Trainee pay also up
Allen & Overy has upped the salaries of its newly qualified lawyers to £107,500 as the battle for junior lawyer talent across the City continues.
The move equates to an extra £7,500 or 7.5%, and matches the increase announced last month by magic circle rival Linklaters. The firm’s associates, like their counterparts at Links, are eligible for discretionary bonuses on top of this improved six-figure sum.
A statement from A&O said: “Following a review of the market, we are increasing our London-based lawyers’ salaries to ensure we continue to attract and retain the very best legal talent. The new salaries will be effective from 1 November 2021.”
The Legal Cheek Firms Most List shows A&O and Links now sit at the top of magic circle pay table, with Clifford Chance, Freshfields and Slaughter and May providing a salary of £100k plus performance related bonus — for now, anyway.
A&O, which offers around 85 training contracts each year, has also increased trainee salaries to £50,000 in year one and £55,000 in year two. These were previously pegged at £47,500 and £53,000, respectively.