City pay war continues
Taylor Wessing has upped the base salaries of its newly qualified (NQ) lawyers by a healthy 8% as the war over junior talent in the City intensifies.
The outfit confirmed its fresh-faced associates will see their salaries increase from £71,000 to £77,000, equating to an extra £6,000. The tech-focused firm did add, however, that NQs could take home up to £92,400 with bonuses.
“We have many talented people who are experts in their fields,” talent director, Wendy Tomlinson said. “They have all contributed to another year of record success and we’re pleased to make an investment in our salary review this year based on the progress and level of profitability we’ve achieved.”
The 8% bump sees Taylor Wessing move above the likes of K&L Gates (£71,000), Pinsent Masons (£72,500) and Reed Smith (£75,000) on Legal Cheek‘s Firms Most List, and draw level with Baker McKenzie (£77,000), DLA Piper (£77,000) and Norton Rose Fulbright (£77,000). Trainees receive £40,000 in year one, rising to £44,000 in year two.
The pay move comes less than a month after the outfit, which was crowned ‘Firm of the Year 2019’ after securing an impressive eight A*s in our Trainee and Junior Lawyer Survey, announced a 20% uplift in UK profit per equity partner (PEP) to £579,000 and a 12% jump in UK revenue growth to £145 million.