Two more City law firms have joined the increasingly crowded tussle for junior lawyers by raising salaries to keep up.
Bryan Cave Leighton Paisner (BCLP) and Mishcon de Reya announced raises for newly qualified solicitors, who will now take home £95,000 and £83,000 respectively.
For BCLP newly qualified solicitors the new salary represents an eight per cent increase from £88,000 compared to an 11 per cent rise from £75,000 for peers at Mishcon de Reya.
BCLP trainees will also see their salaries raised by £4,000, with first years now on £48,000 and second year trainees earning £52,000.
“The compensation adjustments form part of a broad ongoing program of investment in our business and in our most important asset – our people,” said BCLP partner-in-charge Segun Osuntokun in a statement.
The double whammy of salary raise announcements by City law firms follows a string of similar announcements.
From next year, newly qualified lawyers at Ropes & Gray will – we suspect smugly – take home £147,000, up 13 per cent from £130,000 while their peers at Reed Smith will receive £107,500 – a boost of 19 per cent.
Earlier this month, magic circle law firm Clifford Chance joined the pay war for junior legal talent by hiking starting salaries for newly qualified lawyers to £107,500.
Last week Macfarlanes confirmed it would increase base salaries for its newly qualified lawyers to £100,000, up 11 per cent.
At the same time many law firms are exploring ways to grow, with new research published this week showing that almost a third of law firms are contemplating listing on the stock market in the next year in a bid to fund those plans.
The findings underpin a growing trend among law firms to explore alternative financing models beyond traditional partnerships. In the meanwhile junior lawyers find themselves at the centre of a battle for their attention.