International firm Pinsent Masons has boosted newly-qualified pay by 23% in London and 36% in its regional offices as the legal salary boom shows little sign of slowing down, with US firm Akin Gump setting a new record for NQ pay in the capital.
Pinsent Masons’ London NQs will receive £92,000 a year, up from £75,000, while salaries in its regional offices in England and Scotland will go up from £45,000 to £61,000. The new salaries will take effect from September.
The increases outside of London come after similar moves by other leading firms, including DLA Piper, which has boosted regional NQ pay to £65,000, Eversheds Sutherland – which has upped salaries to £62,000 – and Squire Patton Boggs, which pays NQs £55,000 in its regional offices.
A spokesperson for Pinsent Masons said: ‘We recognise the importance of remaining competitive to attract and retain talent, of which remuneration is a factor.’
Today’s announcement follows last week’s news that Akin Gump is increasing its NQ salaries in London to around £164,000 – meaning it now has the highest NQ pay in the capital, beating fellow US firms Gibson Dunn and Goodwin which offer £161,700 and £161,500 respectively.
Magic circle firms have also waded into the ongoing NQ salary war, with Freshfields Bruckhaus Deringer recently increasing its NQ pay by 25% to £125,000 from May while Slaughter and May is boosting NQ salaries to £115,000. Allen & Overy, Clifford Chance and Linklaters all currently offer NQ pay of £107,500.
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