Linklaters Matches Magic Circle Rivals' NQ Rate
The rise means all Magic Circle firms will pay their NQs six-figure salaries when including bonuses
July 01, 2019 at 05:54 AM
2 minute read
Linklaters' newly qualified (NQ) associates will now take home a minimum of £100,000 a year, 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.
Linklaters is the last Magic Circle firm to up its rates, in line with its rivals.
In a statement, a spokesperson said: "Linklaters has increased the total cash payable to NQ lawyers to £100k, comprising a base salary plus a discretionary performance bonus, with top NQ performers receiving above this."
Last October, the firm boosted its base rate to £83,000 – the second rise in the year.
Earlier this month, Allen & Overy announced it will pay out a minimum of £100,000 a year to its NQ associates. Slaughter and May also increased salaries from its previous level of £83,000 to £92,000, which with a bonus will bring it to £100,000.
Freshfields Bruckhaus Deringer upped its NQ pay by £15,000 in May, which was followed by Clifford Chance earlier this month.
Other firms have also ramped up NQ remuneration. Hogan Lovells bolstered its NQ salaries by 15% from £78,000 to £90,000. However, 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.
This year's pay race began in February, when Ropes & Gray announced a salary hike of 4% for its U.K. associates, totalling £120,000 plus bonus. The firm's previous first-year associate basic rate was £115,000.
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