MC firm opted not to increase last year citing ‘challenging’ economic conditions
Allen & Overy has increased newly qualified (NQ) lawyer salaries to £125,000, matching the level of pay at Magic Circle rivals Clifford Chance, Freshfields and, as we exclusively revealed this afternoon, Linklaters.
NQs in the London office have seen a 16% pay increase from £107,500 to £125,000 as of 1 May, the firm confirmed.
It comes almost one year on from when the firm told its juniors they won’t be getting a pay rise due to “challenging” economic conditions. It last increased NQ pay to £107,500 in November 2021.
Slaughter and May, the remaining Magic Circle member, pays £115,000 upon qualification.
A&O offers around 90 training contracts each year and pays trainees £50,000 in their first year, rising to £55,000 in their second year.
