Lawyer salary

London NQ lawyers’ salary reaches £164,000

Akin Gump joins wage war with new converted rate

The city’s associate pay war shows no signs of abating. Akin Gump has made changes to his conversion rate that put his Newly Qualified (NQ) attorneys at the very top of the NQ pay table – for now.

Just last month we reported that the company had raised NQ rates in London to £159,000 ($215,000), based on a January conversion rate of £1=$1.3553 to March.

The firm has now opted for a cheaper rate of £1=$1.3109, meaning its new associates in London receive around £164,000. That’s almost THREE times their second-year trainee salary of £62,500. The company’s first-year trainees earn £57,500.

The new exchange rate is expected to apply from April to June, as the company is expected to review the rate every three months. The new London NQ rate could hold or fluctuate from July.

The 2022 legal cheek List of the most

Those higher up the ladder are also cashing in. Lawyers with one and two years of post-qualification experience (PQE) are expected to earn £172,000 and £191,000, while those with three years of PQE will now earn £225,000. Find out what other companies pay associates above the NQ level.

Today’s news puts Akin Gump’s new qualifiers in first place in the NQ pay league, as can be found in our 2022 list of the most companies. Only a handful of companies pay £160,000 or more when qualifying, and these include Gibson Dunn (£161,700), Goodwin Procter (£161,500), Davis Polk (£160,000), who raised this week, and Fried Frank (£160,000). Several other US companies are expected to pay in the same region.

Readers face fierce competition to secure a training contract with Akin Gump, as the company only offers six training contracts in the London office each year.