Travers Smith and Macfarlanes have both raised lawyers' salaries, although Macfarlanes equity partners have seen rather higher percentage increases in pay than their newly-qualified solicitors.

At Travers, trainee salaries have risen the most of the junior bands in percentage terms. First year pay has risen 7% to £43,500. Meanwhile NQ salaries have leapt almost 5% from £71,500 to £75,000, and 3PQEs are now on a very healthy £102,000. The hikes maintain Travers' position as one of the UK's best-paying firms, beneath only the US contingent and the Magic Circle.

  Travers 3PQEs can now finally buy one pair a month - with change. 

Meanwhile Macfarlanes has unveiled decent financial results and its own pay rises. Turnover increased 4% to £167.6 million, operating profit rose 4% to £85.9 million and profits per equity partner have jumped to £1.38 million, an increase of 7.6% on 2015/16. It means Macfarlanes equity partners are drawing far more than peers at Herbert Smith Freehills (where profit dropped 1% and PEP is reported to be down 2.5% to £760,000). And more even than partners at Clifford Chance, by an all-important £5,000.
 
Macfarlanes NQs are getting a slighter smaller slice of the pie. They were on £71,000, but the firm has said that from 1 July they will be paid between £81,300 to £90,000. However, those appealing figures incorporate an expected firm-wide bonus of between 5-7.5%, payable in October, and also assume the NQs will receive an individual performance bonus of between 8% and 15%. Macfarlanes has confirmed its new NQ base salary is, like Travers, a decent £75k, while 1PQEs will now be paid a base salary of £81k.
 
Tip Off ROF

Comments

Roll On Friday 07 July 17 10:56

As ever, loving the "What you could buy" graphic. Particularly tickled with the "should fit krechet spacesuit, if you already have one incomplete".
I have a challenge for you, ROF: Find the other components of a Krechet spacesuit on ebay, price up a full rig, and do a piechart demonstrating how people at different firms could club together to get the whole thing.