HSF ups NQ lawyer base pay to £120k
Leapfrogs A&O, Links and Slaughters
Herbert Smith Freehills has hiked newly qualified (NQ) solicitor base pay to £120,000.
This rise comes as Legal Cheek exclusively revealed today that Linklaters had informed lawyers it would not “rush” into increasing its NQ pay, while fellow magic circle firm Allen & Overy had opted against NQ rises — for now — in light of “challenging” economic conditions.
Effective from today, HSF’s most junior associates will receive an extra £15,000, or 14%, to their base pay, plus a discretionary bonus. Rates were previously set at £105,000.
The firm will also be increasing salaries of associates further up the qualification ladder and “making significant investment throughout the associate bands”.
The NQ pay move sees the firm leapfrog A&O and Linklaters (both £107,500) as well as Slaughter and May (£115,000). Clifford Chance and Freshfields provide an NQ rate of £125,000.
Alison Brown, HSF executive partner, said:
“It is key that we continue to attract the very best talent. We also want to recognise high-performing lawyers at all levels, so prioritising fairness and equity across the whole associate population is key for us. These new salary increases reflect the real depth of talent we hold in our NQ and entire associate population and demonstrate that we value their contribution, as next generation leaders of our firm.”
Our Firms Most List shows the firm takes on some 60 trainees each year, who earn £50,000 in their first year and £55,000 in their second.
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56 Comments
Bravo
Well done HSF management. I hear this has actually been the case since May but they have played a PR blinder by announcing today. Links and a&o senior management will now have egg on their face when they announce rises – if they don’t it will be even more catastrophic.
MC Club
Welcome to the MC – bye A&O
The MC is DEAD
Wake up… there is no Magic Circle anymore
MC Hammer
A&O – brokies
Freshfields – crusty old boys club
CC – wokies
Slaughters – past its prime boarding school
Linklaters – influencer wars
HSF is the place to be!
Really
Why on earth would you want to work for A&O when you could make more at HSF? You’ll still work long hours but it will be a better work life balance than the MC.
XSM
Not true.
AO GRec
Why work for A&O???? I’ll tell you why: PreStigE
MC Exile
I was told by my MC head of department that the “broader package” was better at the MC. He didn’t elaborate on this.
I have the exact same benefits at my US firm and nearly a 100k more on my base salary.
Mr Lyon
WHOOOOOSH
A&O Partner's Face
Who put this egg here!?
A&O 2PQE Corporate
🤡🤡🤡
Not a word from the Partners about this today.
Even if A&O matches to £125 now, we’ll all know that their hand was forced by the Silver Circle, and how little they value their people.
Shame.
Anonymous
Magic dust running low at Links and A&O ✨👎📉
Crystal BALLS Gazer
This really is a chance for big British firms who have done really well lately (e.g. HSF/Ashurst/Macs) to turn the market on its head. HSF’s PEP is 1mill- Ashurst and Macs are on par or more than this and they take less trainees…
Come on shake things up.
Maybe some of these ‘MC’ firms will realise their model of using 100s of grunt staff only works if they pay them (comparative) peanuts.
International Firm Associate
HSF and Ashurst are not British, they both have British roots but include very large Australian contingents as a consequence of mergers. HSF in particular has loads of offices globally, whereas Macs has one. Forgive me for splitting hairs but…
LOL
END of MC. New MC will now consist of HSF, FBG, CC, and SandM
Anon
Links has fallen a looooong way
Sunshine lady
Links who?!
Incoming US Firm Trainee
Beautifully played from HSF – I suspect A&O and LL will suddenly rethink their compensation policies and miraculously find cash to increase salaries.
When they bow to the pressure, staff will absolutely remember that management opted to freeze salaries, before being forced into an embarrassing and damaging u-turn.
Anon
Wonder when stealth layoffs will start……
Alan
We’ll know as soon as a bunch of them are online whining about it.
Anonymous
A
Average Pay War Enjoyer
Lovely. What will the rest of the SC do?
Anonymous
*BANE VOICE*: RISE
Anon
My SC firm not matching HSF but still going higher than Links! Imagine public announcement will be early next week.
SCer
Spill the beans please…
Anonymous
HSF making Links and A&O management look like chumps
Munch bunch
Any intel on HSF salaries up the chain? I’ve heard about people going across this year at 1 and 3 PQE for 122k and 125k, so I’m curious to know about bunching.
HSF Associate 2PQE
It’s slightly performance related but goes up c. £3k -£4K per year.
Bonus afficionado
What about bonuses, for NQ and beyond?
Bonus knower
Bonus scheme isn’t great – not particularly generous, and a bit of a moving target unless you’re doing 2,000 hours.
HSF Associate 2PQE
Unlikely to get a bonus as an NQ but from there starts c.£10k and goes up.
Happy days
3 year PQE on 140k
Kirkland NQ
Cute.
Anon
Magic circle rushing towards irrelevance and in house salaries looking increasingly meagre
Anon
Any recommendations for in house that pay decent? Seems like retail workers are being provided with increases at a quicker pace than in house
Inside scoop
There’s definitely earning potential as you progress which is down to discretion / performance but there’s only a difference of 5k between the base salary of an NQ and someone 8 years qualified!
Legerdemain
That can’t be true. Ridiculous if so.
Inside Scoop
It’s not true, I’m c.1.5 PQE and now on £127k
DWFer in Walkie Talkie who can see everyone!
When we merge with someone like “propa big”, you’ll all know about big salaries.
Even Irwin Mitchell’s custard cream seconds will be shaking with envy.
Allen & Over it
Will Hogan Lovells follow suit?
Anonymous
Ofc! Hogan Lovells = Big money 💰 💷
Oops
Most likely
Anon
Absolutely not a chance. 31% and 26% increases in PEP in the preceding two years – we have to ensure costs remain low in order to keep this momentum up.
Anon
Hogan Lovells follow suit pls
Anon
What do you guys think Bakers will increase to? I say £115k
Future bakers trainee
£120-125 I think
JP Stanley
Now NQs at FF and CC make more than a senior VP or Junior ED at MS….. that’s 7/8 PQE lawyers who work very hard and are incredibly talented. But they are lucky to be at MS, apparently…
Lawyer to PE
No they do not.
Pay War Observer
Reed Smith are next to boost theirs to £125k
Confirmation please
Is this confirmed? Big if true.
LaMinka
yes, word says this is true. We are all hoping it is at RS!
RS SA
Lol this is absolutely not going to happen. Certainly not before February next year when pay review happens.
Anon
What a move! I tip my hat off to HSF the same way I did for Ince when they raised NQ to 90k.
Stop it
No NQ is worth more than £100k.
bob
Surely the argument is law firms charge too much for junior lawyers, rather than junior lawyers are overpaid. If they are charging 500+ an hour, doing 2000 hours a year, at 90% realisation they are billing 900k. Easy to justify the NQ salary then.
Scoop Hunter
What’s the word on Simmons & Simmons. Why are they so hush hush about their figures?
Comments are closed.