay table with a new and improved rate of £150,000 for its newly qualified lawyers.
The Anglo-German giant confirmed today that NQ salaries increased from £125,000 to £150,000 on May 1. That’s an uplift of £25,000 or 20%.
The Legal Cheek Firms Most List 2024 shows its MC rivals — A&O Shearman, Clifford Chance, Linklaters and Slaughter and May — all dish out £125,000.
Freshfields’ trainees have also been handed sizeable increases. First year salaries have moved from £50,000 to £56,000, while those a year ahead will now earn £61,000, up from £55,000. Once again, these new figures are significantly higher than those currently offered by its Magic Circle rivals; £50,000 in year one, rising to £55,000 in year two.
Mark Sansom, London managing partner, commented:
“We’re committed to embedding a culture that supports our people to deliver their best, knowing their contribution is valued and rewarded. Being part of Freshfields means working alongside the best lawyers in the market and being fairly recognised for excellent client service on the most complex and high-profile legal work. This move follows a year of strong growth for the London business, thanks to the dedication of all our people. It also reflects our confidence in the firm’s continued market leadership across all our London practices, further boosted by the success of the material investments in the US and other markets.”
Will its MC rivals follow? Let us know what you think in the comments below.