Extra cash for trainees too
Jones Day has increased salaries for its newly qualified (NQ) solicitors in London by 27%, taking pay from £110,000 to £140,000.
The US firm’s City rookies have also had extra cash chucked their way. First years trainees will now receive £54k, whilst £61k will be the base rate earnt by second years. The firm currently offers around 20 training contracts annually.
Jones Day has been approached for comment.
Exchange rates have recently favoured NQs at US firms with Akin Gump’s new qualifiers receiving £179,000 after a new conversion rate from US dollars to pound sterling was set by the firm.
But some outfits have remained cautious about further pay hikes for juniors. The most prominent of these are Magic Circle duo Allen & Overy (A&O) and Linklaters, which have both kept NQ rates at £107,500 — for now, anyway. A&O explained that “after careful consideration of the market and with economic conditions becoming more challenging”, it would hold off on any further rises. Links, meanwhile, says it’s “continuing to review” its position on pay.