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Norton Rose is freezing the salaries of its newly qualified and trainee lawyers, following the example set by other top City firms last week
Brendan Monaghan, Norton Rose deputy head of personnel, confirmed that all newly qualifieds had been informed that starting salaries would remain unchanged at £50,000 as of 1 May. Trainee lawyers' pay has also been arrested at £28,000, as the firm braces itself for the impact of the economic slowdown. "It's a response to the economic outlook and reflects the sense of caution and uncertainty about what the immediate future holds," Monaghan said. "It's probably a number of years since [trainee salaries] didn't change." Both newly qualified lawyers and trainees will still be eligible for a pay rise within a year, however, as they move up through a system of bands linked to the number of years spent at the firm. Trainee salaries will still increase by £4,000 between the first and second year of their training contract. Last week Clifford Chance, Freshfields Bruckhaus Deringer and Herbert Smith all announced that the starting salary of newly qualified lawyers had been halted in its tracks at £50,000. It is believed that Allen & Overy will soon follow suit, raising newly qualified salaries by £2,000 so as to bring them up to £50,000.