£130k and £100k
Travers Smith and Mishcon de Reya are the latest major law firms to boost junior lawyer pay, as the summer salary surge continues.
Travers Smith has increased base pay for its newly qualified (NQ) solicitors from £120,000 to £130,000, bringing the firm in line with the likes of DLA Piper and just behind Mayer Brown and Norton Rose Fulbright (£135k). Travers said NQs will also have the potential to earn up to £20,000 as an additional bonus during the financial year.
From this month, trainee pay has also increased to £55,000 in the first year and £60,000 in the second year, up from £54,000 and £59,000 respectively.
Meanwhile, Mishcon de Reya has confirmed a £5,000 rise for its NQs, who will now earn £100,000 from September. The move puts Mishcon’s junior lawyers on par with those at Dentons and HFW, and just behind Bird & Bird and Watson Farley & Williams (both £102k).
And it’s not just the NQs cashing in — trainee solicitors at Mishcon have also received a bump. First-year trainees will now earn £50,000, up from £47,500, while second years take home £55,000, up from £52,500. The new rates came into effect this month.
Commenting on the uplifts, Vanessa Dewhurst, partner and chief people officer at Mishcon, said:
“Each year we review NQ and trainee salaries to ensure competitive rates for our newly qualified (NQ) and trainee lawyers. As part of this review, we have conducted a benchmarking exercise to ensure that our salaries remain attractive, fair and sustainable.”
She continued: “Our people are our greatest asset and we have considered extensively how to ensure we best reward all of our people. We do this through a mix of pay, bonuses and a generous range of benefits as well as the opportunity to work with some of the most interesting clients on some of the most complex legal matters. This ensures that Mishcon de Reya is an attractive destination for the brightest talent and rewards our people for the exceptional contribution they make to our firm.”
The Legal Cheek Firms Most List shows Mishcon recruits around 30 trainees each year.
Mishcon and Travers now join a growing list of firms to boost junior lawyer pay this summer. Other recent uplifts include Ashurst (£140k) and Baker McKenzie (£145k).
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