Future trainees to receive £12,500 in financial support
The magic circle duo provided £10,000 in maintenance to LPC students and have now increased this sum by 25% to £12,500.
The uplift will apply to the firms’ current LPC cohorts, who will receive the additional £2,500 by way of a top-up payment in the coming weeks.
Slaughters informed students of the increase last week, whilst Freshies did so this week, according to an email we’ve seen.
The firms, which are part of the City Consortium, send their future trainees to study the seven-month course at BPP Law School. Between them they take on about 165 trainees each year.
Legal Cheek understands moves were made after future trainees lobbied their firms to increase the amount they provide in maintenance amid rising living costs.
Last week Freshfields increased newly qualified (NQ) solicitor pay by a quarter to £125,000, setting down the marker for its magic circle rivals to follow suit.
The LPC is being phased out by the new Solicitors Qualifying Exam (SQE) regime. Already a number of firms have begun to disclose what they will provide in maintenance to SQE trainees, with sums ranging from £12,500 to £17,000.