Global law firm Baker McKenzie will increase the salary it gives to newly-qualified (NQ) London solicitors to a cool £118,000.
The Chicago-based firm said effective as of 1 July, newly-minted lawyers will get a bump up from £110,000 a year. Last July, Baker McKenzie upped pay for NQs by £5,000.
While many industries have been suffering from inflation, at 8.7 per cent, and the cost of living crisis,
London law firms have been locked in a talent war, with the industry consistently upping pay for newly-qualified lawyers in a bid to keep hold of them. UK law firm mergers rose last year, as growth through acquisitions became more popular.
Aside from criminal barristers, who carried out a month’s long strike last summer, those working in private sector legal and professional services firms have seen their salaries surge last year.
Baker McKenzie also said its trainee salaries will remain as they are, at £50,000 for those in their first year, and £55,000 in the second.
In addition to the pay bump, the firm said all earners can get discretionary bonuses alongside their salaries and benefits.
Baker McKenzie’s London managing partner, Ed Poulton, commented: “Our people are fundamental to our success as a firm, and we are determined not only to build an inclusive workplace for all, but also to reward in a consistent manner.
“We recognise that remuneration is one element of our package, as well as other important factors including our culture, offering a range of benefits and services, and agile working arrangements.”
I am delighted to be able to announce this uplift in salaries for our NQs, who, alongside our other talented individuals, we hope enjoy long and fulfilling careers with Baker McKenzie.”
In May, law firms Allen & Overy and Shearman & Sterling announced plans to merge, in a move which would create a firm with approximately $3.4bn (£2.7bn) in combined revenues. The tie up marks one of the biggest legal mergers in recent history, forging a firm with 3,900 lawyers across 49 offices around the world.
Londoners are facing numerous crises, with sky high inflation, energy prices, food prices and rent.
13 consecutive interest rate hikes have also placed pressure on prospective homeowners looking to borrow cash for mortgages.
In March of this year, a coalition of top City firms vowed to boost the contributions they make into their employees’ pensions in response to growing concerns about the potential for a looming savings crunch.