Eversheds Sutherland’s has given newly qualified lawyers in its London offices a 15.8 per cent pay rise after upping their salaries to £95,000 a year.
The firm also said it will give lawyers in the rest of its UK offices a 24 per cent pay rise, which will see their salaries increase from £50,000 to £62,000 a year, from 1 May onwards.
Eversheds CEO Lee Ranson, said: “Retaining and attracting the best talent is a key priority and salary and bonuses form an important part of our overall employee proposition, alongside culture, learning and development and quality of work. With this in mind, I am pleased to announce this investment in our UK newly qualified rates.”
Evershed’s pay rises will see the firm match its rival, Squire Patton Boggs, just a day after the Ohio law firm upped pay for its newly qualified lawyers to £95,000.
The pay rises also put Evershed’s salaries on par with London firms Norton Rose Fulbright, DLA Piper, and CMS.
The pay rises come just a day after Sir Nigel Knowles, the CEO of DWF, and the former head of DLA Piper, said huge pay rises are not a sustainable solution to the legal sector’s recruitment crisis, as he called on firms to offer other types of benefits to attract and retain legal talent.
Headquartered in the City of London and Atlanta, USA, Eversheds is one of the 50 largest law firms in the world.
The firm traces its roots back to a merger between five separate UK law firms, based in Manchester, Birmingham, Norwich and Sheffield in 1988. Eversheds has pursued growth through mergers & acquisitions ever since.
Outside of London, the firm currently has offices in Belfast, Birmingham, Cambridge, Cardiff, Edinburgh, Ipswich, Leeds, Manchester, Newcastle and Nottingham.