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Lovells has increased salaries for newly qualified associates by 2.3 per cent to £65,000, up from £63,500 last year.
This brings the firm’s NQ salaries in line with the magic circle.
The salaries across the more senior assistant salary bands have increased by an average of 3 per cent. This means those with one year post qualification experience (PQE) now receive an average of £68,000 while those with two-years’ PQE are on £80,000 and those with three-years’ PQE can expect to earn around £88,000.
For first year trainees salaries have increased by £1,000 to £37,000.
This compares favourably with Herbert Smith, which froze its salary bands across the board this year. Norton Rose also froze its NQ salaries at £63,500. Simmons & Simmons froze its trainee salaries but upped NQ wages by £500 to £64,000.
Salary increases at the magic circle have also been muted this year, with NQ slaries rising by between 2 per cent and 4.9 per cent. An NQ at Allen & Overy is now on £65,000 while at Clifford Chance and Linklaters the rate is £66,600.