£50k in year one and £55k in year two
The Anglo-German giant confirmed trainee pay in year one now sits at £50,000, up 11% from £45,000, while rates for year two rookies come in at £55,000, up 10% from £50,000. The increases are effective from 1 October 2021.
The money move matches rates confirmed on Wednesday by Clifford Chance and those already in place at Linklaters. As for the rest of the magic circle, Allen & Overy provides rookies a salary of £47,500 in year one, rising to £53,000 in year two, while Slaughter and May dishes out £47,000 and £52,500.