Herbert Smith Freehills (HSF) has increased its newly-qualified (NQ) compensation package, with a maximum £105,000 available to top performers
The salary rise, which took effect as of 1 June, puts HSF in line with the magic circle firms, all of which have increased their NQ pay to at least £100,000.
Partner Ian Cox said: “It is important that we continue to attract and retain the best talent to deliver the service our clients expect and deserve. Newly-qualified associates – along with all our junior associates – represent a key pool of talent and the future of the firm. We are determined to nurture their talents and help them realise their full potential at HSF, and to reward them competitively while doing so.”
Macfarlanes’ and HSF’s moves along with that of Hogan Lovells, which has also boosted NQ pay significantly, demonstrate that the latest round of salary wars has now moved beyond the magic circle, and will put pressure on other large City institutions to look at their compensation packages.
|Base salary||Total possible compensation|
|Allen & Overy||Not given||£100,000|
|Clifford Chance||Not given||£100,000|
|Herbert Smith Freehills||Not given||£105,000|
|Slaughter and May||Not given||£100,000|