Offers Associates a New Business Discount in the Rewards Rework
Ince has increased the salaries of its Newly Qualified (NQ) solicitors in London by more than a quarter.
Salaries for new associates have been increased from £71,000 to £90,000 with immediate effect, the outfit has confirmed. This equates to a very significant increase of £19,000 or 27%.
Increases confirmed by Ince also occurred in all other associate pay bands.
The company has implemented a new “Introducer Bonus” that allows associates who bring new clients through its doors to receive a 10% slice of the fee on each question relating to that new client. This is in addition to the company’s existing discretionary and hours-based rewards.
The legal cheek 2022 Firms Most List shows the cash injection puts Ince’s London lot on par with those of Ashurst and Baker McKenzie, and £2,000 better than the NQs of DLA Piper and Simmons & Simmons.
The 2022 legal cheek List of the most
A firm spokesperson said: ‘Ince can confirm that it will increase starting salaries for newly qualified lawyers and introduce a new financial incentive to reward partners who attract new clients. The increase is effective immediately for all Ince employees in London and will follow for those in other UK offices in the coming months.
“The revisions reflect current market dynamics to increase starting salaries. Ince remains committed to attracting and retaining world-class talent, both through competitive compensation and by providing exciting career progression opportunities.
The war to attract and retain the best talented young lawyers shows no signs of letting up.
Herbert Smith Freehills joined the battle last week with a new improved NQ base rate of £105,000, just a day after Bryan Cave Leighton Paisner and Mishcon de Reya raised junior wages to £95,000 and £83,000 £, respectively.
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