Slaughter and May has decided to maintain its newly qualified solicitor salaries at £150,000 this spring Financial Times. Since 2021, junior pay has climbed every year—100k to 150k in four leaps. Now, nothing.
The reduced deal volume and rising costs have taken their toll so far as legal pay rates are concerned among biglaw firms, which are now eyeing one another as the large law London rivals are yet to reveal their moves so far as junior pay rates are concerned.
Keeping pay flat could save millions in headcount costs but it also risks talent flight to U.S. rivals or boutiques offering equity stakes.
Firms like Quinn Emanuel have been raiding grads with £180k offers. Now, if you’re a newly qualified solicitor, you ask: “Why stay?” That question, often unspoken, could rattle long-standing loyalties.
For Slaughter and May
