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Allen & Overy has raised its trainee salaries to £39,000 and £44,000 respectively for first and second years.
It is a marginal increase on the current salaries, up 2.6 per cent from £38,000 for first years and 1.85 per cent from £43,200 for second years.
It is the first rise in trainee pay at the firm since 2010, although at that time salaries were raised for second years only. At the same time newly-qualified (NQ) and PQE solicitors salaries were increased from £60,000 for NQs and £65,000 for first-years to £61,000 for NQs and £68,000 for first-years.
The salary for a two-year PQE went from £65,000 to £74,000, while the three-year rate was raised to £85,000, up from £71,500. Trainee salaries remained static at £38,000.
A spokesperson for the firm said: “We monitor the market and our aim is to ensire that we remain competitive.”
Last month Linklaters raised its legal practice course (LPC) maintenance grant by 40 per cent from £5,000 to £7,000 (13 March 2013). The grant is substantially higher than any offered by the other magic circle firms and came into effect from 1 April.