News

Mishcon de Reya boosts NQ salaries by 6% to £67,000

By on
17

Exclusive: As Bristows bumps junior lawyer pay by 5%

City outfit Mishcon de Reya has revealed modest pay increases for its trainee and junior lawyers.

The private client and litigation specialist, which dishes out around 14 training contracts each year, has upped newly qualified (NQ) pay from £63,000 to £67,000 (a rise of 6%). Trainee wedge has also been boosted by 5%, with year one rookies now receiving £40,000, rising to £42,000 in year two.

Today’s pay move puts Mishcon’s NQs a full £1,000 ahead of their counterparts at Stephenson Harwood, and £2,000 better off than those qualifying into the London offices of global titan Dentons and international law firm Gowling WLG.

Earlier this summer, Mishcon revealed a “disappointing” autumn retention score of just 64%. The firm — which acted in the Article 50 case on behalf of Gina Miller — kept just nine of its 14 September NQs, failing to match its perfect 100% score from 2016 (11 out of 11). The firm currently boasts a healthy profit per equity partner (PEP) of £1.1 million, and all from just two offices in London and New York.

Meanwhile, single-office City player Bristows has also bumped lawyer remuneration.

NQ salaries have increased from £60,000 to £63,000 (up 5%), putting them on a pay par with their peers at Clyde & Co, Fieldfisher and Taylor Wessing. Sitting a few quid ahead of Bristows’ NQs on the pay league table are the fresh-faced associates of Ince & Co, who currently earn a salary of £63,250.

Bristows’ trainee salaries remain unchanged. They earn £38,000 in year one and £41,000 in year two. The intellectual property specialist firm — which has big name clients including Google, The Guardian and the BBC — offers around ten training contracts annually.

For all the latest commercial awareness info, and advance notification of Legal Cheek’s careers events, sign up to the Legal Cheek Hub.

17 Comments

Kirkland & Ellis NQ

£67k? I’d rather be on benefits.

(14)(8)

Anonymous

For a shop like Mishcons that’s a totally decent wedge, no denying it.

(16)(0)

Anonymous

so rich

(0)(0)

Anonymous

Decent money for a young person in London. People need to gain some perspective. Yes, you can earn more elsewhere, but it’s still a good wage.

(10)(1)

Anonymous

Mishcons pay almost as much as “megafirm” CMS…LOL.

(4)(0)

Anonymous

They’re not in the same league as CMS

(1)(0)

Anonymous

Meaning?

(0)(0)

Anonymous

They’re superior to CMS, presumably, by at least one league or 5556 metres in new money.

(5)(0)

Corbyn. Symphathiser

Thank you for translating a league into metres, but I must say the the fact that it turns out to be 5556 metres and not 5555 metres is really irritating me.

I’m not asking you to reform either imperial or metric measurements, I’m just saying the universe is teasing me today.

(1)(2)

Anonymous

I imagine the universe more than teases throwbacks to failed 70s socialism.

(1)(0)

Anonymous

Faker. Impersonator. Loser.

(1)(0)

Anonymous

(2)(1)

Anonymous

The Lawyer just didn’t want to put their own phrase into redundancy: surely their pep and/or level of prestige cannot compete with Macs, Travers, Herbert Smith and Ashurst.

(0)(2)

Anonymous

CMS is a member of the Brown Circle, sitting nicely next to Bond Dickinson.

(0)(1)

Anonymous

Bond Dickson is a transatlantic US firm now. It probably isn’t yet with the likes of Mayer Brown or Hogan Lovells yet but similar size, calibre etc. post-merger.

(1)(5)

Anonymous

Hahahahahahaha

Anonymous

Bond Dicks has a funny new American name.

Comments are closed.