"You mean to say that a Norton Rose Fulbright NQ is paid almost as much as me?" An A&O NQ shudders at the news.
Norton Rose Fulbright had previously raised its NQ base salary from £85,000 to £95,000 last November. The latest lift to £105k will take effect next month.
NRF's NQs could potentially earn between £118,125 to £147,000 when a performance bonus is included, provided they "achieve the required hours". The firm declined to reveal the level of hours needed to pocket £147k, but presumably some magnificent beastings would be on the cards.
NRF's NQ salary rise to £105k leapfrogs over the £100k offered by the likes of Travers Smith, CMS, Simmons & Simmons. It puts the firm's NQs on a level pegging with their peers at Ashurst and Mayer Brown, and just a smidge below the £107,500 salary at Allen & Overy, Linklaters, Hogan Lovells and Macfarlanes.
While the rest of the Magic Circle has upped NQ pay, Allen & Overy recently told its lawyers that the firm was freezing associate salaries. And Linklaters also sent an internal email to say that it wouldn't "rush into matching salaries at NQ level".
A NRF spokeswoman said that the firm "will also raise salaries throughout the UK associate pay scale," but declined to provide further details.
And due to the cost of living crisis, NRF announced that it will give its UK staff who earn under £48,000, a salary rise ranging from 5 to 10%.
The firm said that all the pay hikes are in addition to its usual salary review process.
In other salary news, Trowers & Hamlins has announced it is raising its NQ base pay in London from £77,500 to £80,000, as well as increasing NQ salary in Birmingham, Manchester and Exeter from £50k to £60k.
Trowers' London NQs will now receive the same base salary as their peers at Osborne Clarke and Clyde & Co. The bracket above includes firms such as RPC and HFW (£85k).
Meanwhile, Trowers' regional NQs will be paid in the same ballpark as the likes of Pinsent Masons (£61k) and Eversheds Sutherland (£62k).