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.
Misleading?
From: Anonymous
I guess it is misleading. Freshfields never seem to get that good press - i.e. the last salary round their rises were hardly reported. Although, when one factors in the bonus (Links trainees can get the bonus, and everyone is guaranteed at least the 'firmwide' part of the pot, and the bonus scheme is more generous both in terms of maximum available and typical amounts given), salaries at Links are better.
Misleading
From: Anonymous
It seems rather misleading to say that the pay increases at Freshfields "are still short of the rises" at Links, unless you mean at NQ level (where it is 600 quid less). At ALL other levels, the pay increases at Freshfields beats those at Linklaters: 1st seat Trainees (1,600 quid less at Links), 1 PQE (2,600 quid less at Links), 2PQE (3,400 quid less at Links) and 3PQE (1,200 quid less at Links). And now, moving on to A&O and Slaughters...