Kirkland & Ellis and Macfarlanes announce trainee pay increases
Pay for second-year trainees at the US firm hits £55,000
August 22, 2017 at 10:33 AM
2 minute read
Kirkland & Ellis and Macfarlanes have both announced salary hikes for their trainee lawyers.
First-year trainees in Kirkland's London office will now earn £50,000, up 9% from £46,000. Second-year trainees will also receive a pay increase, with wages rising 10% from £50,000 to £55,000.
In July, Kirkland posted a trainee retention rate of 55% for 2017, with five out of nine trainees staying on with the firm after qualification. In 2016 the firm retained 100% of its qualifying trainees.
Meanwhile, Macfarlanes has also announced a pay hike for trainees, with first-year salaries rising to £44,000 from £42,000, a 5% increase. Second-year trainees will see wages increase to £49,000, a 6% jump from £46,000.
The firm raised salaries for newly qualified (NQ) lawyers last month, with base pay increasing almost 6% from £71,000 to £75,000. In total, NQ pay at the firm can reach between £81,300 and £90,000 when salary and potential bonus is combined.
Macfarlanes posted an almost 8% increase in profit per equity partner (PEP) in July, with PEP reaching £1.38m. This followed a fall of 16.7% during the previous financial year. Revenue also increased at the City firm in 2016-17, growing 4% from £161.03m to £167.6m.
Other firms that have increased pay for trainees this year include US firm Vinson & Elkins which raised first-year trainee pay by 11% from £45,000 to £50,000, with second-year trainee salaries increasing 13% from £48,500 to £55,000.
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