£80,000 and £85,000
Clyde & Co and Fieldfisher have raised the salaries of their Newly Qualified (NQ) solicitors in London to £80,000 and £85,000 respectively.
Clydes’ new rate comes into effect this month and marks a 14% increase on the £70,000 previously awarded to solicitors after qualification. It also means that NQs in the company now earn the same amount of money as their peers at Dentons and Osborne Clarke.
Intern compensation at Clyde & Co has been withheld for now pending a review this summer, a firm spokesperson said. Clyde & Co trainees earn £40,000 in year one, rising to £42,000 in year two. The firm offers approximately 45 training contracts each year.
Clyde & Co has also restructured its bonus systems in the UK. As part of changes to its billable hour bonus system, the firm’s lawyers will see increased payout levels up to a maximum of 25% for those who reach the highest billable hour threshold. In addition, staff will receive a referral bonus for new work brought into the company.
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Rob Hill, Chairman of the UK Board of Clyde & Co, said: “At Clyde & Co, we are focused on investing in our people in every way so that they can enjoy long, fulfilling and varied careers. with us while offering customers the best levels in the market. service and legal advice that they expect from a firm of our reputation. This means providing our lawyers with the best training, an environment in which they can grow and perform at their best, and the chance to work with colleagues around the world on varied, interesting and challenging client briefs.
“As part of our focus on our people, we regularly review our salary levels and bonus systems, which play an important role in rewarding our employees’ contributions to the success of the business and recognizing outperformance.
Meanwhile, Fieldfisher has confirmed that base rates for NQs will rise from £77,000 to £85,000 in London and from £45,000 to £50,000 in the regions. The 10% and 11% increases take effect from next month.
A Fieldfisher spokesperson said: “While salaries are important in attracting top talent, salary isn’t everything. We are proud of the strength of our Fieldfisher community, where we promote inclusiveness and diversity of all skills, strengths and perspectives, encourage innovation and support collegiality.
“We believe in giving our junior lawyers maximum exposure to a variety of experiences and opportunities to work with amazing people, both in our firm and on secondment. This helps them to become the best lawyers in their field and to be rewarded for it.
Clydes and Fieldfisher join a growing list of law firms raising the salaries of their young lawyers during the war to attract and retain talent. Find out what all the top law firms pay in our 2022 list of top performing firms.
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