Slaughters bumps up NQ salary by more than 3 per cent to £65,000

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  • Still abysmal salaries compared to the US firms in the City. When will the MC learn that they need to up their compensation to retain the talent and prevent laterals?

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  • When will regional firms start to hike up their salaries? This new NQ salary is almost £20,000 more what a NQ would get in Leeds/Manchester/Birmingham.

    Many trainees will say they were 'drawn to London for the large deals and big-named clients etc' but in reality, it's the lucrative salaries.

    It's worse for lawyers at national firms like Pinsents/Addleshaw/DLA as they often work on deals originating from London yet don't reap the rewards.

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  • Hello Regional Lawyer have you heard of cost of living? If your people choose to move to London they would soon understand why the salary differential is needed, houses twice the price, season ticket £4k p.a. not to mention the price of a pint!

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  • Silver circle and others, take note.

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  • Hi Anon,

    Of course I have heard of cost of living, which is why the salaries are much higher.

    I think it's clear that the top two graduate salaries in London are IB and Law. Yet many other big-name graduate employers (Accountancy, Consultancy, Marketing) pay far less and those graduates can still enjoy a comfortable and sociable life.

    I think my main point is that London salaries are constantly being reviewed and increased, whereas outside of the London bubble the regions seem to lag behind, despite the quality of work being similar.

    Average Regional 1st Year: £24k
    Average London 1st Year: £36k

    Average Regional NQ: £36k
    Average London NQ: £60k

    The differential increase between regional lawyers is 12% and London lawyers 24%. The jump between trainees and NQ is £24k for Londoners, but only £12k for regionals. London is expensive yes, but I don't personally think it is DOUBLY more expensive than the regions.

    Sorry to get bogged down with numbers, but even with cost of living I still think salaries in the regions are massively lagging behind.

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  • At SJ Berwin I was on 94k at 2.5 years qualified and this was several years ago. You hope these headline figures from the MC hide more generous deals for star associates, or things really are going backwards.

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  • Anon at 4:26am - HA, the days of SJ Berwin paying those sorts of rates are long gone. They are now massively behind their contemporaries (which I don't even categorise as silver circle anymore) at every qualification level bar NQ.

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  • Regional lawyer, I trained in the regions and moved to London on qualification. As a trainee in the regions I bought (on my own and without parental assistance) a two bedroom house with a nice little garden in a nice area. My mortgage was less than half my take home pay and my commute (a 25min journey) was practically free and living expenses were low so I had money left at the end of the month. I now live in London and earn three times what I did as a trainee. The rent on my small one bed basement flat is nearly two thirds of my take home pay, and the cost of my journey to work is quadruple what it was in the regions. Costs of living are roughly three times what they were when I lived in the regions and given the way that the price of London property has soared over the last few years (prices on my street have increased by 18% since last year, as opposed to my house that I sold when I left the regions which has increased in value since I sold it three years ago by about 2% according to Zoopla) I can see no hope of ever buying a property again unless I want to start carrying a gun at night or commute for three hours.

    I'm afraid therefore that you are simply wrong in your assertion that pay in the regions is somehow lagging behind.

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