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Taylor Wessing ups NQ lawyer pay to £81k and confirms 74% retention score

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Rises for trainees too

Taylor Wessing has become the latest City law firm to up the salaries of its junior lawyers.

Base rates for newly qualified (NQ) solicitors now sit at £81,000, a rise of 5% from £77,000. Trainee pay is also up, with rookies receiving £45,000 in year one and £49,000 in year two — rises of 12.5% and 11% respectively.

The Legal Cheek Firms Most List shows the improved pay puts Taylor Wessing’s NQs just ahead of their opposite numbers at Osborne Clarke (£80k) and Squire Patton Boggs (£78k), and just behind those plying their trade at Eversheds Sutherland and CMS (both £82k).

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Taylor Wessing also confirmed its autumn 2021 retention rate, with 14 of its 19 soon-to-be associates staying put — or 74%. It made 15 offers.

The new recruits join a range of practice areas including private client, private equity, corporate finance, construction and real estate planning.

Graduate recruitment partner, Lerika Joubert, said:

“The trainee ‘class of 2019’ is one of our latest success stories. They have shown considerable commitment and resilience, through a very uncertain and challenging period, and have contributed significantly to the continued growth of our firm. We would like to extend our congratulations to everyone on their qualification. I’m pleased that so many have joined us as newly qualified solicitors and look forward to seeing their legal careers flourish at Taylor Wessing.”

The 2021 Legal Cheek Firms Most List

33 Comments

Anonymous

Where is the money at, hey? Where is the money?

I’ll tell you where the money is at – my back pocket! I am pocketing cash and cash and cash and mad dollar. Give me more baby. Oh make it rain. Rain €500s. Rain $100s. Rain £50s. Lather me up!

(2)(24)

Anonymous

You seem really nice. Perhaps we could grab a coffee?

(27)(0)

Magic Hexagon

Ding-dong, the Magic Pentagon is dead!

(2)(25)

Anon

Nearly 50% less than US NQ rate

(5)(10)

Have some perspective

Probably about 50% more free time to themselves to have work life balance too.

Money is not the be all end all.

Also, this is iconic when you take into account that a few years ago, the Magic Circle NQ was around 80k and now this is the standard for city firms.

(52)(6)

US junior

I completely agree. I can see the appeal of working somewhere ‘nice’ like Taylor Wessing and earning this much.

I think the likes of the MC/SC paying marginally more at £90-£100k are the ones who really need to distinguish their offering.

(52)(1)

Anon

Oh here we go, classic comments attacking how awful it is to work at US firms. Getting as boring as the comments about how much they earn. Most students would still pick a TC at somewhere like Latham over most firms, but will post on here about how they could never ‘sell their soul’ after they’ve been rejected.

(16)(27)

Bored codger

But it goes both ways. Why do people feel the need to chip in how much less Taylor Wessing pay than the US firms? Let people make their own choices. Legal Cheek just keeps on churning out these articles because they have nothing else to talk about. I’ve seen this site regress over the last 6 years, there is no breaking news here, just salary updates and qualification updates.

(37)(2)

Anon no. 1

No, I agree. Both comments are equally dull and make me roll my eyes in equal measure. Just seeing even more of the whole ‘god, I would never work there. I’m going to work at a firm that respects my work life balance and mental health.’ Here’s news – firms don’t care. Whether it’s Latham, Kirkland, Taylor Wessing or Bird & Bird. You get beasted at a firm like TW, too. Just because it has nice flashing and techy marketing doesn’t mean you’ll be rolling out the office whenever you want to. The comments that suggest this are as deluded as the people posting about how they have a collection of lambos as a US NQ.

Another bored codger

…maybe that’s because City law is literally just that: hollowed-out, vaccuous, only about the “phat whaccc” salaries and the half-yearly churn of NQ roles getting nabbed/bagged/*insert random LC buzzword*.

Sad but (mostly) true I’m afraid.

Peter

Great how quickly law firm pay catches up. Around 2/3 years ago 81k would have been MC rates. I don’t know of any other industry (other than finance) that sees salaries move up so rapidly.

(35)(0)

Anon

Looking more likely by the day that Dentons is sticking at 75k for 4th year on the bounce…

(28)(1)

avoid

avoid this firm.

(30)(1)

Curious George

What’s their retention like at the moment?

(0)(0)

Impressed spectator

Im really impressed. Well done to these firms that are doing the best they can to compete in these markets.

(17)(1)

Former toiler

Lmao and meanwhile SPB sweats the assets like never before and hands out sweet f-all, despite record-breaking revenue and PEP. Absolute joke shop.

(14)(0)

Phat Bunce

Agreed. A good mate is a trainee in SPB’s London office and he says it’s the absolute pits, for a princely sum of £37k. That’s surely one of the lowest trainee whacks in the City.

(9)(0)

2PQE

At this rate, SPB needs to increase their NQ salary to around £85k to stay somewhat competitive. Smaller firms like Taylor Wessing and Osborne Clark have blown them out of the water recently in terms of salary…

(6)(8)

SPB toiler

Raises were made only piecemeal, with most associates getting nothing. More resignations incoming.

(4)(0)

Perplexed

As soon as TW upped their salary LC updated their Most List. However LC wrote an article last week on Goodwin incorrectly stating that their NQ salary was £147K (when in reality it is £148,500) and still no mention of Goodwin on LC’s Most List

(1)(9)

Confused

Why are The Lawyer and City AM, among others, also reporting £147k? Do you not think the firm would be asking them to correct if what you’re saying is true?

(10)(1)

Anon

Goodwin hired a large number of ex Sidley associates recently and decided to march Sidley’s NQ rate

(1)(0)

Truth

Goodwin is an irrelevant shop sorry

(36)(9)

Or Dare

try getting a TC there first, eh?

(7)(10)

A

Complete nonsense. Look at its PE and funds teams.

(3)(7)

😂🤡

“Funds teams”

(5)(0)

lmaobantah

No one gives af pinhead

(0)(0)

Anon

Goodwin were the third busiest firm in terms of PE deal count in the first half of 2021

(1)(4)

Anon

Source? Who were the first two? Kirkland and Weil?

(0)(0)

Please tick as appropriate and move along

[ ] Wahaaay! That’s well pathetic! I’m on Top dollah! I’m
Mr Massive NQ in da city and I’m gonna retire at 30. Anyone working at that place is a beta cuck!

[ ] Money isn’t everything. For less money you can also have less stress and a better work life balance. I used to work somewhere like that and I still wet the bed as a result.

[ ] Why the moaning? You could be working in Legal Aid being paid peanuts but enjoying your working day.

(32)(0)

Emily Willis

Legendary comment

(0)(0)

Don

Legal Cheek – this is another plea to report on associate pay at all levels.

NQ pay hikes isn’t news or journalism. Do some digging and call out the British firms salary bunching.

(25)(0)

Market CorrectOR

How can Taylor Wessing afford this lol – suddenly makes Simmons/Macs raise irrelevant at 88 and 90k respectively. They should both be hitting at least 95k base imo

(4)(1)

Comments are closed.

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