Latham and More Hold London NQ Rates as Hogan Lovells Cuts Pay
Pinsent Masons and CMS have also made decisions regarding their rates for newly qualified lawyers in London.
June 24, 2020 at 10:31 AM
3 minute read
Hogan Lovells, Latham and Watkins, CMS and Pinsent Masons are the latest firms to make decisions regarding their newly qualified (NQ) associate salary rates for 2020 in response to the COVID-19 crisis.
Hogan Lovells has opted to cut its rates, trimming NQ pay by £5,000 to £85,000 for its London lawyers, and by £2,000 to £46,000 for its Birmingham-based cohort, a spokesperson confirmed.
The firm's first year trainee intake will be held at a rate of £46,000 for now, but this will be reviewed later in 2020, according to a person with knowledge of the situation. Its second year trainee cohort will also be held, at £51,000.
A spokesperson at the firm said in a statement: "We looked very carefully at what we thought was best in the current conditions as we navigate the challenges of the COVID-19 pandemic. We appreciate that this is disappointing for our trainees and NQs and we are committed to reviewing this position again later in the year as part of our wider salary and discretionary bonus review process."
Last year, the firm increased its base pay for NQs in its London office by 15% from £78,000 to £90,000. It also implemented a new pay system which at the time the firm said could see NQs earn £117,000 with bonuses.
Meanwhile Latham and Watkins has confirmed it is holding its London NQ rate at £143,000 ($190,000), which it set in 2018.
CMS and Pinsent Masons are also both maintaining NQ salaries at the same amount as set in 2019, having traditionally raised rates on an annual basis.
In 2019 CMS bumped NQ pay to hit £73,000 while Pinsents raised it to £72,500.
The decisions follow a flurry of other firms' moves to either cut or hold NQ rates. White & Case and Freshfields Bruckhaus Deringer have chosen to hold NQ pay, while Allen & Overy and Clifford Chance have trimmed rates.
The moves mean the usual pay war between law firms seeking to retain NQ lawyers seems unlikely to be fought with the usual verve this year.
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