More rises
Hogan Lovells has become the latest major law firm to increase the salaries of its new associates, raising rates in London to £135,000.
The pay boost equates to an extra £15,000 or 12% with salaries previous sitting at £120,000.
The Legal Cheek Firms Most List shows that Hogan Lovells recruits around 50 trainees each year, with first-year trainees also seeing their pay increase; £50,000 to £56,000 in year one and from £55,000 to £61,000 in year two.
Newly qualified associates in the firm’s Birmingham office will also see their pay increase, from £75,000 to £85,000. Trainee salaries have also increased from £35,000 to £37,500 in year one and from £38,500 to £41,000 in year two.
The increases are effective from 1 May.
“Base salaries are only one component of lawyer remuneration,” a spokesperson for the firm said. “We operate a total compensation matrix that includes a competitive bonus scheme, taking into account both chargeable work and other contributions to the firm and our values.”
The salary increases follow a series of rises across the Magic Circle, with Freshfields, Linklaters, A&O Shearman, and Clifford Chance all boosting rates to £150,000. Slaughter and May has so far stood firm, keeping junior lawyer pay at £125,000.