Rookies also handed rises
Macfarlanes has become the latest City outfit to increase the salaries of its junior lawyers.
The silver circle player confirmed base rates for newly qualified (NQ) lawyers now sit at £90,000, a 6% rise from £85,000. Macs did however say that it expects its new associates to “earn in excess of £100k this financial year taking into account all elements of their package”.
Trainee pay is also up, with first year rookies receiving £48,000, a rise of 9% from £44,000, and those a year ahead earning £52,500, up 7% from £49,000.
Separately, Macs confirmed it will retain 22 of its 25 trainees qualifying this September. This hands the firm an autumn rate of 88%.
Jat Bains, graduate recruitment partner, commented:
“We’re delighted to have maintained our consistently high retention rates for another year. This has been an uncertain period for many but we have continued to invest in our trainees, knowing that an investment in our trainees is an investment in the firm’s future.”