With annual net pay of c.£86,000, six Paul Hastings NQs could club together to own this terrace home outright; complete with neighbour-friendly pipe organ up the staircase.
Paul Hastings is the latest firm to lob more money at their most junior UK solicitors and buy entry to the exclusive £140,000+ NQ club.
The Los Angeles headquartered firm previously paid £133,000 to its newly-qualified solicitors in London, but will now be providing them with a £141,750 salary (plus bonus). It may be just enough to keep them warm with energy prices soaring.
NQs at the firm join the £140k+ bracket with their peers at US firms including White & Case, Willkie Farr, MoFo, Cleary, Ropes & Gray, Weil, Shearman & Sterling, Debevoise & Plimpton, Latham & Watkins, Milbank, Akin Gump, Simpson Thacher, Kirkland & Ellis and Vinson & Elkins (£153,000).
Taking up the plushest seats in the club, Goodwin Procter pays its NQs a base salary of £161,500. And Milbank, Fried Frank and McDermott Will & Emery also recently raised NQ salary for US and London associates to USD215,000 - although, the converted sterling sum may vary at those firms, depending on whether they peg to the dollar or use a set exchange rate.
Also engaged in a pay war, but throwing smaller suitcases of cash, Trowers & Hamlins is raising the pay for its London NQs from £72,500 to £77,500, and from £47,000 to £50,000 in its regional offices, effective from 1 April. In a similar bracket for London NQ pay, Clyde & Co recently announced an increase to £80k, matching firms such as Osborne Clarke and Dentons.
Is your firm increasing your salary, and will it be enough to counter Black Thursday's news of rising energy bills, interest rates and inflation? Get in touch.