Baker McKenzie Inflates NQ Base Pay by Whopping 23%
The firm has dramatically hiked its NQ base pay from £77,000.
July 17, 2019 at 06:10 AM
2 minute read
Baker McKenzie has hiked its City newly qualified (NQ) associate base pay package by 23% to hit £95,000.
The firm's NQs will now receive a minimum of £95,000 a year, made up of a £90,000 salary and a newly created sign-on bonus worth £5,000.
Previously, NQs were offered a base salary of £77,000, with no sign-on bonus.
On top of the £95,000, NQs will now be eligible for a further performance-related bonus that could bring their overall pay package to more than £100,000.
A Baker McKenzie spokesperson said in a statement: "We are committed to remunerating our people fairly and competitively. Accordingly, we have raised our NQ package in line with the London market. Newly qualified lawyers will receive a minimum of £95,000, composed of a £90,000 salary and a £5,000 sign-on bonus. They will also be eligible for a further, performance-related bonus, bringing their potential earnings to more than £100,000."
The pay rise follows a slew of firms jumping in on the NQ pay war since Freshfields Bruckhaus Deringer became the first U.K. firm to hike its pay package for newly qualified associates up to £100,000 in May.
Since then, all Magic Circle firms have matched the £100,000 rise with varying maximum earnings, with Linklaters the last to raise rates. Others have also joined the trend, including Travers Smith, Stephenson Harwood and Simmons & Simmons.
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