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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.
Trainee solicitors at the magic circle firm have fared slightly better than associates with those in their first seat gaining the greatest percentage rise overall with a hike of 2.6 per cent seeing salaries jump £1,000 from £38,000 to £39,000.
Similarly second year trainees and newly qualified associates have seen a £1,000 rise, up 2.3 per cent from £43,000 to £44,000 and 1.5 per cent from £65,000 to £66,000 respectively.
Associates with one, two and three years of post qualification experience (PQE) have fared slightly better in terms of monetary rises, though there is little difference in the percentage hikes.
Salaries for those with one year PQE have risen from £71,500 to £73,000, while for two years PQE they have jumped from £84,000 to £86,000, and for three years PQE salaries have risen from £90,000 to £92,000.
Bonuses remain unchanged, with those on one and two years PQE eligible for a maximum pay out of £20,000 while those on three years have the potential to gain a further £35,000.
As revealed by TheLawyer.com last week (30 April) Linklaters was the first magic circle firm to announce its pay increases, awarding an average overall hike of 2.5 per cent.
NQs at the firm were the biggest winners with a salary increase of 3.9 per cent to £66,600. Seat one trainees get the second largest rise, with their salaries jumping by 3.6 per cent to £37,400.
Last year Freshfields’ pay rises averaged 19 per cent, while Linklaters’ rose by an average of 15 per cent.