Magic Circle Increase Salaries

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.

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