Linklatersis expected to heat up the pay war with an increase in its associate salaries of around 16 per cent, which is higher than its magic circle rivals’.
No formal announcement has yet been made, but Linklaters is expected to boost its salaries for associates with one year PQE by 14 per cent to £69,000, while two year-qualified solicitors will see an increase of 15 per cent to £81,000. Associates with three years’ PQE can look forward to a pay rise of 16 per cent to £89,000.
The expected salary hikes would mean Linklaters pushing ahead of Clifford Chance, which announced its new wages last week (12 April).
From 1 May Clifford Chance’s newly qualified lawyers will earn £63,500 – an increase of £8,500. An associate with one year’s PQE will take home a salary of £66,000, with a potential maximum package of £79,200 including bonuses.
The move also puts Linklaters’ salaries slightly ahead of Allen & Overy’s (A&O), which upped its salaries by 15 per cent last October.
However, as revealed by The Lawyer (16 April), A&O is expected to trump Clifford Chance’s 15 per cent when it announces its rises next week.