Pay review brought forward following recent market movement
Slaughter and May has increased pay for its newly qualified (NQ) lawyers to £150,000.
This marks a 20% salary boost from the firm’s previous pay of £125,000, and brings Slaughters in line with fellow Magic Circle players A&O Shearman, Clifford Chance, Freshfields, and Linklaters, all of whom increased salaries earlier this year.
Back in June the firm held off on boosting NQ pay, stating that it was “carefully considering” its position, although did increase compensation for trainees from £50,000 to £56,000 in year one and from £56,000 to £61,000 in year two.
“Following recent market moves”, however, the firm has chosen to bring forward its annual November pay review to hike NQ salaries back in line with the rest of the Magic Circle firms.
A spokesperson for the firm told Legal Cheek:
“We have now completed a review of salaries for all associates and our NQ salary will increase to £150,000, effective from 1 September. Our approach to pay reflects the firm’s values, allows us to attract and retain the best talent, and ensures that we maintain our culture of excellence and collegiality.”