City outfit Watson Farley & Williams also bumps junior lawyer pay to £68,000
US outfit Dechert has upped the pay packets of its London newly qualified lawyers (NQs) to £90,000.
NQs at the Philadelphia-headquartered firm — who until today pocketed £74,000 a year (relatively low for a US firm in the City) — have had their pay upped by a hefty £16,000 (22%).
Offering around 12 London-based training contracts each year, Dechert has also bumped up its trainee pay. Those in their first year of their training contract will earn £45,000, up from £44,000 (a 2% rise), while those a year ahead will now pocket £50,000, up from £48,000 (a 4% rise).
Elsewhere in the City, Watson Farley & Williams has also hiked pay for its young lawyers — albeit more modestly.
The London-headquartered firm — which provides around 18 training contracts annually — has increased NQ pay from £65,000 to £68,000, a boost of £3,000 or 5%.
The firm, like Dechert, has also chucked extra cash at its trainees. Lawyers in year one of their training contract will now receive £42,000, up from £41,000, while those in year two will now walk away with £46,000, up from £45,000. This equates to a 2% rise across the board.
Late last week, City law firm Bird & Bird and the London office of US giant Sidley Austin both revealed contrasting pay increases of their own.
While Bird & Bird upped NQ salaries by just 5% to £62,000, Sidley Austin — on the back of the MoneyLaw movement rocking London — boosted the pay packets of its junior lawyer talent by a whopping 33% to £120,000.