Pay war rages on
Mishcon de Reya has increased newly qualified (NQ) solicitor pay by 8%.
NQs in the firm’s London office will now earn £90,000 from £83,000, effective 1 July 2022.
The move means that Mishcon’s new associates now earn the same as those at Ince and Stephenson Harwood. They’ll earn £2,000 more than those at Bird & Bird, where NQ pay is currently £88,000, and £3,000 more than those at Shoosmiths, who increased NQ pay earlier this week to £87,000.
Mishcon said in a statement:
“We keep compensation under constant review at Mishcon de Reya and, in this particularly buoyant market, want to ensure that we do all that we can to attract the best talent and to reward our people for their continued contribution to our firm.”
A pay war has been waging across the City in recent months, driven in part by the mega-paying US law firms in London where NQ salaries can stretch to over £160,000. It’s extended to the regions, too, and recent Legal Cheek coverage rounded up the key NQ pay movers beyond the capital.