Linklaters reveals 'extremely competitive' associate pay hikes of up to 7%
Firm overtakes Slaughter and May on two and three-year PQE salaries but trainee pay lags behind magic circle rival
May 22, 2015 at 04:03 AM
2 minute read
Linklaters has become the second magic circle firm to announce salary hikes for its junior level this year, with two-year qualified lawyers gaining the most with a 7% pay raise.
Lawyers with two years' post-qualification experience (PQE) at the firm have had their pay packet increased from £82,000 to £88,000 from 1 May.
First-year trainee salaries have gone up by 5% from £40,000 to £42,000, while newly qualified (NQ) lawyers and those with one and three years' PQE have also recieved raises of around 5%.
However, the increases still leave Linklaters' pay for associates with less than two years' PQE behind magic circle rival Slaughter and May.
Pay rises of more than 7% announced by Slaughters last month took NQ pay to £70,000, compared with £68,500 now offered at Linklaters, and lawyers with one-year PQE at Slaughters will now receive £75,500 – £1,500 more than the £74,000 at Linklaters.
However, the £88,000 and £98,500 now on offer for lawyers with two and three years' PQE respectively at Linklaters is more than Slaughters' latest offers of £87,000 and £96,5000.
Simon Branigan, graduate recruitment partner at Linklaters, said compensation at the firm was "extremely competitive" and "an important factor in attracting and retaining some of the brightest and best talent in the market".
Linklaters also pays performance-related bonuses across all junior levels, which Branigan said had amounted to more than an additional 10% of salary for the "significant majority" of lawyers in recent years and can "realistically reach 35% of salary".
Meanwhile, Hogan Lovells has also boosted its trainee and newly qualified (NQ) pay levels for 2014-15 by as much as 7.7%, with newly qualified (NQ) lawyers gaining the steepest increase.
Since the start of May, its first-year trainees are eligible to take home £41,000 annually, up 4% from its previous first-year rate of £39,500. Pay for second-year trainees has also increased by 2% to £46,000, up from £45,000.
NQ lawyer salaries have increased by £5,000 to £70,000, which represents a 7.7% increase.
Hogan Lovells has yet to announce its associate pay.
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