A&O increases trainee pay rates for first time in three years
Allen & Overy (A&O) has raised its trainee pay levels for 2012-13, breaking a three-year freeze on trainee wages. First-year trainees at the magic circle firm will receive £39,000, up £1,000 from £38,000, while second-year trainees will now take home £44,000, a rise of £800 from £43,200. The changes will take effect from 1 September this year.
April 23, 2013 at 07:19 AM
2 minute read
Allen & Overy (A&O) has raised its trainee pay levels for 2012-13, breaking a three-year freeze on trainee wages.
First-year trainees at the magic circle firm will receive £39,000, up £1,000 from £38,000, while second-year trainees will now take home £44,000, a rise of £800 from £43,200. The changes will take effect from 1 September this year.
The news, first reported by RollOnFriday, marks the first changes to trainee pay rates at A&O since May 2010, when the firm raised its second-year trainee rates to £43,200 from £42,200.
The rate for first-year trainees last went up in September 2008, when it was increased from £37,000 to £38,000.
The firm is the first of the magic circle to confirm pay changes this year.
Last year A&O kept trainee salary rates static while raising associate pay bands by between £500 and £1,000.
The changes saw newly qualified lawyers' pay increase by £500, while pay for associates with one year post-qualification experience (PQE) increased from £68,000 to £68,500.
Second-year PQE pay grew £500 from £74,000 to £74,500, and three-year PQE associates saw the biggest rise, up £1,000 from £85,000 to £86,000. Salary rates for four years' PQE and above remained unchanged last year at £94,000.
Of A&O's magic circle peers, first and second year trainees at Clifford Chance receive £38,000 and £43,000 respectively, with equivalent rates of £39,000 and £44,000 for Freshfields Bruckhaus Deringer trainees.
Linklaters last year upped first seat rates to £39,000 from the previous rate of £37,400, while first-year trainees at Slaughter and May take home £38,000, with second years on £43,000.
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