The COVID pandemic continues to eat into newly qualified (NQ) solicitors’ pay rates with Linkaters being the latest major law firm to announce further cuts to pay – this time a 10 per cent reduction.
In June Allen & Overy and Clifford Chance both cut NQ rates by 10 per cent as a result of the pandemic.
The A&O decrease reduced rates to £90,000 and showed a reversal of the trend towards a pay war among the major UK magic circle law firms.
Last year, A&O lifted its NQ pay from £83,000 the previous year to £100,000 in a bid to retain young talent in the NQ pay war triggered by Freshfields Bruckhaus Deringer as at 1 May who had made a large pay increase for NQs who had previously enjoyed pay of £85,000 pay cheque. The firm then lifted that figure by a hefty 18 per cent to pay NQs £100,000 a year as well as entitlement to bonuses.
This increase took Freshfields to the heady levels of the big US law firms like Covington & Burling and Sullivan & Cromwell.
But the days of such healthy increases for the NQs appear to be coming to a close as the pandemic’s effects hit them in the pocket.
More Legal Careers News on LawFuel
- Remote Working See Chance Of London Legal Salaries FallingReports in London indicate that salaries in the high-paying London legal world, including the much-vaunted Magic Circle law firms, could fall as a result […]
- Cutbacks From Skadden Arps and Other Big Law FirmsUS law firms continue to announce layoffs with recruiters and others saying more layoffs lie ahead with overcapacity among noneqjuity partners. One of the […]
- 7 Developing & Lucrative Non-Law Careers For LawyersDan Garner – The pandemic and increasing law career options mean more lawyers than ever are seeking non-law careers, a law degree providing an […]
- Linklaters Make Latest Cuts for NQ Lawyers as Heady Pay Increases Slow Due to PandemicThe COVID pandemic continues to eat into newly qualified (NQ) solicitors’ pay rates with Linkaters being the latest major law firm to announce further […]
- Less Money For NQ Lawyers in London . . But There Is A Silver LiningSad but true. Newly qualified lawyers in the UK are up for more pay cuts as firms like Clifford Chance, Allen & Overy, Slaughter […]