Major law firms raise junior lawyer salaries as competition for talent heats up
updated on 29 May 2024
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Linklaters LLP has joined rival Freshfields Bruckhaus Deringer LLP as the latest magic circle law firm to raise newly qualified (NQ) solicitor pay to £150,000.
Linklaters’ managing partner Paul Lewis explained that the firm is “committed to rewarding our people competitively in our market” and the salary changes are said to reflect that.
The move comes as competition for junior legal talent in the City heats up with US firms continuing to make their presence known. US law firm Quinn Emanuel Urquhart & Sullivan LLP joined in the pay war by raising salaries for its NQ solicitors in London by 18% to £180,000, following a spike in profits from the previous year. According to City A.M., the law firm’s London unit generated £153.6 million in profit last year, compared to £94.9 million in 2022.
Quinn Emanuel’s London co-managing partner, Alex Gerbi, said the firm is “committed to continuing to attract the very best new talent as we pursue our strategy for further growth”.
The wage increase brings salaries for the firm’s NQ lawyers in line with US counterpart Gibson, Dunn & Crutcher UK LLP. Other top US law firms signalling the ongoing battle for junior legal talent include Latham & Watkins and Davis Polk & Wardwell London LLP, which are paying NQ lawyers £179,000 and £170,000, respectively.
It’s been reported that magic circle firm Clifford Chance is planning to review salaries this summer.
