It's not quite Christmas, but the raise means NQs can splash out on Scruff-A-Luvs anyway
Slaughter and May has upped the pay for its newly qualified solicitors to £125,000.
The raise of around 9% (up from £115,000) was effective from 1 November. The base salary puts the firm's NQs on a par with the rest of the Magic Circle.
"We are pleased to announce that we have completed a review of salaries for all associates," a Slaughter and May spokeswoman told RollOnFriday. "Our NQ salary will increase to £125,000, and all associates will move through the scales."
While the rise is an early Christmas present for NQs, it's not known whether the firm is upping salaries for all associates, as it doesn't disclose such details in relation to other bands. 'Bunching' of salaries as a result of the NQ pay wars has become a common complaint at other firms: however, the firm said that its next bonus for associates will be reviewed in December.
Allen & Overy and Linklaters raised NQ salary to £125k earlier this year, while Clifford Chance and Freshfields reached that figure some 18 months ago.
Meanwhile, just a smidge below, the likes of Herbert Smith Freehills, Hogan Lovells and Mayer Brown all pay NQs a base salary of £120k.
Playing chicken in a different field, 'BigLaw' US firms with offices in London still offer the biggest wedge by far to their junior lawyers.
The elite US firms have adopted the Cravath salary scale, which is converted to sterling when paid to lawyers in London. This has led to eye-watering sums, particularly due to favourable FX rates in recent times.
The rise by Slaughter and May could be good timing to give their salary rating a boost in the RollOnFriday Best Law Firms to Work At 2024 survey. If you're at Slaughters, or any firm for that matter, have your say below.