Slaughter and May has become the first Magic Circle firm to announce pay rises in 2014, with NQs at the firm now earning £65,000.

The firm had been the worst-paying in the Magic Circle, but from 1 May its trainees and associates started taking home the same or more than their peers at Linklaters, Clifford Chance and Allen & Overy. Although Slaughters did pass up the opportunity to leapfrog Freshfields for qualified lawyer pay, where associates are paid £1,000 to £2,500 more.

Newly-qualifieds see the biggest rise of £2k, taking them to £65,000. That's £1,000 more than NQs at A&O and Linklaters, and £1,500 more than the rag-clad paupers at Clifford Chance. And Slaughters will pay first seat trainees £39,500, which is an increase of £500 pa. That breaks down to a cool £1.31 extra a day, allowing for an immediate sandwich upgrade. However until the others announce salary reviews, Slaughters can claim its trainees are the best paid in the Magic Circle alongside Linklaters. 

Slaughters NQs used the cash wisely

Richard Clark, Executive Partner of Slaughter and May, said, “The firm has seen an encouraging level of activity so far this year and we remain cautiously optimistic about the prospects for the continuing recovery of the wider economy”. And also cautiously optimistic that top-drawer candidates will pick the Slaughters brand over US firms like Bingham, where NQs pick up £100,000.

	1st seat trainee	NQ	1PQE	2PQE	3PQE
Slaughter and May	£39,500 (£39,000)	£65,000 (£63,000)	£70,000 (£69,500)	£79,000 (£78,000)	£89,000 (£87,500)
Allen & Overy	£39,000	£64,000	£69,500	£78,500	£89,000
Clifford Chance	£39,000	£63,500	£69,500	£78,200	£87,800
Freshfields	£39,000	£65,000	£72,500	£80,000	£90,000
Linklaters	£39,500	£64,000	£69,500	£78,250	£89,000