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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Both firms have increased newly qualified salaries to £55,000 to match the amount paid by Linklaters, which raised its salaries with effect from 1 May.
Freshfields has also increased the salaries of second-year associates by 12.9 per cent, taking them from £62,000 to £70,000. Additionally, it has extended its performance-related bonus scheme to newly qualified solicitors. Until now the firm has only paid bonuses to associates with a miniumum of two year’s post-qualified experience.
Simmons, which previously paid its newly qualifieds £50,000, has also announced pay hikes for its trainees. First-year trainees will now receive £31,000 compared to £29,000 previously.
Clifford Chance is now the only magic circle firm not to have raised trainee and associate pay. Allen & Overy raised its salaries at the same time as Linklaters.