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Allen & Overy (A&O) is increasing associate salaries and allowing its lawyers to move up the lockstep following a freeze on both during the last financial year.
A newly qualified (NQ) solicitor at A&O will now earn £61,000, up from £60,000 last year. An associate with one year’s post qualification experience (PQE)will take home £68,000 as opposed to £65,600 previously.
The salary for a two-year PQE has gone from £65,000 to £74,000, while the three-year rate will be £85,000, up from £71,500.
A&O has also announced small pay increases for second year trainees who will see their pay rise to £43,200 compared to the £42,200 they pocketed last year. First year trainee salaries, however, have been left unchanged at £38,000.
The news comes after fellow magic circle firm Clifford Chance also announced earlier this month that it too would be pushing up its associate salaries.
An NQ at Clifford Chance will now pocket £61,500, up from £59,000 last year while a one year PQE associate will now take home £68,000 as opposed to £66,600 last time round (see story).
Freshfields Bruckhaus Deringer is also unfreezing salaries for associates meaning from May associates will now move through the salary bands as before, but will not make up the difference by skipping a band. But NQ pay will stay at £59,000 with a one-year PQE lawyer taking home £66,000 (see story).
Linklaters is also maintaining its current rates after reducing them 12 months ago but like Freshfields is allowing associates to move up the lockstep. This year, a newly qualified lawyer at the firm will earn £61,500, while someone with one year’s post-qualification experience (PQE) will take home £68,000. This figure compares to £70,400 for a one-year PQE in 2008 (see story).