Norton Rose Fulbright is the latest firm to cut pay for its newly qualified solicitors in London, which will now start with a base salary of £82,500.
The drop of £5,000 coincides with a salary increase for associates and business services staff based in Europe, the Middle East and Asia in September, although this will apply only to those who have been promoted to a new role this year.
Meanwhile, the salary freeze announced in April as part of the firm’s broad package of measures will still remain in place for all employees remaining in their current roles.
The decision to cut NQ pay was confirmed following an internal salary review, with the savings made in reducing NQ salaries now being put towards a hike in pay for more senior associates, which will take place in September.
A statement from the firm read: “We have decided to increase salaries for those associates and business service team members in Europe, Middle East and Asia who have been promoted to a new role this year.
“While reviewing salaries, we are reducing the salary level in London for newly qualified solicitors, which will now start on £82,500 (a reduction from £87,500). We are reinvesting the savings from this reduction to increase salaries for more senior associates.
“Despite this reset of the NQ salary level, following changes to our own bonus scheme earlier this year, a NQ still has the potential to earn in excess of £100,000.”
The firm’s retention figures have also been confirmed, with a total of 20 out of 23 (87 per cent) qualifying with the firm as of September.