Magic Circle rivals all increased to £150k
Slaughter and May has confirmed salary increases for its trainees but is still “carefully considering” pay boosts for newly qualified (NQ) associates, after all its Magic Circle rivals raised their rates to £150,000 in recent weeks.
Slaughters announced that rookie pay will increase from £50,000 to £56,000 in year one and from £56,000 to £61,000 in year two, aligning the firm with the rest of the Magic Circle.
But no decision has been made yet on NQ rates. While its Magic Circle rivals have all recently increased salaries from £125,000 to £150,000, Slaughters says it is still “carefully considering” its position and will inform lawyers as soon as a decision has been reached. The Legal Cheek Firms Most List shows it currently offers an NQ rate of £125,000.
In an internal memo to associates, published by the website RollOnFriday, the firm says it has been “closely monitoring the decisions by a number of firms to increase headline NQ salaries” and that it takes matters relating to pay “very seriously”.
“[I]t is important that our approach to associate pay reflects and reinforces our values, allows us to attract and retain the best talent and ensures that we maintain our culture of excellence and collegiality in all parts of the firm,” the memo continues.
Earlier this week, Legal Cheek reported that Hogan Lovells had increased NQ salaries to £135,000 in London, leapfrogging Slaughters on the pay table.
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