Exclusive: London legal salaries keep rising
Mayer Brown has confirmed that its London associates will now begin lawyer life on £75,000, up 5% from £71,500. Legal Cheek’s Firms Most List 2018 shows that Mayer Brown’s newbies are now £3,000 better off than their opposite numbers at Ashurst and Baker McKenzie, and £4,000 ahead of their peers at Simmons & Simmons and K&L Gates.
The firm, which offers around 15 training contracts annually, now joins a raft of outfits that dish out £75,000 to its new London recruits. These include DLA Piper, Hogan Lovells, Macfarlanes, Norton Rose Fulbright and Travers Smith.
Meanwhile, Dechert has confirmed that London NQ pay now stands at a hefty £95,000. Up from an already respectable £90,000, the increase equates to a rise of 6%. It places the firm between Jones Day (£100,000) and Clifford Chance (£87,300) in the NQ salary stakes.
Trainee pay at Dechert remains unchanged, with first years earning £45,000, rising to £50,000 in year two. Trainees at Mayer Brown have been handed extra cash. Until recently, aspiring lawyers in their first year of training earned a salary £42,000. Now, that’s up £1,000 to £43,000, a rise of 2%. This puts Mayer Brown’s year one trainees on a pay par with those at fellow international player Watson Farley & Williams, and magic circle trio Slaughter and May, Linklaters and Freshfields Bruckhaus Deringer.
Meanwhile, second year trainee wedge has also been bumped by £1,000 to £48,000, again an uplift of 2%. Mayer Brown trainees now earn the same as second years at firms including Herbert Smith Freehills, Latham & Watkins and Ropes & Gray.
In further news, Legal Cheek can also reveal that Dechert has notched up an autumn retention score of just 50%. It has remained tightlipped over the exact details of this, however our Most List shows the firm takes on around ten trainees each year.