Rates remain at £107.5k
Allen & Overy has told its junior lawyers they won’t be getting a pay rise due to “challenging” economic conditions.
In an email seen by Legal Cheek (embedded below), the magic circle player said that “after careful consideration of the market and with economic conditions becoming more challenging”, it had “decided not to increase associate spot salaries further at this time”.
The outfit, which usually reviews pay every summer, last upped newly qualified rates to £107,500 in November 2021.
A spokesperson for the firm said:
“After careful consideration and consultation we have decided not to increase the London NQ salary at this time. It was last increased in November 2021, to £107,500. This is a prudent decision based on a number of factors, including the more challenging business environment. We will keep the situation under review.”
The Legal Cheek Firms Most List 2022 shows the firm’s magic circle rivals Clifford Chance and Freshfields pay NQs £125,000 while those over at Slaughter and May receive £115,000. Linklaters, like A&O, provides an NQ rate of £107,500.