Taylor Wessing Increases NQ Salaries by 8.5%
The firm has boosted salaries by £14,000 in the space of two years.
July 15, 2019 at 07:14 AM
2 minute read
Shane Gleghorn, Taylor Wessing U.K. managing partner.
Taylor Wessing has joined other law firms in hiking its newly qualified (NQ) salary, as rivals across the industry compete for talent.
As of this month, the firm has hiked its NQ salary base rate by £6,000 to £77,000.
The firm said the total possible remuneration of combined salary and bonus for NQs now stands at £92,400.
The latest salary hike means that Taylor Wessing's base rate has now increased by more than 22% in the past two years alone, following a £9,000 boost last year.
Taylor Wessing talent director Wendy Tomlinson said in a statement: "We have many talented people who are experts in their fields. They have all contributed to another year of record success and we're pleased to make an investment in our salary review this year, based on the progress and level of profitability we've achieved."
The flurry of salary hikes began in May when Freshfields Bruckhaus Deringer boosted its NQ salary remuneration to £100,000, which was subsequently matched by all the Magic Circle firms, ending with Linklaters on July 1.
Other firms such as Simmons & Simmons, Ashurst and Stephenson Harwood have also subsequently confirmed salary rises.
Some senior partners however have expressed increasing frustration at the scale of salary increases. Gideon Moore, managing partner of Linklaters, told Legal Week: "You have to ask the people who started this process what exactly they expected to achieve from it."
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