Excited associates were seen whooping and burning £50 notes as Allen & Overy confirmed minor pay rises for junior lawyers this week.
RollOnFriday revealed rumours of pay rises for junior lawyers at the firm a few weeks ago, and now those rises have been set in stone. According to a spokesman from the firm, there will be a £500 rise for newly qualified, 1 PQE and 2 PQE lawyers (to £61.5k, £68.5k and £74.5k respectively), and those at 3PQE will get a whole £1,000 (up to £86,000). Trainee solicitors will not get a rise this time round, but then £38,000 straight out of law school still isn't bad.
So it's hardly earth-shattering, although as A&O is also continuing to move junior associates up the pay ladder each year (unlike in 2009-10), NQs will for example receive an extra £7,000 as they move to 1 PQE.
1 PQE lawyers will no doubt enjoy thinking of ways to spend their extra 79p after tax per day. RollOnFriday considers a single song on iTunes, a bottle of diet Coke or a Yorkie bar to be excellent investments. Or they could save up £5.57 over the course of a week and treat themselves to a slap-up lunch at McDonalds (just don't go large). Or just donate their salaries to the Deidre Dare Defence Fund.
Tip Off ROF
RollOnFriday revealed rumours of pay rises for junior lawyers at the firm a few weeks ago, and now those rises have been set in stone. According to a spokesman from the firm, there will be a £500 rise for newly qualified, 1 PQE and 2 PQE lawyers (to £61.5k, £68.5k and £74.5k respectively), and those at 3PQE will get a whole £1,000 (up to £86,000). Trainee solicitors will not get a rise this time round, but then £38,000 straight out of law school still isn't bad.
Associates celebrate the generosity of Allen & Overy |
So it's hardly earth-shattering, although as A&O is also continuing to move junior associates up the pay ladder each year (unlike in 2009-10), NQs will for example receive an extra £7,000 as they move to 1 PQE.
1 PQE lawyers will no doubt enjoy thinking of ways to spend their extra 79p after tax per day. RollOnFriday considers a single song on iTunes, a bottle of diet Coke or a Yorkie bar to be excellent investments. Or they could save up £5.57 over the course of a week and treat themselves to a slap-up lunch at McDonalds (just don't go large). Or just donate their salaries to the Deidre Dare Defence Fund.
Comments
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Your better than this (that one's for free).
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The wage progression at any City law firm is brilliant by comparison to most careers at the moment. (if you are one of the ever increasing numbers of CoL/BPP alumni that manages to get in, but that's another unpleasant story)
A&O:
1st seat through to NQ - pay rise 62%
NQ to 1 - pay rise 11%
1 to 2 - pay rise 19%
2 to 3 - pay rise 15%
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The increase in pay from band to band in law firms can hardly be compared to the average annual pay rise. Essentially the job is changing dramatically from year to year - look at the difference in responsibilities and expectations between a NQ and a 3PQE. If the difference between bands was just a 2 or 3 percent annual pay rise I bet a lot of lawyers would opt to stay at the lower salary and forgo the additional stress that comes with experience.
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Seriously A&O, are you losing your mind? I love the work and the people at this firm, but the money/hours package is repulsive.