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).”