Bakers ups NQ pay as City PEP beats £600k
Baker & McKenzie is reporting double-digit growth in turnover and profitability at its City arm, as the global giant unveils substantial pay-hikes for its junior lawyers in London. Average profits per equity partner (PEP) at Bakers' City office are set to top £600,000 for the first time, with preliminary results showing a 16% increase to £605,000, up from £518,500 last year.
July 12, 2007 at 08:16 AM
1 minute read
Baker & McKenzie is reporting double-digit growth in turnover and profitability at its City arm, as the global giant unveils substantial pay-hikes for its junior lawyers in London.
Average profits per equity partner (PEP) at Bakers' City office are set to top £600,000 for the first time, with preliminary results showing a 16% increase to £605,000, up from £518,500 last year.
London revenues are set to rise by around 12% to a new high of £112m, up from £99.6m for the previous 12-month period. Net profits improved by 18% to £35.1m.
Final figures for the global giant, which has a financial year-end of 30 June, will not be available until early 2008.
Meanwhile, Bakers has hiked its salaries for junior lawyers in London to match top City rates. Newly-qualified solicitors will now pocket £63,500 – a 15% improvement. One-year- qualified lawyers will now receive £68,000, up from £60,000 last year, while lawyers with two and three years' post-qualification experience will take home £78,000 and £85,000 respectively.
Trainees also get a 15% rise, pocketing £36,500 for the first year of their training contract.
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