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.
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