Baker & McKenzie has raised first seat trainee pay to £42,000, placing its trainees amongst the best-paid in the City and heaving it above Freshfields and Slaughter and May.
The firm has increased first seat salaries by £3,500, putting its trainees on a par with those at Clifford Chance, Allen & Overy, Linklaters, Herbert Smith Freehills and Jones Day (though still below the lofty climes of the US firms). Second year pay has also been increased, to £46,000.
Meanwhile, salaries for newly-qualified lawyers have been raised 8%, from £65,000 to £70,000. That's in line with Norton Rose Fulbright, Macfarlanes, Hogan Lovells, Travers Smith, Herbies and Slaughter and May. With Bakers reporting profits per equity partner in 2014/5 of £800,000, the pay gap between its most senior solicitors and most junior looks fairly reasonable compared to several members of that group. While the difference is smaller at Norton Rose Fulbright or HogLove, it's the same at Herbies and much larger at Clifford Chance (PEP of £1.1m) and Macfarlanes (£1.5m). And vast at Slaughter and May (£2.3m).
A Bakers NQ told RollOnFriday the salary bump was "very welcome". No doubt it will compensate for life down the line when, a mostly happy 4PQE told the RollOnFriday Firm of the Year 2016 survey, associates can expect to be "eating three meals a day at your desk, every day, for months on end".
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The firm has increased first seat salaries by £3,500, putting its trainees on a par with those at Clifford Chance, Allen & Overy, Linklaters, Herbert Smith Freehills and Jones Day (though still below the lofty climes of the US firms). Second year pay has also been increased, to £46,000.
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A happy Baker, yesterday |
Meanwhile, salaries for newly-qualified lawyers have been raised 8%, from £65,000 to £70,000. That's in line with Norton Rose Fulbright, Macfarlanes, Hogan Lovells, Travers Smith, Herbies and Slaughter and May. With Bakers reporting profits per equity partner in 2014/5 of £800,000, the pay gap between its most senior solicitors and most junior looks fairly reasonable compared to several members of that group. While the difference is smaller at Norton Rose Fulbright or HogLove, it's the same at Herbies and much larger at Clifford Chance (PEP of £1.1m) and Macfarlanes (£1.5m). And vast at Slaughter and May (£2.3m).
A Bakers NQ told RollOnFriday the salary bump was "very welcome". No doubt it will compensate for life down the line when, a mostly happy 4PQE told the RollOnFriday Firm of the Year 2016 survey, associates can expect to be "eating three meals a day at your desk, every day, for months on end".
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