Do the hazmat.
Covington & Burling has increased the salary for its newly-qualified solicitors in London to £128,000, and to a maximum of £225,000 for its senior associates.
It is the first time the US firm has increased NQ pay since 2019, when it began paying its newly-qualified solicitors £120,000.
The latest raises place Covington's salaries above those offered by Magic Circle firms, which now pay their NQs £100k (though at Allen & Overy you will need a bonus to get there), but below a few of its US peers, some of which (such as Kirkland & Ellis, Debevoise & Plimpton, and Vinson & Elkins) are paying their NQs base salaries in excess of £140,000.
An email from Covington's Management Committee leaked to RollOnFriday (why not do the same) set out all the pay levels for non-partners, allowing a good look at pay bands throughout a typical US firm
The Washington, D.C.-headquartered firm has levelled up pay across all its London associate bands. 1PQEs at Covington will now be paid £129,000 rather than £120,000, 2PQEs will receive a £9.5k rise to £136k, and 3PQEs will see the largest increase, from £136,880 to £149,000.
Above that level the firm has pay bands, which have also been shifted upwards. The minimum salary for all associate levels above 3PQE has increased from £137,000 to £149,000.
The maximum salary available to 4PQEs who produce enough pints of their blood, sweat and tears to impress the remuneration committee has increased from £180,000 to £194,000, and rises to £225,000 for 8+PQEs.
The firm did not respond when asked about the possibility of bonuses on top.
In its email to lawyers announcing the raises, C&B's Management Committee acknowledged that "the past year has been difficult", and that "we appreciate the efforts that all of you have made and continue to make".
Has your Management Committee recognised the graft you've been putting in with mahoosive raises? Or do you feel you've been wronged by a freeze? Let ROF know.