Bakers boosts NQ lawyer salaries to £110,000
City firms continue to up pay 📈
Baker McKenzie has increased base salaries for newly qualified (NQ) associates in London to £110,000.
The move marks a £5,000 or 5% uplift, with rates previous pegged at £105,000 following a hike in December. Bakers recruits around 33 trainees annually.
Trainee pay remains unchanged — £50,000 in year one, rising to £55,000 in year two — though Legal Cheek recently revealed the firm will pay an additional £4,000 to its future trainees experiencing financial difficulties while studying the Legal Practice Course (LPC). The extra cash, dubbed ‘Baker Boost’, is on top of the standard £10,000 maintenance grant.
Baker McKenzie’s London managing partner Ed Poulton said: “At Baker McKenzie, we believe in rewarding in a fair, consistent and competitive manner. The attraction, retention and development of our people is key to the success of our firm and is at the heart of our strategy.”
He added: “Alongside a competitive salary, fantastic career development opportunities and an extensive package of employee benefits, we are proud to also offer our people the opportunity to work in an inclusive workplace where they can be themselves and thrive.”
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Curious 2 PQE
Anyone know what the salary bunching is like further up the PQE ladder?
I’m at a similar firm, paying similar rates and I’m almost at the ceiling for associate pay at 6PQE.
The only incentive my firm offers is that you can get an extra 10-15% bonus at the more senior levels, but after tax that’s fuck all anyway.
Mid-levels are getting shafted as your hourly rate is likely 50% higher than an NQ but your hours targets are relatively unchanged and you don’t get paid 50% more.
£135K at 6PQE
So yeah pretty bunchy
I don’t understand the logic in bunching. NQs aren’t that difficult to recruit but 2-5 PQE lawyers are hard to retain. Surely it makes more sense to boost the salaries in these PQE brackets?
6PQE at £135k!?
At US firms 6 PQE on K&E/Goodwin/Akin etc are at £290 + c£100k bonus.
Very deceptive by UK firms…
Burnt out BM Associate
3PQE – 120k
I’ve heard it’s quite severe
Is HL pretty similar in that regard?
Nope – about 8k – 10k between each PQE at HL
1.5PQE still being paid the NQ rate of £105k that was announced back in March. When I asked HR whether they got my class wrong they just said they just moved everyone into the same pay bucket without taking into account his / her PQE.
Frankly I never expected to make big bucks by working in this firm but if you are telling me there is no difference whatsoever (not even nominal) in the compensation between an NQ and someone who has had 1/2 years of experience, I find this to be a joke given arguably a lawyer’s worth is essentially entirely driven by his / her experience in the profession / seniority.