Trainees handed more cash too
Mishcon de Reya has increased the pay of its newly qualified (NQ) solicitors, taking rates from £100,000 to £110,000, a 10% rise that comes into effect from September.
The London outfit, which announced this week that it had signed for a new HQ, has also boosted trainee salaries, effective from July. First-year trainees will now earn £52,500, up from £50,000, while second years move to £57,500, up from £55,000.
The Legal Cheek Firms Most List shows Mishcon recruits around 30 trainees each year, and the NQ pay rise now puts the firm level with the likes of Eversheds Sutherland and Squire Patton Boggs.
Vanessa Dewhurst, partner and chief people officer at Mishcon de Reya, said the rises reflect the firm’s wider approach to reward.
“Our people are at the heart of our growth, our culture and our success and rewarding them fairly, competitively and sustainably is at the core of our strategy,” she said. “Each year we assess how to provide a remuneration package that aligns with the firm’s growth and to ensure that we continue to attract the brightest talent in the market. These increases, along with the additional bonus scheme, ensure we can competitively reward both the financial contributions and wider contributions that create long-term value for the firm and clients.”
The salary rises follow an announcement earlier this year that associates, managing associates and of counsel will be eligible for an additional bonus if they work “significantly in excess” of their standard expected hours.
The firm says the bonus, on top of its existing scheme for high performers, is designed to attract and retain top talent, rewarding lawyers competitively for their effort, excellence, and use of AI, especially when clients need “intensive support”.
A raft of firms have nudged their NQ rates northwards in recent weeks, including Baker McKenzie (£150k), DLA Piper (£140k), Hogan Lovells (£145k), and Katten (£135k).”
The annual target hours for Mishcon on your ‘Most List’ is miles off (it’s 1500 hours). Good news for NQs but there’s still lawyers with multiple years’ PQE at the firm on less than six figures, for shame.
A genuine question – if NQs are paid £110k, how is it that “lawyers with multiple years’ PQE at the firm” are on less than six figures, and therefore get paid less than the NQs?
Presumably these will be people either in a non fee-earning position or on a part-time arrangement? Appreciate I might be missing the obvious though, so pls do enlighten me if so!
It happens a lot at these mid city firms like Mischon, CRS etc. They’ve no lockstep and effectively just do whatever they want on an individual associate basis – which means often you can get a situation where a PQ lawyer can be earning less than an NQ. The firm view is if you don’t like it leave, knowing that a lot of fee earners struggle to leave based on the fact that these firms are not doing the same types of work as larger firms so, in an increasingly tough job market, the low/mid city lawyers can’t get a look in at the bigger firms paying more money.
The bonus structures are often highly unsatisfactory too. Offering a 3% (post tax) bonus offers no real incentive to hit the target. People’s free time is worth more than that.
Precisely this at OC. There’s 6PQE associates on £105k who started as NQs on £90k.
Meanwhile at OC *crickets*
And so it begins.
City firm raises from here on out.
🐔 🌽
Risky with how many partners are leaving