Bryan Cave Leighton Paisner (BCLP) is the latest firm to decrease its newly-qualified (NQ) solicitors’ remuneration, wrapping up a week that has seen a slew of firms reconsidering the pay reserved to their younger associates.
A spokesperson said in a statement: “In response to the ongoing Covid-19 pandemic we have lowered our NQ salary by 2.5 per cent to £78,000 as part of a set of measures developed to ensure that we approach a challenging period, pragmatically. Developing and retaining talent remains a key priority for BCLP and we will move through 2020 with the same dedication to our current and future trainees.”
According to multiple media sources BCLP’s base salary for NQs last year was £75,000. However, the firm says in fact it increased base NQ salaries to £80,000 in 2019.
The news comes as the firm has previously deferred the payment of certain portions of planned partner distributions and made a 15 per cent salary reduction for its staff across the international network for a period of 13 weeks.
Only this morning, The Lawyer reported that NQ salaries at Osborne Clarke had also taken a hit as a result of firmwide measures imposed to help it weather the Covid-19 crisis. A reduction of about 7 per cent will affect NQ salaries in London, Reading and Bristol.
Two of the magic circle firms have also revised their package, including A&O and Clifford Chance. The Lawyer reported that Freshfields Bruckhaus Deringer opted to keep its pay at a staggering £100,000, and so did Herbert Smith Freehills.