City firms have been increasing NQ trainee pay considerably this year.Norton Rose Tops Rivals With NQ Pay Boost to £114,000 Maximum
The firm's base rate is higher than that of rivals Macfarlanes and Travers Smith.
October 09, 2019 at 07:18 AM
2 minute read
Norton Rose Fulbright is the latest City firm to boost its newly qualified (NQ) lawyers' pay.
First-year NQ associates at the firm will now receive a base rate salary of £87,500, up 9% from last year's figure of £80,000, according to the firm.
Well-performing NQs will be able to receive a performance bonus, bumping their total salary up to a maximum of £114,000.
The new salaries are due to take effect from January 1, 2020.
A firm spokesperson said in a statement: "At Norton Rose Fulbright, we strive to maintain a culture that values each individual's contribution. It is essential that we attract and retain high-quality people; ensuring our salaries are competitive is key to achieving this."
The new salary base rates surpass those of rivals Macfarlanes and Travers Smith, which both increased their NQ base rates to £85,000 earlier this year. Their NQ associates will be able to earn up to £110,250 and £110,500 respectively, if they receive a bonus.
A number of other firms have bumped their NQ pay this year, in an effort to retain young talent. The NQ pay war this year was triggered by Freshfields Bruckhaus Deringer, which bumped its associate salaries to a base rate of £100,000, with the possibility of earning a discretionary bonus.
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