A global firm has announced a 16.7% increase in salaries for newly qualified lawyers in an indication that the City’s bidding war for talent is not slowing down. From next March, NQ salaries at Baker McKenzie will rise from £90,000 to £105,000 the firm announced today.
Trainees will receive lower percentage increases: year one salaries will rise 4.2%, from £48,000 to £50,000 and year two salaries from £52,000 to £55,000 (5.8%).
Meanwhile, the firm said it has taken the unprecedented decision to advance its salary review for fee earners, which normally takes place in July, to March 2022. All fee-earners are also eligible to receive a discretionary bonus.
Ed Poulton, Baker McKenzie London managing partner commented: 'We remain committed to the attraction and retention of the very best talent. Aside from competitive remuneration, we are proud of the opportunities and inclusive culture Baker McKenzie can offer which includes enhanced wellbeing, a dedication to inclusion and diversity and brilliant career opportunities, all of which makes our firm an attractive place to work.'
Last month international firm White & Case announced a 7.7% rise to £140,000 for NQs from January. NQ pay at Quinn Emanuel Urquhart & Sullivan already stands at £146,000.
