Editor's Weekly: Money's too tight to mention
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George Osborne’s emergency budget will inevitably touch all corners of the community. In addition to increasing VAT and Capital Gains Tax the Chancellor also announced a three-year pay freeze for public sector workers.
It’s hardly surprising therefore that the Solicitors Regulation Authority (SRA) announced that it would also be imposing a freeze on the minimum wages for trainee solicitors (see story).
The minimum salary for a trainee working in London will remain static at £18,590 until at least September 2011. The recommended salary for trainees in the capital is also remaining the same at £19,040.
Indeed the story has caused a stir with our readers online but many said they could understand the reasoning behind the SRA’s decision and it was reflective of the current economic climate.
From people that have jobs to those hoping to be kept on after their training contracts - what are prospects looking like for the scores of final seat trainees due to qualify in September?
The short answer is that it’s looking a lot better than last year.
Retention rates for September 2010 qualifiers at Baker & McKenzie, for instance, have rocketed to 95 per cent while magic circle firm Allen & Overy achieved 80 per cent (see story).
The only other firm to come close to Bakers’ impressive NQ rate so far has been Shearman & Sterling, which has revealed that it is retaining 92 per cent of its NQs (read more).
So all in all the market is looking much more stable than it was this time last year for the next generation of lawyers qualifying into the profession.
