Linklaters has introduced the second enhance in its trainee and newly certified (NQ) salaries this 12 months, with the latter now bringing dwelling £83,000 in primary pay.
NQs have seen their primary pay enhance by £2,000 for the reason that agency final elevated its charges in Might, whereas trainees in 12 months one have develop into the best paid within the Magic Circle after remuneration rose by £three,000 to £47,000. Second-year trainees have seen salaries develop by £three,500 to £52,500.
Linklaters now matches Allen & Overy (A&O)’s NQ charges at £83,000, greater than Slaughter and Might’s £80,000. Freshfields Bruckhaus Deringer pays NQs £85,000 and Clifford Likelihood (CC) boosted NQ pay to as much as £91,000 together with bonuses in August. Linklaters didn’t disclose the scale of its personal bonuses.
Nonetheless, first 12 months trainees on 12 months one at Silk Avenue will now convey dwelling greater than their friends at different Magic Circle corporations, with their salaries surpassing CC’s £46,600 and the £45,000 at Freshfields, Slaughter and Might and A&O.
In the meantime Linklaters’ trainees in 12 months two may even be among the many highest earners of their peer group, their wage now matching CC. In the meantime, Freshfields’ and Slaughters’ second 12 months trainees convey dwelling £51,000, A&O £50,000.
The increase in trainee and NQ charges comes after a blended bag of economic outcomes for Linklaters, which had the most important enhance in income in its peer group, up 6% to £1.52bn, however noticed earnings per fairness companion keep flat at £1.54m.
Linklaters, A&O, Freshfields and CC all elevated their US affiliate salaries earlier this 12 months, with Linklaters’ bringing wages to the identical degree as Cravath, Swaine & Moore and Quinn Emanuel Urquhart & Sullivan, which vary from $190,000 to $340,000.