City law firms have been taking measures relating to NQ pay, usually to curb the impacts of the coronavirus on finances.Morgan Lewis Holds London NQ Pay as Norton Rose and Paul Hastings Mull Options
The firms are the latest to consider their options regarding pay for their junior lawyers.
June 25, 2020 at 12:28 PM
2 minute read
Morgan Lewis & Bockius will not increase its London newly qualified (NQ) salaries this year, as Norton Rose Fulbright and Paul Hastings mull any changes to their NQ rates in the city.
A spokesperson for Morgan Lewis said the firm anticipates "no changes in NQ base salaries". The firm reviews its NQ pay rates every year, according to a London partner with knowledge of the matter. According to the Chambers Student guide, the firm currently pays £115,000 to its NQ lawyers.
Norton Rose Fulbright is yet to decide whether it will change from its present rate of £87,000.
Last October, the firm boosted its NQ salary by 9% from the previous year to top £87,500. Well-performing NQs are also able to receive a performance bonus, bumping their total salary up to a maximum of £114,000.
Paul Hastings, meanwhile, is not planning on cutting NQ or trainee pay, but is currently reviewing whether it will increase either, according to a person close to the matter.
Several law firms have now cut or held their NQ and trainee rates in the U.K. in response to the coronavirus pandemic disruption. On Wednesday, Hogan Lovells announced it had cut its newly-qualified lawyers' salaries by £5,000 to £85,000 for its London lawyers, and by £2,000 to £46,000 for its Birmingham-based cohort.
Allen & Overy and Clifford Chance cut their London NQ salaries earlier in June.
This article has been updated to show that Norton Rose has not yet made a decision regarding its NQ salary.
|Read More:
Latham and More Hold London NQ Rates as Hogan Lovells Cuts Pay
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