Magic Circle Increase Salaries

Oct 22, 2014

Written By Billy Sexton, Editor, AllAboutLaw.co.uk

Magic Circle law firms, including Slaughter and May and Freshfields, have increased their trainee salaries for 2014/15 in an attempt to match the lucrative sums offered by US firms.

The increase intends to ensure a continued lure of the top graduate talent and also a retention of associates.

Clifford Chance have raised their first and third year PQE (post-qualification experience) salaries to £72,500 and £93,500 respectively. Linklaters offer £70,500 to newly-qualified solicitors, with Slaughter and May offering £70,000.

However, a number of US-origin firms have more attractive salaries. For example, Shearman & Sterling offer £78,000 to NQ’s. US firms offer fewer training contracts but a higher trainee wage, meaning they have to 'poach' associates later on. To counter this, Magic Circle firms spread the wisdom that working hours at a US-origin firm will be much longer and more difficult.

Regardless, the wage increase shows that law firms are making the effort to look reward and keep hold of their employees.

Blog