Junior lawyer earnings could exceed £100,000 with bonuses, says firm
Simmons & Simmons has become the latest City player to up the base salaries of its newly qualified (NQ) lawyers.
It confirmed NQs will now receive a salary of £79,000, up 5% or £4,000 from a previous rate of £75,000. The firm, however, said “high performing” NQs in London could earn in excess of £100,000 with bonuses.
Focusing on base rates, Legal Cheek‘s Firms Most List shows Simmons’ new associates are now £1,000 better off than their opposite numbers at Mayer Brown.
Simmons, which takes on around 25 trainees annually, has also increased the salaries of its NQs in Bristol. They will now receive £52,000, an extra £1,000 or 2%.
Trainees in London receive £44,000 in year one, rising to £48,000 in year two, while their Bristol-based counterparts receive £38,000 and £39,000 respectively.
The pay uplift comes after the firm reported a 4% increase in its profit per equity partner (PEP) to £710,000 and a 6% bump in revenue to £347 million. Profit jumped by 9% to £119 million for the year ending 30 April 2019.
“This is the third consecutive year of strong financial performance for the firm and we are making good progress against our business plan,” managing partner Jeremy Hoyland said. “The year has been one of continued focus on client relationships and client service and how we can deliver smarter solutions for our clients.”