Baker McKenzie has announced it has increased its newly-qualified lawyer salaries in London to £118,000.

Trainee salaries at the firm are understood to be remaining at their current rates of £50,000 for first year trainees and £55,000 for second years trainees.

NQ pay has risen from £110,000, with the changes applying from 1 July 2023. This time last year, Bakers added £5,000 to its junior starting salary from £105,000.

High performing fee earners can also expect to receive a discretionary bonus on top of pay and existing employee benefits. According to Bakers, the bonus scheme is designed to recognise and reward significant contributions to the firm.

Baker McKenzie’s London managing partner Ed Poulton said: “Our people are fundamental to our success as a firm, and we are determined not only to build an inclusive workplace for all, but also to reward in a consistent manner.

“We recognise that remuneration is one element of our package, as well as other important factors including our culture, offering a range of benefits and services, and agile working arrangements. I am delighted to be able to announce this uplift in salaries for our NQs, who, alongside our other talented individuals, we hope enjoy long and fulfilling careers with Baker McKenzie. “

The pay rise puts Bakers ahead of the likes of Slaughter and May which has kept its NQ pay at £115,000 and Macfarlanes who recently upped NQ rates to the same amount.

The firm will fall just behind Hogan Lovells with a recent increase to £120,000 and Allen & Overy and Linklaters having just upped to £125,000.