£140,000 and £160,000
Dechert and Fried Frank have become the latest US law firms to raise the already impressive salaries of their young lawyers in London.
Rates for newly qualified Dechert associates have risen from £125,000 to £140,000, an impressive increase of £15,000 or 12%.
The move comes around four months after the company, which offers around 10 training contacts each year, raised salaries for its trainees in London to £50,000 in the first year and £55,000 in the second year.
The 2022 legal cheek List of the most
Elsewhere, Fried Frank has increased the base fees for his Newly Qualified (NQ) solicitors by 10% – from £145,000 to £160,000. Trainees currently earn £55,000 in year one, rising to £60,000 in year two, after a pay rise in November.
the legal cheek The 2022 list of most firms shows Fried Frank’s NQs are now among the best paid in town, with only fellow American Goodwin Procter spending more – a staggering £161,500. Dechert’s money transfer, meanwhile, matches the salary already offered at White & Case.
The increases come as DWF chief executive Sir Nigel Knowles warned last week that soaring wages were just a “sticky plaster” and that the legal industry needed to find better ways to incentivize young lawyers.
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