A&O Raises NQ Pay to At Least £100,000
The figure is the minimum that NQ associates will take home.
June 25, 2019 at 05:32 AM
2 minute read
Allen & Overy will pay out a minimum of £100,000 a year to its newly qualified (NQ) associates, becoming the latest firm to up rates.
The firm has increased the pay package, which includes salary and discretionary bonus rates, to enable NQs to earn a minimum of £100,000, according to a firm spokesperson.
All NQ associates are eligible for a discretionary bonus, according to a firm spokesperson.
In a statement, the spokesperson said: "We have always been committed to rewarding our people fairly and competitively. This year, to maintain this position, newly qualified lawyers will receive a minimum total cash of £100,000, comprised of salary and a sign-on bonus."
Previously, NQs at the firm were paid £83,000, but this did not include any bonus figure.
Linklaters is now the only Magic Circle firm not to have announced its associate pay.
Slaughter and May increased its rates last week. The firm boosted NQ remuneration from its previous level of £83,000 to £92,000, which with a bonus will bring it to £100,000.
Freshfields Bruckhaus Deringer raised its NQ pay in May, which was followed by Clifford Chance earlier this month.
Yesterday (24 May), Hogan Lovells bolstered its NQ salaries by 15% from £78,000 to £90,000. NQs at the firm are also eligible for performance-related bonuses of up to 30%, giving a potential total compensation of up to £117,000.
Ropes & Gray was the first firm in the City to boost NQ pay this year, giving its U.K. associates a salary hike of 4% in February to £120,000 plus bonus. The firm's previous first-year associate basic rate was £115,000.
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