With £6k a month to spend, Mayer Brown NQs can now afford 12 loveable Santa companions a year
Mayer Brown has upped the salary for its newly-qualified solicitors in London to £120,000.
The Chicago-headquartered firm has raised NQ pay by 12% from £107,500 to £120,000, effective from 1 July. It puts Mayer Brown NQ salary on a par with Herbert Smith Freehills and Hogan Lovells, and a smidge above Macfarlanes and Slaughter and May (£115k). The rest of the Magic Circle (Linklaters, Allen & Overy, Freshfields and Clifford Chance) all pay their NQs a base salary of £125k.
Meanwhile Dentons, HFW and Bird & Bird have all upped NQ salary to £95k, in line with Addleshaw Goddard and Eversheds Sutherland.
Dentons is raising NQ base pay from £92k to £95k, effective from September. A Dentons spokeswoman confirmed that the firm pays its 1PQE solicitors a base salary of £100k and it operates "broad bands from 2 PQE onwards" with 2-3 PQE solicitors on base salaries ranging from £100k to £130K.
Dentons introduced a new bonus scheme last year which, the spokeswoman said, "sets much lower gateways for reward at between 1200 and 1500 chargeable hours (depending on the location of the fee earner). This means, for example, that London NQs recording 1800 chargeable hours will receive a total compensation package of £114,950".
HFW is increasing NQ pay from £85k to £95k, effective from 1 July. And Bird & Bird is raising its NQ pay from from £92,400 to £95k, this September.
Other recent rises in the City include Simmons & Simmons upping NQ base salary from £105,000 to £107,500, putting it at the same level as Reed Smith.