Freshfields Boosts NQ Pay To £100K
The magic circle firm increases its NQ pay by £15,000.
May 07, 2019 at 11:17 AM
2 minute read
Freshfields Bruckhaus Deringer has increased its salary for newly qualified (NQ) lawyers to £100,000.
In addition to the pay increase, NQs will also be eligible for a discretionary bonus, the firm has confirmed.
The firm said in a statement: "We have increased associate salaries with effect from May 1. Our pay offering is a critical part of our talent strategy and reflects our continued commitment to attracting and retaining the very best talent in the legal market. We regularly review our compensation and benefits across the firm with this in mind."
The firm last enhanced its NQ pay three years ago, when new associates saw their pay jump 26% to £85,000, with top performers receiving up to £12,000 by way of a bonus.
The move sees Freshfields NQs overtake their Magic Circle rivals as the best-paid new starters in the group. In August, Clifford Chance uplifted its NQ pay to £91,000, while in December Slaughter and May matched rivals Allen & Overy and Linklaters, paying new starters £83,000.
Last summer, Freshfields raised its salaries for U.S. associates to match the rates set by Cravath Swaine & Moore, paying starting salaries of $190,000 (£143,000), rising to $350,000 (£266,000) for the class of 2009 and above.
Legal Week reported today (May 7) that Freshfields is reviewing its lockstep model, with possible adjustments that include moving high-performing junior partners more quickly up the ladder.
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