Slaughter and MaySlaughters NQs In Line For £100,000 as Pay War Continues
It is the third magic circle firm to boost NQ pay rates in the last two months.
June 20, 2019 at 12:18 PM
3 minute read
Slaughter and May's newly qualified (NQ) associates are set to take home at least £100,000 each year as the Magic Circle firm boosts rates amid an associate pay war in the City.
The Magic Circle firm has boosted NQ remuneration from its previous level of £83,000 to £92,000, which with a bonus will bring it to £100,000. It matches the rate recently set by Freshfields Bruckhaus Deringer and Clifford Chance.
In a statement, a spokesperson for Slaughter and May said: "In accordance with our policy of keeping our associate remuneration competitive in the market, we have decided to increase our newly qualified associates' remuneration (salary and bonus) to a minimum of £100,000.
"We continue to value and recognise everyone's contribution by rewarding our associates in a way that reflects the partnership's flat lockstep structure and by not imposing billing or time recording targets."
In May, Freshfields became the first of the Magic Circle to increase its rates as part of an associate pay war that has unfolded in the City during the past couple of months, with Clifford Chance announcing its own changes earlier this month.
Pinsent Masons also bolstered its NQ pay on Tuesday (June 18), increasing its rate by nearly 4% to £72,500, up from £70,000.
The remaining Magic Circle firms, Allen & Overy and Linklaters, have yet to announce pay increases.
Ropes & Gray was the first firm in the City to boost NQ pay this year, giving its U.K. associates a salary hike of 4% in February to £120,000 plus bonus. The firm's previous first-year associate basic rate was £115,000.
In May, Shearman & Sterling increased its NQ rate by 14% to also hit £120,000. White & Case bolstered pay for its trainees last week, with its U.K. first-year trainees taking home an extra £2,000, up from £46,000 to £48,000, while second-year trainees will now take home £53,000, up from £50,000.
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