Norton Rose Fulbright has raised salaries for its newly qualified (NQ) lawyers by £1,500, alongside the announcement of a 92% retention rate for this September's trainee intake.

The new NQ salary, which came into effect at the start of 1 July this year but has been backdated to 1 May, has seen pay boosted to £63,000 from £61,500.

The new rate compares favourably with the magic circle, all of which pay their NQs between £61,500 and £64,000, with the exception of Freshfields Bruckhaus Deringer, where 'foundation' level associates (NQ to one year post-qualification) receive between £65,000 and £72,500.