Global law firm Eversheds Sutherland may have lost lawyers in Europe following a raid by K&L Gates, but at least its London pay rate for associates has joined the race-to-the-top with newly qualified lawyers earning nine per cent more at £82,000.
The pay raise means the London lawyers, paid more than those in the firm’s regional offices, are on a par with the increases announced by firms like CMS and the latest major firm to increase its rates, due to take effect in September.
Naturally, the firm’s spin is that the pay rates are necessary to ensure the firm keeps top legal talent. Eversheds chief people officer Lorraine Kilborn said in a statement: “We are committed to attracting and retaining the best junior talent in the highly competitive UK market.”
A number of other firms including Ashurst, Allen & Overy, Clifford Chance and Pinsent Masons have all raised their NQ salaries in the past month.
The rates increases follow on-going pay rate rises in the London market, largely lead by the US-based law firms but increasingly joined by UK firms needing to retain staff.