Small rises in regions too
Osborne Clarke has increased the salaries of its newly qualified (NQ) associates in London by a little under 3%.
Fresh faced associates will now earn a salary of £94,000, a 2.7% uplift on the previous rate of £91,500. Trainee pay has moved from £53,000 to £54,500 in year one, and £55,000 to £56,000 in year two.
The small boost places the firm’s London NQs a thousand pounds behind those at firms like Eversheds Sutherland, Fieldfisher, Gowling WLG, and Stephenson Harwood, which offer £95,000.
In Bristol, NQ rates have increased by 2.8% to £72,000, while in Reading they have risen by 2.7%, bringing salaries from £82,350 to £84,600. Trainee pay in Bristol is now £48,000 in the first year, increasing to £50,000 in the second year. In Reading, trainees start at £49,050, rising to £50,850
The Legal Cheek Firms Most List 2024 shows that OC recruits around 35 trainees each year across its London, Bristol and Reading offices.
Sarah Underhill, head of reward at Osborne Clarke, commented: “We’ve had a fantastic year, which means we can continue investing in our people and business. This success shows in our competitive pay review, increased profit share, and the new bonus structure for our top performers.”
The increases follow the firm’s recent financial results, which revealed a 14% rise in UK net profits to £84.8 million and an 11% boost in profit per equity partner (PEP) to £771,000.
The firm also awarded bonuses equivalent to 5% of annual salary to all staff, including trainees, NQ lawyers and junior lawyers.