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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.
Herbert Smith has pushed its newly qualified salary up 10 per cent to £55,000.
The Lawyer can reveal Herbert Smith is boosting associate salaries by a 17 per cent average across the firm, effective May 1.
Trainees at the firm saw their pay rise £2,000 annually, or approximately six per cent. First year trainee pay will rise to £31,000, while those in the second year of their training contract will earn £35,000.
A first year qualified lawyer will see their pay rise to £59,000, an 11 per cent increase.
Maximum pay for 2PQE solicitors will rise nine per cent from £66,000 to £72,000 while the maximum rate for a 3PQE is now £81,000, a 12 per cent jump.
A spokesman for the firm said: “Across the total fee earner population we’ve seen a representative increase of 17 per cent. Some lawyers moving up merit ratings have boosted that, rather than the straight 10 per cent you get comparing NQ salary rates. The pay increases have been as high as 30 per cent for some individual lawyers.”
Herbert Smith’s NQ payrise matches that announced earlier by Norton Rose, with other rival firms now expected to follow suit.
Both firms brought their NQ pay close to the £55,100 announced by Linklaters, which had increased its rate by six per cent.