LG and Trowers & Hamlins have increased their trainee solicitor salaries by inflation-busting rates, although its first year trainees are still paid marginally less than the median for City law firms.
From September 2008 first-year trainees at LG will take home £36,000, a rise of 20 per cent on last year’s salary of £30,000. Those progressing into the second year will be paid £40,000, a rise of 17.6 per cent on last year. However, the firm has frozen its newly-qualified salary rate at £62,000.
A graduate recruitment officer at LG said: “[The rise in trainee salaries] is to keep us in line with the market rate, if we hadn’t done it we would be quite a long way behind other firms and we didn’t want it to impact upon our recruitment”. She said that the decision was taken to freeze the NQ rate because it increased “quite substantially last year,” from £53,000 to the current rate.
Meanwhile Trowers & Hamlins has announced that first year trainees will be paid 11.1 per cent more from next year, receiving a total of £35,000. While second year trainees at the top 40 law firm will take home £38,000, a rise of 13.4 per cent on last year’s figure of £33,500.
As reported on Lawyer2B.com last week, the median starting rate for trainee solicitors in 2008 is £36,500, according to the Association of Graduate Recruiters (AGR) summer survey (see story).
The magic circle pays new joiners above that rate. Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters pay first-year trainees £37,000, £37,400, £39,000 and £37,400 respectively.
Meanwhile Trowers announced a rise in newly qualified salary of 4.3 per cent from £57,500, taking it up to £60,000.