Macfarlanes has announced pay rises for the majority of its salaried lawyers.
Macfarlanes ups salaries across the board" />Macfarlanes has announced pay rises for the majority of its salaried lawyers.
Wages for trainee solicitors, newly-qualified (NQ) and one year post qualified experience (PQE) all rose by £1,000, to £37,000, £65,000 and £71,000 respectively.
But senior associates benefited from more generous salary hikes.
Those with two years’ PQE experience saw salaries rise £5,000 from £77,000 to £82,000 - an increase of 6.5 per cent. Associates with three years PQE saw wages increase £3,000 from £85,000 to £88,000, a rise of 3.5 per cent.
The rates are comparable to those announced by Silver Circle rival Herbert Smith, which pays £500 more to trainees than Macfarlanes, and £2,000 more to three year PQE associates, but less to NQ and associates with one and two year PQE.
Macfarlanes’ closest rival, Travers Smith, has yet to release its salary rates.
Partners at Macfarlanes enjoy some of the best remuneration rates in the City, despite the firm’s relatively small size.
Last week senior partner Charles Martin unveiled a modest increase in turnover during the 2007/08 financial year, rising from £103m to £110m, while average profit per equity partner (PEP) remained static at £1.1m (The Lawyer, 23 July